For Immediate Release
Oct. 16, 2015
Bank fees can nickel-and-dime small business
ABBOTSFORD, B.C. — In the current economy, Canadians are tightly watching their expenses and this is especially true for small business owners. Freeing up a few thousand dollars could mean the difference between purchasing a piece of technology that will help them improve efficiency and closing their doors for good.
While business owners are hyperaware of their expenses and can recite the interest rate they pay on their operating lines of credit, they often overlook how much they pay in bank fees.
“In today’s low interest rate environment, the amount a business spends in account fees often far exceeds the interest cost on their operating loans. Many small business owners are spending $500 per month in bank fees when you add up all the service charges and penalties for exceeding deposit limits—based on average business transactions and available account packages,” says Norm Attridge, First West Credit Union’s assistant vice president of business banking in the Envision Financial division.
To get to the heart of what you’re really spending, business owners should to do an in-depth analysis of their account history and see where they are being penalized. While many accounts are advertised as low fee, it’s usually contingent on tiered fee structures and high minimum balances.
“Anything we can do as a financial institution to decrease that burden will have a huge impact on the viability of those businesses,” says Attridge.
In response to this pressure on business owners, Envision Financial launched the Unlimited Checking for Business® account. For just $20 per month fee, the account offers unlimited in branch and self-serve deposits and this frees up valuable cash for business owners to use it where they need it.
“It’s simple. Unlimited Checking for Business® is the best business banking account in the province,” says Attridge.
For more information on the Unlimited Checking for Business® account, visit www.envisionfinancial.ca/UCB.
About Envision Financial
Envision Financial is a premier provider of banking, investment and insurance services for residents and businesses throughout the Fraser Valley, Lower Mainland and Kitimat regions. As a division of First West Credit Union, B.C.’s third-largest credit union with 54 branches and 40 insurance offices throughout the province, Envision Financial brings innovative products, an extensive branch network and local decision making to the banking experience. For more information on Envision Financial, visit www.envisionfinancial.ca.
Manager, Public Relations & Communications
First West Credit Union