Valley First

Bank fees can nickel-and-dime small business

Business owners tempted to overlook bank fees

October 15, 2015

Penticton, B.C. — In the current economy, Canadians are tightly watching their expenses and this is especially true for small business owners. They’re keenly aware that they need to diligently watch expenses, but often overlook how much they are paying in bank fees.

“Small business owners can spend $500 per month in bank fees when you add up all the service charges and penalties for exceeding deposit limits,” says Grant Fletcher, a commercial banking manager in First West Credit Union’s Valley First division.

While low fee business accounts aren’t new, many come with extra fees attached. To discover where they are being penalized, business owners should do in-depth analysis of their account history. Though many accounts are advertised as low-fee, it’s usually contingent on tiered fee structures and high minimum balances.

In response to this pressure on business owners, Valley First introduced the Unlimited Checking for Business® account. For just $20 per month, the account offers unlimited in-branch and self-serve deposits, freeing up valuable cash for business owners to use it where they need it.

“Anything we can do as a financial institution to decrease that burden will have a huge impact on the viability of those businesses. Without question, Unlimited Checking for Business® is the best product in the marketplace,” says Fletcher.

For more information on the UCB account, visit

About Valley First

Valley First is a premier provider of banking, investment and insurance services for residents and businesses in the Okanagan, Similkameen and Thompson valleys. As a division of First West Credit Union, B.C.'s third-largest credit union with 54 branches and 38 insurance offices throughout the province, Valley First brings innovative products, an extensive branch network and local decision making to the banking experience. For more information on Valley First, visit

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