Discussions

Might be time to move financial institutions for me due to extremely high service charges any recommendations ?

Pretty much all internet based. They are associated with CIBC so can use a bank if needed. I've barely used their banks in over 10 years though, and no fees for most things.

No fees and they use Scotiabank ATMs

I have Simplii ( former President Choice) and Tangerine.  
Both have no monthly charges.  
I only use Tangerine now. Have to use the Scotia bank machine for deposits and withdraws. No brick and mortar bank you can go to. Everything is online.  
Feel free to use my Orange Key 41860445S1 to get the sign up bonus.

I have Tangerine but I don’t use it as my main bank yet. So far use it for savings and for paying rent by Cheque lol. First set of Cheques are free. Never had any troubles with Tangerine so far.

Ooh, good timing! I also want to switch. Westoba is ridiculously high fees now. Around $50 in fees the past 2 months!!

Yep Westoba service charges $73 last month? WTF! No more!

Checkout WestobaONE chequing account or WestobaONE+. No service charges if you stay within the number of transactions recommended. You can get unlimited transactions for less than $18/m. That i:ncludes e-transfers, in branch transactions and ATM transactions. Lots of info on their website about these chequing accounts.  
 
Edited by majick_jack, 2019-02-01 21:42:05

I left Westoba because my monthly fees were over $50 per month. Rip off. Don't miss that place.

We've used Simplii (and it's predecessor PC Financial) for 15+ years as our primary bank. No fees, easy to use. We even have a mortgage through them.  
 
Unreal how much some of you guys are paying!!!

in the city offer no/low service fees? Thanks!

I have been with RBC for a number of years. I pay $5.95per month (10.95 actual fee, rebate of $5.00 for having 3 products.) That is for unlimited debit transactions, unlimited e-transfers. It does not i:nclude cheque’s. That also i:ncludes my US account, where I can put money in as often as I like, and withdraw at least once for free, it might be more but I can’t remember.

Would you be willing to pay 15.95 or even 5.95 in fees when you could get unlimited debit, unlimited e-transfers, etc. etc. for free from a virtual bank like Simplii (owned by CIBC) or Tangerine (owned by ScotiaBank).  
 
If two of the big 5 banks can operate virtual banks with no fees and still make billion-dollar profits each year, why give them any money solely for the ability to walk into a branch and speak with a teller for things you could do via the phone or online?

I wonder how many local people are employed by Simplii and Tangerine? Do these virtual banks do anything to give back to the local communities that support them?  
 
They are making money somehow otherwise they won’t be making their shareholders very happy.

You make a good point - by using a virtual bank I'm employing people in Toronto in their call centre instead of local folks - but sometimes it's simply about the bottom line.  
 
These virtual banks still make a ridiculous amount of money without charging me fees for accessing MY money (my money, incidently, that I'm in essence loaning them and that they use to generate that profit). With that in mind, I'm reasonably sure that the banks, even with their brick-and-mortar expenses, can generate a tidy profit without charging fees.