Parama Lithuanian Credit Union

No fee banking. Higher interest rates than traditional banks, Great source for mutual funds & investments; as well as mortgages; even commercial. It’s open the public. Personable service in person and my favorite is the remote cheque deposit; you can deposit your cheques from anywhere at anytime and not have to make your way into their tellers or an ATM.

Parama is the best kept secret in banking in Toronto!
Why would you continue banking with one of the big banks when you can get all this from Parama for free, on a clear conscience? It’s a small, community based credit union, and of course you have a say in how it’s run. And also you get returned a share of the profits! In 2013, they returned something like $ 250,000 to their members.
I originally signed up to this bank because I saw a sign that said they offer free chequing while passing by on the Bloor night bus. I think one of the reasons that this place is a secret is because the hundreds of thousands of people passing underneath it every day don’t see this sign. Here are some of the things you get for free that you don’t get anywhere else:
–Free certified cheques and Money Orders (!)
–Free regular cheques
–Free pretty much everything else!
–Teller service, if you want it
–Free use of The Exchange ATMs across the country; you probably have one around the corner and you don’t even know it yet…
–Only $ 2 to use Mastercard ATMs in any other country in the world — that’s cheaper than they advertise!
Potential barriers:
–Both branches are in Etobicoke along the Bloor subway line. I live in Vancouver now, though, and that hasn’t really stopped me from enjoying their services.
–You have to buy a $ 40 share to join. But you would get the money back if you wanted to leave.

My parents setup a bank account with Parama ages ago, when I was still in diapers. While many of my childhood friends have moved on from Parama to «Canadian» banks like RBC, CIBC, TD and whatnot I stick with Parama.
Oh how I enjoy this place, let me count the ways:
*no service fees (other than whatever ATM fees are charged by other insitutions)
*can get money orders in CAD or USD
*can do wires to any destination worldwide, for a small fee
*traveller’s cheques (though I admit with the advent of the debit card this isn’t really of great interest to me)
*credit card (I don’t have one, but they have one)
*Ethical Mutual Funds
*RRSPs & other investments like TFSAs
*they are open 7 days a week, very close to the subway, and there is always enough tellers about that you are not forced to wait for more than a couple of minutes
*can get USD, Litas and EU currency
And as a credit union member I can take part in the AGM and vote on the Board of Directors — how many bank customers can decide who head’s up their financial institution?