Online chequing accounts: the basics
Online chequing accounts have become quite convenient. Today, it is possible to conduct financial transactions online with banks that make the most of the internet.
Online chequing accounts are basically transactional deposit accounts that are held at a financial institution and allow withdrawals and deposits. They are different from traditional bank accounts in that they allow for both numerous withdrawals and unlimited deposits. These provisions are limited at times with savings accounts.
Benefits of online chequing accounts
In Canada, most banks offer online chequing accounts for a minimal fee or no fee at all. They also do not incur high interest rates. Many people use online chequing accounts to set up automatic payments for routine monthly bills and expenses. In addition, customers can use debit cards and write cheques, just like with traditional chequing accounts.
How to open a chequing account online
- Start by conducting a research to find what banking institutions in Canada offer services that suit you best. Some banking institutions charge a monthly fee for their chequing accounts while others are free.
- The next step would be for you to sign up for an online account.
- To sign up for and online account, you need to complete an application form. Have your Social Insurance Number and an email account ready.
- Set up a login username and a password
- When applying for a chequing account online, be very careful. Ensure that you have read the terms and conditions to avoid any hidden fees.