BMO, You Can Do Better! It Pays to Make Changes 💰💵 | Personal Finance | Blossom Social

Lisa's post

Personal Finance · 20d

BMO, You Can Do Better! It Pays to Make Changes 💰💵

Yesterday I walked into $BMO to close a chequing account I wasn’t using.

It came with a small monthly fee. Nothing major. But why pay for something that adds no value?

The advisor refunded the fees and closed the account. Now I only keep my Canadian and U.S. dollar credit cards there.

It made me think: how many small decisions are quietly shaping your finances?

A subscription you forgot about.
A daily coffee you don’t think twice about.
A bank fee you’ve accepted as normal.
An automatic transfer you never set up.

Individually, they seem minor. But small decisions compound in both directions.

That’s why Atomic Habits resonated with me. James Clear’s idea that tiny actions create big results applies to money too. Small habits can build a better life, and a better balance sheet.

Wealth isn’t just about earning more or finding the next great investment. It’s also about reducing friction.

Unnecessary fees compound against you. Every dollar that leaves your account is a dollar that can’t be invested and grow for you.

So ask yourself:
What am I paying for that I don’t use?
What could I automate?
What small leak have I ignored?

Don’t assume the status quo is the best option.

Review your accounts.
Question your fees.
Ask for refunds.
Close what you don’t use.

Banks can do better, but we have to advocate for ourselves too.

Wealth is built by hundreds of small choices that compound over time.

What small change have you made lately that has or will have a big impact?

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41 Comments

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@3freedoms · 20d

It’s a monstrosity how big banks are operating..having shifted our family’s finances to WealthSimple a few years ago, I cannot imagine ever going back.

I also maintain a couple of token accounts at big banks … honestly because of a LOC facility I have with CIBC and my business corporate accounts are at TD..

Can’t wait for WealthSimple’s lending and corporate accounts to mature a bit more..

Nicolle

@moneymeetslegacy · 20dEdited

So glad you posted this! I’ve been thinking of closing my BMO chequing account too. I do have a lot of payments attached to the accounts but it’s annoying to have to keep a minimum monthly balance of 4K to not pay the monthly account fee. They also have horrible service imo. Other banks like NEO have no monthly fees or minimum balance. Or maybe go to Wealthsimple.

Mark Rollett

@markymark86 · 19d

Switched to EQ bank from RBC. Now I make 2.75% interest on the money in my chequing with no minimum required as opposed to paying RBC to give me a headache.

Tony @firetaiga · 19d

I want the banks to stop charging commission fees for investing. At least slowly moving to that goal by slashing these fees in half and adding more commission free etfs every year.

Clantosa

@clantosa · 20d

I closed all my big 6 bank accounts too other than credit cards. I told them to get with the program. Soon when everyone else leaves they'll have no choice but to change. Unfortunately it takes people to create change and too many people simply couldn't be bothered. But maybe there'll be a day when the banks will be forced to get with the program

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