Personal Finance

no-fee chequing account on Exchange network

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  • Nov 4th, 2019 3:29 pm
[OP]
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Jul 15, 2009
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no-fee chequing account on Exchange network

Are there any banks or credit unions offering no-fee chequing accounts that are on the Exchange ATM network?

There used to be Tangerine, but they moved off Exchange. Simplii isn't on Exchange either. Any others?
Thread Summary
No-fee chequing accounts on the Exchange and Acculink ATM network:

• Alterna Bank *includes no-fee e-transfers
• Coast Capital Savings
• DUCA *no-fee account charges PPU for e-transfers and chequebooks

No-fee chequing accounts on the Exchange ATM network:

• B2B Bank *includes no-fee e-transfers
• Motive Financial *includes no-fee e-transfers
• Motusbank *includes no-fee e-transfers & one free chequebook per year

No-fee chequing accounts on CIBC's ATM network:

• Simplii *includes no-fee e-transfers & unlimited chequebooks
• Honourable mention: CIBC uLOC can dual as a no-fee chequeing account with no-fee e-transfers and chequebooks, unrivaled among big five

No-fee chequing accounts on Scotiabank's ATM network:

• Tangerine *e-transfers are not free, but can send no-fee peer to peer PAD transfers
25 replies
Sr. Member
Oct 11, 2005
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Airdrie, AB
bubak wrote: Are there any banks or credit unions offering no-fee chequing accounts that are on the Exchange ATM network?
I recently opened up a no-fee chequing account with Motusbank. They use The Exchange network in Canada, and Accel/Cirrus in the US. I'm pretty happy with them... not my regular day-to-day bank (I use Simplii for that), but a secondary that I opened mainly because I opened a PLOC with Motus, and then they offered me $50 to open the chequing account...

Fast/free e-Transfers, ability to link to many other major banks to facilitate cash transfers, no minimum balance...
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Aug 1, 2006
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Also Motive Financial and DUCA
Sr. Member
Jul 16, 2019
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Other than Tangerine and Simplii, I think every no-fee chequing account in Canada is on the Exchange network.

Besides the ones already mentioned, there are also B2B Bank and Coast Capital Savings.
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Dec 3, 2017
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Alterna Bank, MotusBank, Coast Capital, DUCA Credit Union, First Ontario Credit Union, ComtechFire Credit Union*, Pace Credit Union^, Luminus Financial Credit Union*, Ukrainian Credit Union, Your Neighbourhood Credit Union (only 10 transactions) are a few who are on the Exchange Network and offer no fee accounts.

*Requires payroll deposit for no fee
^Online accounts only
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Member with DUCA Credit Union.
[OP]
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Wow, thanks everyone. I had no idea there were so many options.
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Mar 25, 2012
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@bubak Note from spreadsheet, some credit unions are Acculink (ding-free™ only). In the prairie provinces, The Exchange ATMs are few and far between and non-existent outside of major metropolitan cities. But, having said that, that's an advantage to going with an Acculink only credit union (i.e., Innovation Credit Union) because you can still use Acculink+Exchange credit unions outside of your home province; you just wouldn't have access to HSBC, National Bank, Canadian Western Bank, Manulife Bank, and now Laurentian Bank.

Really depends where you live.

Note, too, that Meridian is one of the ONLY credit unions in Canada that is on the Exchange but not Acculink. While 98% of credit unions are on Acculink, many are not on The Exchange (see above). In Meridian's, and Motus' by extension, they are on The Exchange but not Acculink (which is so bizarre). So, as a Meridian customer in Stettler, Alberta, on vacation, you will be without access to a surcharge-free ATM (so, too, would you be SOL if you were an HSBC or other bank customer that is only on Exchange).

Cheers,
Doug

Friendly tags: @jacnel, @Shawguy, @dekvitaly, @Bull Dog, and @titaniumtux
Sr. Member
Jul 16, 2019
671 posts
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dmehus wrote: @bubak Note from spreadsheet, some credit unions are Acculink (ding-free™ only). In the prairie provinces, The Exchange ATMs are few and far between and non-existent outside of major metropolitan cities. But, having said that, that's an advantage to going with an Acculink only credit union (i.e., Innovation Credit Union) because you can still use Acculink+Exchange credit unions outside of your home province; you just wouldn't have access to HSBC, National Bank, Canadian Western Bank, Manulife Bank, and now Laurentian Bank.
You've shown me a reason to hang onto my Coast Capital account after I get my $500 bonus: access to Acculink atms.
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dmehus wrote: @bubak Note from spreadsheet, some credit unions are Acculink (ding-free™ only). In the prairie provinces, The Exchange ATMs are few and far between and non-existent outside of major metropolitan cities. But, having said that, that's an advantage to going with an Acculink only credit union (i.e., Innovation Credit Union) because you can still use Acculink+Exchange credit unions outside of your home province; you just wouldn't have access to HSBC, National Bank, Canadian Western Bank, Manulife Bank, and now Laurentian Bank.

Really depends where you live.

Note, too, that Meridian is one of the ONLY credit unions in Canada that is on the Exchange but not Acculink. While 98% of credit unions are on Acculink, many are not on The Exchange (see above). In Meridian's, and Motus' by extension, they are on The Exchange but not Acculink (which is so bizarre). So, as a Meridian customer in Stettler, Alberta, on vacation, you will be without access to a surcharge-free ATM (so, too, would you be SOL if you were an HSBC or other bank customer that is only on Exchange).

Cheers,
Doug

Friendly tags: @jacnel, @Shawguy, @dekvitaly, @Bull Dog, and @titaniumtux
I didn't know that most credit unions give you access to both Acculink and Exchange networks. I thought Alterna Bank was one of the few that did
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Bull Dog wrote: I didn't know that most credit unions give you access to both Acculink and Exchange networks. I thought Alterna Bank was one of the few that did
@Bull Dog Nope, actually, Alterna Bank is the only Canadian bank that's on Acculink because it's notionally a credit union-only ATM network. I suspect it's more of an anomaly in that other credit unions haven't noticed / don't care, perhaps because it is a nascent bank with not too many customers and who are geographically widely dispersed (so not to create too much demand on the credit union ATM network). Plus, it's owned by Alterna Savings. I suspect, because they share the same core banking systems and technology, Alterna Bank customers are able to benefit from the Acculink network.

But yeah, any credit union is on Acculink* (*except for Meridian Credit Union), so perhaps by most, I should say nearly all. That's an advantage over going with a credit union over, say, actually Alterna Bank, whose Acculink membership could theoretically end at any moment with the credit union partners don't want that little side door arrangement to continue.

Thus, my preference is for a credit union on Acculink + The Exchange over a credit union on only Acculink (though, having said that, I'm now strongly leaning Innovation Credit Union, which is only on Acculink, over Alterna Bank / Motive Financial).

Cheers,
Doug
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someweirdo wrote: You've shown me a reason to hang onto my Coast Capital account after I get my $500 bonus: access to Acculink atms.
But are you a member of another credit union? You have access there. Alterna, PACE, DUCA, Vancity, Prospera, FirstOntario, etc. are all Acculink + Exchange members. Only Meridian, and thus Motus, is on The Exchange only. Prairie credit unions, with a few exceptions (TCU Financial Group being one), are on Acculink but not The Exchange.

To check what networks a credit union is on, use: www.ding-free.ca

Enter name of your current credit union and the city and province of the city in which your targeted credit union has branches, then click on an ATM location map icon and see which ATM networks it is on.

But yes, I use my local credit union ATMs (i.e., Interior Savings Credit Union) that are only on Acculink to make deposits to my Implicity Financial (Entegra Credit Union) and other Acculink-only Manitoba CUs with debit card access. So, that's a definite plus, @Bull Dog, @someweirdo, and @dekvitaly, for keeping a local credit union account if you also deal with a Manitoba CU with debit card access.

Cheers,
Doug

P.S. I'm not a fan of immediately closing accounts after getting bonuses. Do RFDers not realize there's more to life than free, one-time, never-to-qualify-again money!? Honestly! Also, since, all or roughly half of that $500 is paid by Canadian Credit Union Association, you can never qualify for any Canadian credit union new member bonus fulfilled by CCUA again (at least the $200-300 portion paid for by CCUA). Just a heads up. :)
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dmehus wrote: @bubak Depending on your province of residence, you have about two dozen options or so. :)

Free Chequing Accounts in Canada comparison spreadsheet I maintain - https://docs.google.com/spreadsheets/u/ ... utput=html

Cheers,
Doug
Your document says that motusbank excludes Quebec consumers when it fact it welcomes them.
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@dmehus ty for the friendly tag. This is a nifty thread. Perhaps in thread summary tag FI's as exchange only or acculink only?
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