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Coast Capital Free Chequing, Free Debit, and More Account Review

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Coast Capital Free Chequing, Free Debit, and More Account
Bonus Offer
Get $150
Monthly Account Fee
$0
Free Transactions
unlimited
e-Transfer Fee
$1.50

Our verdict

Enjoy no monthly fees and unlimited day-to-day transactions with this basic Coast Capital chequing account.

The Coast Capital Free Chequing, Free Debit, and More Account is an everyday banking account with no monthly fee. It supports unlimited day-to-day transactions such as deposits, withdrawals and transfers, and it’s easy to manage your account via online and mobile banking.

But out-of-network ATM transaction fees apply, and you’ll pay a $1.50 fee every time you send an Interac e-Transfer. That’s why you should carefully consider the types of transactions you regularly perform before deciding if this is the right account for you.

Best for: People who want a no-fee chequing account but don’t often send e-Transfers.

Pros

  • No monthly fee
  • Unlimited day-to-day transactions
  • No minimum balance requirement
  • Overdraft protection on approved credit
  • Cash bonus for new members

Cons

  • $1.50 e-transfer fee
  • Out-of-network ATM fees
  • You need to become a Coast Capital member to open an account
  • Not available in Quebec

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What are the benefits of the Coast Capital Free Chequing, Free Debit, and More Account?

You can enjoy the following benefits with the Coast Capital Free Chequing, Free Debit, and More Account:

  • Unlimited day-to-day transactions. This account supports unlimited everyday transactions including writing cheques, pre-authorized payments, bill payments, transfers between Coast Capital accounts, deposits and withdrawals.
  • No monthly fees. This account comes with no monthly fees unless you use services that aren’t included with the account (such as Interac e-Transfers).
  • No minimum balance required. You won’t need to keep a minimum balance in your account to keep it active.
  • Free ATM transactions. There are no fees for transactions at over 4,000 Coast Capital and The Exchange Network ATMs.
  • Overdraft protection. Overdraft protection is available on approved credit to help you avoid overdraft fees if your account balance dips below zero.
  • Money Manager. You can access the Money Manager tool through Coast Capital digital banking. This gives you an overview of your spending, your budget and all your Coast Capital accounts to help you manage your money.
  • Social and environmental responsibility. Coast Capital also has B Corp certification, which is a measurement of a company’s entire social and environmental performance.

What comes included with the Coast Capital Free Chequing, Free Debit, and More Account?

Check the table below to find out what you will and won’t have to pay for when using the Coast Capital Free Chequing, Free Debit, and More Account:

What’s included for freeWhat you need to pay for
  • Debit payments in Canada
  • Pre-authorized payments and deposits
  • ATM withdrawals at Coast Capital or THE EXCHANGE Network ATMs
  • Bill payments
  • Withdrawals, transfers or deposits
  • Cheque clearing
  • Online images of cleared cheques
  • eStatements
  • Interac e-Transfers
  • Overdraft protection
  • ATM withdrawals (not on Coast Capital or THE EXCHANGE Network ATMS)
  • International ATM withdrawals
  • International debit payments
  • Bank drafts
  • Wire transfers
  • Stop payments
  • Cheque images included on statement
  • Paper statements
  • Safety deposit box

What should I look out for?

There are several drawbacks to consider before you apply for a Coast Capital Free Chequing, Free Debit, and More Account:

  • e-Transfer fee. You’ll pay a $1.50 fee for each Interac e-Transfer you send. There’s no fee for receiving e-Transfers.
  • No interest. You won’t earn interest on the money you hold in your account.
  • Fee for Interac e-Transfers. You’ll have to pay a fee of $1.50 for every e-Transfer you send from your account.
  • Non-EXCHANGE® ATMs cost money. It will cost you $2.50 in Canada and $5 abroad to withdraw funds from a non-eligible ATM.
  • Fee for overdraft protection. You’ll have to pay $5 per month plus 21% interest on negative balances each month if you go into the red.
  • Very few additional benefits. You won’t get extras such as free bank drafts or credit card rebates when you sign up for this account.

ATM network and fees for the Coast Capital Free Chequing, Free Debit, and More Account

There are no monthly account fees to use a Coast Capital Free Chequing, Free Debit, and More Account. You also won’t pay to withdraw cash from Coast Capital or THE EXCHANGE Network ATMs. However, you could end up paying the following fees for select services:

Sample serviceFee
Interac e-Transfers$1.50 per send (free to receive)
ATM withdrawals (not on Coast Capital or THE EXCHANGE Network ATMs)Domestic: $2.50 each

International: $5 each + 2% of amount

International debit payments2% of amount
Bank drafts$7.50 to $10 each
Wire transfers$10 to $50, depending on type
Paper statements$3 per month
Overdraft protection$5 per month + 21% interest
Safety deposit boxVaries by size
You can check if the service you need comes with fees on this account by calling into the bank or checking the Coast Capital fee schedule online.

What should I know before I apply?

The Coast Capital Free Chequing, Free Debit, and More Account is available to all Canadian residents (except Quebec). You’ll need to be the age of majority in your province or territory to apply and make sure you have your Social Insurance Number handy.

You should also be aware that you have to become a Coast Capital member to open an account. $5 from the first deposit you make to your account will be used to purchase your Coast Capital Membership Equity Shares.

Compare with other chequing accounts

Coast Capital Free Chequing, Free Debit, and More Account logo

Coast Capital Free Chequing, Free Debit, and More Account

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Monthly Account Fee

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Free Transactions

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e-Transfer Fee

$1.50

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e-Transfer Fee

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Free Transactions

unlimited


e-Transfer Fee

$0

How do I open a Coast Capital Free Chequing, Free Debit, and More Account?

Coast Capital Free Chequing, Free Debit, and More Account Eligibility requirements

To apply for a Coast Capital Free Chequing, Free Debit, and More Account, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 19 years old (19 in some provinces)
  • Be opening a sole account in your name

Required documents and information

  • Your name, residential status and contact information
  • Your Social Insurance Number (SIN) (optional) and date of birth
  • Your email address and phone number

How do I deposit or withdraw my money with the Coast Capital Free Chequing, Free Debit, and More Account?

It’s easy to withdraw or deposit cash by visiting an ATM or a physical Coast Capital branch in person. You can also send money to your Coast Capital account from other financial institutions via Interac e-Transfer for no additional fee. It’s also possible to transfer money between your Coast Capital accounts for free.

Bottom line

If you’re searching for a no-fee chequing account that still lets you perform a wide range of day-to-day transactions, there’s a lot to like about the Coast Capital Free Chequing, Free Debit, and More Account. But if you regularly send Interac e-Transfers, the $1.50 e-Transfer fee means you’ll be better off considering other options.

Ultimately, you’ll need to consider your everyday banking needs and then compare multiple chequing accounts to find one that suits your needs.

Frequently asked questions

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