Coast Capital Unlimited Chequing Account review

The basics

• unlimited day-to-day transactions. The Coast Capital Unlimited Chequing Account supports unlimited everyday banking transactions, including writing cheques, deposits, withdrawals, pre-authorized payments, bill payments and transfers.
• Free e-Transfers. You can send and receive unlimited free e-Transfers with this account.
• $8.50 monthly fee. This account comes with an $8.50 monthly fee as standard.
• Monthly fee waiver. 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 discount. You’ll qualify for a $5 monthly fee discount if you set up and deposit payroll or another type of eligible direct deposit into the Unlimited Chequing Account.
• Free cheque book. This account comes with a free cheque book with 25 singles annually.
• Free statements. eStatements and paper statements are provided for free.
• Free ATM withdrawals. You can take advantage of free transactions at over 4 Coast Capital and THE EXCHANGE Network ATMs across Canada.
• Online and mobile banking. It’s easy to manage your account via Coast Capital’s online and mobile banking platforms.
• Mobile cheque deposits. You can use the Coast Capital mobile banking app to make quick and easy cheque deposits into your Unlimited Chequing Account.
• Money Manager. You can use online and mobile banking to access Coast Capital’s Money Manager tool. This provides an overview of your budget and spending habits to help make it easier to manage your finances.

The perks

• Free access to ID Assist. Account holders get free access to ID Assist, an identity theft protection and 24/7 dark web monitoring service. This perk is valued at $96 a year.
• $250 cash bonus. New Coast Capital members who open an Unlimited Chequing Account can access a $250 cash bonus if they sign up before the end of June 2024. To qualify for the offer, within 60 days of opening an account you will need to deposit $4,000 or set up and receive and eligible payroll or direct deposit for 90 consecutive days.

What to watch out for

• Monthly fee. If you don’t qualify for the fee waiver or discount, you’ll be charged an $8.50 monthly fee.
• Out-of-network ATM fees. You’ll pay a $2.50 fee for transactions at Interac network ATMs.
• International ATM fees. International ATM transactions attract a $5 fee plus a 2% administration fee.
• Not available in Quebec. This account is not available to residents of Quebec.

What should I know before I apply?

You’ll need to be a Canadian resident to open an account, but this account is not available to residents of Quebec. You must be the age of majority in your province or territory to apply.

Take note that you’ll also need to become a Coast Capital member to qualify for an account. $5 from the first deposit you make into your account will be used to purchase your Coast Capital Membership Equity Shares.

How do I open a Coast Capital Unlimited Chequing Account?

You can open a Coast Capital Unlimited Chequing Account by filling out an online form. You’ll need to provide:

• Your name
• Your address and contact details
• Your Social Insurance Number
• Proof of ID, such as a driver’s licence or passport

It takes about five minutes to complete an online application.

Bottom line

The Coast Capital Unlimited Chequing Account is a solid option if you need to make lots of regular transactions, including sending e-Transfers. And if you can qualify for the fee waiver or discount, this is an account that offers good bang for your buck. Compare the Unlimited Chequing Account with a wide range of other chequing accounts before deciding if it’s right for you.