Coast Capital chequing accounts

Coast Capital is a British Columbia-based credit union with over 600,000 members, making it one of the largest credit unions in Canada. Coast Capital offers three standard chequing accounts to suit a variety of day-to-day banking needs. Keep reading to compare these Coast Capital Chequing accounts and the fees and features they offer.

Compare Coast Capital chequing accounts

Chequing account	Monthly fee	Fee waiver or discount	Free monthly transactions	Interac e-Transfers	ATM fees
Coast Capital Elevate Chequing Account	$8.50–$16.95	You'll pay a reduced monthly fee of $8.50 if you maintain a minimum balance of $4,000 at all times, or if you’re either 25 or younger or 59 or older. Monthly fee reduced to $11.95 if you set up an eligible direct deposit	unlimited	$0	Coast Capital and The Exchange Network ATM transactions: Free Interac Network ATM transactions: 2 free withdrawals per month, $2.50 each thereafter International ATM transactions: 3 free withdrawals per year, plus 2% administration fee, then $5 ATM fee thereafter
Free Chequing, Free Debit and More Account	$0	N/A	unlimited	Receive: Free Send: $1.50 each	Coast Capital and The Exchange Network ATM transactions: Free Interac Network ATM transactions: $2.50 each International ATM transactions: $5 ATM fee, plus 2% administration fee
Coast Capital Unlimited Chequing Account	$0–$8.50	You'll pay no monthly fee if you maintain a minimum balance of $4,000 at all times, or if you're either 25 or younger or 59 or older. Monthly fee reduced to $3.50 if you set up an eligible direct deposit	unlimited	$0	Coast Capital and The Exchange Network ATM transactions: Free Interac Network ATM transactions: $2.50 each International ATM transactions: $5 ATM fee, plus 2% administration fee

What is the best Coast Capital chequing account?

The Coast Capital Elevate Chequing Account stands out as the best choice for everyday banking as it offers a mix of convenience, flexibility and low fees. With unlimited transactions and free Interac e-Transfers, you can manage your money without worrying about extra costs. The $16.95 monthly fee is steep, but it can be reduced to $8.50 with a $4,000 minimum balance, for members under 25 or over 59, or lowered to $11.95 for setting up an eligible direct deposit.

Summary of Coast Capital chequing account promotional offers

date drive

Coast Capital fees

Here are some of the fees you should be aware of when you open a chequing account with Coast Capital:

Does Coast Capital offer a no-fee chequing account?

Yes, Coast Capital offers a no-fee chequing account called the Free Chequing, Free Debit and More Account. It has no monthly fee and requires no minimum balance, yet offers plenty of benefits like unlimited transactions, free in-network ATM withdrawals and free incoming Interac e-Transfers. You’ll have to pay $2–$5 for out-of-network ATM withdrawals and $1.50 to send an e-Transfer but those are really the only fees you’ll have to worry about.

Advantages of opening a Coast Capital chequing account

You can expect the following perks when you open a Coast Capital chequing account:

• Free monthly eStatements. You can access free monthly eStatements on all Coast Capital chequing accounts. Free paper statements are also available with some accounts.
• Overdraft protection. Optional overdraft protection is available on approved credit to help you avoid NSF fees.
• Easy banking options. Coast Capital members can take advantage of free access to online banking, the Coast Mobile banking app and Coast-by-Phone telephone banking.
• Money Manager. Available through online and mobile banking, the Money Manager tool lets you manage your monthly spending, track spending trends, and put together payment plans to help you pay off debt faster.
• 4,000+ ATM network. You can make fee-free withdrawals at Coast Capital ATMs as well as ATMs in THE EXCHANGE Network.
• Mobile cheque deposits. You can deposit cheques using Coast Capital’s mobile banking app by uploading photos of the front and back of each cheque.
• Identity protection. Coast Capital offers enhanced identity protection services through ID Assist. This service is free with the Unlimited and Elevate chequing accounts.

Disadvantages of opening a Coast Capital chequing account

There are some drawbacks to opening a Coast Capital chequing account as well, such as:

• Limited branch network. Coast Capital only has branches in British Columbia despite offering its services nationwide.
• International transaction fees. If you want to shop abroad, either online or in person, you’ll have to pay a 2% fee on every transaction.
• Not available in Quebec. Coast Capital doesn’t offer its services in Quebec.
• Membership requirement. To open an account with Coast Capital, you must purchase a $5 membership share.

Requirements to open a Coast Capital chequing account

If you want to open a Coast Capital chequing account, here are the eligibility requirements you need to meet:

• Be the age of majority in your province or territory (18 or 19)
• Be a Canadian resident
• Have a government-issued ID

How to open a Coast Capital chequing account

You can open a Coast Capital account online, over the phone or in branch. Digitally is typically the most convenient option, so here are the steps you can follow to open your account online:

1. Head to Coast Capital’s website and choose a chequing account that meets your needs.
2. Select Open account.
3. Complete the online application with personal details like your full name, birth date, address and employment status.
4. Coast Capital usually verifies an online applicant’s identity through a credit reporting agency, but in some cases, you may be asked to complete verification in person at a Canada Post location.
5. Submit your application and wait up to two business days for approval.
6. If approved, you’ll receive an email explaining how you can make an initial deposit with Help Me Switch to activate your account.
7. You’ll then receive an email with your debit card number, which you can use for online banking. You’ll receive a physical debit card in the mail within 10–14 days of your membership approval.

Alternatives to opening a chequing account with Coast Capital

If you’re looking to save on monthly fees and skip minimum balance requirements, digital banks like Tangerine, Simplii and EQ Bank can be a smart alternative. Compared with traditional banks and credit unions, which often charge higher fees for chequing accounts and everyday transactions, digital banks offer no monthly fees, unlimited transactions and sometimes interest.

And, you won’t have to worry about membership requirements as long as you don’t mind handling all your banking online.

Some top alternatives to Coast Capital chequing accounts

Bottom line

Coast Capital offers three standard chequing accounts that cater to a range of banking needs, from no-fee everyday accounts to premium options with extra perks. Whether you value unlimited transactions, free Interac e-Transfers or benefits like free Coursera membership, there’s an account to suit your lifestyle.

While digital banks like Tangerine, Simplii and EQ Bank may offer higher interest, Coast Capital offers competitive fees with the benefits of in-person service, making it a solid choice for many Canadians.

Frequently asked questions about Coast Capital chequing accounts

• Do Coast Capital chequing accounts have a minimum balance requirement?

  No, you don't need to maintain a minimum balance to keep a Coast Capital chequing account open. However, you may need to keep your balance above a specified level if you want to access monthly fee discounts.

• How much does it cost to become a member of Coast Capital?

  You'll need to pay $5 to buy Membership Equity Shares to become a member of Coast Capital. This amount is deducted from your first purchase with your Coast Capital chequing account.

• Do e-Transfers cost anything with Coast Capital?

  If you have the Coast Capital Free Chequing, Free Debit, and More Account, you'll have to pay $1.50 to send an Interac e-Transfer but it's free to receive one. Coast Capital Elevate and Unlimited account holders enjoy free, unlimited Interac e-Transfers.

• How can I find my nearest Coast Capital branch or ATM?

  You can use the Branch Locator tool on the Coast Capital website to find a branch or ATM near you.