- A low-fee or no-fee chequing account, limited to ATM, telephone and personal computer transactions. Express account customers are charged fees if they use bank teller services.
no-frills chequing account, low-fee account, no-fee bank account, no-fee savings account
Related Terms and Acronyms
- Automated Teller Machine (ATM) — Acronym, Canada,
➥ See also Automated Banking Machine (ABM).
- A terminal activated by a magnetically encoded card that allows customers of a bank or other financial institution to conduct everyday banking tasks such as deposits, withdrawals and transfers between accounts. An interconnection of these terminals allows customers to conduct certain transactions around the nation and the world; usually subject to a surcharge fee.
- Chequing Account — Definition,
- A bank account that allows quick access to the money in the account.
- Home Banking — Definition,
- A way to access bank accounts by phone. Typically customers can transfer funds, pay bills and make account inquiries.
- Online Banking (OLB) — Acronym, Important,
- Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
- Online Bill Payment — Definition,
- A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
- PC Banking — Definition,
- A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.
- Per Item Charge — Definition,
- A fee charged to account holders who exceed the allowable number of free transactions for their accounts. Or, the balance in an account does not meet the average monthly balance required to waive the fee.
- Savings Account — Definition,
- A financial account that pays interest with low risk.