A recent personal finance story in the Toronto Star highlights the need for those over 50 to look into their bank account plans and options available from their financial institutions.
Until recently, all five major banks promoted free banking for seniors. Customers may have to directly request any age-related discounts available; they may not be automatic.
This article was published by The Windsor Star on April 19th, 2013. To see this article and other related articles on The Windsor Star website, please click here
Susan Eng, vice-president of CARP, an advocacy agency for aging Canadians, emphasizes that it can difficult to even find information about seniors’ accounts on banks’ websites.
She recommends customers visit their branch and talk to staff in person. The personal finance story also refers to a CARP survey of nearly 4,700 members. It found that 92 per cent feel banks should offer reduced fees because many are on fixed incomes and banking is an essential service with few options.
