If bank fees rise, institutions may lose customers.

That’s because many Canadians want to cut costs and simplify their daily lives, according to a new President’s Choice survey.

Read: Small biz less satisfied with banks

It finds the majority (71%) are frustrated by rising fees, and that about two-thirds say financial institutions are failing to help them save money.

Read: Financial system bypasses many Canadians

Additional highlights include:

  • 54% of those polled would switch banks to save up to $200 a year.
  • More than half (65%) say they’re financially stable, but 57% concede they aren’t saving enough.
  • Many of those polled (57%) want their banks to offer small, regular rewards, such as credit card points that can be used for groceries or other recurring expenses.

Read:

Appetite for mobile banking growing

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Warn clients about ATM loophole

New app lets you invest spare change

Outlook bright for Canadian banks, for more on national bank stocks