Banking Survey

[tastle]

I was just wondering who here has their main account with which bank?

Recently I started noticing what I was paying RBC monthly for my chequing account after I started noticing banks like TD and PC Financial were offering no-fee chequing accounts.

I contacted RBC (online) and they pretty much gave me a PFO when I asked if they would stop charging me a fee on my account. So now I'm going to set up a meeting with the bank to see if they'll change their mind. They know I have a mortgage, student loan, RRSP and chequing account with them, yet they don't really care what I think. (of course... I'm too small of a fish to worry about)

It'd be nice if RFD did a report on the best chequing accounts / overall banks to be a member of. Too bad there wasn't a bank client's union to muscle the banks around a bit. :D

Any thoughts?

[Headhunter]

This should be in Personal Finance (http://forums.redflagdeals.com/forumdisplay.php?f=41).

I'm using RBC, they charge me something like $4/month, and their service is generally bad. Most of the tellers at my branch are idiots; for every one that's good/friendly, there's at least 3 with bad attitudes that make mistakes with your account. Not happy; been shopping around for a new bank to set up with, probably going to TD (amongst the B&M options).

[tastle]

I didn't see that forum. Sorry.

I was talking to a friend of mine. I thought it'd be great if we created some petition to get RBC to at least drop their rates. They sent me this:

We appreciate you contacting us through this message centre inquiring if we could offer waived fees on your chequing account to match other financial institutions.

You are correct in pointing out there are new options in the market where you pay less, however, in these situations you also receive less service in return. We feel a comparison based solely on service pricing is incomplete and it should also take into account those services frequently not provided by other financial institutions, as well as the costs and inconvenience of having to obtain those services elsewhere.

Please be advised that we do not have an account that waives fees with a balance of $1,000 or higher. While fee waivers on minimum account balances may result in lower cost banking for a few customers, they reduce the predictability and fairness of fees for the majority. Our customer research also shows that a large number of our clients believe holding more than $1,000 in an account is an administrative irritant, especially if the balance drops below the minimum (even by one cent).

Summary:

RBC offers more services than other banks.
RBC doesn't feel customers want a no-fee chequing account, especially if they need to hold a minimum balance.

[Spent]

Credit Union is the way to go.

Canadian banks are evil, greedy and need some
good fashioned competition from American banks.

[tastle]

What's the advantage of a credit union? (or differences from a bank)

[Spent]

A LOT less BS fees and rebates on loans

[nuropa]

stop using RBC for chequing and go with another bank or credit union with no fee chequing account, free online banking etc. i don't know why you even bother trying to get RBC to drop their fees for you,.

[tastle]

stop using RBC for chequing and go with another bank or credit union with no fee chequing account, free online banking etc. i don't know why you even bother trying to get RBC to drop their fees for you,.

I suspect I'm going to move to TD bank. It seems like a safe middle ground. But it's worth a shot to haggle RBC. I have had luck with other companies just by asking if they would do this and that. You'd be surprised at what is available if you ask or drag your feet. I've heard that you can get favours and breaks when it's time to renegotiate a mortgage... not sure how that works... anyway...

I figured I'd give RBC a shot before bailing on them though. It'd give them a shot at retaining a customer.

[Agent_J]

I'm with PC Financial, check out www.pcfinancial.ca for more info on their no-fee bank account

[tastle]

How is PC Financial in terms of online banking and such? Is it convinent / easy to use?

[GTI]

I'm ready to close my RBC account and move it to TD (when Ipod shuffle deal is cross country :cheesygri ). I used to do a lot with them too (mutual funds, gic's, credit card) but now I moved a lot of it elsewhere. All that because of their BS fees.

[Agent_J]

How is PC Financial in terms of online banking and such? Is it convinent / easy to use?
online banking is the main way of banking with PC and it's very easy to use

[HammerJoe]

I know for a fact that the TD marketing dep had a chart that depicted what customers wanted from a bank.
And I can tell you that fees were not high of an issue.
No, what customers want in after the TD marketing study was to feel appreciated, to feel that the bank cared for their business (that's why when you call easyline the CSR is forced to say "I/we appreciate your business")
another one was that customers feel good when the CSR says their name several times... (again that's why you hear CSR's say your name so often)

Better prices, better products was at the bottom of their chart.

[scottyb]

You cant just go with PC, you need a B&M bank for when you want to desposit US cheques, get certified cheques, deposit USD, etc. I use Royal and PC. For me, the service fee is worth being able to talk to a person when I need to. I have no complaints with Royal's service.

[Spent]

is it takes 10 working days for your deposit to be live-
even it's cash. :mad:

[puck]

is it takes 10 working days for your deposit to be live-
even it's cash. :mad:

You can phone them and get that changed.

[tastle]

You cant just go with PC, you need a B&M bank for when you want to desposit US cheques, get certified cheques, deposit USD, etc. I use Royal and PC. For me, the service fee is worth being able to talk to a person when I need to. I have no complaints with Royal's service.

I've had no problems walking into a scotiabank with a US Cheque and getting it cashed on the spot. (I have a moneymaster account with them.) So I can't see that even being an issue.

Of course feeling good is good to feel. My fiancee works at a call center. They have the same name quotas and stuff. But a person who is smart with their money won't pay extra if they don't have to.

[Agent_J]

is it takes 10 working days for your deposit to be live-
even it's cash. :mad:
are you under 18 years of age?

[scottyb]

are you under 18 years of age?

Nope, he's right, but I think its 5 business days. They hold everything but $200, even if its cash. You can call to get them to raise the $200 limit if you have a good history with them.

[guest913]

They will waive the fees if you have over $500 000 + with RBC or know a personal banker that is willing to do it for you.
They will probably not waive your fees but might give you some perks.

Most bankers I've worked with would tell you this, "if you want good advice, come to RBC, if you want stupid answers, go to CIBC." =) Not too sure if this applies to other banks though.

My best advice is, don't worry so much about the 4 bucks fee. Go with the bank you feel gives you the best advice and service.

The downside to moving to TD is that you might have to restart your status with the bank. They might put you into the entry level category which means that you are limited to what you can do.

[ngjo]

I am a RBC employee, but I maintained my account from TD for the following reasons:

-I have to pay for each transaction other than my Canadian staff account.
-Holding period was 25 business days for US cheques compare to 5 business days from TD

[tastle]

http://www.tdcanadatrust.com/accounts/calc/actcalcTD.jsp

I'm sure any bank would wave fees if you had 1/2 a million dollars. If someone could spot me that for a few days while I negotiate lower fees, I'd be very grateful. :lol:

I asked for the services that both TD and RBC provide. RBC told me that it would be impossible to break them down because there are so many. Then they cited all of these financial companies they are tied to. Wonderful, they can't even keep the conversation in context of my own question. I never even deal with those companies listed. Then the breakdown that applied to me was the same thing that all banks offer.

I am going to use the calculator to see what is good with TD and weigh everything out. It seems RBC can't give me a straight answer and of course, TD is doing the old sales pitch. (which I'm always weary of)

Personally, I'm the type of guy that filters all payments through my free citibank card (just switched from Sony to Enrich) and pay it off a couple of times a month. I probably could just limit it to once a month depending on what my account would allow. This saves a lot of interac fees, which are a pain.

Hmmm, maybe I should look into the pillow bank to have my money close at hand. :D

[Agent_J]

Nope, he's right, but I think its 5 business days. They hold everything but $200, even if its cash. You can call to get them to raise the $200 limit if you have a good history with them.
If you are under 18, it's 10 business days, over 18, 5 business days, someone who used to work at PC made some very informative posts here...

[Spent]

and it's 10 business days
EVERY TIME I deposit anything in my account.

[HighFlyer]

I was talking to a friend of mine. I thought it'd be great if we created some petition to get RBC to at least drop their rates. They sent me this:

We appreciate you contacting us through this message centre inquiring if we could offer waived fees on your chequing account to match other financial institutions.

You are correct in pointing out there are new options in the market where you pay less, however, in these situations you also receive less service in return. We feel a comparison based solely on service pricing is incomplete and it should also take into account those services frequently not provided by other financial institutions, as well as the costs and inconvenience of having to obtain those services elsewhere.
less service = ?

RBC is probably the only bank left that has the shortest business hours. Almost all of the rest (at least TD, BMO and CIBC) have branches that open late, and on Saturdays. A lot of my transactions are done in USD, so using the bank machine/internet banking is not an option.

Please be advised that we do not have an account that waives fees with a balance of $1,000 or higher. While fee waivers on minimum account balances may result in lower cost banking for a few customers, they reduce the predictability and fairness of fees for the majority. Our customer research also shows that a large number of our clients believe holding more than $1,000 in an account is an administrative irritant, especially if the balance drops below the minimum (even by one cent).
I have such an account at BMO. Of the 8 years the account has been open, it has never dipped below $1K. And it has never ever been 'an administrative irritant'

Summary:
[list]
RBC offers more services than other banks.
such as?

[Kevinck]

Does TD currently offer an account that will waive all fees if you keep a minimum of $1000? I seem to recall that there is one that will waive the *monthly* fee if you keep $3000 but you still only get a limited number of free transactions before you start paying for every one after that. Luckily i have an old grandfathered account where keeping $1000 minimum gives me 100% no fees. I think TD is a great bank for both personal accounts and mortgages. But if all their accounts now have fees that is a black mark against them.

I'll also recommend PC banking as a good way to get a no fee account. I use it for the occational debit and haven't had any issues. I also love the mastercard.

[ngjo]

Does TD currently offer an account that will waive all fees if you keep a minimum of $1000?

The will waive the 24.95 monthly fees for TD select services (https://www.tdcanadatrust.com/accounts/select.jsp)
account if you keep a minimum balance of $5,000. Some other bank only required to keep $1-2,000 to waive all the fees. The select services account also give you many other services for free.

-unlimited full-serve* or self-serve** transactions each month, including:
-Interac ABM and PLUS system withdrawals
-Green Machine withdrawals, account transfers and bill payments.
-Interac Direct Payment purchases
-EasyLine automated and specialist-assisted telephone account transfers and bill payments
-Branch withdrawals, account transfers, bill payments and history enquiries
Cheques
-EasyWeb Internet banking service bill payments and account transfers


-free paperless, monthly statement or passbook2 recordkeeping

-free optional monthly cheque return3 (available with statement recordkeeping only)

-annual fee waived for TD Gold Travel VISA card or TD Gold Elite VISA card and supplementary card1

-free Borderless Plan with U.S. Dollar Daily Interest Chequing Account
-any personal cheque style free of charge

-free drafts and certified cheques

-free small safety deposit box (subject to availability)

-no commission fee for Canadian and U.S. dollar travellers cheques

-1/4% interest bonus on 1 - 5 Year GICs5

-$25 discount off annual fee on your TD Waterhouse Discount Brokerage Self-Directed RSP/RIF***

-Access Card

-Direct Deposit

-Pre-authorized Transfer Service4

-optional Overdraft Protection for added peace of mind for $2.00/month plus applicable interest charges

[Agent_J]

I Am a LONG Way From 18
and it's 10 business days
lol well how is your credit history?

[don242]

We use PC financial because I hate paying any fees. We have had no problems with them at all. There is no minimum amount (unless you want PC points) and they do pay out interest on your account.

Easy to access at bank machines since they are basically CIBC so you can use CIBC machines with no charge.

I keep only a samll amount of money in my chequing account to cover my needs for the month. Other than that, everything is transferred to a high interest savings account and when I need it I transfer it back to chequing account.

The only thing that could be a problem with pc financial is when you need a cheque certified, it will take a few days in the mail. Just means planning ahead, or paying by another method.

[Ferrari78]

I am a full time University student (23yrs) and I have an account at PC choice - > my school account.. unlimited transactions (@ times paying for a 75 cent purchase) and then I have a student account at TD.

The TD account is where the "bigger" transactions take place like rent, fees, cmoney earned on my co-op work term, etc.

I find PC good since I can use the CIBC atm's at school but they are pain when you need to have a check cleared (5 business days).

TD on the other hand will only allow 12 transactions a month but I really like the way they treat customers. (Switched from CIBC because of their sloppy service and bad treatment)

PS: I do most of the banking online and I find them both equally good although with PC I collect pc points on every bill payment I make -> goes towards my groceries. =)

This is my perspective although it might change when I graduate and work full time with loans, savings, BANK-FEES, GIC's etc.

[Freighter]

Just to throw in my 2 cents worth...I have been using PC Financial since shortly after they started up. Previously I was with TD, but when they bought up Canada Trust, they changed the fee structure and removed the $5 unlimited self serve option, and refused to grandfather me, I argued this with CS at the branch and head office level, and spoke to a branch manager also. The best that they could do for me was give me an account that waived certain fees if I maintained a minimum balance, this didn't work for me, so I severed my banking relationship of approx 20 yrs, and they wished me well on my journey to the virtual bank.

PC Financial has saved me hundreds of dollars in service fees over the last few years, the only inconvenience that I have suffered was this week, when I wanted a certified cheque...PC does not certify cheques, they offer bank drafts though, which are equivalent to CCs for most recipients, and with no B&M branches, the draft has to be mailed to you, I chose the more expensive option of having the money wired to a nearby CIBC branch, who then issued a draft for me. I can't really imagine what service the average consumer would need that justifies the ridiculous charges imposed by the big banks vice PC and some of the other virtual offerings. I routinely deposit US funds (cash and cheque) in PC and CIBC bank machines, and am told immediately how much said deposit is worth in Cdn$. Some larger cheque deposits ($2000+ I think) take a few days to clear, although I do have immediate access to the first 2000 or so.

I would say that unless you need constant hand-holding while filling out deposit slips, to stay clear of B&M banks. Although the 20 or so seniors waiting for the bank to open ahead of me the morning I went to pick up my bank draft would probably disagree (yes most of them seemed to be doing routine deposits or small currency conversions).

Good luck

Mike

[taile]

does PC has a holding policy?!
when I open my PC account, the teller told me that I can deposit anything (whatever cash or chq) into my chq account with the amount less than $3000/day and use it right away!
I didn't try with the $3000 limit, but when my balance is $10, I put in $100 and use $105 within 1 hour!

[PurpleTiger]

does PC has a holding policy?!
when I open my PC account, the teller told me that I can deposit anything (whatever cash or chq) into my chq account with the amount less than $3000/day and use it right away!
I didn't try with the $3000 limit, but when my balance is $10, I put in $100 and use $105 within 1 hour!

It all depends on what your RELEASE amount is. If it's $1000, then you can withdraw up to that amount daily, don't have to wait for the holding period to expire.

I gave up on RBC back when they abandoned the no-fee bonus savings account, and have been a happy PCF customer ever since. It's not worth it using a B&M bank for a daily bank account. Why pay fees? So you can wait in line to deposit and withdraw money?

PCF = free cheques, free interac transactions, no minimum balances, access to CIBC bank machines (free ABM transactions), 24 hour customer support, excellent online bsnking.

For USD, you can deposit it into your account through ABM, and they will convert to CAD into your account. (I have a USD account at ING, so I use that instead)

So what other reasons are there to stay with B&M? For that "personal service"?? Give me a break. You think you're getting a better deal on a loan or mortgage? They will laugh at you if you try to get them to match the rate that a mortgage broker can get you. We can't match that rate...because we provide you with better service. ;)

[coolpc]

pcfinancial but might switch to TD for the ipod!!

[300spartans]

pcfinancial but might switch to TD for the ipod!!

too late, offer expired the 15th

[George W. Bush]

Yes, I am with PC Canada. Everything is free - the way it should be as it used to be years ago. Think about it - the banks, no matter what, will use your money for their gains whether you are paying or not to keep the money with them...

[ramoose]

How is PC Financial in terms of online banking and such? Is it convinent / easy to use?


I have used PC financial for about 3 years and I think it is the cats meow.
Not a problem witrh it so far.

[gman]

I used CIBC. I have a great-great-grandfather chequing account with them. If I have $1500 minimum balance (used to be $1000), there will be no transaction fee. Otherwise, $0.95 per month + transaction fee after 2 to 3 free external transaction. All transactions between CIBC product does not count as chargable transaction.

Anyway, this is how I do that to cut down banking fee. I have a LOC and I use it for all transactions such as writing cheque, withdrawal cash, paying bills, auto-transfer. LOC has free personal cheque (carbon copy kind) and unlimited transactions. I don't need to worry about overdraft charge. Transfering money from my bank account to LOC does not count as a chargable transaction. Right now, I am paying $0.95 per month.

[crazyboie]

Good points by everyone here!

I actually have a bank account with
- RBC - $0.00/Month
- TD Canada Trust - $3.95/Month
- PC Financial $0.00/Month

When I was little, my parents got me the RBC account and I just stuck with it over the years but then I got tired of paying $4.00/month :evil: so I dropped the Internet banking and took their pay as you go transactions 0.50cents each. It's only purpose now is for historical credit and It doesn't cost me anything. I can still use phone banking if I need an account statement!

My RRSP @ work needed to go into a TD account so that's how I got involved with them. They charge me $3.95/month but whatever, I'll make more interest off of $1000.00 in a Mutual Fund! Plus I now have a lot more products with them. I think they are doing things right and will eventually overtake RBC!

And PCF, well I couldn't resist the fact of getting free points and no fee transactions!

Really, if you're smart with money, don't use debit! Pay with Credit :) (or a LOC like gman suggested). You get unlimited transactions and having the right card will also warrant points towards something useful like a trip or food.

That's what works for me, your situation may be different. You might also consider switching your mortgage to TD Canada Trust or BMO etc ... They may offer you a better deal!


As for Credit Unions, I don't know much but isn't there a higher risk keeping your money with them? Greater chance than of them going under right?

Cheers!

[Agent_J]

When I was little, my parents got me the RBC account and I just stuck with it over the years but then I got tired of paying $4.00/month :evil: so I dropped the Internet banking and took their pay as you go transactions 0.50cents each. It's only purpose now is for historical credit...
ohh I didn't know banks also count on your credit report?

[taile]

Anyway, this is how I do that to cut down banking fee. I have a LOC and I use it for all transactions such as writing cheque, withdrawal cash, paying bills, auto-transfer. LOC has free personal cheque (carbon copy kind) and unlimited transactions. I don't need to worry about overdraft charge. Transfering money from my bank account to LOC does not count as a chargable transaction. Right now, I am paying $0.95 per month.
LOC charges you a interest, right? How can you avoid this? Transfer your money into your LOC first then use it? No fee for this kind of transaction?

I have a LOC whth TD, and I don't really know how to use it, as I don't need to carry any balance on my credit account.

[gman]

LOC charges you a interest, right?

Yes.
How can you avoid this? Transfer your money into your LOC first then use it? No fee for this kind of transaction?


Yes and Yes.

Most chequing account will not give you interest, you can use LOC as your chequing account.


I have a LOC whth TD, and I don't really know how to use it, as I don't need to carry any balance on my credit account.

Then, you need to figure that out. :D

[Derek]

less service = ?

RBC is probably the only bank left that has the shortest business hours. Almost all of the rest (at least TD, BMO and CIBC) have branches that open late, and on Saturdays. A lot of my transactions are done in USD, so using the bank machine/internet banking is not an option.

I have such an account at BMO. Of the 8 years the account has been open, it has never dipped below $1K. And it has never ever been 'an administrative irritant'

such as?

Just to let you know, a lot of CIBC bank machines have options for US transactions. I usually deposit US into my Canadian account, and having it done correctly through the machine is actually very helpful.

[taile]

Yes.


Yes and Yes.

Most chequing account will not give you interest, you can use LOC as your chequing account.



Then, you need to figure that out. :D
Thanks a lot!
How do you use this account? When doing shopping, can I charge from this account by debit card, or the only way you use it is to withdraw from an ATM or write a cheque?

Last crazy question, by doing this (deposit into LOC first then use it to avoid the interest charge), will my credit rate increasing? :D

[gman]

Thanks a lot!
How do you use this account? When doing shopping, can I charge from this account by debit card, or the only way you use it is to withdraw from an ATM or write a cheque?

Last crazy question, by doing this (deposit into LOC first then use it to avoid the interest charge), will my credit rate increasing? :D

When I do shopping, I use my credit card.

If you want to use your LOC with debit card, you need to arrange your LOC to be available in your debit card which only access 2 to 3 accounts.

No idea about the credit rating part. I doubt it has any effect.

[taile]

When I do shopping, I use my credit card.

If you want to use your LOC with debit card, you need to arrange your LOC to be available in your debit card which only access 2 to 3 accounts.

No idea about the credit rating part. I doubt it has any effect.
Got it!

Thanks a lot! :cheesygri

[HighFlyer]

Just to let you know, a lot of CIBC bank machines have options for US transactions. I usually deposit US into my Canadian account, and having it done correctly through the machine is actually very helpful.
Do they allow you to deposit USD into a US account? That's my current problem as I don't want to lose on the buy/sell spread.