Tips for Reducing Service Charge Costs:

You may be able to reduce monthly service charges by changing your banking habits a little.

Here are some possibilities:

• Reduce the number of transactions you make at Automated Banking Machines (ABMs) belonging to financial institutions other than your own. Each time you use another institution's ABM there is an INTERAC^TM shared ABM fee of between $1.10 and $1.50. In addition, if you use a white label machine or CIBC or Royal Bank branded machines located away from a branch there are fees ranging from $1.00 to $1.50 in addition to the INTERAC^TM shared ABM fee.These charges usually appear as line items in your statement and so are not included in the service charges amount on the statement.
• Where possible, substitute in-branch transactions by using your institution's ABM, phone banking, or Internet banking services. For instance, try paying a bill at an ABM instead of in-branch. These electronic options are often significantly cheaper.
• Using INTERAC^TM direct payment to buy items in stores is usually less expensive than writing cheques for the same purpose.

You could re-enter your figures into the calculator, using these suggestions, to get a picture of the reduced monthly cost.