Citizen's Bank Global Chequing account for Canadians

Hey, just thought I'd share:

www.citizensbank.ca has a relatively new global chequing account for Canadians.

-Unlimited free atm transactions worldwide
-Hook it up to your normal bank account to transfer money to online
-Open up a high interest savings account with them and you can transfer money between your chequing and savings account instantly

Yeah!

In anticipation to my future journey I opened an account with them last week

I also will get a 50$ bonus for depositing $100 and keeping it in the account for 3 months.

I think the $50 bonus deal expires near the end of the month - so act fast!

I've been looking for something like this for Canadians, thanks!!!

Hey, I couldn't figure this out from their website - but can deposits be made from ATMs as well, or withdrawals only. If I were to go this route, I think the goal would be to move all banking there (I like the no fee thing). Having to keep a "regular" account open for the half dozen or so times in a year when I have to physically deposit a cheque seems kind of silly.

I don't get it - it looks like you only avoid the ATM fees if you use it at an EXCHANGE ATM and their only international locations are Germany, Guam, Italy, Japan, Marshall Islands, Micronesia, Palau, Portugal, Puerto Rico and the Virgin Islands.

Everywhere else you still get charged normal ATM fees?

I thought I read there were no fees at any ATM's with Plus either. Or did I make that up?

They have a link to a Plus ATM locator, but they seem to pretty clearly state that to avoid surcharges, look for the Exchange logo.

quote:

They have a link to a Plus ATM locator, but they seem to pretty clearly state that to avoid surcharges, look for the Exchange logo.

My understanding from the website was that citizens bank does not charge ATM fees, period. However, on the Plus network, there may be a fee charged by the ATM provider, which would be passed along.

I'm going to give them a call at some point here once I've figured out all my questions.

quote:

Originally posted by 2wanderers:
My understanding from the website was that citizens bank does not charge ATM fees, period. However, on the Plus network, there may be a fee charged by the ATM provider, which would be passed along.

I'm going to give them a call at some point here once I've figured out all my questions.

That's right. There's no fee on their end. If the ATM provider has their own surcharge, you will be charged for that.

I've been using this account in thailand for the past couple weeks and getting no fees charged at all.

Has anyone else had any experiences with this account? Hidden fees? Or do they actually keep their word? I'm thinking I need to make the switch as my bank charges $4 everytime I use an international ATM...

Since my last post, I have switched, and used ATMs in Ecuador.

There are no hidden fees. The banks in Ecuador did all charge $1.50 US for each withdrawal, but had I stuck with TD, they would have done that anyway, plus the $5 CA that TD would have tacked on. I haven't checked the exchange rate so there is a small chance that they're taking a larger cut that way, but the rates lined up with what I expected, so I doubt it. We've used ATMs in Edmonton at Servus and Canadian Western (though the first time I needed to withdraw cash, I was shocked to find that the Canadian Western branch that is on my way home from work does not have ATMs...weird) with no fees at all.

The biggest problem with Citizen's bank is that unless you live in Vancouver or Calgary, where they have cash-less branches, you can't change your PIN, so you just have to memorize the one you're assigned. Also, if you want to set up a loan with them, you need to get the documents notarized, which runs about $50. (Again, residents of Vancouver and Calgary can avoid this by going to the branch) By my calculation the saved fees have already more than paid for the cost of setting up a line of credit.

So far I'm pleased with them.

Thanks for posting this info as on my recent trip BMO was ripping me off $4.50 for ATM withdrawls & $6.00 at a teller. Was wondering how to get around that on my upcoming RTW.

They won't accept a mail boxes address as a valid address when ecerybody else does so guess I am stuck with the major banks ripoff charges.

busman7 wrote:They won't accept a mail boxes address as a valid address when ecerybody else does so guess I am stuck with the major banks ripoff charges.

Could you use a friend's place or your parents address or something? Some of the smaller credit union type banks have smaller fees if you have to resort to that.

busman7 wrote:They won't accept a mail boxes address as a valid address when ecerybody else does so guess I am stuck with the major banks ripoff charges.

Have you tried phoning them? It may just be a website developer problem that could be fixed by faxing them a paper form. The only address restriction I see is that part of opening process is to send them a cheque from an existing account with the same address on it. (My TD cheques had an old address on it, so I actually got a direct deposit form from TD with my old account info and my current address)