President’s Choice Financial is one of the only bank’s in Canada that offers a no fee chequing account with no restrictions. PC Financial have over one million Canadians with free daily banking. Perhaps this is one of the reasons PC Financial is on top of the JD Power Associates Canadian banking survey this year (2011) and over the last fews too.
This is what PC Financial no fee chequing account offers:
FREE transactions at over 3,800 President’s Choice Financial® and CIBC bank machines
FREE Interac® Debit transactions
FREE bill payments
FREE cheques and chequing
Plus, you can earn PC® points toward free groceries and more
The President’s Choice Financial no fee bank account is currently not available in Quebec.
Some of the big 5 banks in Canada like RBC, BMO, TD Canada Trust, Scotiabank, CIBC do offer unlimited no fee chequing accounts but they require you to carry a monthly minimum balance in your account of typically $3,000 or $5,000 or more. These banks also offer limited no fee chequing accounts (free chequing for a certain number of transactions) for smaller minimum monthly balances of $1,000 per month or more.
For example BMO has a no fee chequing account ( BMO Performance No Fee Unlimited Chequing Account) but you must maintain a monthly minimum balance of $3,000 or more.
RBC offers a no fee chequing account to customers if they have 2 other pieces of credit business with them like a Royal Bank Visa, Mortgage, Line of Credit or some investment products. Otherwise there is a fee of $10.95 per month.
Scotiabank offers a Scotia One Unlimited No Fee Chequing Account when customers carry a monthly minimum balance of $3500 or more.
TD Bank offers an unlimited no fee chequing account when customers carry a monthly minimum balance of $5,000 or more. Customers can get a limited no fee chequing account if they have carry a minimum monthly balance of $1,000 or more for some accounts.
For more complete details on no fee banking you can visit www.nofeebanking.ca which is a website with more detailed comparisons of the various no fee bank accounts and offerings.