RRSP/TFSA Transfer Fee Hostage
$50-$150 per transfer
Moving retirement accounts between institutions costs money, creating artificial switching costs that trap customers in bad relationships.
The real cost
$300-$600 over career for active investors
How to not get wrecked
- 1Choose institutions that reimburse fees
- 2Transfer in-kind to avoid selling
- 3Negotiate waivers for large transfers
- 4Time transfers to minimize tax implications
Related money drains
#11
Big Bank Fee Extraction
$250-$360/year
Big 6 banks charge $250–$360/year in fees while paying 0.05% on savings. You pay them to hold your money.
#12
Overdraft Trap
$45-$48 per NSF transaction
NSF fees of $45–$48 per transaction can trigger daily. Being broke costs extra.
#13
ATM Fees: Death by a Thousand Cuts
$4.77 per transaction
Out-of-network ATM fees average $4.77. A $20 withdrawal can cost $24.77.
Track your spending and plug these drains with Prosperi.