Comments on: Unlimited Chequing Accounts in Canada

By: coetsee

coetsee — Wed, 03 Feb 2010 12:26:26 +0000

Affiliate Marketing is a performance based sales technique used by companies to expand their reach into the internet at low costs. This commission based program allows affiliate marketers to place ads on their websites or other advertising efforts such as email distribution in exchange for payment of a small commission when a sale results.

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By: davidbaer

davidbaer — Wed, 27 Jan 2010 12:45:57 +0000

6. Anyone experience anything about the easy google profit kit? I discovered a lot of advertisements around it. I also found a site that is supposedly a review of the program, but the whole thing seems kind of sketchy to me. However, the cost is low so I’m going to go ahead and try it out, unless any of you have experience with this system first hand?

7.
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By: R. Murthy

R. Murthy — Tue, 15 Dec 2009 19:14:21 +0000

I was able to negotiate a waive account with CIBC (Toronto Main Branch) back in 2002. I still have it even though CIBC does not have these anymore. All it took me to continue having this was a simple response letter to their VP. It is surprising that no one fires back to the banks when the service charges are raised or account policies are changed. Appears the banks do go back to whatever you negotiated earlier to keep you a happy customer.

By: somaie

somaie — Tue, 15 Dec 2009 10:46:36 +0000

Small Business owners are largely forgotten. Thats why I only focus on them. I have experience several members of my family file bankruptcy due to small business failures. I also I suffered through 2 destroyed businesses due to failure however, in my failings I have learned some of the secrets to success. (Who can say they know it all?)
What I like about small business owners is that they are not afraid to take huge risks and lay it all on the line. But, I agree they do need a lot of help with their marketing. I think having them go the social media and email route is not only the least expensive but its also the most effective. Thanks for the stats!
http://www.onlineuniversalwork.com

By: Laptop Briefcases

Laptop Briefcases — Tue, 01 Dec 2009 21:03:10 +0000

I personally take advantage of the unlimited RBC chequing account. Due to a multi-product rebate, I also get my fees waived. You don’t have to have a mortgage to qualify for this. I qualified just by having a car loan and a RBC Visa.

By: cannon_fodder

cannon_fodder — Mon, 30 Nov 2009 19:14:50 +0000

Matt mentions something that should be of interest to those looking at Credit Unions. There are, I believe, two CU networks that allow members (i.e. cardholders) to use ATMs from any CU in that network for free. This can greatly expand one’s ability to access their account if in suburban or rural areas. I don’t find that Toronto lends itself well to accessing CU ATMs – they are much harder to find than the big banks (or even foreign banks) when downtown. If you are in one of Toronto’s many ethnic communities, you will see a greater representation of CU branches and ATMs.

I have had a TD account for so long I only need to maintain a minimum of $1,000 or maybe its $1,500 in order to avoid any typical fees. International ATM withdrawals are $5 – I don’t know how much it costs to W/D money from a non-TD ATM in Canada since I never do that.

Our joint account with BMO also rebates the monthly $4.95 fee as long as we maintain a minimum balance of $2,000.

Of course, it has been a long time since I saw any interest being paid in either account so it is definitely a give and take (… and take, and take).

That’s why it is not a bad idea to own bank shares. I profit when they profit!

By: Kathryn

Kathryn — Mon, 30 Nov 2009 19:04:10 +0000

mini laptop: I called today to inquire about your question. The answer I received was yes as a non-Canadian, you can set up a Canadian account in person (not over the phone). You need to bring 2 pieces of ID, one of which is a photo ID and you may be offered only “minimal banking” (200 ABM, limit $500 Interact Limit and a 7 day hold on your deposits).

If you travel to Canada a lot for business you may find it advantageous to set up a bank account here.

Hope that helps.

By: Matt

Matt — Mon, 30 Nov 2009 16:20:24 +0000

Paying fees for banking? But why? I bank with Buduchnist Credit Union here in Ottawa. It’s a ukrainian-canadian credit union. I have never payed fees for anything, ever. Cheques are free, unlimited transactions, a no-cost (but online-only) “high-interest” savings account. Also, the ability to make deposits and withdrawals at any ABMs on the Exchange Network of which Alterna is the largest member. This is no special, time-limited deal. This is and has always been their business model. However, as with other commenters, I’m just amazed that I haven’t been able to convince a single lonely sole to switch!

By: walk

walk — Sun, 29 Nov 2009 21:59:32 +0000

Forgot to mention – this is a useful article as I am considering switching from PCF to TD Bank or something similar for day-to-day banking. Thanks for posting.

By: walk

walk — Sun, 29 Nov 2009 21:58:03 +0000

Just to be clear, PC Financial is NOT owned by CIBC. CIBC only provides the banking infrastructure for PC Financial, which is a completely separate company (Loblaws, Inc.). In other words, PC Financial outsourced some of their banking stuff to CIBC (and CIBC outsourced a lot of the IT to Hewlett Packard Canada).

Although I still use PCF for day-to-day banking, I canceled my PCF MasterCard recently due to poor service and the constant lowering of my credit limit.

By: Willow

Willow — Sun, 29 Nov 2009 18:06:45 +0000

“I guess I still like to have a feeling that if I get in a jam, I can walk in to that building and as a longtime good customer, they will work hard to help me out. Those few extra bucks I pay a month give me peace of mind. Naive?”

I don’t think it’s naive at all. I had switched to PC Financial but was very frustrated at the limitations on the account. I had made a transfer from my PC account to another, only to realize after the fact that I had transferred the wrong amount (yes, my fault.) I called them in a panic as this was going to cause my rent cheque to bounce. They were not able to cancel the transfer since it was after hours. I couldn’t make a deposit at the ATM as they held my deposits for TEN business days (even cash deposits — ridiculous), I couldn’t do an Interac transfer from another account as they don’t do those, and I couldn’t make the deposit in a bank since they don’t have any. That’s a lot of “can’t” for a bank, when all I wanted to do was put money in my account.

I also found the PC Financial interface clunky, and hated that when you made a transfer, it did not reflect in your balance immediately nor could you see any record of it until it had cleared.

For me, it was worth it to switch to unlimited banking with RBC and pay the fee. They provide a level of service and peace of mind I am willing to pay for.

By: mini laptop

mini laptop — Sun, 29 Nov 2009 15:02:58 +0000

Hey Kathryn,
One quick question. I am a guy who travels often to Canada for business trips. I have been longing to have an account in Canada. I am a citizen of United States and will it be possible for me to have an checking account in Canada that I can operate from home country and US. Please reply and this would be of great help. Thanks.

By: Kathryn

Kathryn — Sun, 29 Nov 2009 13:34:53 +0000

Great to hear such good things about Coast Capital for those living on the west coast.

Melanie: You make a good point about rural areas. Happy to hear about your multi-product discount.

Aaron: I regularly transfer money online from PC to ING. I would go in and talk with a Scotiabank rep about whether it’s true that you can’t transfer money online. It seems odd that you can’t. They may be able to help you more than someone on the phone could.

By: Melanie Samson

Melanie Samson — Sun, 29 Nov 2009 01:51:29 +0000

PC Banking is not a good option for rural Newfoundland. I live two and a half hours from the nearest PC ATM (nope, no CIBC either). I was with them for a month, but I found getting access to my money very difficult and the customer service (over the phone) mediocre. In the end, it just wasn’t worth it for me and I decided to stay with RBC. They are far from perfect, but I’m enjoying the multi-product discount.

By: Aaron

Aaron — Sat, 28 Nov 2009 10:23:46 +0000

Hi,

Just stumbled on your site, via another financial blog.

I bank with Scotia Bank. I was trying to transfer money to another bank (online) and was told that Scotia Bank does not support such service. Is that true?

Just read all the good stuff about PC Superstore Bank, as a customer of this bank, can I transfer to another bank, without going to the store?

Also hear lots of good stuff about ING. Question: how do I transfer money into an ING account, if my (Scotia) Bank does not do transfers?

Yes, I just signed up for yout blog. Good Stuff

aaron

By: Jayson

Jayson — Sat, 28 Nov 2009 00:57:16 +0000

I live in BC and have been very happy with Coast Capital’s “free chequing account”. The best part is I can withdrawal AND deposit at any credit union in Canada for free (free debit too). This enables me access to a much greater supply of banking machines than being stuck with just one major bank. On top of that HSBC is part of than network and they have banks all over the world. It sure was nice withdrawing money in Mexico for free!!

By: Bash

Bash — Fri, 27 Nov 2009 22:32:14 +0000

Hi Kathryn – I think Coast Capital Credit Union beats all. Unlimited no fee chequing + unlimited no fee savings. No strings attached. Actually I’m a new immigrant (4 yrs) from India. In India I had never heard of the term “Banking Fees”. We grew up under the impression we were doing a favor by choosing the bank we do to park our money. Not until I moved here did I realize that there was something called banking fees. I was a long term HSBC customer in India (no fees ever) & when I told them I was moving they offered to set me up with all my banking needs through HSBC Canada. The relationship was very nice until I saw my first statement. I told them they must be kidding. Apparently not. Since month #2 in Canada I’ve been with Coast Capital & do strongly recommend same to all.

By: Nicole

Nicole — Fri, 27 Nov 2009 19:59:29 +0000

One nice thing about BMO is you can have up to 20 accounts linked to one plan, which in this case, if you go with the performance plan, and have 4 other accounts(chequing or saving), all the accounts enjoy unlimited banking. Plus if you have 3000 in the lead account(you specify, needs to be chequeing), it`s free for all other accounts as well!! I had a personal TD account, a joint account, and they charged me plan fees for every single chequeing accounts! With BMO now.

By: Greg

Greg — Fri, 27 Nov 2009 18:45:46 +0000

This post is very timely. I’ve been a very happy Citizens Bank customer since the mid 1990’s and now that they are closing, I need to find an alternative.

I have a PC Financial account which I like, but their website sucks. They also seem to have kiosks in all the Real Canadian Superstores around Vancouver.

Like @Ashley, my mortgage and HELOC are with National Bank of Canada (”All In One” account). This is a great account and any money I put in there beyond the mortgage requirements offsets the mortgage principle and therefore lowers my interest payments, so my savings are effectively paying me 2.25%.
Unfortunately their website also sucks, but given the other benefits, I’m thinking of just making this my main account. NBC only have one branch in Vancouver and it is downtown and not open on Saturdays, which makes is effectively useless. I can use any Exchange ATM (credit unions and HSBC) and there are no shortage of those. There are no fees on the main account, but if you want to open sub accounts, they cost $2.50 per month.

By: dusen

dusen — Fri, 27 Nov 2009 16:53:47 +0000

I’ve been a satisfied customer of PC financial since 2001 – never had any issue whatsoever with them – I would recommend without hesitation to anybody.

On another note, has anybody tried ally.ca? My brother-in-law forwarded it to me last week. 2% high interest savings (which certainly beats the 1% I’m getting at PC). Thinking of holding some money in my TFSA there. Anybody have any first hand experience?