In early June 2008 Starting on September 16, 2008, Citizens Bank will introduce a no-fee, unlimited transaction chequing account called the Global Chequing Account. Their current chequing account has an $8 monthly fee unless you carry a $1,000, but that will soon change. That’s right, soon you will be able to write cheques, make your debit payments, use THE EXCHANGE Network, HSBC, and National Bank ATMs, and more to your heart’s content, no matter how much of a balance you maintain.
One-time fees such as NSF, bank drafts, and so on will still apply (as with all chequing accounts) but say goodbye to usual operating fees or monthly fees. Moreover, if you use an ATM while traveling outside of Canada, Citizens Bank will waive their portion of the fees. (The other bank might still charge something on their side).
While Coast Capital made the big news when they offered their no-fee chequing account a couple of years ago, I am partial to Citizens Bank to an extent because of its Ultimate Savings Account. That account is consistently near or at the top of the high interest savings account rates. With the new Citizens Bank chequing account, I would be able to make unlimited, instant transfers between my own accounts and to other Citizens Bank accounts. Essentially, I can keep the bulk of my money in the high interest account, and instantly transfer it over to the chequing account as needed.
Citizens Bank is mostly an online bank, which suits me well because almost all of my banking can be done electronically. However, I am also fortunate enough to live near its downtown Vancouver location, which does offer teller service (for the rare occasion that I have to deposit a US dollar cheque).
Ever since I opened a Citizens Bank account 4 years ago, I have become more and more of a fan. They’re owned by Vancity, they have great service, they’re socially responsible and green, and of course they have practical, relevant account offerings. Heck, here I am writing what is essentially a free promo for them!
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