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Any suggestions for No Fee Business banking?
February 19, 2013
12:30 pm
MHSCGA
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February 19, 2013
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Hi All,

Gone is BizMart years ago... anyone know of free or no-fee business banking options?

Thanks.

February 19, 2013
5:24 pm
Dennis
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January 23, 2013
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MHSCGA said

Hi All,

Gone is BizMart years ago... anyone know of free or no-fee business banking options?

Thanks.

I could be wrong (actually hope), but I don't think there is no free business bank anymore. HSBC used to be free but not anymore. If you don't use much, RBC Small Business eAccount seem cheapest. Kind of pay as you go bank.

February 23, 2013
4:08 pm
Doug
British Columbia, Canada
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I know that HSBC Bank Canada used to be one of the favoured banks among small businesses but, with the HSBC Business Direct now only a "grandfathered account" (i.e., that is to say it is maintained for existing account holders but no further accounts are being sold), its focus has shifted to that of large corporations with internationally-connected operations. They still maintain the HSBC BusinessVantage account for small- and medium-sized enterprises, but as it does have a monthly fee of $22.50 per month, cannot really be considered a "no fee" business banking package.

I am not aware of any business banking product currently on the market that is truly "no fee", whether for self-serve or in-branch transactions.

To reduce your monthly fees, you might try RBC Royal Bank's $6 small business account for accounts with minimal transactional needs. Beyond that, CIBC has a fairly decent Business Operating Account for businesses at between $35 per month (no deposit content fees for the first 100 cheques, $1000 in coin and $15,000 in cash per month). You might also try your local credit union as some, like Valley First and Envision Financial offer an unlimited business banking account for only $20 per month and no deposit content fees (huge deal!) with no minimum balance required.

I wish I could be more helpful.

Cheers,
Doug

March 3, 2013
4:36 pm
Doug
British Columbia, Canada
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An update: in scouring the Internet and web-based forums, I found this new small-business banking account from RBC Royal Bank called the RBC Small Business eAccount.

It looks like it is the replacement to the former HSBC Business Direct account as it offers unlimited, self-serve and electronic debits/credits (i.e., online/telephone banking transfers/bill payments; direct deposits; pre-authorized payments; Point of Sale purchases and ATM transactions) and no deposit content fees for cheques deposited. There is no monthly fee and the only transaction fees are for cheques written/drawn on the account, in-branch debits/deposits/credits as well as deposit content fees for cash deposits made through any channel (including self-serve).

Cheers,
Doug

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