Canadian bank accounts really full of fees?Hi there, I'm a new grad student from the U.S. studying in Nova Scotia for a few years. I need to open a Canadian bank account, but after calling around to a few I'm in shock. Maybe I just was lucky with my banks back home, but is it true that you are charged for EVERY withdrawal (via debit card,... | |
There are a number of low/no-fee accounts available, you just have to shop around a bit.
PC FInancial
http://pcfinancial.ca
Is probably your best bet, no fee accounts and general banking services. It's not a brick and mortar service (no bank branches everywhere, just Kiosks in grocery stores and so forth) but is inexpensive and provides all key services of a bank.
There are other high-interest no-fee banks, but they require you already hold a bank account before opening one with them.
Banks have changed - it's not just Canada
The same thing is happening in the US.
Federal regulations have minimized bank profits and they are trying to get them out of consumers.
Some banks charge a monthly fee for debit card usage - others will charge about a $5 flat fee for debit card usage each month.
Banks have also started imposing monthly fees if you don't keep a certain min balance or have direct deposit.
Does your area have small local banks or credit unions?
They still offer (some) 100% free checking. Although this may change soon.
Just stay away from "big- boy" banks.
And google the bank followed by the word checking account
No need to call them - it's all online
