New Account Help!

[mrfrostyman]

I am looking to open up a new account. I am interested in this loc deal. Heres my situation.

I am with RBC.
I just turned 19 and have to change accounts from Leo young to something
else

I have an rbc credit card.

1. How would i go about doing this LOC exactly.
eg.. Close my account at rbc(any way of doing this with no fee?)
Close my credit card?(or should i keep it?)
Go to bank(cibc) and open account
Ask the tellar to give me a line of credit(does it matter how much)
Deposit my money into this line of credit?

2. If i get this line of credit, do i get a debit card?
3. How do i pay for interac purchases or is it a cash only thing?
4. How do i withdraw money from this loc from a bank machine or do i have to go to a tellar
5. If i keep my credit card with rbc how hard is it to pay it with an cibc account or is it worth switching over (i only have like 1000 rbc points and 4000 credit limit)?

Any help on this would be very much appreciated.

[mrfrostyman]

anyone?

[Drew_W]

Do you know what a line of credit is? It's not a type of bank account.

[mrfrostyman]

i was refering to gmans posts

http://www.redflagdeals.com/forums/showpost.php?p=2452700&postcount=31

and the new account was just a regular chequing account or savings and then getting a line of credit(or attempt to) This is where i am confused as to what i am supposed to do.

[Drew_W]

i was refering to gmans posts

http://www.redflagdeals.com/forums/showpost.php?p=2452700&postcount=31

and the new account was just a regular chequing account or savings and then getting a line of credit(or attempt to) This is where i am confused as to what i am supposed to do.

Do you need CREDIT? A line of credit is like a huge overdraft.

[mrfrostyman]

i dont really need it at this time since i am only spending what i have and paying off my credit card fully each month. I am just refering to the way to get a line of credit and use it in such a way so that i do not have to pay the bank monthly fees and or keep them minimal. I am mentioning line of credit because a couple of people have mentioned using this way to lower their monthly transaction costs. I would actually deposit my checques into a different account at cibc(example) and transfer to my line of credit(or at least this is how i understand it which is one of my questions). This credit will never go to a point to where i am in a defecit(or so i hope). But i am not quite sure how to go about this, this is why i posted it. I am also looking at PCF since i use my debit and credit card alot to keep a paper trail.

[ericw]

you cannot use RBC credit line like a chequing acct. you have to transfer the money to a regular chq acct first.

[mrfrostyman]

Ok so RBC is out but does cibc do this or td bank?

[Drew_W]

i dont really need it at this time since i am only spending what i have and paying off my credit card fully each month. I am just refering to the way to get a line of credit and use it in such a way so that i do not have to pay the bank monthly fees and or keep them minimal. I am mentioning line of credit because a couple of people have mentioned using this way to lower their monthly transaction costs. I would actually deposit my checques into a different account at cibc(example) and transfer to my line of credit(or at least this is how i understand it which is one of my questions). This credit will never go to a point to where i am in a defecit(or so i hope). But i am not quite sure how to go about this, this is why i posted it. I am also looking at PCF since i use my debit and credit card alot to keep a paper trail.

Student banking at most banks is like $40/year. Use your credit crd wherever possible to minimize transaction fees. If you don't need the line of credit, don't get it. PCF is decent, but no tellers. Might work for you, I don't know.

Question is, why not transfer just to the RBC Student plan? $3.50/month plus fee waived for Visa Classic II (HBC points). Your account is already there.

[Drew_W]

Ok so RBC is out but does cibc do this or td bank?

Why. Do. You. Need. A. Line. Of. Credit.

[mrfrostyman]

i am no longer a student and probably wont be (at least for know, i dont know if this has a determining factor on the student account)and i was only inquiring about the line of credit if i could do transactions for free at a physical bank(which is what my link in one of my posts talked about). If there is a way of minimizing my banking costs without this loc then of course i wont get it,. it was just an option that i saw was a possiblity. Thanks for your assitance thus far though, hopefully this clears some things up.

[Drew_W]

i am no longer a student and probably wont be (at least for know, i dont know if this has a determining factor on the student account)and i was only inquiring about the line of credit if i could do transactions for free at a physical bank(which is what my link in one of my posts talked about). If there is a way of minimizing my banking costs without this loc then of course i wont get it,. it was just an option that i saw was a possiblity. Thanks for your assitance thus far though, hopefully this clears some things up.

The standard RBC account is $4/month with 15 transactions. If you don't use debit, you shouldn't pay any service charges (in addition to monthly).

[mrfrostyman]

looking at the rbc site i have to meet the eligible criteria which i probably do not.

[mrfrostyman]

ok thanks for your help drew. Looks like i am probably going to stick with rbc then. Thanks for all your hard work and hopefully i can help you on rfd some time