About bank
Canadian Western Bank is a part of CWB Financial Group, established in 1984 in Edmonton, Alberta, as a single branch of a financial services organization. It is still based in the west but has more than 40 banking offices in Canada.
CWB Financial Group operates through its subsidiaries in business banking services, personal banking, trust, and wealth management services.
Features
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Established and based in Alberta, CWB is concentrated in the country's west. But it's the member of THE EXCHANGE Network that lets the customers use ATMs of this network with no extra fee. However, most CWB branches are in Alberta and British Columbia (the most significant number of banking centers are in Edmonton, Vancouver, and Calgary).
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Business banking is a great portion of Canadian Western Bank's financial products and services, specialized for small, medium, and large-scale businesses. It provides online banking services, financing of different types, wealth management and support, a great choice of everyday operating and savings accounts with great rates in Canadian and American dollars, and no monthly fee options.
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CWB is developing digital banking services and currently offers CWBdirect Online Banking and CWBdirect Business Online Banking, a Canadian Western Bank mobile app. It enhances the work on the functions, but currently, you aren't able to apply online for a wide range of products like loans or open some types of accounts.
Pros and cons
Pros
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Online, mobile, and in-person banking
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A lot of options for business clients
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Reputable bank
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No fee unlimited transactions options
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Special offers for seniors, youth, students
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Great interest rates
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Get your card 100% instantly
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Equal rewards for any purchases
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Use EXCHANGE Network ATMs
Cons
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Lack of branches in the east of Canada
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Most of the branches are located in the provincial capitals
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Not all products are available for online application
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No promo offers and bonuses
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Lack of lending and investing products
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Limited choice of credit cards
Products
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Flex Notice Account lets you combine the flexibility of access to your money from savings accounts and premium interest earning with a variable rate of locked-in investment products.
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Apex Account is a checking account with a monthly fee, which could be waived, and unlimited transactions, most of which are free.
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Youth Account is a free checking account especially for 0-18 years old, with an opportunity to earn interest; the rate is good with a balance over $500.
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WestEarner RRSP account lets you contribute a small sum and transfer your money to a CWB RRSP GIC or RIF GIC anytime.
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HOMEWORKS is a lending solution with conditions allowing you to access the value of your home through a mortgage, term loan, or home equity line of credit (HELOC), manageable from a CWB checking account.
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CWB Business Advantage Account offers unlimited electronic transactions, free ongoing Interac e-Transfers, and 60 paper transactions per month with a $35 monthly fee, which could be waived if you maintain a balance over $50,000.
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CWBdirect Online Banking is an online account available from a computer or mobile phone (using CWB mobile app or CWB Mobile web). It allows you to easily and quickly make digital transactions such as transfers, arrange auto payments, receive and send Interac e-Transfers, etc.
Services
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Bank accounts: chequing and savings accounts with no fee, minimum balance options, and special offers for seniors, students, and youth for personal and business use.
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Special financing services for small- and medium-sized companies.
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Credit cards with rewards, insurances included, and no fee option.
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Lending: vehicle loans, RRSP loans, consolidation loans, lines of credit, mortgages with the optional Creditor life and disability insurance from the Canada Life Assurance Company.
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Investing: registered savings plans and GICs of several types with competitive rates.
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ATM banking with THE EXCHANGE Network allows you to use 3,625 surcharge-free ATMs in Canada and 40,000 in the USA.
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Resources for seniors: Wealth management, retirement planning, Gold Leaf Plus Account, advice, and assistance from the Senior Support Team.
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Business banking: checking and savings accounts, financing, credit cards, online business banking, cash management, and financial planning with special business solutions for agriculture and professionals.
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Online banking for personal and business clients and mobile app for personal banking providing an overview of balances, electronic transactions, cheque deposits for chequing, savings, and credit card accounts.
