Changes in the Financial Industry – Here are some low bank fee alternatives to the big banks
Are your tired of the banks fees every time you make a transaction at a non-home ATM, there is another financial network that is separate from all the ATMs that is available that is a “surcharge free” network for users. This network allows you to access a ATM machine but you don’t have to pay the extra $2.00 fee if it is not your home bank and allows you to deposit at these machines also.
This is THE EXCHANGE Network that has over 3,600 ATMs in Canada. THE EXCHANGE Network is a group of banks and credit unions (170) that have come together and agreed to let their cardholders use each others ATMs as if they were their own under the Ficanex Services Limited Partnership. This gives their cardholders access to thousands of ATMs across Canada, all surcharge-free. All EXCHANGE ATMs are able to complete a cash withdrawal, PIN change, transfer, or balance inquiry and thousands have the ability to complete a deposit instantly into your bank account. If you need to find the locations of the nearest ATM machine connected to The Exchange network, their is a app available on Google and Apple that provides a GPS locator, but requires you to be online to work.
These financial institutions like Meridian Credit Union offer pay as you go bank accounts where you pay fees only when you do something, versus the flat monthly fees of the big banks. This is good way to minimize these fees, there are also unlimited use plans. The only drawback is that all check transactions are held for 10 days and the money is frozen, versus an ATM of the big banks that credit your account right away or they hold it for 7 days. Cash takes 48 hours to process. Their app allows you to deposit into you account using your smartphone.
Growing use of WeChat and The AllPay for mobile payments
The Ficanex Services Limited Partnership provides fin-tech to support for the growing use of mobile payment platforms with their new partnership with Motion Pay , a service that incorporates The AliPay and WeChat platforms that cover 94% of the mobile payment market in China, that has over 1.2 billion users and many in Canada. Motion Pay has integrated both payment platforms into one POS solution so that financial institution’s business clients can offer their Chinese customers the ability to pay with either their WeChat Pay or AliPay accounts.
Tired of Credit Card fees and Interest
Tired of of being forced to use credit cards for online purchases and payments. The use of pre-paid debit/credit cards offered by MasterCard and VISA offers another alternative so you can pay cash instead and not be subject to credit card fees and interest. (Unless your collecting reward points of course LOL) These cards come with low monthly fees and can be recharged. CashMoney offers this card through Mastercard as it seems that the chartered banks have been slow to provide these cards. Walmart in the USA has started to provide these type of cards and it is just a matter of time they will be available in Canada.
Changes in the financial industry offers more choice now for businesses to consider for their financial needs with lower cost alternatives now available in the marketplace for online transactions. Accounting software platforms like Wave have incorporated credit card and ETR transaction fees in their business model, which can be another disruptive force in the financial services market, but they will be more changes to follow and the big 5 have more competition than ever now, which is a good thing.