Bank accounts and charges in Canada

iamstop

A bit ridiculous from what I've seen so far.
You get a few free transactions a month (ATM, debit card purchases etc) then you pay for each extra one. Also, a flat fee of 49c a day!
WTF?

WasterEx

iamstop wrote: »

A bit ridiculous from what I've seen so far.
You get a few free transactions a month (ATM, debit card purchases etc) then you pay for each extra one. Also, a flat fee of 49c a day!
WTF?

Wow that's terrible, $180 a year to have a bank account with that flat rate, must be better banks around ?

retalivity

work for a bank, then there's no charges!

seriously though, some of the charges are ridiculous. The minimum that my own bank offer is a 3.95 flat rate a month, 10 free transactions a month, $1 per transaction after that.

I seem to remember that one of the banks offered a newomer to canada account, not sure what that was or if its even still running.

EDIT: I think its scotiabank

B.A._Baracus

Are you serious? :eek:

180 bucks just to keep your bank account open each year. That's terrible. A mattress sounds more and more appealing.

JustRoss23

scotiabank offers a free years banking for new immigrants check it out.

Sync

Walk around for a day, and take note of how many of a branch's bank machines you see. Go with that bank if they can offer something decent, as if you use a different bank's ATM you get charged for using it.

I went with TD as there are loads of "green machines" (ATM) around, $10 per month for 25 transactions and they give a visa debit standard, although most probably do now anyway.

kev33

2 years in canada been banking with TD the whole time, 7.95 a month Unlimted Transactions, infinity account,best way to go. Rarely use bank machines just pay for everything with debit. TD are also very very helpful they go out of there way to help out(especially if they hear an Irish accent ha). There branches have great hours too, 8-8 monday to friday and there open 8-4 sat and sunday. They are everywhere too..

montreal2011

B.A._Baracus wrote: »

Are you serious? :eek:

180 bucks just to keep your bank account open each year. That's terrible. A mattress sounds more and more appealing.

That's better value than the bank guarantee bailout! :pac:

If anyone is looking for free banking in Canada then set up an ING bank account.

Unlimited transactions (online, in shops etc. ) for no fees. Free ATM withdrawals at National Bank ATM's, $1 at other ATM's.

They offer interest on checking accounts which is unusal, even though it's low at .25%. Plus they have some of the best rates for savings and mortgages too.

Using promo codes, like my orange key 39065577S1, you get $25 to open the account (sometimes this can be $50). You can also get $100 for moving your payroll to ING; they have frequents offers on other account types too.

They don't have branches either, just café's in the major cities where you can replace your ATM card but not much else; lack of branches is probably why they offer more than the regular banks. Also they don't do credit cards. I have a BMO account too and since I mostly use the ING card, I can easily stay within the transaction limits with BMO.

ING have just been bought by Scotia Bank; this may mean more free ATM's in the future.

gary27

montreal2011 wrote: »

That's better value than the bank guarantee bailout! :pac:

If anyone is looking for free banking in Canada then set up an ING bank account.

Unlimited transactions (online, in shops etc. ) for no fees. Free ATM withdrawals at National Bank ATM's, $1 at other ATM's.

They offer interest on checking accounts which is unusal, even though it's low at .25%. Plus they have some of the best rates for savings and mortgages too.

Using promo codes, like my orange key 39065577S1, you get $25 to open the account (sometimes this can be $50). You can also get $100 for moving your payroll to ING; they have frequents offers on other account types too.

They don't have branches either, just café's in the major cities where you can replace your ATM card but not much else; lack of branches is probably why they offer more than the regular banks. Also they don't do credit cards. I have a BMO account too and since I mostly use the ING card, I can easily stay within the transaction limits with BMO.

ING have just been bought by Scotia Bank; this may mean more free ATM's in the future.

the ING one looks good and its free

JustRoss23

so is scotia bank:D i think these are by far the best 2 to go with so its just chose either i no scotia bank gives you a credit card with a 500$ max not much but its good for building up credit history:D

montreal2011

I would recommend setting up two bank accounts. Scotia Bank for the one year free fees plus credit card and ING for unlimited free transactions, plus bonus offers and best savings rates.

Having two cards in useful as you will have more ATM's available without 'other bank atm charges'.

JustRoss23

is the unlimited free transitions not included with the scotia deal too?

Sync

Also, get yourselves a credit card whenever you can. TD require $500 deposited into it, and it's not refundable until you give back the credit card (or something like that)

But go into the branch, and sit down with someone... they will waive this "requirement" for you if they are any way nice

Credit card, builds credit... which is all the rage over here. :pac:

montreal2011

JustRoss23 wrote: »

is the unlimited free transitions not included with the scotia deal too?

The Scotia Bank one will waive the monthly fees on the bank account for 12 months.

Unless the package has unlimited transactions, you will still have to pay for transaction that exceed the limit for this account.

The Scotia One account has unlimited transactions so this would be the one to get. This account is $11.95 a month so it's a good one to get if you can the fees waived. Keeping a balance of over $3k waives fees also.

I have a BMO account and EVERYTHING counts as a transaction, even wages coming in and moving money online from checking to savings.

montreal2011

Sync wrote: »

Also, get yourselves a credit card whenever you can. TD require $500 deposited into it, and it's not refundable until you give back the credit card (or something like that)

But go into the branch, and sit down with someone... they will waive this "requirement" for you if they are any way nice

Credit card, builds credit... which is all the rage over here. :pac:

I had to pay $1250 to get $1k credit with BMO!

A friend told me he got the deposit waived, with TD I think by saying that some other bank were willing to waive it.

You can get the deposit back when you close the credit card account or if you become a permanent resident.

iamstop

Hypothetical question here.
Suppose I had a few grand on my Irish credit card and now I live in Canada.
What would happen if I just never paid the CC?

JustRoss23

^^^^
what a heroic post especially coming from a moderator

montreal2011

I would guess: credit ruined in Ireland, possible judgement against you, maybe assets seizure.