New free, unlimited chequing account product - Simply Free Account | General financial discussion | Discussion forum

hi Everyone,

Envision Financial, a division of First West Credit Union that is based in the Lower Mainland and Metro Vancouver areas of B.C., announced on August 21/2012 the launch of a new, free unlimited chequing account called the "Simply Free Account". Some of its features include free Interac e-transfers (the only financial institution in Canada to offer such a feature, the company claims, and it is completely free of account transaction fees as well as the surcharges normally charged to use the Interac e-Transfer service), free Interac Direct Payment (POS) purchases, free Envision Financial and Exchange Network ATM deposits & withdrawals, free initial supply of cheques (assuming subsequent supplies of 25 or 50 cheques are at a nominal fee, which is pretty standard), free eStatements and, finally, free in-branch deposits, withdrawals and "money transfers" (assume they mean self-to-self and transfers to another Envision Financial or Valley First member's account). As well, in-branch bill payments are even included, which is very surprising. Basically, the only thing not included are more staff-intensive in-branch domestic and international wire transfers and bank drafts.

I had posted on Envision Financial's Facebook page asking if their "sister" division Valley First in the B.C. Interior, also a division of First West Credit Union, would be launching the Simply Free Account at some point in the future. They replied on a Sunday, Sept. 2nd, of the Labour Day long weekend that Valley First would be launching the Simply Free Account on Tuesday, Sept. 4th (today). Stay tuned to the Valley First website for more details – the ad for the Valley First Simply Free Account appeared in the local paper today but the website has not been updated as of yet nor have they established a company Facebook page.

The Envision Financial Web page for the Simply Free account states the account can be opened online, by phone or in-branch by any B.C. resident so I asked if it can be opened entirely online – and it can for existing First West Credit Union members – but new members will need to visit a branch to (presumably) show their ID and sign the membership application. I have a subsequent request in to suggest that should First West Credit Union decide to "go national" by incorporating nationally, to allow non-face-to-face account openings (like ING Direct or Coast Capital Savings, to name a couple).

This account, like Coast Capital Savings' Free Chequing, Free Debit and More Account, is only available to B.C. residents (proof of B.C. address). That said, in theory, if you have parents that live in B.C., you could pop into an Envision Financial or Valley First branch to establish a membership (if you don't have one) and open the account before you head back out of province. So, it definitely benefits forum members Peter, msl and myself.

The only other thing(s) I am curious about are: (a) whether or not they do a "hard" or "soft" credit check (I'm assuming "hard", though) and (b) whether Acculink (credit union ATMs in Canada) deposits and withdrawals are included (again, assuming they are). I'll keep you guys posted by replying to this thread!

Cheers,
Doug

Footnotes: First West Credit Union is B.C.'s third-largest and Canada's fifth-largest credit union (by assets and liabilities, that is member mortgages/loans and deposits). It also has a partnership with Calgary's First Calgary Savings Credit Union that could see First Calgary launch the Simply Free Account and, should they "go national", would be their likely merger target. (Update: First Calgary Savings does have a similar account called the "No Fees for Me Account" and basically offers the same thing minus the free Interac e-Transfers and in-branch bill payments. So, Albertans, you do have an option!)