Canadians overpay $7.7 billion annually on bank fees, higher than UK and Australia, according to North Economics report.

Canadians are overpaying on bank fees by more than $7.7 billion annually, with fees for accounts and services higher than those in the UK and Australia, according to a report by North Economics. The report, which compared fees at Canada's Big Five banks to those in other countries, revealed that Canadians pay more per month for bank accounts, non-sufficient funds fees, overdraft charges, and accessing ATMs at competing banks. Canada's five largest banks had $7.73 billion in "excess" income, equating to about $250 per Canadian, the report found.