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Banking should be straightforward, convenient, and cost-effective, which is why the (Simplii Financial) Simplii No Fee Chequing Account stands out among its competitors.
The Simplii No Fee Chequing Account offers unlimited, free daily banking with no monthly fees. It features access to over 3,400 CIBC ATMs, direct payroll deposits, and optional overdraft protection.
However, there are additional fees for specific services, such as overdraft usage and non-sufficient funds. Simplii also provides a generous $400 welcome offer for new clients, subject to conditions.
With a host of valuable features, the Simplii No Fee Chequing Account simplifies banking and rewards its account holders. This article will provide you with the essential information needed when deciding if this is the chequing account for you.
Features of the Simplii No Fee Chequing Account
The following list represents the standout features associated with this no fee chequing account:
- Free daily banking with no monthly fees
- Unlimited debit purchases, bill payments, and withdrawals
- Easy setup for pre-authorized payments, direct deposits related to payroll, and transfers from account-to-account transfers.
- Overdraft protection option
- Free access to over 3,400 CIBC ATMs across Canada
- Debit Mastercard offers real-time USD exchange rates
- Direct payroll and pension deposit features
- Pre-authorized bill payments
- Account to Account Transfers
- Option for digital gift cards
The pros of the Simplii No Fee Chequing Account
Zero Monthly Fees
This account stands out for its absence of monthly fees. With the Simplii No Fee Chequing Account, you’re free to manage your money without worrying about additional charges. It’s an ideal choice for those seeking cost-effective banking solutions.
Access to a Wide Network of ATMs
Account holders can access more than 3,400 CIBC ATMs nationally at no additional fee. This expansive network makes it convenient to withdraw and deposit money anytime, providing a hassle-free banking experience.
Interest on Account Balance
Unlike many chequing accounts, the Simplii No Fee Chequing Account pays interest on your balance. It’s an excellent way to grow your money while enjoying the everyday conveniences of a chequing account.
Global ATM Network
Simplii Financial is a division of CIBC, which means you have access to a vast network of ATMs both locally and globally. This makes for convenient withdrawals without incurring additional charges when using a CIBC ATM.
Excellent Customer Service
Simplii Financial is recognized for its strong customer service. It offers 24/7 support, ensuring that help is available whenever needed. This can be especially beneficial for resolving issues quickly or answering your banking questions anytime.
The cons of the Simplii No Fee Chequing Account
No In-Person Support
Simplii operates solely online. As such, the provider has no physical branches. If you prefer face-to-face interaction for your banking needs, this might not be your best choice.
Not Available in Quebec
Unfortunately, the Simplii No Fee Chequing Account isn’t available to residents of Quebec. Therefore, potential customers may see it as a deal-breaker.
No Business Accounts
Simplii Financial does not offer business accounts. Suppose you’re a business owner looking for a banking solution catering to personal and business needs. In this instance, you might need to look elsewhere.
Fees associated with the Simplii No Fee Chequing Account
While the Simplii No Fee Chequing Account boasts of no-fee daily banking, there are specific instances where fees may apply:
- Overdraft protection: $4.97 (Note that overdraft balances are subject to a 19% interest rate).
- Non-sufficient funds (NSF) fee: $45.
- Stop payment requests: $10 to $16.50.
- Stop Interac e-Transfer: $3.50.
- Money orders and bank drafts: $7.50.
- Outbound wire transfers: $30 to $80 per payment, subject to the amount.
- Reclamation of older statements: $5 each.
- Printing of paper statements: $1 each.
- Inactive accounts (after 2 years): $20/year.
Simplii No Fee Chequing Account special offers
Upon opening a No Fee Chequing Account, new clients can earn a $400 welcome bonus. Customers can also earn $125 for referrals when someone successfully opens an eligible account using a unique referral link.
Other Simplii Financial Solutions
It’s worth noting that Simplii Financial also offers other banking solutions to meet your diverse financial needs. Let’s take a quick look at some of them:
- Simplii High Interest Savings Account: This account provides a competitive interest rate to grow your savings faster. It also offers free, unlimited transfers to other Simplii accounts, making managing your finances easier.
- Simplii USD Savings Account: Ideal for those regularly dealing with U.S. dollars, this account lets you earn interest on your USD savings and avoid exchange rate fluctuations. Its no monthly fee feature further enhances its appeal.
- Simplii Personal Line of Credit: When you need extra cash, Simplii’s Personal Line of Credit allows for flexible borrowing. It features a low, variable interest rate, and you only incur interest payments on money used.
- Simplii Cash Back Visa Card: This credit card allows you to earn cash back on your everyday purchases, providing a straightforward way to get rewarded for your spending.
- Simplii Mortgage: If you’re in the market for a home, Simplii’s mortgage options could provide the financing solution you need, with competitive rates and flexible payment options.
How to Open the Simplii No Fee Chequing Account
Opening a Simplii No Fee Chequing Account is a straightforward online process. Simply follow these easy steps to get your account up and running:
- Step 1: Visit the Simplii Financial website. And select the ‘Open an Account’ button on the home page.
- Step 2: Choose the ‘No Fee Chequing Account’ from the options available.
- Step 3: If you’re a new client, click on ‘Apply Now’. If you’re an existing client, log into your account and choose the ‘Open a New Account’ option.
- Step 4: Input the information requested, including your personal and contact information.
- Step 5: Evaluate and agree to the terms and conditions.
- Step 6: Confirm your application. You’ll be notified via email when your application has been received and is being processed.
Remember, you’ll need to be the age of the majority in your province to qualify for a Simplii bank account. Once your account is active, you’ll be able to deposit cheques by means of a CIBC ATM or the Simplii’s mobile banking app. You could also opt to set up a direct deposit or link to an outside bank account.
Simplii No Fee Chequing Account conclusion
Simplii Financial’s No Fee Chequing Account stands out for its cost-effectiveness and simplicity. Its free daily banking and no monthly fees make it a compelling option for those seeking straightforward banking solutions.
With access to thousands of CIBC ATMs and a generous welcome offer, it’s an attractive option for both new and experienced clients. However, keep in mind that supplementary fees could apply for some services. As with any financial decision, weigh the pros and cons carefully to find the account that best fits your needs.
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