It’s surprisingly common for Canadians to have extra accounts they opened years ago — student accounts, travel savings accounts, or promotional chequing plans that have since expired.
If these accounts are no longer on a fee-free tier or don’t meet minimum balance requirements, they may charge small monthly fees that go unnoticed, especially if:
The account doesn’t receive e-statements
It’s not linked to day-to-day banking
It was created during a limited-time promotion
Many Canadians only realize this when reviewing annual transaction histories.
It can be helpful to periodically check all open accounts to confirm what’s still active.