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The Coast Chequing Classic Account is a banking solution designed for everyday banking needs. Offered by Coast Capital, this account delivers simplicity and affordability while providing the necessary banking services for individuals seeking more from their chequing accounts.
The Coast Chequing Classic Account offers customer-focused, affordable everyday banking with various features. Pros include membership in a financial cooperative and mobile banking, while cons encompass limited free transactions and e-Transfer fees.
The account has a monthly fee of $11, with special offers available periodically. Several alternative chequing options are also provided by Coast Capital, catering to different banking needs.
This post breaks down the benefits, drawbacks, and fees associated with this popular chequing account. But first, we’ll delve into the key features you can expect when you open this account.
Features of the Coast Chequing Classic Account
With the Coast Chequing Classic Account, you get to enjoy the following:
- Free cheque images returned with your statement
- Free personalized Canadian single cheque orders
- Free Canadian office cheques
- Free US Drafts
- $10 safety deposit box annual discount
- Monthly fee waived for senior members (age 59 or older)
- Free eStatements or paper statements
- 40 day-to-day transactions per month
- Access to 4000+ ding-free ATMs across Canada
- Coast Mobile Banking app
Pros of the Coast Chequing Classic Account
Member Owned Financial Cooperative
Being part of a financial cooperative means each member’s success is the priority. As a member-owned institution, Coast Capital strongly emphasizes delivering clear, simple, and personalized financial advice, leveraging its 80 years of experience. This focus results in a customer-centric approach that sets the Coast Chequing Classic Account apart.
Affordable Everyday Banking
Coast Capital keeps everyday banking affordable. With low or no monthly fees, the account provides a cost-effective solution for every day banking needs, allowing you to keep more money in your pocket, which can significantly impact your overall financial well-being.
Ease and Convenience
This chequing account offers convenience in its truest form. You can efficiently perform daily transactions like withdrawals, transfers, pre-authorized payments, and cheque writing. Plus, you can carry out most of these transactions from your smartphone with the Coast Mobile Banking app.
Cons of the Coast Chequing Classic Account
Limited Free Transactions
One potential drawback of the Coast Chequing Classic Account is the limit on free transactions. The account includes 40 free transactions per month, and any additional transactions come at a cost of $1.00 each. For individuals with high transaction needs, this could add up over time.
e-Transfer Fees
While many banks offer free e-Transfers, sending an e-Transfer with this chequing account costs $1.50 each, although receiving e-Transfers is free. This fee could be a disadvantage for those who frequently use e-Transfers as part of their daily banking.
Coast Chequing Classic Account fees
The Coast Chequing Classic Account has a monthly fee of $11, which is waived for senior members aged 59 or older. The account provides 40 free daily transactions monthly, and additional transactions cost $1.00 each.
There are additional fees associated with specific services. Sending an Interac e-Transfer costs $1.50 each. On the other hand, receiving e-Transfers is free. A charge is levied on global Point of Sale transactions. This includes a base cost of $2.15 and an additional 2% service fee calculated on the total transaction value.
Non-Exchange ATM Fees include $2.50 per transaction within Canada. When utilizing an international ATM, there is a service charge of $5. Along with this, there’s an administrative charge of 2% based on the total transaction value.
Coast Chequing Classic Account special offers
Currently, there’s a special promotional offer available. By signing up for a membership and initiating a free checking account with Coast Capital, you have the opportunity to earn as much as $400 in cash.
Other Coast Capital Chequing Accounts
Coast Capital presents a range of choices for checking accounts. These include:
- The Coast Capital Free Chequing, Free Debit, and More Account: This account requires no minimum balance and allows unlimited everyday transactions without any associated fees.
- Coast Capital US Chequing Account: For those dealing with US dollar transactions, this account has been specifically tailored to accommodate your needs.
- Coast Capital Chequing Prestige Account: A premium account that includes unlimited daily transactions for a monthly fee, which is waived when you maintain a minimum monthly balance of $5,000.
How to Open the Coast Chequing Classic Account
Opening a Coast Chequing Classic Account is a simple process that can be completed in just a few steps:
- Step 1: Verify your eligibility. To open this chequing account, you must be a Canadian citizen or permanent resident at least 18 years old (19 in some provinces) and be opening a sole account in your name.
- Step 2: Gather the necessary documents and information. You’ll need your name, residential status, and contact information. In addition to other information, it’s necessary to provide your date of birth, email contact, and phone number. You also have the option to supply your Social Insurance Number (SIN), although it’s not mandatory.
- Step 3: Visit the Coast Capital website and click the “apply online” button. You will be guided through a process to input your personal details and during this procedure, ensure to choose the Coast Chequing Classic Account.
- Step 4: Once you’ve completed your application, proceed to submit it for assessment. Following this, Coast Capital will evaluate your submission and subsequently communicate their verdict to you. You’ll receive information on how to fund your new account upon approval.
With this chequing account, it’s easy to deposit or withdraw money. Visit an ATM or a physical Coast Capital branch in person.
You can also send money to your Coast Capital account from other financial institutions via Interac e-Transfer for no additional fee. Transferring money between your Coast Capital accounts is also free of charge.
Coast Chequing Classic Account conclusion
The Coast Chequing Classic Account stands out as a banking option that effectively combines affordability, convenience, and member-centric benefits. Its offering of basic and enhanced features caters to its members’ diverse everyday banking needs.
However, like all financial products, it has pros and cons, and weighing these against your financial situation and goals is essential.
The ease of opening an account online and the ability to deposit and withdraw funds seamlessly add to its appeal, making it a worthy contender when searching for a chequing account in Canada.
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