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Originally Posted by Cynthetiq
Well I can't speak for the Great White North, but I can speak for the history of banking in the United States, in the 1980's President Reagan deregulated the Banking Industry. While they were to make modest profits, they were not nickel and diming their customers. A child could open a savings account without fear that monthly service charges would wipe that out in short order. Open a bank account in a bank and you'll find that your $100 will evaporate in just a few months vis a vie fees.
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Same up here, there are children's accounts at all the bank branches. They do not have the same service fee schedule as "adult' bank accounts do. But they are also limited in the amount that can be withdrawn per day. My son can only take out a max of $20 per day from his Royal Bank Leo account on his debit card. (this has been a blessing as he is addicted to graphic novels - why? I don't know- which cost upwards of $30)
But for adult accounts there is a charge per transaction for debits which can be rolled into a monthy package (eg for $11 per month, I get 50 debit transactions, but the 51st costs me an extra 5 cents). Cheques have an additional cost added to that.
I am looking at my cheque book, and see that I write cheques for:
- property tax (post dated, 6 times a year)
- monthly math tutor lessons for the kids (Kumon)
- public school expenses (field trips, music equipment etc)
- post dated monthly ortho bills
- Hockey school registration
- Swim registration
A lot of these things cannot, or will not use the credit system as they pay a fee for their use as well. I also do not wish to get locked into a credit card pre-approved withdrawal agreement, as I had one in the past with a health club which was very difficult to cancel.