Why Canadians should not complain about bank fees!

Are you still paying monthly service fees to your bank?

On the latest CBC Marketplace the episode showed that over 2/3 of Canadians still pay for bank fees to have a chequing account.


[highlight]STOP wasting your money.[/highlight]

There is absolutely no reason for you to continue paying those hated bank fees.

Here are three banks and/or credit unions that offer completely FREE chequing accounts with no charges for depositing and withdrawing your own funds.



Coast Capital Savings

With the High-interest, No-fee Savings Account™ you get a secure place to put your cash and one of the top rates in the country. You’ll never be asked to keep a minimum balance or pay a monthly fee. And nobody will stop you from accessing your cash – at least nobody who works at Coast Capital Savings.

  • 1.20% interest rate
  • Free unlimited transactions
  • No monthly fee and no minimum balance required
  • Free unlimited access to Coast Online® Banking
  • Unrestricted access to your funds at a branch, online, by phone and at 2,400 ding-free ATMs across Canada

Source: https://www.coastcapitalsavings.com/Personal/Banking/Savings_Accounts/High_Interest_No_Fee_Savings_Account/

THRiVE Chequing

THRiVE Chequing™ is an online no-fee daily chequing account that actually pays you interest on every one of your hard earned dollars. A chequing account that actually works as hard as you do. What a concept! And THRiVE Chequing is loaded with all the features you’d expect from a regular chequing account and more.


They also offer unlimited debits and free use of ATMs on the EXCHANGE network.

One unique feature offered with Thrive Chequing is ING’s free 30-day “Whoops!” protection. This could save you both the embarrassment and punitive cost of bouncing a cheque. Rather than penalize their clients with an insufficient funds fee, ING will cover you for up to $250 — so long as you pay back the overdrawn funds within 30 days. Even if you don’t, they charge just a $2.50 late fee for every 30 days that your balance is below $0. The Whoops! service is available for future-dated bill payments, e-mail money transfers, pre-authorized debits, and cheques.

Source:  http://www.ingdirect.ca/en/chequing/index.html

President’s Choice Financial no fee bank account

You get free unlimited daily banking. Period. You don’t have to keep a minimum balance. And you even earn interest on whatever balance you have.

Open a president’s choice financial no fee bank account today and pay $0 for:

  • free daily banking – online and by phone, 24/7
  • free transactions at over 3,400 President’s Choice Financial and CIBC bank machines
  • unlimited cheques and free chequing
  • free bill payments
  • free Interac® Direct Payments
  • free online access to your monthly statements (statements can be mailed to you for a small charge)
  • free cheques and chequing
  • free groceries and more when you use your President’s Choice Financial bank card and earn PC points at participating stores where President’s Choice® products are sold.

I have been a member of PC Financial for over 18 years now and I have been so pleased.

So don’t complain anymore about your bank when you have options out there for free!

11 thoughts on “Why Canadians should not complain about bank fees!”

    1. I agree – I don’t care about the rates just the no frills services.

  1. I’ve got to agree. I’m with Coast Capital and love that there are no fees. Well, there’s this one $2.50 account maintenance fee every year, but that’s it. I don’t get why anyone would still pay fees when you don’t need to. What a waste of money in my opinion.

  2. I’m sorry but if you are still paying fees you are either an idiot, lazy or you don’t care that you are paying someone to hold your money. I’ve been a PC member for 14 years. Not only have I not paid one cent in fees in that time, they have paid me in excess of $5000 in free groceries.

  3. Best move I made was to switch my checking account to ING. They gave me 100 dollars as a bonus for switching. I don’t missing paying 15.00 per month and the real kicker is I was originally a Scotiabank customer. I also get many questions about my ING debit card such as is it a debit card and how do you like it. Also, I know it’s not a lot but ING even pays interest on all balances.
    Quit paying service charges. 15.00 dollars a month is 180.00 per year.

  4. When I decided to get serious about my finances, this was one of the first places I looked to save money.

    When I was a student I had a free chequing account and so I paid for everything with debit. When I was out of school I met with a TD rep and she ‘reviewed’ my account, saying because I averaged about 20 debits a month I should get the unlimited account for $12.95 a month (now $14.95).

    When I finally got wise I switched to the $3.95/month Value account and kept a minimum balance of $1,500 to waive the fees. Then I opened up a no-fee account with ING and used that anytime I had to make a debit transaction or pay by cheque.

    All of my other transactions are put on a cash back credit card and then paid off at the end of the month.

    One option people should look into is the BMO Club Sobeys account. It’s sort of a hybrid because it’s a no-fee account but you can still visit a branch and make more complicated transactions if you need to.

    1. I didn’t know about the Club Sobeys free chequing account.


  5. The glaring omission in this article is ICICI Bank Canada. They offer both CAD and USD Savings and chequing accounts with free withdrawals from the same network of machines as ING. The only catch is either a minimum balance requirement of $500, or direct deposit to the chequing account. Neither is hard to live with.

  6. I agree with everyone on here that big you don’t need to pay for bank fees then don’t. I’ve had a PC account for a number of years and don’t mind it. I hate not being able to deposit bigger amounts and being restricted on other things. I guess that’s the price to pay for face to face service.

  7. Steve, you may want to add any of First West Credit Union’s divisions, Envision Financial, Valley First, or Enderby & District Financial, to your list. All offer the Simply Free Account, a no-strings-attached chequing account with free Interac e-transfers. You’ll find it’s just as competitive as those you’ve listed, if not better.

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