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you need to learn how to write properly.

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#22 stop.

The fee on low credit only applies to a certain amount, say 100$, not 0.

It's probably stated somewhere in their policy, right? If not, definitely try getting it back!

it would be in the terms and services agreement that OP would have signed when they open an account. By law Canadian banks have to provide it to the customer.

I would imagine that is an (albeit pretty high) overdraft fee? Consider cancelling the overdraft, then keep an eye on your account to make sure you don't get that low in future, or consider switching to a fee free planned overdraft with another bank. Check the terms though!

I second 4's comment. Most banks provide the option for your account to decline transactions that would make your account overdraft. Thus, saving you from getting charged a fee.

It may not be an overdraft fee. B of A charges $12 every month that your account balance is under $300, that's why I cancelled my account with them.

Credit unions are the way to go!

I had an overdraft that charged me 5$ each time I used it. My bank has the option to do a per transaction fee or a solid fee of like 15$, or something like that. It could also have been a NSF fee, depending on the bank, those can be pretty pricy.

A lot of banks have a min balance requirement if you don't have direct deposit set up or a college account.

They have to pay money for the services they provide, like ATMS, Cashiers, online services and mailing you things. So it makes sense that they charge you if you don't give them enough that they can invest and make money too.

the amount is about what an NSF charge would be. Which is $48. So OP probably tried to put through a cheque to someone or make a payment and they didn't have enough money in the account.

I feel ya. I bank with Wells Fargo.

Once upon a time, not long ago, I got blindsided with a series of recurring payments (some of which I thought I canceled, but never mind that. The end result is that I wound up owing the bank over $400, as they charged me nearly $40 for every transaction (some being as little as $5). And I didn't get paid just yet.

The problem with this system is obvious: it makes it harder and harder to rectify your account balance.

always keep your eye on your account! I check mine once a week. pay the fee and learn from the mistake

Canadian banks are not as nice as Canadians I guess.

I'm sure they called to apologize after they did it.

Canadian banks should say eh at the end of every sentence.

These are mandatory minimum average balance charges, cant be avoided

Yes they can, don't have a bank account with an overdraft. I'm happy without an overdraft, I can never go past 0.

overdraft is essentially a credit product. if your credit is good go in and apply for it.

Some credit cards have minimum balance policy that you should maintain. Say for example, If u have less than $1000 in your account, they will charge you $50 annually. Unless you have more than $1000, which you don't. FYL

"Let's see... Oh! They don't have any money in their bank account or not enough. Let's take out money for ourselves and laugh as they watch their bank account(s) plunge into the negative side." Said every bank ever. Story of my life too :(

The Australian government stepped in a few years ago and made the banks review their fees and justify the ridiculous amounts they were gouging from customers. As a result a lot of fees were lowered. But of course if you overdraw your account or write bad cheques, you have to expect some sort of penalty. $50 is a bit rough though.

an NSF charge in Canada is $48.