Posted on: 12-07-05 14:31:15
After 4 month of moving here and not able to find a suitable job we are planning to open a store in Vancouver. I am looking for a business checking account for my corporation and all banks I enquire have fees associated with accounts which are:
1) service fee: Waved if minimum balance is 10,000(TD)
2) Deposit fee each deposit
3) Check deposit fee
4) Check writing fee
5) Direct debit
6) Direct withdrawl
7) Atm network
8) Atm non network
Blah Blah...
TD, CIBC, Vancity, Scotia, BMO, Envision, Community savings all have some kind of fees and on top of this they have 6 months hold period. as they will hold our checks for 5 to 7 day for 6 months as we have no credit history.
Can you please advice me which bank to use and has less fees, Is their any bank who can give us overdraft protection or any kind of loan (Remeber we are new immigrants and have only history of 4 months 
)
Please Share your thoughts as that can help all of new immigrants how to start the business
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Quote:I think you can find answers to most of these questions yourself by either calling the banks or checking out their websites.
Orginally posted by goingtocanada
Can you please advice me which bank to use and has less fees, Is their any bank who can give us overdraft protection or any kind of loan (Remeber we are new immigrants and have only history of 4 months
All of the large banks have a set of fairly standard products and services and they can give you the information about the types of accounts and the various options.
Have you called each of the banks in your area or read through their websites?
The following web page contains links to several agencies related to growing business in Canada -
http://www.cic.gc.ca/english/business/links.html
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Try RBC. I have business accounts with RBC and monthly Bank Fees usually vary between $5-10. Our monthly transactions are usually 10-20.
Shop around with different banks but I seriously doubt that you will get a free ride with any of them. Look beyond Banks for loans and line of credit. Most of Canadian banks don't walk the talk. Look for micro-lenders for low interest small new businesses loans, typically credit unions. These loans are from federal/provincial programs, carry low interest rate but require business plan.
Try googling for micro business loans in Canada. You will find some information to guide you through. Also spend some time on Industry Canada and Strategis Canada website. They also have information on starting new business.
Quote:
Orginally posted by goingtocanada
After 4 month of moving here and not able to find a suitable job we are planning to open a store in Vancouver. I am looking for a business checking account for my corporation and all banks I enquire have fees associated with accounts which are:
1) service fee: Waved if minimum balance is 10,000(TD)
2) Deposit fee each deposit
3) Check deposit fee
4) Check writing fee
5) Direct debit
6) Direct withdrawl
7) Atm network
8) Atm non network
Blah Blah...
TD, CIBC, Vancity, Scotia, BMO, Envision, Community savings all have some kind of fees and on top of this they have 6 months hold period. as they will hold our checks for 5 to 7 day for 6 months as we have no credit history.
Can you please advice me which bank to use and has less fees, Is their any bank who can give us overdraft protection or any kind of loan (Remeber we are new immigrants and have only history of 4 months
Please Share your thoughts as that can help all of new immigrants how to start the business
I have had accounts in other banks in the past but now I stick to TD as I find thier service and reception to new immigrants better. You can discuss with their investment adviser and with a minimum 10 K deposit your monthly fee is waived along with some transaction fees. Also try to obtain the Business VISA Card which helps build the credit history for your business.
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Did you form your corporation in US or Canada? Which type of corporation is this?
We are BC ltd Corporation. I did opened a account in TD and they gave me 3 months free actually they put $45 in my account to cover 3 months fee of 15 for 10 free transaction each month. We applied for credit card but was not successful in getting one due to new immigrant. I am also looking into getting a interac or debit card machine. I found that I can buy one outside or rent from bank. If use bank then they charge 35 PM plus transaction fee of 15 cents. I found a advertisement in newspaper as to buy the machine for 1100.00 and pay only 12 cents and no other charges. If I get master and Visa then I have to pay 2.8% so what you guys and girls suggest of this should I use private comapny or bank and is the prices are good or not? I am in BC.
