Personal Finance

Which bank offers the lowest or no service charge for Chequing Account?

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  • May 27th, 2007 2:19 pm
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Sr. Member
Jul 14, 2003
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Which bank offers the lowest or no service charge for Chequing Account?

Which bank offers the lowest or no service charge for Chequing Account? I paid $25 service charge last month...I cant stand it anymore...It's CIBC chequing account.
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Jan 24, 2003
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PCfinancial.ca
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[OP]
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Jul 14, 2003
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can you link the Investors Edge Account with the PC Financial banking account together?
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Aug 13, 2002
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Kingston
You should come over to the Personal Finance forum. There are lots of knowledgable guys over there.
Deal Addict
May 4, 2004
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if you have extra money in the account like $5000, then go for TD "Select Account"

it also include Auto Roadside Assistant like CAA for free!!
Select Service
The ultimate in service. Take advantage of unlimited transactions and much more. Maintain a minimum monthly balance of $5,000
--------------

My Heatware - tonychau
Jr. Member
Oct 31, 2005
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tonychau wrote:if you have extra money in the account like $5000, then go for TD "Select Account"

it also include Auto Roadside Assistant like CAA for free!!

There is almost no interest on this account. To deposit $5,000 into a saving/GIC account makes > $150 a year. How much is the cost for the membership of CAA?
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Oct 15, 2002
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Toronto
Also Citizen's Bank. They had a free $80 or so promo just a while ago for new signups (needs $500 deposit there for 3 months).
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Feb 4, 2003
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solarv wrote:Which bank offers the lowest or no service charge for Chequing Account? I paid $25 service charge last month...I cant stand it anymore...It's CIBC chequing account.
I thought CIBC doesn't charge service fee if you have $1k in ur chequing acct? I could be wrong.
Deal Addict
May 4, 2004
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sign~~

Ok... here is the break down... if you want value. (almost $1000.00 saved on bank fee), could your $5000 GIC earn that much to cover the stupid bank fee???? .... You have to pay the bank fee anyway in your other pocket.

1. waive bank fee .................................................. $25 monthly ($300 a year)
2. Safety deposit .................................................. $35 monthly ($420 a year)
3. Gold visa fee .................................................... $35/year, plus free supplyment card $15
4. Roadside assistant "CAA" .................................... $70/year
5. Free cheque book ............................................. $25 for 100 cheque
6. free drafts and certified cheques .......................... $10 service charge per certified cheque
7. no commission fee for Canadian and U.S. dollar travellers cheques ..... Depend
8. 1/4% interest bonus on 1 - 5 Year GICs5
9. $25 discount off annual fee on your TD Waterhouse Discount Brokerage Self-Directed RSP/


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Remember this guy/gal is paying simply $25 a month on bank fee on a chequing account ($25 x 12 months = $300 a year of bank fee) He/she could buy a Xbox 360 next year if he could save the money from bank fee... :mad:

so could your saving/GIC account cover his/her cost of using the bank???

The CAA thing is just extra if he has a car, a toll is like $50 plus mileage. Why paid for all that if there is account that cover all of this.??? :confused:
I paid $25 service charge last month...I cant stand it anymore...It's CIBC chequing account.
leolee_ca wrote:There is almost no interest on this account. To deposit $5,000 into a saving/GIC account makes > $150 a year. How much is the cost for the membership of CAA?
--------------

My Heatware - tonychau
Jr. Member
Oct 31, 2005
172 posts
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tonychau wrote: 1. waive bank fee .................................................. $25 monthly ($300 a year)
2. Safety deposit .................................................. $35 monthly ($420 a year)
3. Gold visa fee .................................................... $35/year, plus free supplyment card $15
4. Roadside assistant "CAA" .................................... $70/year
5. Free cheque book ............................................. $25 for 100 cheque
6. free drafts and certified cheques .......................... $10 service charge per certified cheque
7. no commission fee for Canadian and U.S. dollar travellers cheques ..... Depend
8. 1/4% interest bonus on 1 - 5 Year GICs5
9. $25 discount off annual fee on your TD Waterhouse Discount Brokerage Self-Directed RSP/
1. as ronny1980 said, PCFinancial provides free cheque account
2. Only valid to those who need small safety deposit box.
3. A lot of no anual fee GOLD/Platinum Credit cards are available. FYI: http://www.redflagdeals.com/deals/main.php/articles
4. Is the TD Auto Club as good as CAA?
5. same to 1, free of charge
6. When you withdraw relative large amount of cash, the teller will suggest you to take a bank draft free of charge.
8. TD's GIC rate sucks. 1 year GIC: 1.9%, 5 years GIC 2.65%
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Dec 24, 2004
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leolee_ca wrote:
Nov 30th, 2005 6:41 pm
1. as ronny1980 said, PCFinancial provides free cheque account
2. Only valid to those who need small safety deposit box.
3. A lot of no anual fee GOLD/Platinum Credit cards are available. FYI: http://www.redflagdeals.com/deals/main.php/articles
4. Is the TD Auto Club as good as CAA?
5. same to 1, free of charge
6. When you withdraw relative large amount of cash, the teller will suggest you to take a bank draft free of charge.
8. TD's GIC rate sucks. 1 year GIC: 1.9%, 5 years GIC 2.65%
of course there are gold cards with no annual fees. but can you travel with what they give you?
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May 15, 2007
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CoFfEeMaKeR wrote:
Nov 30th, 2005 4:56 pm
I thought CIBC doesn't charge service fee if you have $1k in ur chequing acct? I could be wrong.
they wave the standard $3.95 fee if you keep your balance about $1K but you still only have 10 transactions you can do in the month, otherwise anything above that there is a fee for each. And of course, lets not forget, you get NO interest on having a a balance (well, its actually 0.2%) and you must pay a fee to get checks.

PC Fiancial seems to be the best for checking accounts i've found...unlimited free checks. There interest rates on checking accounts are worse than CIBCs (0.1% if less than $1K but goes to 2% if your balance is > $10K)...BUT there savings account (known as "Interest Plus") is the best in the industry right now...4% minimum for life (an anniversary bonus increases that rate each year depending on your annual balance)
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tonychau wrote:
Nov 30th, 2005 5:05 pm
sign~~

Ok... here is the break down... if you want value. (almost $1000.00 saved on bank fee), could your $5000 GIC earn that much to cover the stupid bank fee???? .... You have to pay the bank fee anyway in your other pocket.

1. waive bank fee .................................................. $25 monthly ($300 a year)
2. Safety deposit .................................................. $35 monthly ($420 a year)
3. Gold visa fee .................................................... $35/year, plus free supplyment card $15
4. Roadside assistant "CAA" .................................... $70/year
5. Free cheque book ............................................. $25 for 100 cheque
6. free drafts and certified cheques .......................... $10 service charge per certified cheque
7. no commission fee for Canadian and U.S. dollar travellers cheques ..... Depend
8. 1/4% interest bonus on 1 - 5 Year GICs5
9. $25 discount off annual fee on your TD Waterhouse Discount Brokerage Self-Directed RSP/


-------------------
Remember this guy/gal is paying simply $25 a month on bank fee on a chequing account ($25 x 12 months = $300 a year of bank fee) He/she could buy a Xbox 360 next year if he could save the money from bank fee... :mad:

so could your saving/GIC account cover his/her cost of using the bank???

The CAA thing is just extra if he has a car, a toll is like $50 plus mileage. Why paid for all that if there is account that cover all of this.??? :confused:
Yeah but this is mostly all bogus features you should be getting free anyway

If you need a safety deposit box and can get your hands on one, the TD Select account is a good deal. Otherwise it blows.


1. waive bank fee .................................................. $0 (PCF has no bank fee)
2. Safety deposit .................................................. $35 monthly
3. Gold visa fee .................................................... $0 (Use no fee SPG card that is better than TD Gold visa)
4. Roadside assistant "CAA" .................................... $0 (Doesn't your car already have this?)
5. Free cheque book ............................................. $0 (Free cheques with PCF)
6. free drafts and certified cheques .......................... $10

9. $25 discount off annual fee on your TD Waterhouse Discount Brokerage Self-Directed RSP - Use Questrade, no annual fee RRSP/$4.95 / trade )

So you're "1000 in bank fees" quickly dissipates to $420 - and that is making a large assumption on the fact that you can even FIND a TD branch with an available small safety deposit box for them to give you for free (chances are you won't they are very popular), and that you even have stuff to put in there to begin with.

Add to that you're 5K could be sitting in a PCF IPSA getting 4+% interest, worth over $205 a year.
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Jan 21, 2003
1133 posts
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What kind of a safety deposit box costs $35 a month???
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