Questions About Bank Statements & Fees?

A debit is money going out of your account (purchases, withdrawals, bill payments), while a credit is money coming in (deposits, transfers, refunds). On your statement, debits reduce your balance and credits increase it. Think of it this way: money leaving your account is a debit, money entering is a credit.

Most Canadian banks charge monthly account maintenance fees unless you meet certain conditions—like keeping a minimum balance, setting up direct deposit, or maintaining a linked savings account. If you're not using your account actively, you might not meet these requirements. We can help you understand your bank's specific fee structure and whether a different account type might suit you better.

NSF stands for "non-sufficient funds"—it means you tried to make a payment or withdrawal when your account didn't have enough money to cover it. Banks charge an NSF fee (typically $35–$45) when this happens. You can avoid it by monitoring your balance before spending or setting up overdraft protection.

Start by reviewing each transaction: check the date, amount, merchant name, and whether you recognize it. Compare your statement to your receipts and online banking history. If you spot a transaction you don't recognize, don't recognize the merchant name, or the amount seems wrong, contact your bank right away. Most banks have a dispute window (usually 30 days) to investigate unauthorized transactions.

No—fee structures vary significantly between banks and even between account types at the same bank. Big banks (TD, RBC, BMO, Scotiabank) typically charge monthly maintenance fees, while some online banks or credit unions offer no-fee accounts. The key is comparing what you actually use—some accounts waive fees if you maintain a balance, while others charge per transaction instead of a flat monthly fee.

Banks place holds on deposits (especially cheques or large cash deposits) to verify the funds are legitimate before they clear your account. A hold typically lasts 1–3 business days, depending on the deposit type and your bank. During this time, the funds show in your account but you can't withdraw them. This is a standard security practice.