The New Pc Money Account From Pc Financial And Loblaws
Three years after selling their online no-fee banking operation to CIBC PC Financial is back with the PC Money Account. It is not technically a chequing account in that it does not appear that you can order cheques for it . What it does come with is a nice little loyalty program that many Canadians are quite familiar with in the PC Optimum Plan.
The basic idea is that the PC Money Account will allow you to bank for free. You can send etransfers, use PC Financial ATMs, pay bills online, and all of the other transactions that fall under the umbrella of a chequing account you just cant send cheques.
The PC Money Account does come with a debit card option. When you pay with the PC Money Account and/or use it to pay bills online, you will earn PC Optimum points that can be used to make purchases at Loblaws grocery stores or Shoppers Drug Mart. It will essentially act as 1% cash back just redeemable only at those stores.
Given the legions of fans that the old PC Financial Chequing accounts used to have, the new PC Money Account is certainly one to keep your eye on! Well see how their rollout goes before we start to place them with the leading contenders however.
How To Choose A Free Checking Account
In todays competitive banking environment, free checking does not mean a lower-quality transactional bank account. All five of the free checking accounts featured here made Forbes Advisors Best Checking Accounts Of 2022 and two of these five are among the Best High-Yield Checking Accounts Of 2022.
Although there is no checking account that is 100% freesince uncommon services will have associated feesthe best free checking accounts will be functionally free to the customer. This means you will not have to pay for using your checking account for your most frequent and day-to-day transactions. Look for a free checking account that includes most of the following:
- No monthly maintenance fee
- No minimum balance or monthly activity requirement to remain fee-free
- Access to a large number of surcharge-free ATMs and/or generous out-of-network ATM fee reimbursement
- Low or no non-sufficient funds fees, or an overdraft protection option that is low or no cost
- Low or no fees for wire transfers, stop payments, debit card replacement, standard checks, returned items or the like, focusing on the services you are most likely to need or use
- Added perks, such as a decent or better APY, cash back opportunities, excellent customer service, a well-regarded mobile app or early access to your paychecks
Know What Youre Getting
New customers typically come through the door to get a checking account. Because small banks want to capture as much local business as possible, they will frequently offer a free checking option to bring in new customers. When a customer opens a free checking account, they become a customer. They are more likely to use the bank for other services such as loans, certificates of deposit, and other financial transactions. When you open free checking accounts, you need to understand that the bank will often not pay you any interest in your money. If this is important to you, make sure you ask if it is an interest-bearing account when you make your application. Above all else, though, make sure that you read the fine print and ask many questions about fees, including fees for falling below a minimum balance. Understanding the fine print and doing your research can help you to find the best free checking options for your needs.
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Check For Minimum Balances
One way a bank can assess a fee is if the balance in the account falls below a certain level. Looking around the fine print for this and asking specifically about this is important. There are still banks that offer free checking accounts with no minimum balance and no monthly fees, but they are becoming rarer. While you may envision never allowing your balance to fall below a certain level, you never know what life will bring. Identity theft and unforeseen emergency expenses can take their toll on your checking account. It is definitely worth your time to research and find a checking account that does not require a minimum balance.
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Simplii Financial No Fee Chequing Account
Simplii Financial is owned by CIBC. They offer a no-fee chequing account, high-interest savings, mortgages, and more.
Features of their free chequing account include:
- No monthly fees and no minimum balance
- Free unlimited transactions including debit purchases and pre-authorized bill payments
- Free Interac e-Transfers
- Free access to 3,400+ CIBC ATMs across Canada
- Interest payments of up to 0.05% on your account balance
- Versatile app and user-friendly website
- Free cheque books
A fee to note is the $20/year inactive account fee if you do not conduct any transactions for 2 years or more.
Banks That Offer Free Checking
While most financial institutions will charge fees for things like overdrafts or returned checks, it is possible to find banks and credit unions that offer checking accounts with no monthly service fee. This means you may be able to use the account without any fees if you play your cards right. These banks are just a few of the available options to open free checking accounts.
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Us Bank Vs Chase Free Checking Accounts
Two of the largest banks that offer free checking accounts are Chase Bank and U.S. Bank. However, be aware that the U.S. Bank free checking accounts and checking accounts at Chase usually just exclude maintenance fees. You may also need to meet certain conditions for these maintenance fees to be excluded. Outside of maintenance fees, other fees can apply as well, so it’s a good idea to read the fee schedule of all of these accounts carefully. The two banks come with unique account offerings and fees.
Capital One: 360 Checking Account
Capital One charges no fees to open or use a 360 Checking account, not even for foreign country debit card transactions, and mobile banking is streamlined and easy to use.
- Minimum deposit and balance requirements: $0
- Yield: 0.10 percent APY
- Physical branch: Yes
- Mobile app offered: Yes Apple s App Store rating: 4.8 stars. Google Play Store rating: 4.7 stars.
- ATM access: 40,000 Capital One and Allpoint ATMs
Know that there may be some things you want or need to do with your account, like overnight check delivery or stop payments, that will result in charges.
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Td Bank Convenience Checking
Student-Friendly Account With Preferred Loan Rates
TD Banks Convenience Checking account isnt technically free, but the $100 minimum daily balance required to avoid the $15 monthly maintenance fee is low enough to render it functionally so.
Convenience Checking is an even better deal for students, who pay no monthly maintenance fees regardless of balance until they turn 24, and get a pass on monthly maintenance fees for any linked TD Bank savings account to boot. All customers enjoy choice perks like discounts on certain TD Bank credit products and lightning-fast money transfers courtesy of Zelle.
- Minimum Deposit and Balance Requirements: You need to maintain a $100 minimum daily balance to avoid the $15 monthly maintenance fee.
- Account Opening Bonus: Earn $150 when you receive direct deposits totaling $500 or more within 60 days.
- Yield: None.
- Rewards and Incentives: TD Convenience Checking customers may qualify for a rate discount of 0.25% on home equity lines of credit and unsecured personal loans originated by TD Bank. Separately, the monthly maintenance fee is always waived for students ages 17 to 23, regardless of account balance. All customers enjoy free access to TD Bank ATMs.
- Mobile Features: TD Bank has a fully functional mobile app and mobile-responsive website.
- Possible Fees: Check TD Banks disclosure agreement for a full, up-to-date list of potential account fees.
What Is A Chequing Account
A chequing account is a bank account designed for conducting everyday transactions, including bill payments, pre-authorized debits, electronic fund transfers, wire transfers, and making deposits.
Your chequing account provides access to a debit card and cheques which makes it easy to access your money on demand. Chequing accounts are also known as transactional or demand accounts. In the U.S., the account is spelled as checking.
There are various types of chequing accounts, including student, senior, youth, business, joint, premium, basic, and US dollar accounts.
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Best Free Checking Accounts At Us Banks
Its becoming increasingly difficult to find truly free checking accounts. At many banks, youre now required to pay a monthly maintenance fee for the privilege of keeping your checking account open. Such fees can range from a few dollars to $20 or more, depending on the bank and other associated perks. To avoid these fees, you may need to maintain a high minimum daily balance, make regular deposits of a certain size or frequency, or execute a minimum number of transactions in a statement period.
Fortunately, its still possible to find free checking accounts. You just have to know where to look. Many online banks offer legitimately free, FDIC-insured accounts with few restrictions and plenty of sweeteners. Some even pay noticeable interest.
If youre looking for a checking account that wont eat away at your deposits, take a closer look at these options available to customers throughout the United States.
Hands Down Winner : Scotiabank
As you can see from the comparison above, Scotiabank is clearly the best choice when it comes to premium chequing accounts. In fact, i would go as far as to say that as long as their welcome bonus offer is valid, they are clearly the best overall chequing account in Canada.
For as long as the promotion is valid the value you get from signing up to Scotiabank is actually greater than using a free chequing account, even if you do end up paying the monthly fees.
The best thing however, is that you dont really have to pay those fees at all! as long as you keep a minimum balance of $30,000 across your various Scotiabank accounts , or $5,000 in your chequing account the monthly fees are all waived. Add to that the assortment of great perks and one of the best rewards programs in Canada, and youll see why Scotiabank is currently our #1 overall pick for opening a new chequing account in Canada.
You can read our Scotiabank review to get more details about the promotions terms and conditions, as well as a breakdown on its expected value. We also cover all the other perks and benefits Scotia has on offer.
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Banks With Free Checking And Savings Accounts For Overdraft Protection
- Banks Editorial Team
Did you know there are banks with free checking and savings accounts that let you use your savings account in the event of an overdraft on your checking? In July of 2010 federal laws changed the way that banks and credit unions are allowed to charge you overdraft fees. Prior to this law, banks would typically sign you up for automatic overdraft protection, and there was often no way to opt-out of the service. This form of protection was them guaranteeing you that your charge or check would go through, and they would charge you a convenience fee usually in the range of $28-$35.
These new federal laws prevent such a predatory practice on consumers. But, what if you need or want overdraft protection but dont want to pay those hefty $35 NSF convenience fees? Thats exactly what this article is here to answer for you. Bonus: a few of the institutions listed below are banks with free checking and savings accounts.
Often times today, banks will require you to use a line of credit or credit card as overdraft protection for your checking account. But did you know there are institutions that let you use your savings account as a backup in the event of an overdraft on your checking account? Banks.com has done the research and we are here with the banks that let you do so and many of these banks offer free checking and savings accounts. The institutions listed below are in no specific order.
How To Choose Free Checking Account No Credit Check No Deposit
Look for low or no fees, a large ATM network, low balance restrictions, and other features that match your needs when you pick a checking account. Also good to have reasonable interest rates. Therefore, every bank would find its usual banking behavior. Do you use ATMs daily, for instance? Should you deposit cash? Were you using cashier checks regularly? Compare every bank and write down any fees that you will have to pay. Test ATM withdrawals, overdrafts, and other expenses by reading the bank statement of disclosure.
The free account does not charge recurring fees, even if you are entitled to cancel a fee. You should get acquainted with the banks on your list with this brief research and know more about your bank than other people. The bank which best suits your needs you are ready to pick.
Note: Read the top bank reviews or credit unions for dealers before making a final decision. Although any organization can have advantages and disadvantages, feedback will help you appreciate the customer experience before taking the plunge.
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What To Look For In A Free Checking Account
|$0||80,000+ fee-free ATMs|
When looking for a free checking account, you’ll have plenty of options. Here are some things to consider as you review your choices:
- Monthly service feeIf you don’t want any restrictions, then look for a bank with no maintenance fees. Most of the banks on our list has no monthly service fee. There are a couple of banks that have a fee, but it’s incredibly easy to waive.
Select Reviewed Dozens Of Checking Accounts From Online Banks Brick
Selects editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.
Checking accounts are an essential financial tool, but they can also be expensive. Many major banks charge account maintenance fees that can cost you up to $15 a month.
Sometimes, if you meet certain requirements, such as maintaining a minimum balance and/or setting up direct deposit, your bank will waive the monthly fee. However, there are a number of good no-fee options that don’t come with a bunch of rules attached.
Select analyzed and compared dozens of checking accounts offered by online and brick-and-mortar banks and that charge zero monthly maintenance fees.
When ranking the best no-fee checking accounts, we focused on the following criteria:
- No monthly maintenance fee
Who’s this for? The Capital One 360 Checking Account takes the number-one spot on our list thanks in part to its top-rated mobile app, physical bank locations and an above-average APY. Plus, this account ranks number four on J.D. Power’s 2019 U.S. National Banking Satisfaction Study, which ranks bank customer experience across various factors, including deposit accounts and convenience. Capital One receives strong satisfaction scores for mobile banking and checking accounts.
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Checking Accounts And Overdrafts
If you write a check or make a purchase for more than you have in your checking account, your bank may cover the difference.
What many banks don’t tell customers is that they’ll charge you for each transaction that causes your account to use an overdraft. If you have a $50 account balance, for example, and you make purchases using your debit card of $25, $25, and $53, you will be charged an overdraft feeusually a hefty onefor the purchase that overdrew your account, as well as for each subsequent purchase after you’re in the red.
But there’s more. In the example above in which you made three purchases of $25, $25, and $53, you wouldn’t just be charged a fee for the last purchase. Per the account-holder agreement, many banks have provisions stating that in the event of an overdraft, transactions will be grouped in the order of their size, regardless of the order in which they occurred. This means the bank would group those transactions in the order of $53, $25, $25, charging a fee for each of the three transactions on the day you overdrew your account. Furthermore, if your account remains overdrawn, your bank may also charge you daily interest on the loan.