Langley-based Ficanex’s national network of more than 2,400 automated banking machines (ABMs) will play a key role in ING Direct Canada’s expansion in the Canadian personal banking market.
ING Direct launched its own online-based, no-fee daily chequing account Wednesday as it aims at expanding its market in Canada.
Peter Aceto, president and CEO of ING Direct Canada told BIV, “This is something that our customers have asked for in the last couple of years and is an important strategic move to change the way customers perceive us and use us as part of their everyday banking life.”
Since ING Direct entered the Canadian market, it has slowly expanded its suite of financial services.
From its initial high-interest investment savings accounts, it expanded to offer mortgages online and through its call centre in 2002 and mutual funds two years ago.
It has become the largest direct banking institution in Canada with $30 billion in assets under management, more than 1.6 million customers and the sixth largest originator of mortgages in the country.
Aceto said a free chequing account would complete the basic suite of financial services most Canadians use. The institution’s direct banking business model helps it provide no-fee chequing accounts, he said, which include free ABM access through Ficanex’s Exchange Network as well as free e-mail money transfers, debit card transactions and overdraft production up to $250.
“As long as you pay it back in 30 days, there’s no NSF charge, interest charge, overdraft charges or anything.”
In addition, the account will provide 0.25% interest for accounts with less than $50,000, 1% for accounts with funds between $50,000 and $100,000 and 1.1% for accounts with more than $100,000.
Aceto said the account would initially be available to the first 10,000 people who register.
They will provide initial feedback on the service before it is rolled out in 2011.