MAXA Financial service fee changes | MAXA Financial | Discussion forum

I meant to share this notice of upcoming fee changes from MAXA Financial a few weeks ago, but one thing that caught my eye is that they appear to charge $5.00 to set up a new linked external bank account and $1.00 to change or otherwise modify an existing linked external bank account. Interestingly, they don't specify if there's a fee to delete a linked external bank account. (Speaking facetiously here. 😉 )

Anyway, most of the fee changes are modest and not noteworthy, but they're upping the EFT set up from $5.00 to $20.00 and the change fee from $1.00 to $5.00, effective June 1, 2019. $20.00 to set up a linked external bank account? That's unprecedented. 🙁

It's too bad because I see MAXA Financial gave their website a much-needed redesign/refresh and a new, improved logo. Their deposit rates are modestly higher than their fellow Manitoba CU virtual banking cohorts.

Also a negative with MAXA Financial is their registered plan transfer out fee is $100.00, which is double the typical $50.00 fee.

On the plus side, they're eliminating the Acculink credit union ATM transaction fee. (Speaking facetiously again.)

All I can suggest is that anyone interested in banking with them e-mail them and tell them their fee structure needs serious rethinking as they're way out of the market. 🙁

Cheers,
Doug