December 19, 2020

Open Bank Account Online No Deposit

Open Bank Account Online No Deposit hello and welcome back to my channel for this video I want to talk about something that really grinds my gears and what I'm talking about is bank fees, bank fees I cannot stand paying that 10 to $15 a month charge just for the privilege of having a check, me out now you may not even know that you're paying bang fees but guess what if you make one of these big 6 Canadian banks you're probably paying. Bank fees now there are of course some exceptions so a lot of those, big banks that do normally charge fees will waive. It if you keep a minimum balance in your checking account and usually that's a couple thousand dollars or if you have a number of other. Products with them and then they reimburse you the monthly fee so that is my experience but I want to tell you there's a. Better way I have not been paying bank fees for. A very long time and I've not looked back I have absolutely no regrets and that is what I'm going to talk to you about in this video I want to. Share five different banks in Canada that are great that offer great customer service yes they don't. Know I have any branches because they're all online but they do not charge you. Any fees on checking accounts alright the first bank I'm going to be talking about is alterna Bank you may or may not be familiar with them you. May be familiar with alternate savings which is the credit union that comes started. First and then in the year 2000 they actually launched alterna Bank as their kind of online digital, Bank alternative for you know Millennials so yeah alterna Bank is a subsidiary of alternative savings and alternative savings is the first credit union that started in Canada outside of Quebec. It's been around for 110 years but that being said if you want to bank at alterna Bank is totally online you, cannot go to an alternate savings branch and ask them for help or anything like. That you are just allowed to use alternative Bank online now like all banks and I'm going to be showing you it is a, CD I see insured you'll always know this by just going on to whatever bank's. Website and seeing if their logo is at the. Bottom and here it is right here but let's find out more information about the free online checking account they offer so it's called. The no fee a checking account and basically it's pretty straightforward so no monthly fee and also no minimum balance required and that's all the banks in I'm, gonna be showing in this video they offer no monthly fees but also they have no minimum balances I'm not counting any banks out there that, waive the fee if you have a certain amount of money in, your account so these are just like no monthly fees no gimmicks or anything this particular bank allows. You to free unlimited day-to-day transactions free unlimited interact transfers which is actually pretty important cuz a lot of. These other online banks I'm going to be showing you will charge you at least $1.00. To do interactive transfers so it's not something you do a lot that might be something to consider since it's a. Subsidiary of alternate savings which is a credit union that means you also have access to the exchange, network of ATM so like if you've ever banked at a credit union you know that's kind of the ATM you, use because you're not charged a surcharge and there is intercept and is very low of course most checking camps don't offer that, high of interest and it's only 0.05 percent annual interest rate what I do think, is really interesting is there's just a little calculator you can kind of play with to see how much are you paying in banking fees right now and then I'll just show you what does that actually look like, in terms of one year five years in ten years so typically you'll be paying maybe let's. Say 15 I've paid 15 pets some banks in the past and yeah over 10 years.

You're paying eighteen hundred dollars in bank fees and typically I. Don't personally feel like you get much value out of that monthly fee but that's just me I I do like online banks so anyways that is the first. Bank alterna Bank next up I want to talk about motive financial so. Similar to alternative bank motive financial is actually a division of another bank it, is a division of Canadian Western bank so if you bank with motive financial your deposits are actually going to be held at Canadian, Western Bank and Kinane your bank is seedy I see insurance so if you go to the bottom and you do not see. That CD I see logo you will find this little link that says motive Financial is a division.

Of Canaan Western Bank and Canadian Western Bank is a seedy icy member so it's a bit of a different setup than alterna Bank but, basically is the same thing your money is safe here it is insured here because, a Canadian Western Bank is involved and they are ACD IC number so just so you know, but also similar to alternative Bank is if you bank with mode of financial you cannot go to a Canadian Western Bank branch and get help from them you were limited to mode of.

Financials online platform but again who really cares right okay so let's look at the. Different checking accounts that they offer they offer to what you found fascinating and I am gonna check out both of them. So we can figure out what the differences are they're both no fees but I don't really know what the big you know why do they have, two why not just have one good one but whatever okay so let's find out more about this mode of, teaching and checking account so it says there's. No monthly fee and no fee on deposits monthly withdrawals are included and unlimited you get a first 50 personalized checks for free you can of course use the exchange network ATM, for free and any other ATMs outside of the exchange, network you get two for free withdrawals but then after that. You pay.

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