Canadian business banking accounts Money

Business Banking Comparison in Canada


RBC Small Business eAccount

rbc business banking Canada

This is designed for businesses that do not usually need a teller. Everything is done online and at ATMs. There are fees when you use a teller and make cash deposits.

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Features:

  • Unlimited Electronic transactions
  • No monthly fee, no minimum balance
  • Service and support 24/7
  • Apply online

Fees

Monthly fees and volumes
Package fee None
Included account transactions
Debits (electronic) Unlimited
Credits(electronic) Unlimited
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

Bank of Montreal Current Account

bank of montreal business acount

Bank of Montreal starts with a $9.50 a month account that includes 15 transactions. The $9.50 is waived if your account stays at a minimum of $4000 for the whole month.

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Fees:

Currency of Account, interest fees payable in: CDN$ US$
Deposit fee per transaction2
Branch deposits $1.00 $1.00
ATM deposits $1.00 N/A
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
Cheque $1.00 $1.00
Pre-authorized payment/Electronic Funds Transfer $1.00 $1.00
Debit card purchase $1.00 N/A
ATM withdrawal $1.00 N/A
Branch withdrawal $1.00 $1.00
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

TD Every Day Business Plan

TD Business Banking

 

TD’s plan starts at $17 with 20 transactions and 50 deposits. Your monthly fee is waived with $15,000 in monthly balance.

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Fees

TRANSACTION FEES Canadian Dollar Accounts

(in $CDN)
U.S. Dollar Accounts
(in $U.S.)1

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.,
and Mexico$5.00n/a

ING Business Account

ING Business Banking Canada

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.

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Fees:

None

scotiabank business banking

 

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.

scotiabank business banking accounts rates


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