Personal Finance

Bank Account without service charges?

  • Last Updated:
  • Apr 20th, 2006 9:44 am
Tags:
None
[OP]
Jr. Member
Sep 3, 2005
166 posts

Bank Account without service charges?

Looking for the best bank account that does not have service charges. Must be with major bank (no PC financial or ING Direct).

Right now I'm getting charged if I have below $1500 in my chequing account. Is there any bank account that has no minimum and has lots of transactions for free??
11 replies
Deal Addict
User avatar
Mar 5, 2006
2285 posts
Get a line of credit, gman will fill you in on the details.
Deal Guru
User avatar
Nov 5, 2001
10514 posts
1111 upvotes
What's wrong with pc financial? I've been with them since they started up before they even built the pavilions in the superstores. Never paid a service fee for anything, plus I've gotten a least a couple of hunded dollars in free groceries from them...

They are underwritten by cibc, so you have solid backing with them.

If you want a b+m bank you can walk into and do your banking without service charges, learn to keep the minimum $1500 balance at all times.
Deal Addict
User avatar
Mar 25, 2002
4954 posts
61 upvotes
Scientist wrote:Looking for the best bank account that does not have service charges. Must be with major bank (no PC financial or ING Direct).

Right now I'm getting charged if I have below $1500 in my chequing account. Is there any bank account that has no minimum and has lots of transactions for free??
unless you have a special plan (student, senior, staff, or under 18) or meet the minimum bal requirements, having an account at the 'big 5'=service charges.
Deal Addict
User avatar
Mar 11, 2003
1060 posts
8 upvotes
Vancouver
Scientist wrote:Looking for the best bank account that does not have service charges. Must be with major bank (no PC financial or ING Direct).
LOL. Free banking with a major bank. That's a good one.


When you're done dreaming, you might want to check out Citizens Bank.
Deal Addict
Nov 18, 2004
2690 posts
4 upvotes
Toronto
Scientist wrote:Looking for the best bank account that does not have service charges. Must be with major bank (no PC financial or ING Direct).

Right now I'm getting charged if I have below $1500 in my chequing account. Is there any bank account that has no minimum and has lots of transactions for free??
jerryhung wrote:PCF

for the 100th time that this has been asked
:confused:
Member
Dec 11, 2003
353 posts
1 upvote
Calgary, AB
Go bank in England! All their major banks don't charge any fees. But in Canada, I think you are out of luck.

If you like the England idea, bank with Barclays. You can withdrawl money without fees in Canada at any Scotiabank. But you may get hit with a 2% charge on exchange.

Good luck finding a free big 5 bank account with no minimums and fees.
Eddie
Banned
User avatar
Dec 24, 2004
10708 posts
148 upvotes
Scientist wrote:Looking for the best bank account that does not have service charges. Must be with major bank (no PC financial or ING Direct).

Right now I'm getting charged if I have below $1500 in my chequing account. Is there any bank account that has no minimum and has lots of transactions for free??
a line of credit with most major banks has no service charges and unlimited free checks and withdrawals.

of course you pay interest when you withdraw money BUT you can deposit money into it like a bank account in advance, in this sitation then, you wouldn't pay anything.
Member
Nov 18, 2004
219 posts
1 upvote
Toronto
i happened to be in my B&M bank yesterday and picked up a pamphlet talking about fees

I recall if I close my account, it'll cost me $10 (with 15 days notice). If I move the account to another bank, it's $20.

I remember meeting some US backpackers who told me about the fees they are charged to withdraw out of country ~$3 USD. It costs me more to use the other bank's machine across the street from my home branch.

These banks are making a killing on us. Open it up to competition is what I say.
Deal Expert
User avatar
Jun 14, 2003
23140 posts
177 upvotes
jerryhung wrote:PCF

for the 100th time that this has been asked
For the first time he said, he does not want PCF.
Deal Expert
User avatar
Jun 14, 2003
23140 posts
177 upvotes
BadDrafter wrote:Get a line of credit, gman will fill you in on the details.
LOL. Boy! I guess I talked way too much about LOC. :D

Get a CIBC bank account that has no monthly fee but has per use fee. Get a CIBC LOC. Transfer between CIBC product is no fee.

Transfer money from this bank account to LOC. Use LOC to do ALL transactions: ATM withdrawal, debit card transaction (I personally against using debit card for other reason), cheque, pay bill, auto payment, etc.
× < >

Top