Chequing account · Vancity Credit Union
Vancity Credit Union Essential Chequing: fees and true cost
Vancity Credit Union’s Essential Chequing charges $9.75/mo, or $0 with a $1,500 minimum balance, with branch: 0 · self-serve: 0 transactions. For our “Everyday” example that comes to $759 a year, #68 of 70 chequing accounts offered in British Columbia.
Provincial insurerOffered in BC
Fees retrieved November 1, 2026
Mitey tallies a year of Vancity Credit Union’s Essential Chequing: $759 for the Everyday profile.
How much does Essential Chequing from Vancity Credit Union cost a year?
For a typical household (43 transactions and a $1,000 low balance a month), Essential Chequing costs $759 a year, #68 of 70 chequing accounts offered in British Columbia. The $9.75 monthly fee is waived with a $1,500 minimum balance. Cheaper for the same banking: Personal Account at EQ Bank ($0). Deposits are protected by a provincial credit union deposit insurer.
Who does Vancity Credit Union Essential Chequing suit?
- Best fit: the Heavy profile (lots of card, bill and e-transfer payments), where it ranks #59 of 70 chequing accounts offered in British Columbia.
- Allowance: 0 self-serve transactions a month; each one beyond that costs $2, so 10 more a month adds $240 a year.
- Waiver or fee? Keeping $1,500 waives the $9.75 fee ($117 a year). The same money at 3% (30 Day Notice Savings Account, EQ Bank) would earn about $45 a year, so holding the balance is the cheaper way to run this account.
- Versus the cheapest: for everyday use it costs $759 a year more than Personal Account (EQ Bank), $3,795 over five years.
What would it cost you in a year?
| Usage | Fees a year | Why | Rank |
|---|---|---|---|
| Light Mostly card and app, small balance | $411 | Monthly fee $9.75; extra transactions $24.50/mo | 68 of 70 |
| Everyday Household account, a few e-Transfers | $759 | Monthly fee $9.75; extra transactions $51.50/mo | 68 of 70 |
| Heavy Lots of card, bill and e-Transfer payments | $1,164 | Fee waived by the balance; extra transactions $93.00/mo | 59 of 70 |
| Branch and cheques Teller visits, cheques, paper statement | $316 | Fee waived by the balance; extra transactions $23.80/mo | 47 of 55 |
Try your own numbers in the true-cost finder. Is keeping $1,500 in the account worth it? Run it in the account-fee calculator.
Every fee FCAC lists for this account
| Item | Fee |
|---|---|
| Monthly fee | $9.75/mo, or $0 with a $1,500 minimum balance |
| Included transactions | Branch: 0 · self-serve: 0 |
| Debit purchase in Canada (beyond included) | $2.00 |
| Online or mobile bill payment | No extra fee |
| Interac e-Transfer | No extra fee |
| Online transfer between your accounts | No extra fee |
| Own-bank ATM withdrawal | $0.50 |
| Withdrawal at another institution’s ATM | $2.00 |
| ATM withdrawal in the United States | $3.00 |
| ATM withdrawal in other countries | $3.00 |
| Debit purchase in the United States | $3.00 |
| In-branch withdrawal | $0.70 |
| Bill payment in branch | $0.70 |
| Cheque (as a payment) | No extra fee |
| Mailed monthly statement | $2.50 |
| Non-sufficient funds (NSF) | $10.00 |
| Overdraft protection, monthly | Not available |
| Overdraft protection, per use | $5.00 |
| Overdraft interest | 21% a year |
Notes from the institution
Miscellaneous fees including the Paper Statement fees are not waived by the minimum monthly balance waiver.
Is the money protected?
Provincial deposit insurer. Credit union deposits are insured by the province, with limits that vary — see credit union insurance by province.
Cheaper for everyday use, at other institutions
- Personal Account (EQ Bank) — $0 a year
- Wealthsimple Chequing (Wealthsimple) — $0 a year
- 1Q Chequing Account (KEB Hana Bank Canada) — $0 a year
Other chequing accounts at Vancity Credit Union
- Chequing Plus (Youth under 25) — No monthly fee
- Chequing Plus (age 65+) — No monthly fee
- Essential Plus Chequing — $14.75/mo, or $0 with a $3,000 minimum balance
- Pay As You Go Chequing — No monthly fee
- Total Chequing Account — $25.75/mo, or $0 with a $6,000 minimum balance
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · Vancity Credit Union’s product page
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.