Business Banking Comparison in Canada
- Unlimited Electronic transactions
- No monthly fee, no minimum balance
- Service and support 24/7
- Apply online
|Monthly fees and volumes|
|Included account transactions|
|The following fees apply to transactions in excess of the included account transactions|
|Regular/In-branch debits or cheques||$1.50|
|Regular/In-branch credits or deposits||$3.50|
|Items deposited||$0.20 each|
|Cash deposited (Night and Day Deposit)||$2.00(1) per $1000|
|Cash deposited (ATM)||$2.15 per $1000|
|Cash deposited (In-branch)||$5.00 per $1000|
|Currency of Account, interest fees payable in:||CDN$||US$|
|Deposit fee per transaction2|
|Point of sale||$1.00||N/A|
|Debit card return/reversal||Free||N/A|
|Pre-authorized credits/Electronic Funds Transfer||$0.65||$0.65|
|Deposit contents fees|
|Notes (currency) on deposit (per $1,000)||$2.25||$2.25|
|Coin on deposit (per $100, USD accepted at CDN $ par)||$2.25||$2.25|
|Items on deposit – (per item, e.g. cheque) – Value for U.S. dollar items deposited to U.S. dollar accounts will be delayed from one to three business days to allow for clearing and international settlement.||$0.20||$0.20|
|Account debit per transaction2|
|Pre-authorized payment/Electronic Funds Transfer||$1.00||$1.00|
|Debit card purchase||$1.00||N/A|
|Bill payment (branch or via debit card)||$1.00||$1.00|
|Customer Initiated transfer via branch or via debit card||Free||Free|
|Monthly Account Administration Fee||$6.00||$6.00|
|Monthly eStatement with Cheque Image return||Free||Free|
|Monthly Paper Statement Fee with Cheque Images||$2.00||$2.00|
|Fee (per statement cycle) if statement produced more frequently than account standard||$5.00||$5.00|
|TRANSACTION FEES||Canadian Dollar Accounts
|U.S. Dollar Accounts
Transactions – Chequing Accounts without a Service Plan- Fee per transaction (refer to Business Account Service Plan page for full details on what a transaction is)$1.00$1.00Deposit Content – Chequing Accounts without a Service Plan- Fee per item deposited2$0.22$0.22- Cash (paper currency and coin) deposits3 per $1,000$2.50$2.50- Fee per uncounted batch4$8.00$8.00Deposit Content – All Chequing Accounts- In branch – paper currency supplied per $1,000$2.00$2.00- Direct delivered – paper currency supplied per 100 notes5 (Requires the customer to contact and pay for a TD Canada Trust approved armoured car delivery service)$0.50$0.50- Coin supplied per roll$0.12$0.12Requests for Funds Transfer Fee (to Branch)Transfer between a customer’s ownTD Canada Trust accounts, if requested to branch by telephone, mail or facsimile$5.00$5.00Bill Payments- In-branch
paid by cash or cheque(Handling Fee)$1.00n/aNon-sufficient Funds(cheques, pre-authorized payments,
postdated bill payments,
TD Canada Trust loan payments, etc.)- Returned$45.00$45.00- Paid (plus overdraft interest
charges)$5.00$5.00ATM- Interac$1.50n/aPlus System6– Handling Fee within U.S.
and Mexico$3.00n/a- Handling Fee outside Canada, U.S.,
ING Business Account
ING Offers a savings account, currently the rate is 1.00% for their Business Investment Savings Account (BISA). Does not look like they offer chequing option. However they do now have a good network of ATMs to make deposits and withdrawals.
If you get this account you would still need to sign up for a chequing account.
ING DIRECT Business photo cheque deposit: Currently only personal account can deposit cheques by sending in a photo from the ING Direct app, however ING is testing the same feature for the business accounts now.
It’s a little tricky getting the prices for the Scotia plans, you have to download their fee schedule. Below is the chart of their plans.
Basic plan at $9.95 doesn’t include any transactions. The fee is waived when you carry a minimum of $6000 for the month and you get a free transaction for every $1100 in your account for the month.