New account axes bank fees

Valley First Credit Union waves banking fees with the introduction of its new Simply Free Account.

Valley First Credit Union is keeping banking simple and saying good-bye to banking fees with the introduction of its new Simply Free Account.

It is the only account that offers unlimited free Interac e-transfers (electronic money transfers made via e-mail or cellphone) in Canada, and it also features other day-to-day banking services with no monthly fees or additional charges. Those services include: free e-statements; free debit card payments; free ATM withdrawals at Valley First and Exchange-branded ATMs; free starter cheques; and free online cheque viewing.

A Simply Free Account requires no minimum balance, nor is there a transaction limit, which is a contrast to the trend seen in Canadian banking, as was highlighted in the J.D. Power and Associates 2012 Canadian Retail Banking Customer Satisfaction Study Results.

The study revealed that just over one in four Canadians (27 per cent) experienced an increase in bank fee changes over the past year. It also revealed that many Canadians are increasingly dissatisfied with their financial institution, due, in part, to rising fees.