The average Canadian pays around $159 in bank fees per year – some of the highest in the world. That’s more than what most savings accounts with a $12,000 balance would earn in annual interest.
Add in penalties like non-sufficient funds (NSF) fees (that are $45 on average) and that number only balloons. Not to mention that 75% of people who are paying those high fees have the lowest household incomes.
Fintech startup KOHO has built a unique, proprietary tool called What The Fee to shine some light on this issue. What The Fee scans your bank statements to find all the hidden fees you’re paying, so you can finally get transparency into the true cost of your bank account.
Curious to know how much you pay in bank fees per year? Now you can – quickly, easily, and securely.
To give it a try, simply visit whatthefee.ca. Enter your email, connect to your bank account, and you’ll receive a report outlining all your fees and how your account compares to others.
“Canadians need and deserve true financial transparency. Bank fees are a simple but important part of the equation,” said Daniel Eberhard, CEO and Founder of KOHO.
“This is really about making it easy for Canadians to be informed so they can make the decisions that are best for them.”
KOHO teamed up with Flinks, a Montreal-based data company that empowers businesses to provide better financial services to consumers, to launch What The Fee.
“Flinks’ mission is to organize financial data in ways that benefit consumers. The open banking enablement technology we provide can give consumers full power over their own financial data. We’re thrilled to be part of an initiative that delivers a real-life example of the benefits of open banking for all Canadians,” shared Yves-Gabriel Leboeuf, CEO and Co-Founder of Flinks.
“Canadians have the right to transparency in their interactions with their bank account and people living pay cheque to pay cheque are paying very high fees relative to their means. They deserve more access and innovation at the lowest possible cost. Canada has the opportunity to join other countries and be a North American innovator in open banking,” said Paul Desmarais III, Executive Chairman of Portag3 Ventures.