Many of the big banks are now offering chequing accounts with unlimited banking transactions for one “low” monthly fee ranging from $9.95 (for the Scotia One Account) to $12.95 (for the CIBC Unlimited Chequing Account). Typically, these accounts do not require a minimum monthly balance and a few even offer free personalized cheques.
Consumers who are considering these accounts should check out President’s Choice Financial, which offers the same features (unlimited transactions, debits, Interac payments or bill payments and even free cheque books) without the monthly fee. The potential savings could add up to $120 to $155 per year.
If you decide to open an account with PC Financial, consider maintaining your chequing account with the big bank on a “pay-as-you-go” basis. It would be useful for getting an occasional bank draft or certified cheque or renting a safe deposit box.
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7 responses so far ↓
1 DeVirt // Sep 20, 2006 at 4:29 pm
PCF + “pay-as-you-go” checking combo is the best weapon to fight enormous “service” fees of major Canadian banks. Thanks for bringing this up CC!
2 Investing Intelligently // Sep 22, 2006 at 1:59 am
I am at PCF and I kept our BMO account for a while but two things annoyed me. Although I asked to be put on a plan that would cost nothing monthly, there was still a $1 or $2 statement fee as well as a $2 cheque-return fee per month. I hate going in to the bank (the hours suck) so I never got rid of these fees. I let them go for a few months, then just decided to get rid of the BMO account altogether. I can get Canadian money orders at Safeway and for US ones, well I don’t know where I’ll go for that. I heard you can get them from PC though, if you’ll willing to wait a couple days.
3 Guillaume // Oct 23, 2006 at 3:14 pm
re. Money orders: PCF will mail them to your home for a 10$ fee (I’ve just joined with them and got the info from their website)
4 Canadian Money Blogs Reviewer // Dec 10, 2006 at 1:21 pm
Here’s an article from Rob Carrick confirming that the banks are not about to lower their fees: http://www.theglobeandmail.com/servlet/story/RTGAM.20061208.wbank-fees1209/BNStory/Business/home
One more argument to switch to PC Financial!
5 djstef // Apr 6, 2007 at 6:19 pm
Is anyone here in Quebec and using the PC High Interest Savings account and/or the No Fee’s banking from PC ?
I’m spoke to them on the phone, and the only thing seems that we can’t apply online, I must go to Cornwall (the closest branch) and apply in person.
Has anyone done this?
6 SunDog // Nov 28, 2007 at 2:46 pm
I live in Quebec in the Ottawa/Gatineau region, and I have a PC account that I opened when I still lived in Ontario. Changing info or accounts is now a drag as it means a visit to an Ontario Loblaws, but since I don’t pay over $25 per month in service charges I put up with it. BTW, if you want better interest on savings accounts, try ING Direct.
7 Grad Student // Jun 10, 2008 at 6:11 pm
dfstef: I would be interested to hear about your experience. I found it quite frustrating that they told me on the phone that they would not even mail an application form to an address in Quebec.
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