When money is tight, bank fees and credit card interest charges can have a significant impact on personal finances.
Industry Canada has developed online tools that help consumers ensure that they are taking advantage of the cheapest
financial services available. If you visit Canada’s Business and Consumer Site and click on Consumer Information you’ll
find two financial tools that might be of interest to your learners: a Financial Service Charges Calculator and a Credit
Card Costs Calculator. The Financial Service Charges Calculator allows you to compare monthly chequing and savings
account service charges at various Canadian financial institutions. You are asked a series of questions about your typical
monthly transactions. Then you are asked to choose a financial institution. The Calculator provides a list of accounts and
the corresponding fees for that institution. This allows you to ensure that you have chosen the best (cheapest) type of
account for your circumstances. If you want to compare fees between institutions, you must repeat the process for each
institution and then compare the results. The Credit Card Costs Calculator allows you to compare credit card rates from
various institutions based on your average monthly credit card balance.