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No Fee Banking, Cheap Books and Roundup – Aug 22, 2008

Cheap Banking and Books

A little birdie has told me that PC Financial is about to have some serious competition. In the fall, Citizens Bank will be offering a no fee chequing account with no minimum balanace! Including in the no fee account are free cheques, interac and ATM transactions. You can find more information about it here.

Great Canadian Rebates is offering 6% cash back from Chapters instead of the regular 4%. Hurry though as the increased rebate is only valid until Sunday Aug 24, 2008.

Friday Roudup

Canadian Dream asks when does frugal turn cheap?

Thicken My Wallet has a great article on Organizing yourself to financial success.

Canadian Capitalist warns us to beware of tax shelter donation arrangements.

Quest for Four Pillars has an educational post about dividend dates.

The Financial Blogger lists 5 Reasons Why You Should Consolidate Your Assets With One Institution.

Where Does All My Money has compiled a huge series on Dimensional Fund Advisors.

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FT About the author: FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

{ 11 comments… add one }
  • The Financial Blogger August 22, 2008, 8:50 am

    Thx for the mention!
    Enjoy your weekend!
    Montreal weather forecast is 25 and sun for the next 3 days… and I’m heading toward my MBA class this morning… life sucks ;-)

  • WhereDoesAllMyMoneyGo.com August 22, 2008, 10:46 am

    Thanks for the mention FT – only about 15 more posts to go! :)

  • Frog of Finance August 22, 2008, 10:59 am

    Unfortunately, neither PC Financial nor Citizens Bank will offer those fee-free checking account in Quebec.

    Too bad,
    Frog

  • Canadian Capitalist August 22, 2008, 11:52 am

    Thanks for the mention. I think the Citizens Bank no-fee account is great news. More competition is always nice. Have a great weekend!

  • ThickenMyWallet August 22, 2008, 12:00 pm

    Thanks for the mention. Have a good weekend.

  • Charles in Vancouver August 22, 2008, 12:12 pm

    Don’t forget, Coast Capital already offers such an account in BC :)

  • Canadian Dream August 22, 2008, 7:12 pm

    FT,

    Thanks for the mention. Have a great weekend everyone.

    Tim

  • Just Getting Started August 23, 2008, 3:18 am

    Am I the only one that actually believes it’s worth it to maintain a high enough minimum balance with full-serve financial institution to get free services from a “real bank?”

    I mean, TD has long branch hours on top of everything that each of the “free account” banks offer. And all I do is keep 2 grand sitting around..

    Is it worth a small interest on part of your emergency fund to deal with 25 minute waits on hold for PC?

    • FT FrugalTrader August 23, 2008, 8:21 pm

      Just Getting Started: I also carry accounts with full service banks. That’s the reason for my minimum cash amounts in my net worth statement.

  • DAvid August 23, 2008, 1:05 pm

    Just Getting Started asks: “Am I the only one that actually believes it’s worth it to maintain a high enough minimum balance with full-serve financial institution to get free services from a “real bank?””

    No. But most of us who are happy with the banking relationship we have with our (usually) bricks and mortar bank, tend not to have a lot to talk about!

    This past week I have had two meetings with my banker to discuss financial changes and goals which would have been much more frustrating in any format other than face-to-face. The exchange of ideas, comments and notes back & forth across her desk could not have been accomplished as conveniently in any other fashion.

    I reduce my costs by choosing a banking package that best meets my needs (including inexpensive foreign exchange), reduce costs by a multi-product discount, then balance that against a no-fee cash back credit card.

    I feel I get good value for my expenditures.

    DAvid

  • Four Pillars August 23, 2008, 11:15 pm

    Thanks for mentioning the dividend post.

    Mike

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