Appears that B of M and RBC (according to the Marketplace Report) adjust your account when you hit 60 and the other 3 do have a plan to reduce or eliminate bank fees BUT you must ask for it. (The Big Five all offer discounted plans for seniors, so they can really save. But even after years of being a loyal customer, do they even tell you about them? )
Not much has changed since the posting below from april 2012. (Some of the links no longer work)
Check your bank statements and make sure you are getting the senior's over 60 rate.
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April 7,2012:
Don Quixote Note: Watched the Busted Edition of CBC Marketplace on Friday and it reminded me of when I turned 60 and I had my monthly service charges lowered to $0. I was lucky enough to be talking with a most helpful employee at my bank who noticed I had turned 60 a couple of months earlier and changed my account to a senior's no service charge account and reversed the previous several months bank charges. A quick link to the 5 majors banks re the over 60's senior rates etc is shown below. I have no information on the credit unions and their over 60 policies.
So check your bank statements and get those discounts.
------------------------------http://herenb.canadaeast.com/reviews/article/1469769
When bank customers turn 19, big banks automatically begin charging account fees. While bank fees are absolved when customers turn 60, not all banks remove those fees automatically. Scotiabank, TD Canada Trust and CIBC only remove bank fees for seniors if they're asked
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- Bank of Montreal Senior's discount on Everyday Banking Plan age 60 & over Special Discount Program. If you're a senior age 60 or older, you qualify for the Special Discount Program: get an Everyday Banking Plan (Standard Plan or iconnect™ Plan) for no monthly fee; Bank of Montreal
- Scotia Bank rates for Senior's age 59+ Scotia Plus® Program for Seniors We believe you should get more out of life a little sooner. You enjoy an array of speciality banking services when you turn age 59 (most banks make you wait until you turn 60). There is no monthly fee for many personal banking services on designated Scotia Plus accounts. This program is available by request. Scotia bank - Scotia Plus Program for Seniors
- TD Canada Trust: Plan 60 If you're 60 or over, enjoy this special account, which features free services and discounts.TD Canada Trust
- C I B C Advantage for Seniors If you're 60 years of age or older choose C I BC Advantage for Seniors. Not only do you receive savings and discounts on your everyday banking, you can also enjoy a number of travel discounts and services as well. including FREE Braille or large print (available with any statement) C I BC
- Royal Bank of Canada: Banking for Seniors At RBC Royal Bank, we offer a Seniors' Rebate on all personal banking packages for eligible customers aged 60 and over. This rebate is the equivalent of 25% or $4.00 - whichever is the higher amount - off the regular monthly package fee. It can only be applied to one banking package per customer. The RBC doesn't seem to have a page dedicated to Senior's Royal Bank
- --------- A story from the past: Bank repays 12 years of service fees to senior Last Updated: Friday, August 31, 2007 | 10:23 AM AT CBC News
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