RBC, TD, Scotiabank, BMO, and CIBC monthly account fees
These amounts are in Canadian dollars. They are for the named account on each bank's own page. They can change. Your account agreement controls the fee on your account. A package you saw in an ad may not be the package on the statement.
Check the package name first
The monthly plan fee and the extra transaction fees are different lines. Read the account name on the statement, then compare it with the bank page below. The Financial Consumer Agency of Canada publishes an account comparison tool using information from the banks. FCAC tells you to confirm the details with the bank, because published information can change. How fees show on a Canadian statement is the page for the lines themselves.
The bank fee calculator multiplies one monthly fee by 12. A $4 monthly fee is $48 over 12 months if it is charged every month. Extra transaction fees are not included unless you type them in. The result is not a quote from the bank.
RBC Day to Day Banking
RBC lists a standard monthly fee of $4 for Day to Day Banking on its Day to Day Banking page. The page says the account includes 12 debit transactions each month, and $1.25 for each debit after that. RBC says Interac e-Transfer transactions are free on its Canadian dollar bank accounts and are not counted in that monthly debit total, up to 999 a month, then $1 each.
The same page lists a $0 monthly fee with the Seniors Rebate, for Indigenous Peoples, and for RDSP beneficiaries. It also says the Value Program rebate can bring the monthly fee as low as $0. RBC's terms on that page say a partial or full rebate depends on enrolling, holding eligible other RBC products (a personal credit card, personal investments, a residential mortgage, or a linked small business relationship), and doing at least one of these in the previous calendar month: a monthly direct deposit, a monthly automatic payment set up in advance, or an eligible bill payment. The exact rebate is in those Value Program terms.
RBC says you can receive only one monthly fee rebate on the account, and that it applies the highest rebate you qualify for. A separate promotional waiver for new accounts, when RBC offers one, has its own rules. It is not the standard $4 fee.
TD Minimum Chequing
The TD Minimum Chequing Account page lists a monthly fee of $3.95, 12 transactions included each month, and $1.25 for each extra transaction. Up to 2 of the 12 can be in a branch or through EasyLine telephone banking. TD says public transit transactions on this account are unlimited and sit on top of those 12. The page lists no fee to send an Interac e-Transfer.
TD lists a $0 monthly fee for people who receive the Guaranteed Income Supplement, Indigenous Peoples from Canada, RDSP beneficiaries, and newcomers in their first year in Canada. The footnotes on the TD page are the eligibility rules. This account page does not list a minimum balance that removes the $3.95 fee. Other TD accounts have their own fees.
Scotiabank Basic Bank Account
The Scotiabank Basic Bank Account page lists a monthly account fee of $3.95, or $0 if you are eligible. It lists seniors pricing of $0 a month. It says a waiver is available for Indigenous Peoples, RDSP beneficiaries, recipients of the Disability Tax Credit, and Canadians receiving social assistance. Scotiabank says proof of eligibility may be requested.
The page says the account includes 18 free transactions a month and free Interac e-Transfer transactions. Scotiabank's longer companion booklet is the full fee list. If a booklet and this page ever disagree, ask the bank which one applies to your account.
BMO Practical, Plus, and Performance
The BMO Practical Chequing page lists Practical at $4 a month, with up to 12 transactions a month, including Interac e-Transfer. BMO says debit payments to participating public transit authorities do not count toward that 12.
The comparison on that page lists Plus at $12.95 a month, or $0 with a $3,000 minimum balance, and 25 transactions a month. It lists Performance at $17.95 a month, or $0 with a $4,000 minimum balance, with unlimited transactions. The Practical column on that table does not show a minimum balance that removes the $4 fee. BMO publishes separate offers for students, newcomers, seniors, and others. Read the offer before you count on a $0 fee.
CIBC Everyday Chequing and CIBC Smart
The CIBC account comparison lists CIBC Everyday Chequing at a $4.00 monthly fee, with 18 transactions included and $1.25 for each transaction over 18. It says Interac e-Transfer has no extra fee and is included in the monthly fee.
The same page lists CIBC Smart at $16.95, or $0 monthly for up to 3 accounts, when one CIBC Smart Account has an end of day balance of $4,000 on each day of that month. It says Smart includes unlimited transactions, including Interac e-Transfer.
The compare page also describes a basic account with no monthly fee for seniors over 65, with 18 transactions included and $1.25 after that. Check the account name on your statement before you assume you pay $4.00 or $0.
Questions
- Are these fees in US dollars?
- No. The amounts on the RBC, TD, Scotiabank, BMO, and CIBC pages cited here are Canadian dollar account fees.
- Does every account at these banks cost the same?
- No. Day to Day, Minimum Chequing, Basic, Practical, and Everyday are specific accounts. Another package at the same bank can have a higher monthly fee and a different number of included transactions.
- Where can I compare current Canadian account packages?
- The Financial Consumer Agency of Canada publishes an account comparison tool. Confirm the package with your bank, because the published figures can change.
- Does a rebate on one fee change the package?
- No. Asking for a rebate on one monthly fee is different from changing the account package. The bank's page lists the rules for each.
Sources
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