business bank account with lower charges

[packet1]

I see topics about business accounts before but just wondering if somebody could give me some more infor.

I registered a company for a contract work and need a business account. After some research now I narrow down my options to two: DUCA Financial Services Credit Union Ltd, or RBC.

Basic I would just need a few transactions per month and want to have checks. Looking for an option with lower fees...

Thanks for any tips or suggestions!

[hp]

I use RBC, they charge $5 per month, 10 transactions free.

Cheque's are pretty expensive, but you can always goto the branch and get them to make you temporary cheques.

I believe that PC Financial is looking to open up a no fee biz account. So this could be an option down the road.

hp

[Surf4Deals]

I'm assuming you are referring to a business chequing account. I think HSBC is quite reasonable. You get one free transaction per $500 deposit. For example, if you have 5 x $100 cheques and you desposit them together, that counts as one transaction. Which means you don't pay a fee. I think there is a minimum required. For business savings, I think ING offers a pretty good rate (but you will need a business chequing account to link to).

CIBC used to have free business account called Bizline or something like that. It's been discountinued about 5-6 years ago. It's still in operation for those who got in on it before it was discountinued.

Do a search on here and you will find quite a number of post on the subject of business banking.

[packet1]

[QUOTE=Surf4Deals]I'm assuming you are referring to a business chequing account. I think HSBC is quite reasonable. You get one free transaction per $500 deposit. For example, if you have 5 x $100 cheques and you desposit them together, that counts as one transaction. Which means you don't pay a fee. I think there is a minimum required. For business savings, I think ING offers a pretty good rate (but you will need a business chequing account to link to).

Just called HSBC, they charges $6 monthly fee, or can waive it if you keep 2000 balance. each transaction is $.80 and 10/month for phone/online service. Looks like I will go to Duca.

[Surf4Deals]

You may want to speak to a business banking rep in person. On their website it clearly states that you get "Free transaction qualification (based on minimum monthly balance)". In addition, another RFD member is also reporting the same thing in regards to the free transaction.

http://www.redflagdeals.com/forums/s...siness+banking

When I signed up for my account they wanted to charge me for Internet banking. If you speak to them they may waive that also. The only thing I am paying for is for my business cheques.

[sharkyJay]

It's call BizSmart. You were able to sign up at Staples back in the days. Really great, free cheques, free transactions, free ABM at CIBC locations. Too bad they are no longer accepting new clients.

I'm assuming you are referring to a business chequing account. I think HSBC is quite reasonable. You get one free transaction per $500 deposit. For example, if you have 5 x $100 cheques and you desposit them together, that counts as one transaction. Which means you don't pay a fee. I think there is a minimum required. For business savings, I think ING offers a pretty good rate (but you will need a business chequing account to link to).

CIBC used to have free business account called Bizline or something like that. It's been discountinued about 5-6 years ago. It's still in operation for those who got in on it before it was discountinued.

Do a search on here and you will find quite a number of post on the subject of business banking.

[freddyprinze]

I use Scotiabank. If you keep min. $5K you get 5 free transactions per month, no other fees (an additional free transaction for every $1K in the account). I keep the majority of my business funds in Scotia's Moneymaster account and it is currently paying 3% interest on any balance. If I need more funds, I transfer cash to my regular business account where I usually maintain the min. $5K balance. Sometimes they make a mistake and charge me fees but they have always reversed the charge Other than printed cheques, my business banking fees for 2005 and 2006 were FREE!

[sharkyJay]

Where you hear this?

I believe that PC Financial is looking to open up a no fee biz account. So this could be an option down the road.

hp

[cdnNick]

I called PC a few months ago and they said it was a common question and that they would make note of the request. I can only hope they come out with this service.