I don't know if anyone read the story about bank fees on the home page of canadian content, Pacfic coast credit unions here in the coast are now offering something unheard of.
Coast Capital Savings pioneers free chequing and debit account
Move makes B.C. credit union first full-service financial institution in
Canada to offer no-fee account
VANCOUVER, Jan. 17 /CNW/ - In a move expected to ripple through the
financial services industry nationwide, Coast Capital Savings today launched
the first truly free chequing account from a full-service financial
institution in Canada.
Coast Capital Savings president and CEO Lloyd Craig said the new Free
Chequing, Free Debit and More account will position the credit union as a
pioneer and leader in the financial services industry.
"The single biggest complaint Canadians make against the banking system
relates to service charges and we think it's time the industry listened,"
Craig said. "Our free chequing account underscores our commitment to be
responsive and helpful to customers by saving them money. It also makes
business sense because it will serve as a magnet to draw new customers and
enable us to leverage our other products, as part of a long-term strategy to
expand operations from coast to coast."
Coast Capital Savings' free chequing account eliminates all charges for
the most commonly used banking transactions, requires no monthly fee or
minimum balance and includes teller service across its branch network.
Features of the account include:
- Free unlimited debit card transactions (many financial institutions
currently charge 50 cents for each debit transaction)
- Free unlimited cheque clearing
- Free unlimited Coast Capital Savings ATM transactions
- Free unlimited transactions using the Exchange Network of more than
1,500 ATMs across Canada
- Free unlimited preauthorized transactions
- Free unlimited bill payments and transfers (teller, online or by
phone)
- Free unlimited teller transactions
- Free unlimited access to account information (teller, online or by
phone)
- Free monthly statements
- Free unlimited online cheque imaging
- Free unlimited starter cheques
Coast Capital Savings commissioned a national Ipsos-Reid survey in
November 2004, which found that Canadian chequing account holders aged 19 to
55 pay on average $258 a year in service fees on their main chequing account.
Craig said the study reinforces the fact that Canadian consumers would like to
see financial institutions change their policy on service charges and are
willing to vote with their feet by switching to an institution that listens to
them.
"More than 70 per cent said they were willing to open a chequing account
with a financial institution that offers them truly free chequing," Craig
said. "There are a lot of pseudo-free chequing accounts out there. What
consumers want is nothing short of the real thing, backed by helpful and
knowledgeable personal service when they need it, and that's what we're
offering them."
Prior to the launch of The Free Chequing, Free Debit and More account, no
full-service bank or credit union in Canada offered unlimited no-fee chequing
to all customers. Several major banks offer chequing accounts that provide
unlimited chequing for a monthly fee, which may be waived only if consumers
maintain a minimum monthly balance of up to $10,000 in some cases. Some
institutions also offer unlimited free chequing but this is restricted to
special groups such as seniors and youth. ING and President's Choice have
no-fee savings and chequing accounts respectively, but neither is a
full-service financial institution that provides personal in-branch service
options to customers.
Coast Capital Savings projects more than 25,000 new customers will sign
up for its free chequing account by the end of 2005, saving account holders an
estimated $6.25 million in total annual service fees combined.
Arthur Coren, dean of Kwantlen University College's School of Business,
said the trendsetting nature of the new account will draw attention not only
in Coast Capital Savings' key markets but nationwide.
"This is a challenge to the big national banks because consumers are
going to say, 'If a credit union in British Columbia can do this, why can't
you?'," Coren said. "It's going to have a significant impact on the Canadian
financial services industry going forward because it will get consumers to
question the basic assumption that they have to pay to access their money,
something they may have grudgingly come to accept."
The Ipsos-Reid study found that 40 per cent of Canadians 19 to 55 think
their chequing account fees are unfair while half described the profit
financial institutions make from them as unfair. It also showed debit card use
accounted for 42 per cent of all monthly transactions, with Canadians 19 to 55
using their debit cards for point-of-sale payments an average of 18.5 times a
month. The survey sampled 800 Canadians aged 19 to 55 and has a margin of
error of plus or minus 3.5 per cent, 19 times out of 20.
Coast Capital Savings is Canada's second largest credit union with
$6.7 billion in assets and 44 branches across the Lower Mainland, Fraser
Valley and Vancouver Island. Coast Capital Savings is one of Canada's 50 Best
Managed Companies and was the recipient of the 2004 Imagine award for being
the best corporate citizen in Canada's financial services industry.
the reason I bring this up is because one of the starbuck jesters is a bank manager...yes strange as it is we accept him because he does not act like a bank manager after hours
:wink:
I asked him what he thought about what the credit union was doing, as I will change to the credit union with this kind of offer. I still cannot believe what he said. He basically said it was a grab for bigger customer share, they were in fact "buying customers", and really what were they getting??? well according to him, people who are slightly undesireable in the financial world. :twisted: Out of the mouths of bankers :wink:
Coast Capital Savings pioneers free chequing and debit account
Move makes B.C. credit union first full-service financial institution in
Canada to offer no-fee account
VANCOUVER, Jan. 17 /CNW/ - In a move expected to ripple through the
financial services industry nationwide, Coast Capital Savings today launched
the first truly free chequing account from a full-service financial
institution in Canada.
Coast Capital Savings president and CEO Lloyd Craig said the new Free
Chequing, Free Debit and More account will position the credit union as a
pioneer and leader in the financial services industry.
"The single biggest complaint Canadians make against the banking system
relates to service charges and we think it's time the industry listened,"
Craig said. "Our free chequing account underscores our commitment to be
responsive and helpful to customers by saving them money. It also makes
business sense because it will serve as a magnet to draw new customers and
enable us to leverage our other products, as part of a long-term strategy to
expand operations from coast to coast."
Coast Capital Savings' free chequing account eliminates all charges for
the most commonly used banking transactions, requires no monthly fee or
minimum balance and includes teller service across its branch network.
Features of the account include:
- Free unlimited debit card transactions (many financial institutions
currently charge 50 cents for each debit transaction)
- Free unlimited cheque clearing
- Free unlimited Coast Capital Savings ATM transactions
- Free unlimited transactions using the Exchange Network of more than
1,500 ATMs across Canada
- Free unlimited preauthorized transactions
- Free unlimited bill payments and transfers (teller, online or by
phone)
- Free unlimited teller transactions
- Free unlimited access to account information (teller, online or by
phone)
- Free monthly statements
- Free unlimited online cheque imaging
- Free unlimited starter cheques
Coast Capital Savings commissioned a national Ipsos-Reid survey in
November 2004, which found that Canadian chequing account holders aged 19 to
55 pay on average $258 a year in service fees on their main chequing account.
Craig said the study reinforces the fact that Canadian consumers would like to
see financial institutions change their policy on service charges and are
willing to vote with their feet by switching to an institution that listens to
them.
"More than 70 per cent said they were willing to open a chequing account
with a financial institution that offers them truly free chequing," Craig
said. "There are a lot of pseudo-free chequing accounts out there. What
consumers want is nothing short of the real thing, backed by helpful and
knowledgeable personal service when they need it, and that's what we're
offering them."
Prior to the launch of The Free Chequing, Free Debit and More account, no
full-service bank or credit union in Canada offered unlimited no-fee chequing
to all customers. Several major banks offer chequing accounts that provide
unlimited chequing for a monthly fee, which may be waived only if consumers
maintain a minimum monthly balance of up to $10,000 in some cases. Some
institutions also offer unlimited free chequing but this is restricted to
special groups such as seniors and youth. ING and President's Choice have
no-fee savings and chequing accounts respectively, but neither is a
full-service financial institution that provides personal in-branch service
options to customers.
Coast Capital Savings projects more than 25,000 new customers will sign
up for its free chequing account by the end of 2005, saving account holders an
estimated $6.25 million in total annual service fees combined.
Arthur Coren, dean of Kwantlen University College's School of Business,
said the trendsetting nature of the new account will draw attention not only
in Coast Capital Savings' key markets but nationwide.
"This is a challenge to the big national banks because consumers are
going to say, 'If a credit union in British Columbia can do this, why can't
you?'," Coren said. "It's going to have a significant impact on the Canadian
financial services industry going forward because it will get consumers to
question the basic assumption that they have to pay to access their money,
something they may have grudgingly come to accept."
The Ipsos-Reid study found that 40 per cent of Canadians 19 to 55 think
their chequing account fees are unfair while half described the profit
financial institutions make from them as unfair. It also showed debit card use
accounted for 42 per cent of all monthly transactions, with Canadians 19 to 55
using their debit cards for point-of-sale payments an average of 18.5 times a
month. The survey sampled 800 Canadians aged 19 to 55 and has a margin of
error of plus or minus 3.5 per cent, 19 times out of 20.
Coast Capital Savings is Canada's second largest credit union with
$6.7 billion in assets and 44 branches across the Lower Mainland, Fraser
Valley and Vancouver Island. Coast Capital Savings is one of Canada's 50 Best
Managed Companies and was the recipient of the 2004 Imagine award for being
the best corporate citizen in Canada's financial services industry.
the reason I bring this up is because one of the starbuck jesters is a bank manager...yes strange as it is we accept him because he does not act like a bank manager after hours
:wink: I asked him what he thought about what the credit union was doing, as I will change to the credit union with this kind of offer. I still cannot believe what he said. He basically said it was a grab for bigger customer share, they were in fact "buying customers", and really what were they getting??? well according to him, people who are slightly undesireable in the financial world. :twisted: Out of the mouths of bankers :wink:
