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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Do you know when this is supposed to start. One of the persons at Citizens says it will start this week but nothing is updated on their site :S
Hi jason, unfortunately I don’t know any further information and we are all at the mercies of the Citizens Bank employees!
I called them on Thursday and inquired and they say they were given information, however they don’t know the ETA on when it will be rolled out.
I joined May 31st. Customer service is very good. To transfer money to BMO account was on 2 days. I learned much by reading all your posts. Thank you, Steffan.
Hi folks! Nancy here, bank evangelist for Citizens Bank of Canada.
It’s coming! Sorry for the delay … sometimes banks can be, well, let’s just say they have a Bankish Pace from time to time, and just when you think everything’s good to go, you discover another i that needs dotting.
So when is it coming? Looks like later this summer. We’re doing all we can to get it out there, trust me!
If it’s ok with you, Peter, I’ll pop into your blog from time to time with updates.
Happy longish weekend (well, I’ll be working Monday *le sigh*) –
nancy
bank evangelist
citizens bank of canada
Doesn’t the fact that Citizens Bank changed their Checking/Saving rates to 0.5%,1.0%,and 1.5%, effective as of June 20 2008, mean that they will NOT be introducing the free checking account?
Hallelujah – we got the final GO today on the no-fee-chequing! The launch will occur in mid-september…. just in time for university students to set themselves up nicely on the financial front 🙂 Thanks for your patience, everyone!