Banks have plenty of fees - everything from overdrafts, to monthly service charges, cheque fees, credit card annual fees - and the list goes on and on. When I started out, I used to just pay all the fees they forced on me, until one day I actually took inventory of all the accounts and services I had with the various banks. I paid over $100 a month in fees alone to them!

You can imagine my surprise, right away I started working to reduce this, and I will share the tips I used in this article. The simplest tips are just asking for a reduction or waiver for some fees - and not in a way where you don't expect to get it, but showing confidence and asserting that you are a valued member to the bank, and you want to keep your account with them. They always have "retention offers" or backup offers they can provide which can save you significant amounts.

Here are the tips in order of usefulness to me:

1) Annual fee credit cards, call in a few months before you are set to pay the fee and just ask the company the process for cancelling your card. They will ask you "Why", and tell them the annual fee is too much, and you are switching to "Card X ant Bank X" which you received an offer to get with no annual fee. There may be some back and forth but assert that you love the credit card you have with this bank, and you want to stay with them if they can make you a better offer. I have found that most banks have given me "1 year with no fee" (and then I just call back the next year to get it taken off again), and worst case I've gotten my fee reduce tothe original fee.

2) Small bank charges (overdraft, cheques, etc). Call the bank and explain the situation, tell them you aren't happen with paying these small charges since you realize they are adding up. Also assert that you have <however many> accounts with them, and you have <however much money> with them. Make sure they understand you are a valued customer, and then ask them to waive the fees this one time.

3) Monthly charges with banks (ex on chequing accounts). Go into the bank branch and discuss with manager or a teller. Explain your situation to them, tell them you love the service and benefits you are getting with their product/services, but you received better offer from Bank X to set up your account with no fee. Also see if you add more accounts with them (more savings accounts, line of credit, etc) if they could waive the fees. ONLY do this if the additional accounts are transferred over from other banks (and you get the same or a better rate), and if they do not cost you additional amounts. You will be surprised what the bank will do to keep your accounts, and especially if you have multiple accounts with them, they will make more money off you.

To summarize, if you want your bank fees lowered or waived, just ask! Ask confidently, show you deserve it, and they will accommodate you.