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Coast Capital, one of the largest Canadian credit unions, offers a variety of banking solutions. Its free chequing account has no minimum balance requirements, unlimited transactions, and monthly associated fees.
The Coast Capital Free Chequing Account is perfect for those seeking a straightforward banking solution. With unlimited transactions and no monthly fees, it’s easy to see why this account is one of Coast Capital’s most popular.
However, sending e-transfers and withdrawing from non-exchange ATMs attracts fees. It is wise to consider what the account offers to determine if it’s perfect for you.
This article discusses all you need to know about the Coast Capital Free Chequing Account. Read on to learn its features, pros and cons, special offers, fees, and how to open an account.
Coast Capital Free Chequing Account features
The Coast Capital Free Chequing account has several stand-out features ideal for Canadians looking for a basic banking solution. These features include:
- Free eStatements.
- Zero costs on receiving e-transfers.
- Free deposits and withdrawals at THE EXCHANGE and Coast Capital ATMs.
- Free online and in-branch bill payments.
- Online cheque deposits by snapping a front and back image.
- Zero monthly fees to maintain your account.
Chequing Account pros
The Coast Capital Free Chequing Account offers various benefits to individuals who want unlimited transactions with no fees. The benefits included in the account are:
No Monthly Fees
You do not have to pay any monthly fee to maintain your Coast Capital Free Chequing Account. The costs arise only when you use services the account does not offer.
Zero Minimum Account Balance Required
You don’t need a minimum balance in this chequing account to keep it active.
Unlimited Transactions
The account offers free unlimited transactions, saving money on processing fees.
A Convenient Mobile App
With the Coast Capital mobile app, you can do many transactions on the go. Such transactions include cheque deposits, bill payments, and transfers.
Chequing Account cons
Besides the several advantages the account offers, it has its drawbacks. Here are the cons to consider.
No Interest Account
The Coast Capital Free Chequing Account does not offer interest rates on your account’s funds. So it is not an excellent option if you want to earn interest on your balance.
Fees on Specific Transactions
The account offers most transactions at zero cost, but others attract a fee. For example, you must pay $1.50 when sending an e-transfer and $2.50 when withdrawing from a non-selected ATM outlet. The withdrawal fee jumps to $5 if transacting outside Canada.
Limited Nationwide Reach
Coast Capital does not offer its chequing account service nationwide as its branches are limited to British Columbia. So, if you are a non-British Columbia native, you cannot access the account and select banking solutions.
Few Account Benefits
This chequing account offers few benefits to its holders. You will not get essential banking benefits like credit card rebates or bank drafts.
Coast Capital Free Chequing Account fees
As mentioned, most transactions have zero costs. However, some basic transactions you make on the account attract fees.
Here is a breakdown of the fees you will encounter.
- Interac e-Transfer fees: You will incur $1.50 for every e-transfer you send. However, receiving is free.
- Monthly account maintenance fee: The monthly maintenance fee is $0.
- Paper statements: While eStatements are free, you must pay $3 to receive a monthly paper statement.
- Non-eligible ATM fees: Any non-Exchange Network or Coast Capital ATMs transaction attracts a $2.50 fee in Canada. If abroad, you pay $5 plus 2% in administrative costs.
- Overdraft fees: Coast Capital has a 21% yearly interest plus a $5 monthly overdraft fee if your account has a negative balance.
- Minimum monthly account balance: The minimum account balance requirement is $0.
- Global POS transactions: Any international POS transactions attract a 2% administrative fee.
- Account transaction fees: Transactions like transfers, bill payments, deposits, and withdrawals in eligible ATMs are free.
Other Coast Capital Chequing Account Options
Besides Coast Capital’s Free Chequing Account, the credit union has other options. These options include:
Coast US Chequing
Like the chequing account, you enjoy no monthly fees with this Coast Capital account. You bank using the US dollar, but you only get one free monthly transaction, and the rest cost $1 each. However, you can remove the fee if you maintain a $1000 monthly account balance.
Coast Chequing Classic Package
Unlike the chequing account, this banking option costs $11 monthly. It offers 40 free transactions, with any extra transactions costing $1 each. The account provides free paper statements, bank drafts, personalized cheques, and safety deposit box discounts.
Coast Chequing Prestige Package
With a monthly fee of $21, the Coast Chequing Prestige Package offers unlimited transactions and complimentary services. Moreover, you can get the $21 fee waived if you maintain a $5000 monthly account balance.
How to open the account
Opening a Coast Capital Free Chequing Account is easy, and you can do it with minimal help. You will need to follow the following steps.
- Ensure you meet the eligibility criteria, which includes being 18 or 19 years old Canadian citizen.
- Go to Coast Capital’s website or physical branch and fill out your personal information, including employment details, Social Insurance Number (SIN), address, and contact information.
- Submit your application and wait for Coast Capital’s feedback.
Coast Capital Free Chequing Account conclusion
The Coast Capital Free Chequing account is an excellent banking solution for individuals seeking substantial monthly transaction savings. However, while most transactions are free, others have an associated fee.
Also, Coast Capital only offers this service to British Columbia residents, leaving out natives in other provinces. With the above comprehensive guide, you can determine if this account suits your financial needs.
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