National Bank The Total Chequing Account review
- Bonus Offer
- N/A
- Monthly Account Fee
- $28.95
- Free Transactions
- unlimited
- e-Transfer Fee
- $0
Our verdict
The Total is a chequing account with unlimited transactions and a host of extras.
The Total is a chequing account designed for those who want frequent access to their funds. It supports unlimited online and branch transactions as well as an integrated line of credit and unlimited cheques per year. It also entitles you to discounts on other National Bank products.
Best for: Those who want unlimited access to their money with a few extra benefits thrown in, and can keep a minimum balance.
Pros
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Free Interac e-Transfers
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$5,000 line of credit
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Credit card discount
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Legal and estate assistance
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Linked debit card
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100 free cheques per year
Cons
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Minimum balance requirement
-
High monthly fee (though can be waived by holding minimum balance)
National Bank The Total Chequing Account: The basics
Open a National Bank The Total Chequing Account and you can take advantage of the following features:
- Unlimited transactions. You can make unlimited online and in-branch transactions with this account. Debit card purchases, withdrawals, transfers and cheques are all included.
- Free Interac e-Transfers. You can also send an unlimited number of Interac e-Transfers without incurring any fees.
- Linked debit card. The Total comes with a linked debit card that you can use to make purchases in-store and online.
- ABM access. In addition to National Bank ABMs, you can also use ABMs in THE EXCHANGE Network without incurring any extra fees.
- Free statements. You can access free account statements online or by mail.
- 100 cheques. Signing up for a National Bank The Total Chequing Account also entitles you to 100 free personalized cheques per year.
- Free overdraft protection. Overdraft protection is also included if you have insufficient funds in your account to cover a transaction.
- Mobile and contactless payments. Google Pay, Apple Pay and Interac Debit are all supported to ensure fast and easy payments.
- Smartphone cheque deposits. Rather than visiting a branch to deposit a cheque, you can take a photo of it with your smartphone using the National Bank app.
- Free stop payments. When you need to stop payments for pre-authorised cheques and debits, you can do so for free.
What are the benefits of The Total Chequing Account?
The Total Chequing Account also comes with a range of added benefits on top of its standard features:
- $5,000 line of credit. The Total account comes with an integrated line of credit of between $500 and $5,000. This product is subject to credit approval by the bank, and you can access the funds with your debit card, at the ATM or online. There are no management fees and a variable interest rate applies to the money you use.
- Credit card discount. You can save up to $150 after you sign up for an eligible National Bank credit card. Eligible National Bank credit cards are the Echo Cashback, Syncro, Platinum, World and World Elite.
- Legal and estate assistance. Thanks to National Bank’s partnership with FBA Solutions, account holders aged 16 or older can take advantage of unlimited access to a lawyer by phone or video conference. An estate settlement service is also included to help with tasks such as writing your will.
What are the drawbacks of The Total Chequing Account?
There are a few drawbacks to be aware of with the National Bank The Total Chequing Account:
- Fees apply. The fee structure of this account varies according to your age as follows:
- 0–17 years: $18 a month
- 18–24 years: $13 a month
- 25–59 years: $28.95 a month
- 60+ years: $23.95 a month
- Balance requirement. The above monthly fee is waived if you can maintain an account balance of $6,000 or more. That’s a substantial sum to keep in a chequing account when it could potentially be working harder in a high-interest savings account.
- Perks may not be needed. If you don’t need a line of credit, discounted safety deposit box rental or free branch transactions, you may want to consider an account with a lower monthly fee.
What should I know before I apply?
If you’d like to apply for a National Bank The Total Chequing Account online, you’ll need to satisfy the following eligibility requirements:
- Be a Canadian resident.
- Be at least 14 years of age.
- Verify your identity online by uploading a selfie and a picture of your photo ID.
How do I open a National Bank The Total account?
If you’re already a National Bank customer, click the “Open an account” link on the bank’s website and then log into online banking to complete your application.
If you’re a new customer, follow these simple steps:
- Click the “Open an account” link on the National Bank website and then click “Become a client”.
- Indicate how you intend to use your account.
- Specify the main source of your funds.
- Enter your name and date of birth.
- Provide your residential address as well as your phone number and email address.
- Enter details of your occupation and your tax information.
- Upload a selfie and a picture of your photo ID to verify your identity.
- Submit your application.
Compare other chequing accounts
Bottom line
If you want the freedom of unlimited transactions and lots of extra perks on top, there are plenty of good reasons to check out the National Bank The Total Chequing Account. Just keep in mind that you’ll need to keep a balance of $6,000 or above to avoid a monthly fee. You should compare a range of chequing accounts before deciding which one is right for you.
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