Survey of Bank Fees

The 2006 Survey of Bank Fees is the sixteenth edition of an annual, national survey of bank pricing practices. Compiled from questionnaires completed by corporations and organizations in Canada with revenues from $10 million to more than $10 billion, it lays out market rates in easy-to-read comparative tables.

Findings of the Survey

• Discounting of bank fees is widespread
• Companies of similar size pay widely varying prices
• Variations in pricing exist within banks
• Service levels vary greatly between banks

• cheques issued
• wire transfers - manual
• wire transfers - pc based
• deposits
• items deposited
• wholesale lock box - monthly rental
• stamping fees on bankers' acceptances, sorted by credit rating
• interest on surplus balances
• discount rates on credit cards
• electronic funds transfers
• client ratings on bank service levels
  

• "Due to information in your survey, we recognized a total banking service fee reduction of $49,800 or a 13% savings"- a media and publishing company
• "We had a policy of using two banks, but after calculating how much we could save by using only one bank, the board approved the change and we saved $20,000." - a mining company
• "Based on your survey averages, our bank reduced its fees by 7 1/2%." - a forestry company
• "The Stewart Report was used to negotiate reduced service fees across the board in the range of 50%" - an insurance company
• "I felt the bank's prices were too high and your survey confirmed it. I was able to negotiate a better deal with much more confidence." - a mining company
• "A quick review of the credit side of things shows room for significant improvement both in spreads and collateral.(Actually, I'm a bit shocked by how much I've left on the table.) It was well worth ordering." - a manufacturer
• "This is our bible! We are constantly referring to it and are always eager to see where the lows are." - a major retailer
• "Our negotiations were brutal - the bank wanted a 30% increase but we managed to hold them to a 5% increase- thank you!" - an oil and gas company
• "An excellent service; we wish you continued success" - a national retailer
• "We used the range to obtain the best interest rate possible on our surplus balances and saved over $30,000 a year"- a provincial agency
• "After years of bad blood, we discovered our bank actually charged us less than the average" - an insurance company
• "We have purchased the survey for the past 10 years and always find something to work on with our bankers" - a utility
• "I find the format both easy to understand and to read. It is well-organized and the notes accompanying the tables are beneficial. I feel this basic format should continue to be used." - a wholesaler
• "Your report let me know what the lowest prices are for our volumes - very useful." - a municipality