When it comes to managing your finances, having a reliable and cost-effective chequing account is essential. National Bank’s Modest Chequing Account offers a straightforward solution designed to meet the needs of everyday banking with simplicity and affordability. Whether you’re a student, a professional, or someone looking for a practical banking option, this account could be the perfect fit for you. Let’s delve into the benefits, rewards, fees, and frequently asked questions about the Modest Chequing Account, and guide you through the application process.
Benefits of the National Bank Modest Chequing Account
1. Affordable Monthly Fees: One of the standout features of the Modest Chequing Account is its low monthly fee of $3.95. This fee can be waived if you maintain a minimum balance of $2,500 in your account throughout the month, making it an excellent choice for those who keep a steady balance.
2. Unlimited Electronic Transactions: With the Modest Chequing Account, you can enjoy unlimited electronic transactions, including Interac e-Transfers, bill payments, and debit purchases. This feature ensures that you can manage your finances and make payments without worrying about additional costs.
3. 12 Free Monthly Transactions: In addition to unlimited electronic transactions, the account offers 12 free monthly transactions that include cheques, in-branch transactions, and pre-authorized debits. This provides flexibility and convenience for those occasional needs for physical banking services.
4. Access to a Wide Network of ATMs: National Bank offers extensive access to ATMs across Canada, allowing you to withdraw cash without incurring additional fees. This accessibility is particularly beneficial if you frequently travel or need cash on the go.
5. Overdraft Protection: Overdraft protection is available with the Modest Chequing Account, providing you with a safety net in case you accidentally overdraw your account. This feature helps you avoid costly NSF (non-sufficient funds) fees and ensures your payments are processed without interruption.
Rewards of the National Bank Modest Chequing Account
1. Cashback Offers and Discounts: National Bank often provides special cashback offers and discounts for account holders. These promotions can help you save money on everyday purchases and enjoy exclusive deals from partner merchants.
2. Reward Points: While the Modest Chequing Account itself does not offer direct reward points, National Bank has a variety of credit cards that complement the chequing account. By linking your Modest Chequing Account with a National Bank credit card, you can maximize your rewards on purchases and manage all your finances seamlessly.
Fees Associated with the National Bank Modest Chequing Account
1. Monthly Account Fee: The standard monthly fee for the Modest Chequing Account is $3.95. As mentioned earlier, this fee can be waived by maintaining a minimum monthly balance of $2,500.
2. Transaction Fees: While electronic transactions are unlimited, additional in-branch transactions, cheques, and pre-authorized debits beyond the 12 free monthly transactions will incur a fee of $1.25 per transaction.
3. Overdraft Fees: If you opt for overdraft protection, there is a fee of $5 per month. If you do not have overdraft protection and overdraw your account, an NSF fee of $45 will apply.
4. ATM Fees: Using non-National Bank ATMs may incur additional fees. It is advisable to use National Bank ATMs to avoid these charges.
Frequently Asked Questions (FAQs)
Q: What do I need to open a Modest Chequing Account? A: To open a Modest Chequing Account, you will need valid identification, such as a driver’s license or passport, and proof of address, such as a utility bill or lease agreement. If you are a new customer, National Bank may also perform a credit check.
Q: Can I access my account online? A: Yes, National Bank offers robust online and mobile banking platforms. You can check your account balance, view transaction history, transfer funds, pay bills, and more through the online banking portal or the National Bank mobile app.
Q: Is there a fee for Interac e-Transfers? A: No, Interac e-Transfers are included in the unlimited electronic transactions, so you can send and receive money without incurring additional fees.
Q: How can I avoid the monthly account fee? A: The monthly fee of $3.95 can be waived if you maintain a minimum balance of $2,500 in your account throughout the month.
Q: What happens if I exceed my free monthly transactions? A: If you exceed the 12 free monthly transactions, a fee of $1.25 per additional transaction will apply. These fees can be minimized by utilizing electronic transactions, which are unlimited and free.
I have 13 years of experience in customer service at one of Brazil’s largest banks, including 5 years as a general branch manager. I am a specialist in banking products and services with a proven track record in team leadership and business development. I am also a holder of Brazilian certifications CPA-10 and CPA-20.
