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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.

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By

Claire Horwood

Updated

Our verdict

The Coast Capital Free Chequing, Free Debit, and More Account comes with no monthly account fees, no minimum balance requirements and unlimited free transactions. However, you'll pay fees for basic services such as paper statements and Interac e-Transfers. Like other credit unions, Coast Capital is a financial cooperative where members are owners.

Best for: Those with a social conscience looking to pay no monthly account or transaction fees.

Pros
  • This account comes with no monthly fee
  • Enjoy unlimited free transactions
  • No minimum balance required
  • Deposit cheques on the app from your phone
  • Withdraw money free of charge from 4,000+ ATMs across Canada
Cons
  • e-transfers cost $1.50 each
  • Only available to BC residents
  • Withdrawing from Non-Exchange ATMs in Canada will cost $2.50 each
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Free Transactions

unlimited

Interac e-Transfer Fee

$1.50

Monthly Account Fee

$0

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Coast Capital Free Chequing, Free Debit, and More Account

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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:

  • Social and environmental responsibility. Coast Capital also has B Corp certification, which is a measurement of a company’s entire social and environmental performance.
  • 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. Earn $400 when you become a new client. Plus, pay no monthly fees. Offer ends June 30, 2023.
  • 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 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:

  • 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 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.

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

$0

Free Transactions

unlimited

e-Transfer Fee

$1.50

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Monthly Account Fee

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Free Transactions

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e-Transfer Fee

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Monthly Account Fee

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Free Transactions

unlimited

e-Transfer Fee

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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 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 (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

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, but you’ll have to pay higher fees for certain services than you might pay with similar bank accounts from other providers.

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

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