Coast Capital is a British Columbia based credit union with 600,000 members, making it one of the largest credit unions in Canada. Coast Capital offers four 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.
No transaction fees (if you meet minimum balance requirements)
Free eStatements
Fees & features:
Monthly fee: $0
Minimum monthly balance for waived transaction fees: US$1,000
Deposits per month: Unlimited
Withdrawals: 1 free per month, then US$1 for additional transactions
Paper statement fee: US$3 per month
Coast Chequing Prestige Account
What we like:
unlimited transactions
Waived monthly fee (if you meet minimum balance requirements)
Discounted monthly fee for seniors
Free bank drafts and personalized cheques
8 free ATM withdrawals in Canada and abroad from non-Coast Capital ATMs
Fees & features:
Monthly fee: $21 ($10.50 if you're 59 or older)
Minimum balance for waived monthly fee: $5,000
Personalized cheques: Free
Canadian and international bank drafts: Free
eStatements and paper statements: Free
e-Transfers: $1.50
Coast Chequing Classic Account
What we like:
Waived monthly fee for seniors
Free personalized cheques
Safety deposit box annual discount
Free eStatements and paper statements
Fees & features:
Monthly fee: $11 (waived if you're 59 or older)
Included transactions: 40 per month
Additional transaction fee: $1
e-Transfers: $1.50
Safety deposit box annual discount: $10
Canadian office cheques: Free
US drafts: Free
Benefits of Coast Capital chequing account plans
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 the Coast Chequing Classic and Prestige 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.
How to open a Coast Capital chequing account
If you’d like to open a chequing account with Coast Capital, first check to make sure you meet the eligibility requirements. To open an account online, you’ll need to be the age of majority in your province or territory. Anyone in Canada can apply to become a member of Coast Capital, except for residents of Quebec.
To apply you will need to:
Fill out an online application with your name, personal information and contact details.
Upload proof of ID.
Purchase $5 in Membership Equity Shares to become a member of Coast Capital.
Once your account has been opened, you can deposit funds and sign up for online banking. Your debit card will be mailed out within 10 to 14 business days.
Coast Capital fees
Here are some of the fees you should be aware of when you open a chequing account with Coast Capital:
Sending an Interac e-Transfer: $1.50
Non-EXCHANGE ATM transactions: $2.50 each (in Canada)
International ATM transactions: $5 plus 2% administration fee
Transferring balance of account: $25
Canadian office cheques: $10 (free for juniors, seniors and those with a Coast Chequing Classic or Prestige Account)
US drafts: $7.50 (free for juniors, seniors and those with a Coast Chequing Classic or Prestige Account)
Dormant account fee: $50 per year (if no account activity within 24 months)
Overdraft protection usage fee: $5 per month plus interest (21% per year)
Overdrawing chequing account without overdraft protection: $5 per item plus interest (prime + 18% per year)
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 — for example, if you maintain a minimum monthly balance of $5,000, the monthly fee on the Coast Chequing Prestige Account will be waived.
Yes. The Coast Capital Free Chequing, Free Debit, and More Account supports unlimited day-to-day transactions and doesn't charge a monthly fee. The Coast Capital US Chequing Account also has no monthly fee, while waived fees can also be accessed on other accounts if you're a senior or meet minimum balance requirements.
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.
Yes. It'll cost you $1.50 to send an Interac e-Transfer from your Coast Capital chequing account. However, there are no fees for receiving e-Transfers.
You can use the Branch Locator tool on the Coast Capital website to find a branch or ATM near you.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
Your guide to the features, perks, drawbacks and fees of the Coast Capital Unlimited Chequing Account.
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