ING Direct Canada launches free chequing account | Tangerine Bank | Discussion forum

OMG, yes, I was just reading about it an hour ago..

I believe it also includes FREE EMAIL MONEY TRANSFERS!!!

Wow, this is excellent news -- and the 20 free cheques is great too! I think online banks are realizing they really can't afford to offer totally free chequing with unlimited free cheque book orders (although, having said that, both President's Choice Financial does this) and have to place some kind of limits (one free order per year or one free initial order).

Nonetheless, this is great news because it means, in terms of free chequing accounts, we now have the following:

1. Canadian Direct Financial, a division of Canadian Western Bank
"KeyDirect Chequing", one free initial cheque order and monthly/transaction fees waived with minimum $5000 KeyReturn GIC or tiered fee waiver with every $1000 of monthly balance

2. Coast Capital Savings Credit Union*
"Free Chequing, Free Debit and More Account", one free initial cheque order and monthly/transaction fees waived

3. HSBC Bank Canada
"HSBC Advance Chequing", all-in-one banking package includes free chequing account with unlimited free, HSBC Advance branded personalized cheque orders, HSBC Advance Savings account(s), HSBC Advance MasterCard and HSBC Advance Personal Line of Credit or Overdraft -- all fees waived with combined deposit and investment balances of $25,000

4. ICICI Bank Canada
"HiVALUE Chequing", one free initial cheque order and monthly/transaction fees waived with $500 monthly balance

5. ING Direct Canada
"Thrive Chequing", one free initial cheque order and monthly/transaction fees waived unconditionally

6. PC Financial, a division of CIBC
Free cheque orders and no monthly/transaction fees

*Only available to residents of B.C.

I've left off the Manitoba-based credit unions as all have hefty service charges and only allow one free debit transaction per month, despite offering at least one free cheque order.

Cheers,
Doug

djino said:

Guest2 said:

Big deal. They give you the first 20 cheques free and then every cheque after that will cost you 50 cents. I'll stick with my chequing account through one of the main banks, thanks. It costs me nothing and I get 200 cheques for about the same price.

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20 Cheques is good enough for me, as I'm sure that would last me years. Being able to EMT for free is what makes this account totally worth it.

djino

I agree, djino, with regard to the email money transfers. I've never used them because the costs can add up quickly (although, it is definitely cheaper than wire transfers!). My concern is perhaps ING Direct is trying to invent their own email money transfer service because they don't specifically mention that Interac Email Money Transfers are included and specify the service in lowercase. I wonder if someone may want to get this clarified from ING to confirm if, in fact, it is the Interac Email Money Transfer service, perhaps?

Besides, even if you do have to order additional chequebooks, at $10 it's still cheaper than most banks' charges. It's generally $30 for 50 cheques or $40 for 100 cheques.

Cheers,
Doug

Hi everyone,

I'm considering switching to an ING THRiVE chequeing account from TDCT. I have no experience with online banks like PCF or ING.

I am wondering how cash and cheque deposits work.

Will I be able to deposit cash and cheques into any EXCHANGE network ABM as well as those that belongs to ING?

Secondly, I have an existing Investment Savings Account with ING, however I do not have a client access card for deposit/withdrawals at ABMs or card terminals. Will they provide me with one as THRiVE launches in September?

Please make sure that, in order to prevent jams of the ABM depository service at a member ABM of The Exchange Network, if depositing lots of cash (or a thick stack of cheques) to split the deposit into more than one envelope and make a series of smaller deposits. I know we're often taught not to make multiple deposits with multiple envelopes but please use common sense such that if depositing more than say, half a bundle (50 notes), to split it into two envelopes. Or, where possible, change smaller denominations into larger denominations first such that there becomes less notes and less thick deposit before making your deposit.

Cheers,
Doug

@leonard: I would have to disagree on a few points you made.

1) Its also free to open up an ING account as they will have no fee for deposits / withdrawls (at any ATM connected to the Exchange network). If you are at least in my region (Ottawa/Gatineau), there are tons more Exchange network ATMs than there are CIBC/pc financial ATMs). National Bank of Canada & Alterna Savings are two of the many banks that are connected to the exchange network.

2) ING's saving account also offers 1.50% on its savings account (WITH ANY BALANCE) in addition to the 0.25% you will receive on the new checking account (again, ANY BALANCE).

3) Unlike PCFinancial, It will be an instant transfer when making a transfer between your ING savings/checking accounts. This WILL BE important to a lot of people. It really sucks having to wait 24 hours for access to YOUR OWN MONEY, as you have to with PCF.

4) You cannot make a Point of Sale (interact) purchase with PCF's savings account, only checking gives you that option. Although you are limited in the amount of transactions, ING does give you the option with their savings account.

5) As for 5 points / dollar for shopping at loblaws chain stores, that basically a 0.5% return on your spending. One can already get 3%/5% when using MBNA's smart cash card at ANY grocery/gas station and 1% EVERYWHERE ELSE. I'd much rather use PCF's Mastercard as that at least gives you 1% Everywhere instead of 0.5% only at loblaws chain stores.

6) PCF Charges $1.50 (as most banks do) for Email money transfer, it will be completly free with ING's checking account. This basically gives you no need to setup bank to bank transfers (which comes with HOLD times and waiting for the money to be transfered) as EMT is almost INSTANT and can be sent to anyone with a Canadian Bank account with no HOLDs on the funds at the receiving end.

7) ING's new checking account will also provide free unlimited transactions, free online and telephone banking.

8 ) The only thing I will give you here is free cheques with PCF. ING will provide the first 20 cheques free and $10 per 20 cheques after. I don't use cheques that often, this first 20 will last me years. I also really don't need to go this route to get free cheques as most LINE of Credit accounts offer free cheques, so you just pay the line of credit account in advance so you don't get charged fees/interest.

9) ING allows you to also link accounts at other banks as you can with PCF.

10) ING will will give free overdraft up to $250 (Assuming you pass credit check). If the account goes below $0, you won't have to pay any fees/interest as long as you bring the account back up to at least $0 within 30 days.

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The only trade in I see here if looking at ING vs PCF is giving up free cheques for free unlimited EMTs. The free introductory cheques from ING will last me years, being able to send money to anyone in Canada is a good trade as this could replace the need to send someone a cheque.

djino