Chequing account · Innovation Federal Credit Union
No-Fee Chequing Account: fees and true cost
Innovation Federal Credit Union’s No-Fee Chequing Account charges no monthly fee, with unlimited transactions. For our “Everyday” example that comes to $30 a year, #14 of 106 chequing accounts offered in Ontario.
CDICOffered in AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Fees retrieved November 1, 2026
What it would cost you in a year
| Usage | Fees a year | Why | Rank |
|---|---|---|---|
| Light Mostly card and app, small balance | $0 | No monthly fee | 10 of 106 |
| Everyday Household account, a few e-Transfers | $30 | No monthly fee | 14 of 106 |
| Heavy Lots of card, bill and e-Transfer payments | $60 | No monthly fee | 16 of 106 |
| Branch and cheques Teller visits, cheques, paper statement | $0 | No monthly fee | 1 of 94 |
Try your own numbers in the true-cost finder.
Every fee FCAC lists for this account
| Item | Fee |
|---|---|
| Monthly fee | No monthly fee |
| Included transactions | Unlimited |
| Debit purchase in Canada (beyond included) | No extra fee |
| 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 | No extra fee |
| Withdrawal at another institution’s ATM | $2.50 |
| ATM withdrawal in the United States | $4.00 |
| ATM withdrawal in other countries | $4.00 |
| Debit purchase in the United States | No extra fee |
| In-branch withdrawal | No extra fee |
| Bill payment in branch | No extra fee |
| Cheque (as a payment) | No extra fee |
| Mailed monthly statement | No extra fee |
| Non-sufficient funds (NSF) | $45.00 |
| Overdraft protection, monthly | Not available |
| Overdraft protection, per use | No extra fee |
| Overdraft interest | 19.8% a year |
Notes from the institution
N/A
Is the money protected?
CDIC member. Eligible deposits are covered up to $100,000 per category at each CDIC member — see the deposit safety tool.
Cheaper for everyday use, at other institutions
- Wealthsimple Chequing (Wealthsimple) — $0 a year
- Personal Account (EQ Bank) — $0 a year
- 1Q Chequing Account (KEB Hana Bank Canada) — $0 a year
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · Innovation Federal Credit Union’s product page
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