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The National Bank The Modest Chequing Account is designed for individuals who do not carry out many transactions within a month. It also fits those who can do without free features and maintain a minimum balance of $3,000.
The National Bank The Modest Chequing Account helps individuals who want to enjoy a secured and reliable Chequing account with a big bank at a low fee. It’s like an opportunity to have champagne at the price of a cappuccino.
It is an excellent option if you love to have your banking activities online. All activities, including application, issuance of bank statements, and up to 30 online monthly transactions, are enjoyed on the account.
This article comprehensively reviews the account, discussing its features, pros, cons, fees, special offers, and how to open the account.
Features of the National Bank The Modest Chequing Account
The National Bank The Modest Chequing Account comes without the free features enjoyed on other Chequing accounts on the bank. However, these outstanding features it has drawn many to it:
- Link a debit card to your account.
- $3,000 minimum balance.
- Zero monthly fees for individuals below 24 years of age.
- Easy online application.
- Up to 30 online monthly transactions.
- Cheque deposits via mobile app enabled.
Pros of the National Bank The Modest Chequing Account
This National Bank chequing account offers jaw-dropping features for Canadians who thrive better online. Here are some of the benefits of using this account:
Request Online Statement At $0
Account holders can request an account statement online and receive it without incurring charges. This allows you to access your transaction history anytime the need arises.
Interac E-Transfers Without Charges
The ability to send Interac e-Transfers without incurring charges is a great benefit, especially if you use this service to pay bills or transfer funds between accounts.
Virtual Payments
This chequing account allows you to link a debit card to your account and then use the card to make payments online. Contactless or virtual payments can be made via smartphones once your account is linked.
Overdraft Protection Payment Of Up To $5
If you have The Modest Chequing Account, you can enjoy overdraft protection of up to $5/transaction.
Up To 30 Digital Transactions/Month
Another benefit of The Modest Chequing Account is that account holders get to enjoy up to 30 digital transactions per month.
Cons of the National Bank The Modest Chequing Account
Are you happy with the benefits of this chequing account? You might want to look at the following downsides before opening this chequing account.
Charges On Branch Transactions
On the modest Chequing account, beach transactions attract charges. You’d be required to pay $1.50 for every branch transaction you make and $2 for every bill payment in the branch.
Transactions Are Limited
The total number of digital transactions you can make every month is 30.
Limited Features
Unlike other National Bank chequing accounts, the features are limited here.
Minimum Balance Requirement
This is another drawback of this account. You’d require a minimum balance of $3,000 on the account. That’s a lump sum of money.
Fees Associated with the National Bank The Modest Chequing Account
The monthly fees associated with the National Bank The Modest Chequing Account depend on age. These monthly fees are as follows:
- Customers who are 24 years and below $0
- Customers who are 25-59 years: $10.9.
- Customers who are 60 years and above $5.9.
Other fees associated with this account are branch transaction fees. It is $2 in the branch and $5 with Cirrus. Also, you’d pay $1.50/branch transaction.
Special Offers for the National Bank The Modest Chequing Account
The special offers of this Chequing account are as follows:
- $0.00 monthly charges for account holders who are 24 years old and below.
- $5 overdraft protection per transaction.
Other National Bank Chequing Account Options
The Modest Chequing account isn’t the only available chequing account option in the National Bank. Others you might want to consider are as follows:
- The Connected Chequing Account
- The Minimalist Chequing Account
- The Total Chequing Account
How to Open the National Bank The Modest Chequing Account
Before you start the account opening process, make sure you’ve checked the eligibility requirement boxes. Here’s what they are:
- You reside in Canada.
- You’re 14 years or older.
- You have a verifiable ID.
If the above is available, proceed with the account opening process by following these steps.
- Visit the National Bank website and click on ‘Open account.’
- If you already have an account with the National Bank, simply click ‘Become a client’ once logged into the National Bank website.
- State the purpose for opening the account and the source of funds.
- Lastly, input your date of birth and name.
National Bank The Modest Chequing Account conclusion
While the National Bank–The Modest Chequing account might seem like a typical student account, it is pretty nice for individuals with minimal monthly transactions.
A significant drawback of the account is the $3,000 minimum balance requirement and limited monthly transactions. Before opening the Chequing account, you might want to understand how the monthly fees apply to your age group.
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