Rubina Ahmed-Haq

Personal Finance Expert

Always Save Money


Has your bank recently announced it is increasing its fees? If you’re looking for an alternative, what are the choices? Are there any? The answer is a resounding yes. And it’s a FREE option that has been available for more than 15 years: no fee daily banking.

Launched in 1998, President’s Choice Financial services offers customers free everyday banking, free cheques, free ATM transactions at President’s Choice Financial and CIBC bank machines, online, mobile and in-store banking options, just to name a few. Even better? Banking with President’s Choice Financial can save you up to $200 in bank fees annually compared with what the ”Big 5” banks charge.*

As a personal finance writer, I’m often faced with questions and misunderstandings about no fee banking. Here are some of the more prevalent myths, which I believe keep customers on the hook for unnecessary fees.

Myth #1 – It’s only a virtual bank
President’s Choice Financial pavilions are manned with real people. They can be found at various Loblaw and banner store locations across the country. These pavilions offer face-to-face help with any of your banking questions.

Myth #2 – There are limited ATM locations President’s Choice Financial customers have the flexibility of visiting more than 3400 ATMs located across the country. This includes President’s Choice Financial and CIBC bank machines.

Myth #3- Product selection is limited President’s Choice Financial services offer a full range of financial products, including both chequing and savings accounts. As well, you can choose from investment accounts, including RRSP and TFSA. They also offer mortgages, lines of credits and the no annual fee President’s Choice Financial MasterCard.

Myth #4 –No fee accounts pay no interest President’s Choice Financial offers a competitive rate on its high interest savings accounts. Accounts with even a minimum balance earn interest and they have offered some great promotional and competitive interest rates in recent years.

Experts often state that humans find change hard, even if it’s for their own good. In some cases, many of us haven’t even thought about change, so we don’t realize it’s an option.

When it comes to banking, many Canadians are stuck in this state. Often, we’ve been with a bank so long that we don’t realize there are other options that can meet or exceed our banking needs.

Change doesn’t have to be hard though. Just like switching to a new hairdresser, there will be elements about your experience that are foreign to you. But, when it comes to saving money, there’s been never been a better time and more of a reason to change. By switching banks you may be able to save not just money, but also time and stress. I’m here to tell Canadians that in this case, change is not only good – it’s necessary, especially when it means keeping more of your own hard-earned money.

Disclosure: This is a sponsored article on behalf of President’s Choice Financial®. The opinions in this article are my own.

*Savings comparison based on the fees for unlimited transaction chequing accounts and one order of cheques as offered by five major Canadian banks as of February 4, 2015.


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