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Coast Capital Free Chequing, Free Debit, and More Account Review
Enjoy no monthly fees and unlimited transactions with this basic Coast Capital chequing account.
The Coast Capital Free Chequing, Free Debit, and More Account is a cheap and easy-to-use account that’s suitable for customers with basic banking needs.
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$0
Account Fee
$0
Minimum Deposit To Open Account
Unlimited
Monthly Transactions
The Coast Capital Free Chequing, Free Debit, and More Account comes with no monthly account fees, no minimum balance requirements and unlimited transactions. Just be aware that you’ll have to pay fees for basic services such as international debit payments, paper statements and Interac e-Transfers.
30-second take
- Think about this account if you have fairly simple banking needs and you’d like to pay no monthly account fees.
- Choose something else if you’d prefer to get free Interac e-Transfers or you want to earn interest on the money you keep in your account.
Expert review
The Coast Capital Free Chequing, Free Debit, and More Account is a cheap and easy-to-use account that’s suitable for customers with basic banking needs. It sets itself apart from its competitors by being completely free to use. The downside is that this account charges fees for some basic services and it’s not suitable for complex banking.
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:
- 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.
- Welcome bonus. You could qualify for a cash bonus if you open a new account, are a resident of BC and are willing to complete a handful of banking tasks.
- Free ATM withdrawals. You won’t pay to withdraw money at Coast Capital or THE EXCHANGE Network ATMs (though other ATMs come with fees).
- Unlimited transactions. You can use your account to make as many eligible transactions as you want to each month at no extra charge.
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 free | What you need to pay for |
|---|---|
|
|
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:
- 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 service | Fee |
|---|---|
| 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 payments | 2% 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 box | Varies 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 other chequing options does Coast Capital offer?
You can check out the following accounts if the Coast Capital Free Chequing, Free Debit, and More Account doesn’t seem like the right fit:
- Coast Chequing Classic Package. This account costs $11 per month but comes with additional free perks such as free bank drafts, paper statements and a discount on a safety deposit box. Just be aware that you’ll only get 40 free transactions per month.
- Coast Chequing Prestige Package. The Coast Chequing Prestige Package costs $21 per month, but comes with more free services and unlimited transactions. You can also get it for free if you keep a minimum balance of $5,000 in your account.
- Coast US Chequing. This account comes with no monthly fees and lets you bank in US dollars. You’ll get 1 free transaction per month, or unlimited free transactions if you maintain a minimum monthly balance of $1,000 in your account.
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How do I open a 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 18 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 (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
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
The Coast Capital Free Chequing, Free Debit, and More Account may be a suitable option for you if you want to bank with a credit union and you don’t want to pay a monthly fee. It offers unlimited transactions and a handful of basic services for free. Just be aware that you’ll have to pay higher fees for certain services than you might pay with similar bank accounts from other providers.
