Consumers
Students
Location
Availability of ATMs
Branch offices
Hours of operation
Proximity of ATMs and branch offices to your home or place of work
Fees
A service charge is the fee you pay to buy a service provided by the bank. Some chequing-account services are free, but many are paid for by customers on a user-pay basis. Most banks give you the option to save on fees with service plans or packages that offer different combinations of common services for a monthly fee. Looking into each of these offerings in some detail is a worthwhile exercise, as they vary widely from bank to bank. Industry Canada has a Financial Service Charges Calculator (at http://strategis.ic.gc.ca) to help consumers with their choice.
Here are some common chequing-account fees:
Monthly maintenance fees (these are often hinged on a minimum balance requirement)
Withdrawal, account-transfer and bill-payment fees
Point-of-sale debit transaction fees
Per-cheque fees
Branch transaction fees
ATM fees
Internet-banking-service fees
Passbook-record-keeping fees
Cheque-return fees
Other Charges
Overdraft charges (or overdraft protection charges)
Stop-payment fees
Certified cheque fees
Money order fees
Interest Rate Earned
Rate earned
Minimum deposit requirement
Compounding method
Restrictions
Minimum balance
Deposit insurance
Holding period for deposited cheques
Special Features
Direct deposit
Automatic payments
Overdraft protection
Overdraft transfer service
Pre-authorized transfer service
Web Banking
Availability in Canadian or US funds
Other foreign currency
Safety deposit boxes
Travellers' cheques
Telephone banking
Discounts or free chequing for students, seniors or bank-sponsored credit-card holders
Loyalty card "points" collection for transactions
E-mail money transfers
