Banks and credit unions in North America have the right to charge all sorts of fees on both business and individual accounts. And boy, they do!
Monthly fees on chequing accounts can go as high as $ 30.00. Many financial institutions will waive the fee if you maintain a daily minimum balance in the account.
Said minimum balance has been on the rise and can easily reach $ 5 000.00. Yes, you are reading right, leaving $ 5 000.00 in accounts that usually don’t earn any interest. Ridiculous!
Monthly fees can and will add-up after an extended period of time. I recently changed banks. My ex credit-union charged me $ 7.00/month for 8 years. It adds up to $ 672.00.
I have done some research to find alternatives to monthly banking fees. I have looked for accounts offering unlimited transactions, not under any age requirement, and of course, with no minimum balance.
“NATIONAL” NO FEE CHEQUING ACCOUNTS
ALBERTA NO FEE CHEQUING ACCOUNT
BRITISH COLUMBIA NO FEE CHEQUING ACCOUNTS
- Coast Capital Savings free chequing, free debit and more account
- Envision Financial simply free account
- Valley First simply free account
- Island Savings simply free account
MANITOBA NO FEE CHEQUING ACCOUNT
- Cambrian unfee : this credit union will refund all banking fees with a recurring deposit such as payroll or pension
ONTARIO NO FEE CHEQUING ACCOUNTS
- Duca Daylight no fee banking bundle
- First Ontario be free chequing plan
- Luminus Financial 5-star chequing account
- Motive Financial motive chequing: Motive Financial also offers this account to residents of Nova-Scotia, Newfoundland and New-Brunswick.
SASKATCHEWAN NO FEE CHEQUING ACCOUNTS
I am sure there are other financial institutions offering no fee chequing accounts. The above list is not exhaustive. Feel free to comment if you know of any other no fee chequing accounts in Canada.
Please keep in mind the mentioned institutions do charge other type of fees such as overdraft or cheques orders.