Savings: Canadians Overpay by 60 Percent When Ordering Their Cheques
Billions of Dollars Thus Vanish, to the Benefit of Banks and Their Provider
MONTREAL, December 14, 2018 (Newswire.com) - Kicking off a new calendar year is often an opportune time to adopt sound personal finance practices. In that respect, the regional sales director of Cheques Plus, a company located on the north shore of Montreal, believes Canadians should stop paying the excessive fees charged by Canadian banking institutions to order, print and have their cheques delivered.
Canadians overpay by 60 Percent
“Whether it be for their business or personal cheques, Canadians pay up to 60 percent too much. In the long run, billions of dollars vanish for no logical reason,” indicates Alain Pineault, regional sales director at Cheques Plus, which offers a much more cost-effective alternative.
Let's take a realistic example: 25 million active Canadian consumers, who will order three 60-dollar chequebooks each containing 100 cheques over the course of their lives. That's 300 cheques, therefore 180 dollars. Ultimately, that represents 4.5 billion dollars for 25 million people. Knowing that each person will overpay by 60 percent, those same 25 million Canadians will thus collectively lose more than 2.5 billion.
Alain Pineault, Regional Sales Director at Cheques Plus
Average cost in Canada?
At Canadian banks and savings institutions, the printing and shipping cost for 100 cheques at regular price ranges from 57 to 68 dollars. Meanwhile, companies such as Cheques Plus offer prices that are in line with actual costs. “Banks and their providers generate enormous profit margins, at the expense of their best customers,” deplores Pineault. “In fact, it’s with those findings in mind that the company was founded in 2012, offering the same design, ordering and delivery services for merely 25 dollars.”
Near-monopoly in Canada
Pineault points out that the company D+H (Davis & Henderson) holds a near-monopoly in Canada as the supplier to banks and savings institutions. This, despite the fact that third-party companies such as Cheques Plus, which are accredited and meet the same security standards (data, personal information, paper specifications), are able to provide the same services, sometimes even outperforming them, at a better price.
Collective loss of $2.5 billion
“Let’s take a realistic example: 25 million active Canadian consumers, who will order three 60-dollar chequebooks each containing 100 cheques over the course of their lives,” explains Pineault to illustrate his point. “That’s 300 cheques, therefore 180 dollars. Ultimately, that represents 4.5 billion dollars for 25 million people. Knowing that each person will overpay by 60 percent, those same 25 million Canadians will thus collectively lose more than 2.5 billion.”
According to Pineault, Canadians mistakenly believe they are bound to their financial institution to order their cheques. “Many can save substantial amounts of money, in particular, company management,” he stresses.
About Cheques Plus
Founded in 2012, Cheques Plus is a company that prints and delivers cheques across Canada, at prices generally 60 percent lower than financial institutions. Having grown steadily since its launch, the Cheques Plus team continually updates its product portfolio and online platforms to offer Canadians the best quality-price ratio in regards to the design, order and delivery of personal or business cheques. www.chequesplus.com
Source: Cheques Plus