#small business banking
Help me choose
a Business Bank Account
i The monthly Business Banking Plan transaction limit includes cheques negotiated and other debit or credit transactions to the account including deposits, withdrawals, electronic credits and debits, bill payment debits or debit card debits and credits.
ii Standard deposit contents fees will be waived on each month’s deposits up to these limits.
iii The monthly Business Banking Plan fee can be eliminated by maintaining the minimum monthly balance at all times in a Business Account. Customers are responsible for all other fees relating to any transactions, services and products not included in the Business Banking Plan. The minimum balance waiver is only eligible for customers with the Business Builder 3 and 4 Business Banking Plans.
1 Subject to interruptions in telecommunications or online systems or in power supply or any other factor or event beyond the control of Bank of Montreal.
2 Mobile Banking is only available for customers registered for Online Banking.
3 Electronic transactions exclude transactions completed at a BMO branch or with the assistance of a Customer Contact Centre associate.
4 Assisted transactions refer to those completed with a Customer Contact Centre associate.
5 Although BMO will not charge any fees in addition to your monthly Plan or account fees to access Mobile Banking, additional service fees may be charged by your service provider. Check with your service or hardware provider if you have questions about your specific device.
6 Applies to all deposits posted by Moneris to your BMO business account in connection with your acceptance of MasterCard, Visa*, Interac, Discover* or Union Pay* branded cards and American Express* transactions that are settled by Moneris – including deposit of settlement funds, terminal rental fee, and any other fees. American Express credit card transactions that are not settled through Moneris are not included in unlimited Moneris transactions, and are subject to separate terms and conditions. Standard transaction fees apply. Refer to Moneris Solutions for complete details. All other debit or credit transactions posted to your BMO account related to any other brand of card processed using Moneris services, are not included and may be subject to transaction limits associated with your Plan and/or excess per-item transaction fees. (* Visa, Discover, American Express and Union Pay are trademarks of their respective owners.)
7 Transactions include cheques negotiated and other debit or credit transactions to the account, including deposits (except cash and coin), withdrawals, electronic credits and debits, bill payment debits or debit card debits and credits. Cash and/or coin deposits are subject to deposit content fees of $2.25 per each $1,000 for cash and $2.25 per each $100 for coin.
8 There are no daily or monthly transaction fee limits. A $5.00 per item fee will apply to each transfer.
9 Overdraft limits range from $500 to a maximum of $2,499.99 and are subject to credit qualification.
10 Available in Canadian dollars only.
11 Interest is calculated on the daily overdrawn balance at prevailing overdraft interest rates and charged to the account on the last business day of each month.
12 A $5.00 per item fee will apply to each debit transaction that creates or increases the overdraft up to your approved limit.
13 There are no daily or monthly transaction fee limits. A $5.00 per item fee will apply to each debit transaction that creates or increases the overdraft.
14 This fee is in addition to any applicable transaction fees.
15 You are required to provide initial setup instructions for this service.
16 Interac e-Transfer service may be restricted based on BMO Debit Card for Business privileges.
17 Interac e-Transfers can only be sent from a Canadian dollar business account. Sending an Interac e-Transfer is considered an electronic debit to the account. Excess item or account per item fees may apply. The Interac e-Transfer fee is non-refundable, this includes cancellations. The AgriInvest Account and Business Premium Rate Savings Account are restricted from sending Interac e Transfers.
18 Interac e-Transfers can only be credited to a Canadian dollar account. There is no additional charge to receive an Interac e-Transfer. Receiving an Interac e-Transfer is considered an electronic credit to the account. Excess item or account per item fees may apply.
19 Your Interac e-Transfer send limit may be lower than the posted daily limit depending on the Bill Payment Limit assigned to your BMO Debit Card for Business.
20 BMO self-serve channels include BMO Online, Mobile and Tablet Banking, BMO Online Banking for Business, Telephone Banking (when using the interactive voice response (IVR) sytem and BMO ATMs.
#suntrust business banking
SunTrust Bank Business Checking Account Review: $200 Promotion
SunTrust Bank is offering residents in the states of Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, Washington D.C. and West Virginia, a chance to earn a cash bonus of $200. To get started on your bonus open a business checking account with the promo code SB16SUMMEROL, make a $1,500 in deposits, register for and activate Online Cash Manager to earn the first $200. Then open an active processing Merchant Services account to earn the last $200. Hurry in and open an account with SunTrust Bank to receive many benefits! This offer is only available until July 30, 2016. so hurry in and get started today!
BBVA Compass is offering a $125 total bonus that includes a $100 NBAstore.com gift card, a $15 Amazon gift card, and a $10 iTunes gift card just by opening a NBA checking account. NBA Banking accounts may only be opened online, and can be accessed using a web-enabled computer or smartphone. Sign up today for the $125 Bonus! Apply Now — BBVA Compass NBA Checking Review
TD Bank is offering a great bonus where you can earn a new Samsung Galaxy by opening a new Convenience Checking account! Once you’ve opened the new account, the Samsung Galaxy is yours as long as you sign up for a new 2 year contract with Sprint or Verizon. This is a great chance to earn a new phone so hurry and claim the offer while supplies last. Apply Now — TD Bank Review
SunTrust Bank Account Summary:
- Apply Now
- Account Type: Primary Business Checking, Total Business Banking, and SunTrust Business Advantage Plus Checking Account.
- Maximum Bonus: $200
- Availability: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, Washington D.C. and West Virginia
- Expiration Date: 6/30/2016
- Soft/Hard Pull: Soft Pull (Chexsystems)
- Credit Card Funding: Credit Card funding up to $1000.
- Direct Deposit Requirement. No Required Direct Deposit
- Additional Requirements: Use promo code SB16Q2INTERNET. See Below For Detailed Requirements
- Monthly Fee: Have at least $1500 in account to avoid monthly fee for Primary Business Checking.
- Early Termination Fee: Keep business checking account in good standings with a positive balance for up to 20 weeks.
SunTrust Bank Bonus Requirements:
- Open a business checking account with promo code SB16Q2INTERNET by July 30, 2016. Primary Business Checking, Total Business Banking, and SunTrust Business Advantage Plus Checking Account.
- Make $1,500 in qualifying deposits or more into the new account within 30 days of opening.
- Register for and activate Online Cash Manager with at least one sign on within 30 days of opening the account. You’ll then earn the $200 bonus.
- For the additional $200 bonus, you must open an active processing Merchant Services account within 30 days of opening the linked SunTrust business checking account.
- Primary Business Checking
- $1,500 minimum average balance to waive monthly maintenance fee
- 150 items/transactions included
- $5,000 cash processing included
- 10% deposit bonus when redeeming for Cash Back into a SunTrust business deposit account with your SunTrust Business Cash Rewards Credit Card
- Total Business Banking
- $5,000 minimum average balance to waive monthly maintenance fee OR
- $10,000 minimum balance when combined with a Money Market Account to waive monthly maintenance fee
- 300 items/transactions included
- 10% deposit bonus when redeeming for Cash Back into a SunTrust business deposit account with your SunTrust Business Cash Rewards Credit Card
- Business Advantage Plus
- $20,000 minimum balance to waive monthly maintenance fee across the 3 SunTrust Business Advantage Plus accounts included for free
- 500 items/transactions included
- $10,000 cash processing included
- Discounts on additional services such such as Online Payroll monthly maintenance fee
- 25% deposit bonus when redeeming for Cash Back into a SunTrust business deposit account with your SunTrust Business Cash Rewards Credit Card3
SunTrust Bank bonus is available for only one incentive per TIN or EIN is eligible for the promotion. SunTrust clients who already have a business checking account with SunTrust (as a primary or secondary account holder) are not eligible for this promotion. SunTrust clients who closed a business checking account within 30 days of the promotion start date are also not eligible for this promotion. SunTrust employees are not eligible for this promotion. If you meet the requirements, the bonus will be deposited within 10 to 20 weeks of meeting the requirements. Hurry into your local SunTrust Bank and get started today. If not, see our complete list of Bank Deals for all your banking needs!
Disclaimer. These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
Advertiser Disclosure. Many of the credit card offers that appear on this site are from credit card companies from which BankCheckingSavings.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). We do not feature all available credit card offers or all credit card issuers.
Editorial Disclosure: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Copyright 2016 BankCheckingSavings. All rights reserved.
#free business checking
Many of the offers appearing on this site are from advertisers who compensate us to be listed on our site.
The results of our “banking comparison tool” are based on objective, quantitative and qualitative analysis of the banking products’ attributes and are not affected by compensation.
Compensation may impact which products we review and write about and how and where they appear on this site including, for example, the order in which they appear.
Any evaluation, advice, opinion or guidance provided by us or editorialized by us within this website such as bank reviews, product reviews or editorial content is in no way affected by or based upon compensation from our advertisers.
Additionally, our star ratings are a mix of user feedback and NerdWallet’s independent evaluation which are independent of compensation.
For a list of all of our advertising partners, click here
Find a Free Business Checking Account
You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .
You shouldn’t have to pay a fee just to have a small-business checking account. It’s true that many banks and credit unions levy a monthly service charge if you don’t maintain a high enough balance, but some institutions don’t — and they don’t have minimum balance requirements, either.
Use this list to help you find the best provider for your business. Keep in mind that even though these institutions offer free business checking, you could still be charged for overdrafts, excess transactions or excess deposits. For more information on what to consider when choosing an account, read our primer on business checking .
Most small companies and entrepreneurs can open business checking accounts online instead of in person. The Small Business Administration offers a guide to finding out whether your business is eligible.
- BofI Federal Bank: Basic Business ($1,000 minimum to open)
- EverBank: Small Business Checking ($1,500 minimum to open; for sole proprietors only)
These banks will waive their monthly fees if you meet their requirements for debit card transactions:
- BancorpSouth: e-Business Checking (Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas). Required to waive fee: five debit card purchases per statement period.
- MB Financial: MB Small Business Checking (Illinois). Required to waive fee: four signature-based debit card transactions per statement period.
- Wells Fargo: Business Choice Checking (in 39 states). Required to waive fee: 10 debit card purchases or payments per statement period.
You may also want to consider your other banking relationships. For example, if you have a small-business credit card from your bank, you may already be eligible for a small-business checking account with waived fees.
This article was updated June 15, 2016. It was originally published in September 2012.
Did we leave your financial institution off this list? Please let us know .
You may also like
US Bank raping me with fees, I m going to start a business soon and from the way they treat there personal banking customers i d never use them for business, i want to go owndewi i d soon going US
In addition, they outright lie to you if you go to open a credit account. USBank screwed up everything from day 1 for 3 months until I said enough. They forgot to send out my checks, then they sent me an employee card instead of an employer card, charged me for sending me the correct card, took 3 weeks to finally credit it back, signed me up for 2k worth of overdraft protection and in the same swing signed me up for a $500 limit credit card. WTF do I want a $500 CC with 30% APR on it for? Especially when I have a 2k overdraft. Asked underwriter for more money, never heard back from them. So I refused the terms of the CC, as they werent what we had discussed, and they said that I had already entered into the agreement, but cannot provide pertinent documents to support the claim. Now all I have left is to close the checking with them. Worst customer service of all banks ever.
For what it s worth, I m researching good Business Checking banks and U.S. Bank didn t pass the smell test via their Silver Business Package. Apparently, the state influences things, but in Colorado U.S. Bank doesn t hold a candle to some of the other (better) options.
Starting in August 2013, US Bank will begin charging for business checking accounts.
I wanted an online bank, and unfortunately, none of these were a good fit. I have an LLC, so Everbank was out BofI sent me to voicemail when I called during business hours, which doesn t make me feel secure with the bank that has my money .SmallBusinessBank.com has crazy fees for outgoing wire transfers. $20 for domestic, $50 for international. International incoming is $37.50. Not worth it.
I may just have to go back to BOA, PNC, or Chase smh
First Citizens Bank has free accounts I ve seen it in different states. Bigger Banks forget about their clients/Customer Service because of their Brand. I ll stick to a solid -relationship based Bank such as First Citizens Bank.
First Citizens Bank has free accounts I ve seen it in different states. Bigger Banks forget about their clients/Customer Service because of their Brand. I ll stick to a solid -relationship based Bank such as First Citizens Bank.
New York residents also have Bank of the Ozarks even if there s only one.
Online Savings Account: High Interest Savings, Rates & Reviews #high #interest #savings #account, #online
Ally Bank Online Savings Account
Make your savings work for you
- No monthly maintenance fees
- Earn a higher rate than most savings accounts
- Deposit checks remotely with Ally eCheck Deposit
- Grow your money faster with interest compounded daily
- Six transactions limit per statement cycle
Why only 6?
- Your deposits are insured by the FDIC up to the maximum allowed by law. Maximize your coverage
- Protect your legacy. Open this account for a Trust. Learn more
Managing your account is easy
Get the service you need, when you need it. Talk to a real person 24/7, and enjoy the convenience of Online Banking and Mobile Banking.
Simple transfers. What’s not to love?
It’s fast, easy and safe for you to move money with Ally Bank.
- Move funds between your Ally Bank accounts
- Transfer money between Ally Bank and accounts at other institutions
- Schedule transfers up to a year in advance
Get more for your money
It’s good to be different
We’re an online bank, which means we don’t have physical bank locations. By eliminating the costs associated with traditional brick-and-mortar banks, we can offer great rates and outstanding customer care.
With Ally Bank, you get everything you expect from a traditional bank and more:
- Peace of mind. No hidden fees. No maintenance fees. No minimum balance required
- Make deposits. Deposit checks with Ally eCheck Deposit or ACH transfers
- Keep track. Access your account anytime, anywhere with online and mobile banking
Learn more about the benefits and conveniences of Ally Bank.
Live customer care
When you want to build a better financial future
Whether you’re starting to save or planning for retirement, we offer you the resources and the tools that can help you stay on track in any life stage.
Our Emergency Savings calculator can help you decide how much to put away for those unexpected costs.
Use our Saving for the Future calculator to identify how much to save toward your goals.
Find out if you’re on track to reach your retirement goals with our See How You Compare tool
A few things you should know
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers, businesses, automotive dealers and corporate clients. Ally Bank, the company’s direct banking subsidiary, offers an array of banking products and services.
Deposit products (“Bank Accounts” on Ally.com) are offered by Ally Bank, Member FDIC. In addition, mortgage products are offered by Ally Bank, Equal Housing Lender . NMLS ID 181005. Credit and collateral are subject to approval and additional terms and conditions apply. Programs, rates and terms and conditions are subject to change at any time without notice.
The Ally CashBack Credit Card is issued by TD Bank, N.A.
Securities products and services are offered through Ally Invest Securities LLC, member FINRA and SIPC .
View all Securities disclosures
Advisory products and services are offered through Ally Invest Advisors, Inc. an SEC registered investment advisor. Brokerage accounts are serviced by Ally Invest Securities LLC and advisory client account assets are kept in custody with Apex Clearing Corporation, members FINRA and SIPC. View all Advisory disclosures
Foreign exchange (Forex) products and services are offered to self-directed investors through Ally Invest Forex LLC. Ally Invest Forex LLC, NFA Member (ID #0408077), acts as an introducing broker to GAIN Capital Group, LLC (“GAIN Capital”), a registered FCM/RFED and NFA Member (ID #0339826). Your forex account is held and maintained at GAIN.
Ally Invest Forex LLC and Ally Financial Inc. are separate, but affiliated companies. View all Forex disclosures
Futures trading services are provided by Ally Invest Futures LLC member NFA. Trading privileges are subject to review and approval. Not all clients will qualify. View all Futures disclosures
Forex, futures, options and other leveraged products involve significant risk of loss and may not be suitable for all investors. Products that are traded on margin carry a risk that you may lose more than your initial deposit. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act.
Forex and futures accounts are NOT PROTECTED by the Securities Investor Protection Corporation (SIPC).
Products offered by Ally Invest, but not limited to, Ally Invest Advisors, Ally Invest Securities, Ally Invest Forex, and Ally Invest Futures are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE.
2009 2017 Ally Financial Inc.
Why only 6?
Live customer care
View all Securities disclosures
Online Savings Accounts – How – Where to Get One #open #a #savings #account
Open a Savings Account Online
Online savings accounts almost always pay more than brick-and-mortar banks. So it pays to know how they work and how to start earning interest easily.
Can you Open an Account Online?
The first step to higher rates is opening an account. The process is easy, and you can do everything online. That means you can get started and open a savings account online right now – no need to head to the branch, print forms, or wait a few days (and lose momentum).
In the past, you needed a “linked” account at a brick-and-mortar bank, but those days are behind us.
Where to Open an Account
There are plenty of great online banks to choose from. Look for a bank that does what you want, whether you’re searching for the highest rate, or you want to get ATM fees reversed. Be sure to look for helpful features like the option to open a checking account and pay bills online. and the ability to deposit checks to your account with your mobile device .
Need a suggestion to get you started? Both Ally Bank and Capital One 360 offer respectable online savings accounts, and Ally will reimburse ATM fees (up to certain limits) if you use their checking account.
If you go with the highest paying bank, keep in mind that things will change over time. The bank with the highest APY today might fall behind in a year or so. Don’t get too caught up in getting the highest rate (unless you have a huge account balance, it probably doesn’t make sense to switch banks ) – the important thing is simply to earn a competitive rate.
Remember to include local banks and credit unions in your search. Even some megabanks have online-only accounts, and those accounts might make sense depending on your needs. They probably don’t pay as much as internet banks, but you’ll have the option to work with a teller (for a fee) from time to time if the need arises.
How to Open an Account
To open your account, visit the website of the institution you want to bank with. Look for something like “open an account,” and you’re on your way. You’ll need to provide plenty of personal information (such as your Social Security Number, date of birth, and physical address), so make sure you set aside a few minutes to complete the process. For more details, see what to expect when opening a bank account online .
Is it Safe?
Online banking is generally safe. There are always risks, but you can manage those risks.
Digital security: it’s safe to open an account online as long as the information you provide will travel over secure channels. Most banks, web browsers, and apps ensure that thieves cannot see anything you submit (everything is encrypted or “scrambled” so that it cannot be used by anybody else). Assuming your device has not been compromised – you’ve got up-to-date operating systems, antivirus, browsers, and firewalls – your data should be safe. However, use caution when using public Wi-Fi. and make sure you’ve got genuine bank apps on your mobile devices (jailbroken phones are riskier to use).
Day-to-day. online banks are typically safer than traditional banks.
There are no checks in the mail to get lost or stolen, and you’re less likely to walk around with a wad of cash. Instead, you’ll probably do everything electronically, including moving money. paying bills. and making purchases with a debit card (note that you generally cannot make purchases or pay bills from a savings account – you’ll need a checking account or money market account ).
Bank failures are always a possibility, but they are rare. Make sure that any online bank you’re considering is FDIC insured (or covered by NCUSIF insurance if it’s a credit union ), and keep your deposits below the maximum coverage limits. That way, if your bank happens to fail, you’ll hopefully only suffer a minor inconvenience .
Most Americans have less than $1, 000 in savings #money #market #account #vs #savings
Most Americans have less than $1,000 in savings
For the majority of Americans, these are empty.
Americans are living right on the edge — at least when it comes to financial planning.
Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey for personal finance website GOBankingRates.com. “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” says Cameron Huddleston, a personal finance analyst for the site. “They likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends and family, or even their retirement accounts to cover unexpected expenses.”
This is supported by a similar survey of 1,000 adults carried out earlier this year by personal finance site Bankrate.com, which also found that 62% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair. Faced with an emergency, they say they would raise the money by reducing spending elsewhere (26%), borrowing from family and/or friends (16%) or using credit cards (12%). And among those who had savings prior to 2008, 57% said they’d used some or all of their savings in the Great Recession, according to a U.S. Federal Reserve survey of over 4,000 adults released last year. Of course, paltry savings-account rates don’t encourage people to save either.
In the latest survey, 29% said they have savings above $1,000 and, of those who do have money in their savings account, the most common balance is $10,000 or more (14%), followed by 5% of adults surveyed who have saved between $5,000 and just shy of $10,000; 10% say they have saved $1,000 to just shy of $5,000. Just 9% of people say they keep only enough money in their savings accounts to meet the minimum balance requirements and avoid fees. But minimum balance requirements can vary widely and be hard to meet for some consumers. They can vary anywhere between $300 a month and $1,500 a month at some major banks.
Some age groups are less likely to have savings than others. Some 31% of Generation X — who are roughly aged 35 to 54 for the purpose of this survey — while being older and presumably more experienced with money than their younger cohorts, actually report a savings account balance of zero, which is the highest percentage of all age groups. Around 29% of millennials — aged 18 to 34 — and 28% of baby boomers — aged 55 to 64 — said they have no money in their savings account. Baby boomers (17%) and seniors aged 65 and up (20%) have the most money saved of any age group while less than 10% of millennials and approximately 16% of Generation X have $10,000 or more saved.
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Is mobile banking safe?
A rock climber clinging precariously to the side of a cliff gets a text alert on her cellphone that her checking account balance is low. She quickly transfers funds to avoid an overdraft, then resumes her ascent.
A couple on a road trip suddenly remember they forgot to send their car payment before they left home. No problem the wife, sitting in the passenger seat, zaps it off from her smartphone as they zoom down the highway.
© Emily Rose Bennett/Staff/ZUMA Press/Corbis
Judging from these TV commercials, using a cellphone to check your bank balance, transfer money and pay bills seems like a no-brainer, so easy and convenient that anyone who doesn t do it must be some kind of Luddite. According to Javelin Strategy Research, mobile banking increased by 40 percent in 2013, with 74,000 new users per day.
If you re not yet using your phone to check your balance, pay your bills or move money from account to account, you will soon. There s little doubt that the era of mobile banking is coming, says Mark Schwanhausser, director of omnichannel financial services at Javelin Strategy Research in Pleasanton, California.
That raises the question: How safe is it? With all the tech-savvy crooks and identity thieves lurking about, is it really a good idea to have your precious financial information floating around the airwaves or residing on a piece of gear that you could easily lose? According to a Javelin study, security, or the lack thereof, is the No. 1 fear among potential mobile banking customers.
The good news is that the fear is so far worse than the reality, thanks in part to the financial industry s heavy investment in security technology. In addition, many bank and credit card companies promise to cover 100 percent of a customer s mobile fraud losses. Other banking institutions, such as Bank of America, offer zero liability as long as customers report the fraudulent transaction within 60 days and have not violated other protection rules.
Mobile banking comes in three different flavors. Most banks emphasize one or a combination of them.
Short message service, or SMS, works with just about any cellphone sold in recent years. It basically involves you and the bank exchanging text messages, like infatuated teenagers. Once you have registered your phone with the bank, you can ask the institution to send you a text alert when, say, your checking balance drops to a specific level or when your credit card is approaching its limit.
You can also request your current balance by sending the bank a message code, like BAL, and get a quick response. By sending various codes, you can learn what checks have cleared recently or move funds to a linked credit card. Because the bank will accept instructions only from your phone, you don t have to worry about someone impersonating you unless you lose or loan your phone.
Be aware that some scammers send SMS messages purportedly from your bank, requesting your personal identification number, or PIN; account number; or other information. Any such request for information is almost certainly fraudulent. To make it easier to determine at a glance that text messages from your bank are authentic, add the bank s short code to your contact list under the bank s name.
This method uses an Internet browser to access your bank s or credit card issuer s website, just like you would do from your home or office computer. For smartphone users, most large financial institutions have created special Web pages that are formatted for mobile screens.
Mobile browsers are theoretically susceptible to the same kind of security risks as a home or office computer. In reality, they are probably somewhat safer at the moment because creators of password-pilfering viruses and Trojan horses haven t yet fully focused on the mobile market. Of course, mobile Web users are as susceptible as anyone else to the phishing scams and spoofed websites that try to trick users into disclosing passwords and other personal data.
The best way to protect yourself is to exercise the same level of safe computing that you do at home or work. Avoid following links in emails purportedly sent by your bank, especially those that require you to enter passwords or other confidential information. Instead, use your browser bar to enter your bank s Web address. Better yet, save the Web link to your bank s login page as a bookmark to avoid the possibility of mistyping the URL.
Banking apps link you directly with your bank s computers. Financial institutions such as Bank of America and Citibank have developed applications for the exclusive use of their customers. Others are provided by third parties such as AT T and can be used to access accounts at many banks.
They ve become easier to install and they re popular because they re often faster than logging in to a bank website. Also, their user interfaces can be simpler to navigate on a small screen.
Theoretically, at least, proprietary applications are highly secure because they are designed to work with a bank s own security algorithms. And because they don t use Web browsers, these applications are resistant to phishing scams. The downside is that some programs can store sensitive information on the phone itself and can allow the user to remain logged in for extended periods of time. This can be hazardous if a lost phone ends up in the wrong hands. If you use such an application, disable these options if possible.
No matter what kind of mobile banking method you use, reduce fraud and protect your money by following a few common-sense precautions:
- Set the phone to require a password to power on the device or unlock it.
- Whether you re using the mobile Web or a mobile app, don t let it automatically log you in to your bank account. Otherwise, if your phone is lost or stolen, someone will have free access to your money.
- Avoid sharing your password, account number, PIN, answers to secret questions or other such information. Don t save this information anywhere on your handset.
- Immediately tell your bank or mobile operator if you lose your phone.
Tax Free Savings Account (TFSA) FAQ
In the 2008 budget, the government of Canada introduced a brand new personal savings vehicle: the Tax-Free Savings Account (TFSA), to help you save for different purposes throughout your lifetime. This new account is the most important personal savings vehicle for Canadians since the introduction of the RRSP in 1957.
As of January 2, 2009, you are able to start contributing to a TFSA, which can hold any combination of eligible investment vehicles, such as cash, stocks, bonds, GICs and mutual funds, the growth of which will be tax-sheltered.
Your Scotiabank advisor can help you plan how the TFSA can help you meet your savings and investment goals.
A TFSA allows you to set money aside in eligible investments and watch those savings grow tax-free throughout your lifetime. Interest, dividends, and capital gains earned in a TFSA are tax-free for life. Your TFSA savings can be withdrawn from your account at any time, for any reason 1. and all withdrawals are tax-free. And if you want, you can put back the amount you withdraw into your TFSA. However, you have to do it the following year so it will not impact your contribution room.
The annual TFSA contribution limit for each individual (18 years of age and older) is set at $5,500 for 2017. From 2009 to 2012, the annual maximum contribution limit was $5,000, $5,500 from 2013 to 2014, $10,000 for 2015, and $5,500 for 2016. Unused contribution room from one year is carried forward and added to the TFSA contribution limit the following year. Any withdrawals made in a calendar year will create additional contribution room the following year.
You cannot open a TFSA or contribute to one until you turn 18. In certain provinces and territories, the legal age at which an individual can enter into a contract (which would include opening a TFSA) is 19. In such jurisdictions, an 18-year-old who would be otherwise eligible, would accumulate the annual contribution amount for that year and carry it over to the following year.
The TFSA contribution limit is not prorated in the year an individual:
- turns 18 years old;
- dies; or
- becomes a resident or a non-resident of Canada.
The Canada Revenue Agency (CRA) imposes a tax of 1% per month, for each month or partial month that the excess contribution remains in the account.
The 1% tax will continue to apply until one of the following:
- The entire excess amount is withdrawn; or
- For eligible individuals, the entire excess amount is absorbed by additions to their unused TFSA contribution room in the following years.
For more information, please check the CRA website .
There’s something for everyone with a TFSA and your Scotia advisor can help you decide how the TFSA can help you meet your goals. Here are some ways that you can take advantage of this new savings vehicle:
Are you looking to save for a “rainy day”?
A TFSA is an ideal all-purpose savings account that offers complete flexibility to save for a multitude of uses in one account. Your savings build up over time – tax-free – helping you reach your goals sooner, and you can withdraw your money when you need it.
Do you have non-registered investments? Have you maximized your RRSP?
A TFSA is an excellent choice if you have non-registered investments. The TFSA allows you to turn taxable income into tax-free income for life, by creating a more tax-efficient investment portfolio and enabling you to maximize your investment growth. You can contribute to a TFSA for a spouse or other family member. Spousal attribution rules don’t apply as they would with an RRSP.
Are you retired or earning a pension income??
A TFSA is also an ideal investment vehicle for depositing surplus RIF or pension income. It provides the ability to permanently tax-shelter non-registered GIC interest income. Deposits to a TFSA will not result in a claw back of government benefits like Old Age Security or the Guaranteed Income Supplement and there is no age threshold at which a TFSA must convert into a taxable account.
Scotiabank TFSA-eligible investments include mutual funds, Guaranteed Investment Certificates (GICs) and cash, all in one account. Investment options with ScotiaMcLeod or Scotia iTRADE may differ. Please consult your financial advisor for specific details on investment availability.
Maximum 2017 annual contribution limit is $5,500 regardless of an individual’s earned income.
Contribution limit is based on an individual’s earned income from the previous year, up to a maximum amount (e.g. in 2017, the limit is $26,010 less your pension adjustment or the amount indicated on your 2016 Notice of Assessment).
Contributions are not tax-deductible and therefore do not reduce taxable income. Income/returns earned on investments are tax-free .
Contributions are tax-deductible and therefore reduce taxable income. Income/returns earned on investments are tax-sheltered until withdrawn.
Withdrawals are not added to taxable income – they are tax-free. Plus, withdrawals can be “re-contributed” in subsequent years.
Withdrawals are added to taxable income and taxed at the applicable marginal tax rate. Withdrawals cannot be “re-contributed” in subsequent years.
You can withdraw money from your TFSA at any time; however, specific product restrictions may apply (e.g. GIC maturity dates). The amount you withdraw can be put back in your TFSA starting the following year without impacting your contribution room.
Would contributions and withdrawals have any impact on my eligibility
for federal income-tested benefits, such as the Canada Child Tax Benefit
and the Guaranteed Income Supplement? – expand for more details
Neither income earned in your TFSA, nor withdrawals, will affect your eligibility these types of benefits.
If you designate your spouse or common-law partner as a “successor holder,” you may allow them to assume your plan on your death without affecting their own TFSA. Alternatively, you may designate a beneficiary(ies) to receive the funds in your plan upon your death. The beneficiary/successor holder option is available in all provinces and territories, except for Quebec. Note: Residents of Quebec may make designations through a will. Always check with your legal advisor before making tax and estate decisions
Your TFSA contribution room information can be found by going to one of the following Canada Revenue Agency (CRA) services:
- My Account;
- Quick Access; or
- CRA Tax Information Phone Service (TIPS): 1 800 267 6999
- CRA Individual inquiries: 1 800 959 8281
Yes. You will be able to contribute to a spouse’s TFSA without affecting your own contribution room. Income attribution rules, which currently govern RRSPs, do not apply.
No. Your spouse owns the TFSA and will earn any investment income and capital gains in the account.
If I become a non-resident while I have a TFSA can I still
make contributions? – expand for more details
If you become a non-resident, you are able to maintain your TFSA and will not be taxed on any earnings or withdrawals in the account. However, you will not be allowed to contribute additional funds and no contribution room will accrue for the years in which you are a non-resident.
For a TFSA with Scotia Investments
- Sign into Scotia OnLine
- Select the Investing tab
- Then select the Scotia Investments tab
- Select “Contribute to Existing Investment” from the left navigation.
- Select your TFSA and choose the contribution type that you would like to make.
Only individual (Sole) accounts can be set up. Joint, non-personal and ‘In Trust For’ accounts are not available.
Borrowing to fund a TFSA is permitted; however, interest expenses related to such a loan are not tax-deductible.
A new form, ‘Transfer From a Tax-Free Savings Account (TFSA) to another TFSA on Breakdown of Marriage or Common-Law Partnership’, is required to be completed and submitted to the Financial Institution prior to the TFSA assets being transferred.
Do I have Canada Deposit Insurance Corporation (CDIC) insurance
on the investments held within the TFSA? – expand for more details
All eligible deposits (e.g. GICs, cash) held within a TFSA are insured by CDIC, and will be afforded coverage to a maximum of $100,000, separate from other deposits held by the same depositor at the same member institution.
If the Dealer of your Scotia TFSA is The Bank of Nova Scotia, Canadian currency funds in the cash section of your account are insured by the Canada Deposit Insurance Corporation.
If the Dealer of your Scotia TFSA is Scotia Securities Inc. Canadian currency funds in the cash section of your account are held in trust by Scotia Securities Inc. These funds are not eligible for deposit insurance offered through the Canada Deposit Insurance Corporation.
For more information, please contact the CDIC, or pick up a CDIC brochure at your nearest Scotiabank branch .
- 1 Specific product restrictions may apply.
Payment Gateway vs Merchant Account
Updated: April 25, 2017
If you want to sell something online you need both a payment gateway and a merchant account. But, do you know the difference between a payment gateway and a merchant account? If you don t, setting up an e-commerce website can get confusing and you could get hit with unexpected fees.
What is a payment gateway?
A payment gateway is the service that processes credit card transactions for you. When your customers are buying something from your online store they enter ther credit card numbers during the checkout process. Your e-commerce site sends that credit card information to your payment gateway to authorize the transaction and process the payment. If the credit card information submitted to the payment gateway matches the information on file with the credit card company and the charge is approved the payment gateway will then transfer the money from your customers credit card into your merchant account .
What is a merchant account?
Everybody talks about payment gateways but merchant accounts are really the more complicated of the two. The merchant account is basically an online bank account that will temporarily hold your money (you are the merchant) until it is moved into your actual bank account. After a successful sale, money will me transferred into your merchant account and it will sit there for a few days, usually between 2 and 7 days, then, in most cases, it will automatically be transferred into your bank account the one that you actually think of as your bank account where you deposit checks and so forth. You can sort of think of your merchant account as a temporary holding tank for the money that comes in from online sales.
Dedicated vs aggregate merchant accounts
There are two different types of merchant accounts. A dedicated merchant account is an account set up just for you, the merchant. This is like your very own online bank account set up just for your online business. If you set up an account with a payment gateway like Authorize.net or PayLeap you will also get a dedicated merchant account. With a dedicated merchant account you can often negotiate custom rates for your sales. The rates are based on the volume of sales you process and the types of products you sell.
If you like the idea of having more control over your money and the ability to negotiate custom rates, you may want a dedicated merchant account. To get a dedicated merchant account you and your company will need to go through a fairly in depth credit check and underwriting process. This takes time and involves faxing over bank records and other information about yourself and your business.
An aggregate merchant account is one where your money gets dropped in a pool with a large number of other companies. Stripe and PayPal are examples of services that provide aggregate merchant accounts. You still need to provide some information about your company and the types of products you intend to sell, but the process of getting connected with an aggregate merchant account is far less complicated and faster. The downside is you have a little bit less control over how long it takes to get your money and you generally can t negotiate the rates.
Getting your money
With a dedicated merchant account most of the time will get your money in about 2 days. That means 2 days after the sale on your website, the money will be sitting in your normal, business bank account. With an aggregate merchant account it will usually take longer. For example, Stripe holds your money for 7 days before transferring it into your bank account. PayPal will hold your money in your PayPal account indefinitely until you either spend the money by paying for something with the money in your PayPal account or you request the money to be transferred to your bank account. Once you request the money to be transferred, it takes about 5 business days to arrive in your bank account.
Having worked with a large number of e-commerce stores, it is our opinion that the minor amount of savings you get from having your own dedicated merchant account is not at worth the lengthy amount of time and trouble you have to go through to get one. The rate structures are very complicated with qualified and non-qualified rates and other confusing ways you get charged. It is very hard to predict what your actual expenses are going to be and you almost always end up paying more than you think you are paying.
Our suggestion is to use a payment gateway that offers an aggregate merchant account as part of their service like Stripe. With Stripe there is no monthly fee, a single flat rate of 2.9% + $0.30 per transaction, and you can be up and running ready to accept live credit card payments in less than 10 minutes. No faxing of bank records or anything like that. You just sign up and go. If you ve ever gone through the underwriting process for a dedicated merchant account you won t believe how easy it is to get a Stripe account!
PCI Compliance No Matter What Gateway You Choose
No matter what payment gateway you choose, you still need to make sure you shopping cart and website are PCI compliant. Cart66 supports over 100 different payment gateways including Stripe, Authorize.net, PayPal, and Braintree. Whichever payment gateway you choose, Cart66 makes your PCI compliance as easy as possible by providing a secure hosted checkout page that looks exactly like the rest of your website.
Watch this quick 6 minute video that explains PCI compliance and what it means for your business.
PCI Compliant Hosted Payment Page
We have extended the security of Cart66 to other ecommerce platforms. So, if you are using an ecommerce system like WooCommerce or PrestaShop you can still enjoy all the benefits of secure hosted payments using CloudSwipe -Secure Hosted Payment Pages .
CloudSwipe gives you a PCI compliant hosted payment page that looks EXACTLY like the rest of your website and has built in support for over 170 payment gateways .
CloudSwipe is all about freedom!
- Freedom to choose from over 170 integrated payment gateways.
- Freedom to choose the ecommerce system you want to use.
- Freedom from the stress of ecommerce security and PCI compliance.
Here is a video explaining how it works.
BREAKING DOWN ‘Savings Account’
In contrast to savings accounts, checking accounts allow you to write checks and use electronic debit to access your funds, and checking accounts typically do not have limits on the number of withdrawals or transactions you may make each month. Savings accounts are generally for money that you don’t intend to use for daily expenses.
Advantages of Savings Accounts
Because savings accounts pay interest, it is more financially advantageous to keep unneeded funds in a savings account than a checking account. In addition, savings accounts are one of the most liquid investments outside of demand accounts and cash. While savings accounts facilitate saving, they also make it very easy to access your funds. In contrast, it is typically more difficult to cash a bond, make a withdrawal from a retirement account, or sell stocks or other assets.
Disadvantages of Savings Accounts
While the liquidity of a savings account is one of its key benefits, it makes the funds too available, which could tempt you to spend them. Savings accounts almost always pay lower interest rates than Treasury bills and certificates of deposit (CDs). As a result, they should not be used for long-term holding periods .
How Much Money Should You Have in Your Savings Account?
As a general rule of thumb, financial advisors recommend you have enough savings to cover at least three to six months’ worth of bills. This gives you a cushion in case you lose your job, face a medical issue or encounter another money-draining emergency. Because of the liquidity of a savings account, you can access the money quickly and easily when you need it. While some analysts recommend keeping more than that in your savings account, most think that excess money should be placed in higher interest-bearing accounts or used to pay down debts with higher interest rates.
How Savings Accounts Work
To set up a savings account, visit your bank or financial institution or set up an account online through a bank’s website. You can make deposits over the counter, set up automatic transfers from your checking account or have a portion of your paycheck automatically deposited into your savings account. To withdraw funds, you can visit a local branch, make a transfer to another account over the internet or use an automated teller machine (ATM).