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Coast Capital is a credit union based out of Surrey, BC and is one of the largest credit unions in the country with roughly 600,000+ members. As a member-owned cooperative for over 80 years, they’re helping its members achieve their financial goals. Among the various banking products offered by the credit union is the Free Chequing, Free Debit, and More Account®, which allows clients to bank with no monthly fees. 

Let’s take a closer look at Coast Capital’s Free Chequing, Free Debit, and More Account® in more detail.

Coast Capital’s Free Chequing, Free Debit, and More Account® Features

The Coast Capital free chequing account comes with the following features:

No Monthly Fees

As the name suggests, there are no monthly fees to maintain your account.

Unlimited Day-To-Day Transactions*

Nobody really likes fees. This account is free with no minimum balance required. The Coast Capital Free Chequing, Free Debit, and More Account® offers unlimited day-to-day transactions including ATM withdrawals, Interac Direct Payment, pre-authorized payments, bill payments and transfers (between Coast Capital accounts). 

Deposit On-The-Go

If you have a cheque to deposit, you can simply snap a picture of the front and back of the cheque and deposit it directly into your account using your mobile device.

4000+ Ding-Free® ATMs

Coast Capital members get ding-free® use at all Coast Capital ATMs and any bank machine on The EXCHANGE Network across Canada.

Coast Mobile® Banking App

Complete all your banking transactions, including depositing cheques, bill payments, and transfers using your mobile device by downloading the Coast Capital app.

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Cost Of Coast Capital’s Free Chequing Account

Is the Coast Capital Free Chequing Account really free? Are there any costs associated with this type of account? 

  • Monthly fee. There’s no monthly fee to pay with the Coast Capital Free Chequing, Free Debit, and More Account®.
  • Minimum balance. There is no minimum balance required to maintain your account.
  • Transaction Fees – Bill payments, withdrawals, deposits, transfers, and ATM transactions using THE EXCHANGE® Network are all free.
  • Interac e-Transfers. While you can receive as many e-transfers as you want for free, each e-Transfer you send costs $1.50.
  • Non-EXCHANGE ATM fees. If you withdraw cash from a non-EXCHANGE ATM, it will cost $2.50 in Canada and $5 in other countries (plus a 2% administration fee). 
  • Overdraft. You’ll need to pay $5 a month plus interest (21% per year) on negative balances if your account is in a deficit.
  • International POS Payments – All international POS payments will incur a 2% administration fee.

Eligibility Requirements For The Coast Capital Free Chequing, Free Debit and More Account®

Before you apply to open an account, make sure you meet the following eligibility requirements first:

  • Be the age of majority in your province (only available in BC)
  • Have a Social Insurance Number (SIN)
  • Become a member with a $5 purchase in Membership Equity Shares

How To Apply For The Coast Capital Free Chequing, Free Debit and More Account®

Opening an account with Coast Capital is easy and takes only a few minutes. Follow these steps to complete your application: 

Step 1: Choose Account Type

You can open your account by starting your application online and choosing the account you wish to open. You can choose Coast Capital Free Chequing, Free Debit and More Account®, or other account types, including the High-Interest Savings Account, Prestige Package, or Classic Package. During the application process, they’ll also ask you if you want to make it a joint account, what you intend to use the account for, and whether or not Coast Capital will be your main financial institution.

Step 2: Fill Out Your Personal Information 

The second part of the application involves providing basic personal information about yourself, including your SIN, contact info, address, and employment information.

Step 3: Review Your Application

Go over your application to make sure everything is accurate and complete, then submit. Coast Capital will review your application and get back to you shortly afterwards regarding its status.

Other Coast Capital Chequing Accounts

In addition to the Free Chequing Account, Coast Capital also offers a handful of other accounts, including the following:

Coast Chequing® Classic Package

This account comes with a monthly $11 charge. You’ll get 40 free transactions every month, but will be charged $1 for each additional transaction. However, there are additional features that come with this account that you won’t get with the free option, such as free personalized cheques, bank drafts, paper statements, and a discount on a safety deposit box.

Coast Chequing® Prestige Package

The Prestige Package costs $21 per month, but comes with unlimited free transactions, except for certain transactions such as. And if you maintain at least a $5,000 account balance, that monthly fee is waived.

Coast Capital US Chequing Account

There’s no monthly fee for the US account, but you only get 1 free transaction per month. Each additional transaction will cost $1. However, if you maintain an account balance of at least $1,000, you’ll get unlimited free transactions.

Final Thoughts

There’s no need to maintain a minimum balance to avoid monthly fees with the Coast Capital Free Chequing, Free Debit and More Account®. Just keep in mind that while there are no account or transaction fees, there are still some fees to be aware of including e-transfers, overdraft, and non-EXCHANGE ATM fees. Ultimately, the Coast Capital Free Chequing, Free Debit and More Account® is a good option for those looking for a free bank account with basic banking features. 

*Transactions include cheques, Coast Capital ® and THE EXCHANGE® Network ATM withdrawals, Interac® Direct Payment, preauthorized payments, bill payments, transfers (between Coast Capital Savings accounts), and withdrawals. Other conditions apply. Please see details here.

**Conditions apply. Limited time.

Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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