Why I closed my bank account and opened one with ING Direct Canada using an Orange Key


I want to share with you in this post the reason why I closed my bank account with Desjardins after 5 years with them.

I have started to save for an “Emergency Fund” ( or “Power Fund” how I like to call it now ) in my regular checking account, I did not have tons of money but I had around $5.000 dollars at that moment.

I wasn’t very happy with Desjardins in the first place, first of all I literally had to beg them to issue me a credit card, while in other banks you get a credit card when you open an account, but well after all I understood and after a year I finally got my card with them so I did not did of this a big deal.

The second thing why I was not so happy with them is that I had the “right” to up to 10 Interac transactions for free, after that they charge $1.25.  That does not make sense, I have to PAY THEM to use MY OWN MONEY?

Besides the $ factor there is the psychological factor: I was always worried to exceed the 10 “free” transactions and being charged, I was literally afraid to use my interact card on my daily purchases!! However one more time I didn’t make of this a big deal and I kept an eye on the number of transactions each month to not get charged extra fees.

Then, without any warning it finally happened, the event that really made me angry…

…they started to charge me monthly fees even though my money was still on their Bank!!

Angry Face…

Let me explain what happened, since I had those $5.000 in my Checking Account I decided to open a TFSA ( What is a Tax Free Savings Account ? ), so I transferred those $5.000 to the TFSA Account my I did not respect the “Minimum Balance” so they started charging me $10 dollars a month.

Some say $10 a month is nothing, but in one year that is $120 dollars, in 10 years that is $1.200 dollars! But what really made me angry is not the amount, is the silly reason they gave me for charging me that money.

OK, I understand, IF I had withdrawn the money from their bank and deposited it another bank it is reasonable to get charges for not respecting the minimum balance…

… but when the I opened another Account at their bank, and the money is still at their bank, then why I am being charged extra fees for not having enough money in your bank?

That does not make any sense…

So I finally got fed up of Desjardins so those are the reasons I decided to close my account with them

1.    You have to beg them to get the services and products from them.
2.    You have to pay for using your own money. ( Plus the psychological effect of being worried of being charged fees on every purchase )
3.    Being charged unfair fees while the money was still at their bank!

So I researched on the internet (lets say I googled it) about “No Fees Banks” and open an account with ING Direct Canada.  Also I took advantage of the bonus for opening an account using an Orange Key (Between my wife and me we got $350 in bonuses!).

Please share your thoughts with me and comment below, what was that moment that made you think “I have had enough” of your bank?

Thank you for reading!


Tangerine Orange Key: Biometric