The Royal Bank
of Canada has announced that some of its customers will have to pay a fee when making regular mortgage or loan payments. The bank is increasing transaction fees across a wide range of accounts of payment types and the change means that savings account holders who make a mortgage payment will have to pay between $2 and $5 on each occasion. While the fees aren’t large, many will baulk at the principle. Those looking to make a saving on charges could perhaps pay their home loan through a child’s saving account which will only attract a $1 fee! A number of big banks have recently increased or added fees to their accounts in a bid to recover losses from lower interest rates although not all have added charges for mortgage payments… yet.