CIBC and Sympatico-Lycos launch no-fee online banking

CIBC and Sympatico-Lycos launch no-fee online banking

Canadian Internet portal Sympatico-Lycos and CIBC division, Amicus, have launched a new no-fee electronic banking service.

Sympatico-Amicus Financial offers a suite of no-fee daily banking products including a chequing account, a savings account and a GIC. The offering also provides a low-interest personal line of credit.

Customers will be able to deposit and withdraw funds, make purchases using the Interac direct payment system, pay bills, write cheques, transfer funds and view transaction history. Customers will also have access to CIBC's AMB network throughout Canada.

An Amicus Financial customer service contact centre will operate alongside the bank.

Brian Cassidy, chief executive officer, Amicus, says most online banks only have a limited number of ABMs, and require their customers to have an account at a traditional bank to facilitate deposits and withdrawals which limits their access and reduces their savings. "Amicus Financial customers do not need to hold an account with another bank to complete transactions and access their money, and they can use more than 4,000 CIBC bank machines across Canada," he says.

The Web site features a convenient online account application process. It also offers a number of personal financial planning tools, interest rate information and a national ABM locator. More financial products and services are scheduled to be introduced in the coming year.

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