Posted on: 28-09-05 12:01:51
hi,
i m new landed yesterday. i am in mississauga. i opened bank account with CanadaTrust. the bank is charging $3.95 per month for my bank account. there are also other charges for using cash machines and debit-credit transactions.
could you please let me know weather all bank in canada charge monthly fees for the account? is there other bank where i can open bank account without any monthly fees?
thanks for your assistance.
Bhavin
Quote:
Orginally posted by cbpatel
could you please let me know weather all bank in canada charge monthly fees for the account? is there other bank where i can open bank account without any monthly fees?
thanks for your assistance.
Bhavin
yes, all banks charge. But there is a way out. With CIBC, if you maintain a minimum of a $1500 balance / mth, they waive the service charges for that month. I'm sure other banks must have something similiar.
As regards no-fee bank a/c - yes there is PC Financial - http://www.pcfinancial.ca" rel="nofollow">LINK
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Reiki Grand Master
Quote:
Orginally posted by cbpatel
hi,
i m new landed yesterday. i am in mississauga. i opened bank account with CanadaTrust. the bank is charging $3.95 per month for my bank account. there are also other charges for using cash machines and debit-credit transactions.
could you please let me know weather all bank in canada charge monthly fees for the account? is there other bank where i can open bank account without any monthly fees?
thanks for your assistance.
Bhavin
Maintian 1000 minimum balance at TD and the fee is waived off. Initially try sticking to a brick and mortar bank ( a bank in a building ) as opposed to an online bank. You will need the bank for a lot of purposes initially.
later on you can switch to PC ...
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Non illigitamus carborundum
All banks have very similar chequing accounts, where you maintain some min bal and the svc chgs are waived off for first 10-15 transactions. As sudensing suggested, CIBC used to oofer Personal Waive account wherein if you maintain min $1500 bal, you could have unlimited free transaction, however this acct is no longer offered at CIBC.
As goldeneye suggested, in the intial period, stick to one of the major banks, later you can easily manage with PC Financial.
take care
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While TD has more ATMs, I would recommend CIBC - CIBC customer service is better (my experience) and they've got a better credit card approval rate than TD.
