Basic Chequing Account (FCAC Low-Cost Account)
The Basic Chequing Account is a multi-currency personal account that supports CAD, USD, and CNY, designed for everyday banking needs. The CAD account serves as the primary account and includes chequing features.
This account complies with the Financial Consumer Agency of Canada (FCAC) commitment on low-cost or no-cost accounts, effective December 1, 2025.
Basic Information
| Monthly Fee | $4.00 / month |
|---|---|
| Fee Waiver Condition | Daily end-of-day CAD account balance ≥ CAD 1,000 during the month |
Multi-Currency Account Features
| SubAccount Currencies | CAD (Primary account) |
USD (Foreign currency sub-account) |
CNY (Foreign currency sub-account) |
|---|---|---|---|
| Per-debit-transaction Fee (per transaction) |
$0.80 per transaction （after 18 free per month） |
Free | Free |
| Cheque Writing | √ | × | × |
| Account Interest | x | x | x |
| SWIFT Incoming Transfers | Original currency retained (other currencies converted to CAD) |
Original currency retained | Original currency retained |
| In-Branch Cash Deposit | √ | √ (bills only) |
√ (￥100 bills only) |
| In-Branch Cash Withdrawal | √ | √ (bills only) |
√ (￥100 bills only) |
| ATM Deposit | x | x | x |
| ATM Withdrawal (Canada) |
Free (via Exchange network) or $1.00 each (via Interac network) |
x | x |
| ATM Withdrawal (Chinese Mainland) |
x | x | ¥25.00 each (ICBC ATM - UnionPay) or CNY¥35.00 each (Other banks - UnionPay) |
| ATM Withdrawal (US & Others) |
$5.00 each (UnionPay) |
x | x |
| POS Purchase | √ (Interac - Canada) (UnionPay - US/other) |
x | √ (UnionPay - Chinese Mainland) |
| Monthly Paper Statement | Free |
|---|---|
| Monthly e-Statement | Free |
| Digital Banking | Online Banking & Mobile Banking |
| Additional Features / Special Note |
Eligible for enrollment in the FCAC No-Fee Account Plan FCAC No-Fee Account Plan is only available for the Basic Chequing Account. It cannot be linked to other account types. |
FCAC No-Fee Account Plan – Eligible Groups
| Eligible Group | Admission Criteria & Validity* |
|---|---|
| Seniors Plan | Aged 60 or above (permanent eligibility) |
| Youth Plan | Under 19 years old *Valid until 19th birthday |
| Student Plan | Full-time enrolled students *Eligible for 2 years from the account opening date. May be extended upon valid proof. |
| Newcomer Plan | Permanent or temporary residents within one year of first entry into Canada *Valid for 2 years from account opening |
| Disability Plan | Beneficiary of a Registered Disability Savings Plan (RDSP) or Disability Tax Credit (DTC) recipient in Canada |
* Supporting documents are required. Due to the nature of youth, student, and newcomer statuses, eligibility under the plan will have an expiry date.
** If you become eligible for a plan after account opening, please contact us to apply.
Basic Chequing Account + FCAC No-Fee Account Plan
| Monthly Account Fee | Free ( |
|---|---|
| Per-transaction Debit Fee （per transaction） |
Free ( |
| Bank Draft Issuance | 2 free per year (non-cumulative) |
| In-Branch Bill Payment – assisted service |
1 free per month (non-cumulative) |
