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The Vancity Pay As You Go chequing account helps you transact at zero fees, provided you keep a minimum balance. It’s not the only account offering such features. So, what makes it stand out from the rest out there?
This chequing account stands out with its no monthly fee policy. It offers free transactions if a $1,000 minimum balance is maintained, and deposits are fully insured for peace of mind.
Unique features include mobile cheque deposits and robust mobile banking. As a Vancity member, account holders enjoy discounts, support community development, and have equal voting rights.
Before you get started with this account, you should find out if it suits your needs. So, read on to learn about the Vancity Pay As You Go account’s features, pros, cons, and more.
Vancity Pay As You Go Chequing features
Here’s what you get when you open this account:
- There’s no monthly cost.
- You won’t pay for regular transactions if you keep at least $1,000 in your account daily.
- You can deposit cheques using the Vancity mobile app.
- Easy banking is available through the mobile app and Apple Pay.
- The account is fully insured by the Credit Union Deposit Insurance Corporation (CUDIC).
- Being a Vancity member means you get perks like discounts, supporting your community, and getting a vote on how Vancity is run.
- If you’re new, you can get up to $790 when you join (terms and conditions apply).
The pros of Vancity Pay As You Go Chequing
The Vancity Pay As You Go account benefits are outlined below.
Access Free And Unlimited Everyday Transactions
All your everyday transactions are free. You won’t be charged per transaction via in-person, card, or mobile banking, provided your account balance doesn’t go below the $1,000 minimum.
Enjoy $0 Monthly Charges
This is another benefit of this account, as with many other Vancity accounts. You are not charged a dollar per month for maintaining your account. Account maintenance is entirely free.
Enjoy Financial Peace
Account security is a priority at Vancity. Therefore, this Chequing account is secured by the Credit Union Deposit Insurance Corporation (CUDIC). That way, you can rest assured that your funds are safe.
Access Free Mobile Deposits
All your transactions through online and mobile banking are free. You can deposit and move funds through accounts without worrying about charges. This free mobile transaction is not limited by your minimum balance. So, it doesn’t matter if you have up to $1,000 in your account or less; your mobile deposits are free.
Bank with Ease
You can bank with Vancity at your convenience, thanks to the mobile and online banking options they provide. To enjoy this, simply download the mobile app from the Play Store for Android users and the Apple Store for iOS users. Also, you can visit any of the 59 branches they have in British Columbia to carry out transactions.
The cons of Vancity Pay As You Go Chequing
Despite its benefits, this account comes with a few drawbacks. These cons are outlined and explained below.
Minimum Balance Requirement
To enjoy free transactions on the Vancity Pay As You Go Chequing account, you need to maintain a minimum balance of $1,000. Suppose you’re looking for an account with free and unlimited transactions without a minimum balance requirement. In that case, this account might not be your best option.
Vancity Pay As You Go Fees
This Chequing account does not charge anything for monthly maintenance. Also, transactions are free once your funds don’t go below the minimum requirement. However, you’re charged per transaction whenever your account doesn’t meet this requirement.
These transaction fees are $0.50 per card transaction and $0.70 per in-person transaction. Also, transactions through Interac e-transfer cost 0.90 per transaction. However, it is free to receive funds via Interac e-transfer.
Special offers of Vancity Pay As You Go
The account gives new customers a welcome bonus of up to $790.
Other Vancity chequing account options
Perhaps the features and benefits of this Chequing account don’t suit your needs. You don’t have to worry, as there are other chequing accounts at this bank that you might want to consider. They are as follows:
- USD Chequing Account.
- Youth Account.
- Senior USD Account.
- Access Chequing Account.
- Senior Account.
- E-package Chequing Account
Vancity also provides several savings account options you may want to explore.
How to open the Vancity Pay As You Go Account
To open this account, here’s a step-by-step guide to follow:
- The first step in opening this account is to be a resident of British Columbia and have a social insurance number.
- Next, schedule an appointment online or visit any Vancity branch near you to start the application process.
- If you are already a member, log into the bank’s mobile app or website and start the application process.
- Fill out the online form and follow the prompts until your account is opened.
Vancity Pay As You Go Chequing conclusion
The Vancity Pay As You Go Chequing account requires paying for the features you get. When you don’t meet the minimum balance requirement, your transactions will attract some charges. You can avoid these charges by carrying out your transactions through the Vancity mobile banking app.
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