| newaccorddriver |
so, next month ill be turning 18. i was told that i have to go in there and make a new account just cause they cant take off all the privilages on my current youth account. is that true, and whats the real point in making us make a new account? couldnt they just take out the privilages? and what happens when you have a direct deposit thing from work, and a direct withdrawel thing from a gym, how does that work then?
editted for grammer errors |
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| turbo_dave |
when i turned 19 my youth bank account expired and I was told that if i did not come in and see an advisor the account would be switched over to their standard account. I'm now paying around ~$10 per month in banking fees. I still have to go and see if they (royal) offer a no fee chequings account, but have not found the time.
I did ,however, open up a Presidents Choice (superstore) no fee chequing and savings account. Great experience, i would reccomend them, if you have to pay for banking. |
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| droppedatbirth |
| if you're at TD then you can keep your youth account till you 19..i got the same letter in the mail when i turned 18..talked to the bank opened a checking account anyways but still have the savings (youth) account open. and with the withdrawls from the gym and shit just go the bank if you open a new account get all the info and call your insurance and gym and let them know the changes and give them the numbers and they'll just switch it over. |
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| ChromeDragon |
| I just switched to President's Choice as well after over 10 years with TD/Canada Trust. I have been paying nearly $20/month for bank fees and am just sick of it. With PC I can do all of the banking I did before and save over $200/year. PLUS their interest rates actually do make you some interest.:thumbup: |
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| BananaBoy |
quote:
I did ,however, open up a Presidents Choice (superstore) no fee chequing and savings account. Great experience, i would reccomend them, if you have to pay for banking.
I deal with them too, it great. The only crappy thing is that you have to mail order bank drafts if you need them but that why I keep my Royal account just in case.
Try asking if they have a 'student' account. It may have lower fees. |
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| newaccorddriver |
quote:
Originally posted by turbo_dave
when i turned 19 my youth bank account expired and I was told that if i did not come in and see an advisor the account would be switched over to their standard account.
if thats with TD then its 19 then... hmm... if they switched it over to the standard account, would the account number be the same then? i dont wanna go through all the hassle of having to phone up(or even go to) the places and give them my new info. |
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| sparkycivic |
| PC financial owns, just ditch your account. |
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| superpirate25 |
| I've considered going the pc/ing route before, but have stayed with TD nevertheless. I still like the easy access to assistance and advice that banking at a traditional branch bank provides. I don't pay any fees at TD anyways, so that isn't really an issue for me. When it comes to things like mortgages, RRSP's and other investments they are superior and it's nice to build a relationship with one institution in that regard, both with the bank as well as the personnel. As far as interest on chequing and even regular savings accounts, it's so low regardless of where you go it's kind of a moot point, especially if bank balances are kept below the threshold for removal of fees. |
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| youngbex |
| i thought some banks didnt charge anything if you have a large amount in your bank?:dunno: |
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| Z32NUT |
quote:
Originally posted by turbo_dave
I did ,however, open up a Presidents Choice (superstore) no fee chequing and savings account. Great experience, i would reccomend them, if you have to pay for banking.
My bank for the last 4 years or so. Love that lack of service charges. Traditional banks can go stuff themselves. Yes, I do realise that CIBC owns PC financial. |
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| superpirate25 |
quote:
Originally posted by youngbex
i thought some banks didnt charge anything if you have a large amount in your bank?:dunno:
I'm pretty sure all banks do that. Mine in particular waives fees if my balance is kept above $3000. That shouldn't be too difficult for the average working person. |
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| GOT BOOST |
quote:
Originally posted by newaccorddriver
so, next month ill be turning 18. i was told that i have to go in there and make a new account just cause they cant take off all the privilages on my current youth account. is that true, and whats the real point in making us make a new account? couldnt they just take out the privilages? and what happens when you have a direct deposit thing from work, and a direct withdrawel thing from a gym, how does that work then?
editted for grammer errors
Hi newaccordriver,
It all depends on which institution you deal with. Different institutions have different policies and guidelines in regards to accounts. You may have the option of converting to some sort of student account if you are in school.
Some institutions will charge less for accounts than others. But remember you need to look at your needs for the account. They question that only you can answer is what are you using the account for? Some places offer free banking but you are limited to the services that they offer and what they can do for you.
Remember, you get what you pay for.
Hope this helps
Mike Nikolai |
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| tokes |
| When does BMO's student/youth thing go for? I just turned 18 this summer, I'm liking getting 15 bucks a month in interest and 30 free transactions a month. |
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| 2ndgenlude |
im with TD and just changed the account to adult last month.
took 5 minutes, and they gave me 20 free transactions a month, raised limits, etc, and it costs $7 month.
there unlimited account is $14 a month and its unlimited transactions, except for full serve tellers.
everything stays the same. same card, same pin, etc. doesn't affect direct deposit at all. |
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| newaccorddriver |
quote:
Originally posted by 2ndgenlude
im with TD and just changed the account to adult last month.
took 5 minutes, and they gave me 20 free transactions a month, raised limits, etc, and it costs $7 month.
there unlimited account is $14 a month and its unlimited transactions, except for full serve tellers.
everything stays the same. same card, same pin, etc. doesn't affect direct deposit at all.
dont they waive that fee if you have over 3000 saved up cause i have well over that amount. $7 a month wouldnt be too bad though, but the interest rates they give out are piss poor, maybe if they upped it a little. $0.09 interest on $4500 is just enough to make me buy bonds this thursday |
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| ridiculous_ |
quote:
Originally posted by sparkycivic
PC financial owns, just ditch your account.
pc bank is the absolute worst bank ever...the reason its so cheap is there no service whatsoever...horrible! |
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| superpirate25 |
quote:
Originally posted by newaccorddriver
dont they waive that fee if you have over 3000 saved up cause i have well over that amount. $7 a month wouldnt be too bad though, but the interest rates they give out are piss poor, maybe if they upped it a little. $0.09 interest on $4500 is just enough to make me buy bonds this thursday
Yes, they waive the service fees if your balance is over $3000. Keep in mind a chequing account is not an investment, don't expect any kind of return on whatever you have in there. I tend to keep enough in there to pay no fees and move whatever else into my savings account, which also has no fees, and pays a little better interest. Also, have you maxed out your rrsp already? |
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| newaccorddriver |
quote:
Originally posted by superpirate25
Also, have you maxed out your rrsp already?
i thought you had to be working the previous year to get those? ive only been working for the past 4 months or so, or since i graduated... |
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| DomesticDrifter |
I work for TD and you don't need to change anything. Just keep your current chequing account and when you turn 19 your account will automatically turn into a Value Account. Its like $5 a month for 4 full serve transations (through a teller), and 10 self serive transactions, after you go over these limitations you'll be charged extra. If you're going to school just have them change it to a student account, has the perks of the next tier of account but at 1/2 the price (like $4 or $5/month for more transations). Interest rates have gone up slightly (and I do mean slightly) this week. 2.15% on all GIA's, so if you have $5000 that you don't plan on using for awhile, but still want the peace of mind of being able to access the money that wouldn't be a bad idea. The interest rate is actually higher then that of GIC's right now (2%).
As far as banking with PC goes you get what you pay for. You don't pay a dime, so don't expect any help if you're having problems with them and if you do, good luck! PC can offer slightly higher interest rates then conventional banks because they don't have to pay anyone staff and they operating costs are much lower. |
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| Z32NUT |
quote:
Originally posted by DomesticDrifter
As far as banking with PC goes you get what you pay for. You don't pay a dime, so don't expect any help if you're having problems with them and if you do, good luck! PC can offer slightly higher interest rates then conventional banks because they don't have to pay anyone staff and they operating costs are much lower.
When TD went to TD/Canada Trust, I went from paying 5 bucks a month for everyday banking; grocery shopping, filling up the car, paying bills online, to almost 40 bucks. I never used a teller, did all my own banking online and used interac for purchases. In short, all of my banking was done automatically by computers. I didn't even get a paper statement. So how can TD justify service charges for customers they never even see? Do electrons cost TD that much?
The couple of times I've had problems with my PC account, I've either gone to Superstore or called them up. Very friendly, and the problems were fixed in minutes. Go back to a bank that wants to charge me for friggin' everything I do unless I keep my life's savings with them getting pennies for interest?? Get real.
I like my money, and as far as I know, banks aren't charitable institutions quite yet that need every penny that they get. |
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| superpirate25 |
quote:
Originally posted by Z32NUT
When TD went to TD/Canada Trust, I went from paying 5 bucks a month for everyday banking; grocery shopping, filling up the car, paying bills online, to almost 40 bucks. I never used a teller, did all my own banking online and used interac for purchases.
Then you either had the wrong account for the type of banking you do, or withdrew cash from a lot of other banks amb's. Don't blame the bank for your poor account management.
I bank with TD, guess how many fees I pay? Zero. Plus I have the ability to meet with people who can help me with problems as well as advice for investing. |
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| DomesticDrifter |
quote:
Originally posted by superpirate25
Then you either had the wrong account for the type of banking you do, or withdrew cash from a lot of other banks amb's. Don't blame the bank for your poor account management.
I bank with TD, guess how many fees I pay? Zero. Plus I have the ability to meet with people who can help me with problems as well as advice for investing.
Bingo.
Z32NUT it sounds like you had the wrong kind of account, there is no way that I would pay that much in service charges and if I did, I would go find out why I was paying so much. If you never use a teller there is no way you should be paying more then $12/month in fees for unlimited self serve transations. |
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| Z32NUT |
quote:
Originally posted by DomesticDrifter
Bingo.
Z32NUT it sounds like you had the wrong kind of account, there is no way that I would pay that much in service charges and if I did, I would go find out why I was paying so much. If you never use a teller there is no way you should be paying more then $12/month in fees for unlimited self serve transations.
So what kind of account should a person have that they make you pay for the privelage of being their customer? Don't banks make enough money off of the interst charges from loans for houses, credit cards and cars?
TD's generous chequing plans |
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| DomesticDrifter |
quote:
Infinity Account
Unlimited self serve transactions can mean big savings for very active accounts.
unlimited self serve transactions
$12.95 monthly fee, waived with min. $3,000 balance1
you say you never used a teller, so shouldn't this one make sense? :dunno: |
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| Z32NUT |
quote:
Originally posted by DomesticDrifter
you say you never used a teller, so shouldn't this one make sense? :dunno:
What a concept...a 3g security deposit so I can have the privelage of something I already get for FREE! Does that come with a pack of smokes and a light too so I can feel good later? ;) |
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