Unbiased Information on Financial Tools: Priceless

Technology is doing incredible things, and consumers who know how to use it are better off for it. A lot has changed and even more change is coming. To wit: chequing accounts are going to be a faint memory soon and now's the time to sit down to consider: are all those financial services one's enjoying now really useful? How many of them do you really need, and how many can you drop without batting an eyelid?

It would be expected that a Canadian government agency such the Financial Consumer Agency of Canada (FCAC) would be an impartial, unbiased provider of consumer help.

From the outside looking in, that's exactly how it looks.Here's a look that might help you decide:

If you check out their online selector tools and tip sheets, you might come away impressed.

And so you should.

Most of us have got used to using new technologies when buying whatever our hearts desire, paying bills, sending money, and whatever else the modern world offers us.

There might be households where they no more use cheques. If that's the case, why keep a chequing account?

Decide what you really need

• Are you sure you still need personalized cheques or overdraft protection?
• Are you a young student or have you hit 55? Those two age groups often qualify for special accounts.
• How many transactions do you make each month?
• And how about those travel other reward benefits you can earn from your credit card? Are you really using them? Regularly?

Remember, you've got options.

• Have you ever looked at no-fee or low-cost accounts? They might be just what the doctor has ordered.
• How about checking whether it would be less expensive for you to get a banking package for a fixed fee that includes an unlimited or specific number of transactions each month?
• Are you sure paying for each individual transaction is better for you?
• Another sure way to save on fees can be maintaining a minimum monthly balance.
• Check whether your financial institution does or does not charge monthly fees if you keep a certain amount in your account at all times.
• Are you a credit card user looking for ways to save money? Why not look at no-fee or low interest cards?

A word of caution: if you're one of those who pay their credit card balance in full every month and don't use the card for cash advances or cash-like transactions, you won't pay any interest. Erase the interest rate angle from your list.

But if you prefer to carry a balance on your credit card, you may benefit from switching to a low-interest rate card, even if it has an annual fee. Many regular credit cards, including standard, gold and platinum cards, have low-rate options available.

Are you aware?

• You have rights as a financial consumer including the right to open a personal bank account and cash a government cheque for free.
• It's also good to know what identification you need to open an account, and the details, such as interest rates and fees, that federally regulated financial institutions are required to give you.

A few more tips

Nothing beats easy-to-understand information.

Here's how to:

• Choose the Right Savings Account
• Choose the Right Chequing Account and Banking Package.
• Interactive Banking Package and Savings Account selector tools provide the comparisons among interest rates, service fees and other features of the chequing and savings accounts offered by most financial institutions across the country.

If you are looking to switch where you bank, ask the new financial institution how they can help you make the change happen.

• There's also the Credit Card Selector Tool that can help you narrow down your choice between the many plastic slave-masters all and sundry offer in all kinds of literature and TV promotions. Having more than 250 different credit cards to look at in one spot definitely helps when comparing such features as interest rates, fees, benefits, rewards and costs.
• And how about that long-distance feeling? If you want to know more about payment options and money transfers when sending money to someone in another country, you've come to the right place.

Liked this article? Don't miss another one. Follow us on Twitteror Facebook.