Online banks charge few to no fees, which allows its users to enjoy a chequing account with almost no fee. On the other hand, their service offers are more limited and they do not have physical branches. For example, If you lose your card, you will have to wait for a new one to be sent in the mail. Another factor to consider when opening a chequing account from an online bank is the network of automatic teller machines (ATMs). A checking account open at an online bank would not provide you with a network of ATMs, which can be costly over time due to the “external ATM fees.” “External ATM fees” are charged every time you withdraw money from a third party’s ATM. However, the online bank Tangerine allows free transactions in every Scotiabank ATMs, and Manulife Bank allows free transactions in ATM’s belonging to National Bank and Laurentian Bank.