Personal Finance

BMO Club Sobeys Bank Account - Grandfathered

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  • Apr 17th, 2018 2:40 pm
Newbie
Jun 22, 2013
42 posts
41 upvotes
Vancouver, BC
My account was activated few days ago and I can see the initial deposit transaction in the online banking. But I haven't receive the card PIN in mail yet.

However I played around with the card today at their ABM and enter "0000" as PIN and it actually works O.o I could do deposit/withdraw/bill pay/pin change without problem.

Now I'm guessing maybe I was just too lucky and guessed the correct 4 digits pin (1/10000 chance) or perhaps all unactivated card has the same pin.............
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Aug 4, 2003
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vikingkoala wrote:
Jun 3rd, 2014 10:48 pm
My account was activated few days ago and I can see the initial deposit transaction in the online banking. But I haven't receive the card PIN in mail yet.
Did you do everything online?
When I did it at the branch level, the letter rep removed the new card from had the pin on it in a security window you remove part of to reveal the pin.
Newbie
Jun 22, 2013
42 posts
41 upvotes
Vancouver, BC
I didn't went to any branch before... The welcome letter has a card on it but no PIN. It says I need to send a cheque with my name to a PO box in Montreal as initial deposit before they can mail me my PIN. So far I didn't receive anything from them but I'm surprised that "0000" actually works on their ABM..... O.O
Sr. Member
Jan 3, 2013
638 posts
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Mississauga
I mailed in my deposit cheque right after I received the package with the debit card on May 5 and only received my PIN last Thursday. I guess this account is no longer a priority for BMO since they no longer offer it.
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Mar 25, 2012
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angel_wing0 wrote:
Jun 2nd, 2014 6:42 pm
this account does allow you to use BMO tellers so that's a huge advantage for ppl who uses tellers for deposits.

Someone should really edit the thread title...
I have to say, for in-branch deposits (which are so rare for me, less than once per year and that's being generous), I'm happily enjoying my Scotiabank Money Master Savings Account. The interest rate paid on deposits is hardly anything to write home about so I generally only keep about $100-200 in the account as a sort of "placeholder". The real advantage, however, is the fact that you can deposit money through any channel (i.e., in-branch, ABM or "snail mail") with no holds up to your established "cashback" limit. True, debit transactions such as cash withdrawals and pre-authorized payments cost $5.00 each, but if are smart and transfer the funds to your Scotia iTRADE non-registered account (again, via any channel, in-branch, online or ABM), the transfer is completely non-chargeable. Similarly, you can also hold a Safe Deposit Box with Scotiabank, use that Money Master Savings Account as the account for the annual rent charge and that's a "non-chargeable" debit transaction as well. Funds are reflected in your Scotia iTRADE account immediately (since they came from a Scotiabank account) and, if you're so inclined, you can even enjoy free online bill payments from your Scotia iTRADE account. :)

So, Scotiabank/Scotia iTRADE/Tangerine is the perfect combination. You can transfer funds out of Scotia iTRADE with no withdrawal limitations immediately, again since the funds are cleared and came from a Scotiabank account, and are reflected in your Tangerine account on the next business day (much quicker than the 2-3 lag time I'd expected). It allows the best of both worlds and all the while maintaining fewer accounts. Someone could hold these accounts, along with maybe a PC Financial no fee bank account and savings account to arbitrage the frequent "net new money" promotions and maybe a high interest savings account with Hubert Financial (a division of Sunova Credit Union) and that'd be all the accounts you'd ever need with an 8,000+ Canadian ABM network and huge surcharge-free Global ATM Alliance that numbers tens of thousands of locations. Much better than trying to manage three chequing accounts, multiple savings accounts and a brokerage account, in my opinion.

Cheers,
Doug
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Feb 25, 2014
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^But Scotia iTRADE has nothing to write home about (archaic commission of $24.99/trade if equity is less than $50k). I have made the similar setup with NB where I jumped on $100 free offer with $5000 deposit on savings account and connected it with NBDB and it works the same way as you listed +1 free ABM withdrawal/month.

Also the convenience of exchange atms is unsurpassable
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
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Mar 25, 2012
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MehtabS wrote:
Jun 12th, 2014 7:45 am
^But Scotia iTRADE has nothing to write home about (archaic commission of $24.99/trade if equity is less than $50k). I have made the similar setup with NB where I jumped on $100 free offer with $5000 deposit on savings account and connected it with NBDB and it works the same way as you listed +1 free ABM withdrawal/month.

Also the convenience of exchange atms is unsurpassable
Not sure I'd agree with your statement on The EXCHANGE ATM Network. With 2200 ATM locations (and falling, predominantly as credit unions leave on an annual basis in favour of the larger pan-Canadian credit union-only Acculink network), it's among the smallest network in Canada. It used to be big in B.C. but, as many credit unions, particularly in the northern and southern Interior of B.C. have left, combined with Tangerine's looming exit, it isn't really much to write home about. Similar story in the northern territories, all of Western Canada, where they have almost no presence and even northern Ontario.

And, Scotia iTRADE will give you $9.99 commissions with $50,000 in investment assets and, if you don't have $50,000 yourself, perhaps you have a spouse or other family member that might give you trading authority on their account, thereby "linking" your accounts and allowing you to benefit from the lower commission tier. (This works, I've talked at length with Scotia iTRADE investment representatives.) I didn't need that anyway, mind you, since I meet that threshold when you include all of my investment accounts (including Locked In RRSP).

Scotiabank/Scotia iTRADE/Tangerine with a PC Financial account as alternate bank account and you add surcharge-free CIBC/PC Financial ATM locations, giving you a Canadian ABM presence four times larger than The EXCHANGE - and more geographically diverse. Free in-branch deposit access (via Scotiabank/Scotia iTRADE)+largest combined ABM network in Canada makes it better than having to hold three chequing accounts with three different institutions just to get in-branch access for no fee. If you don't like Tangerine or PC Financial (for whatever reason), sub either out for a Coast Capital Savings or First Calgary Financial (B.C. and Alberta) and you're set. :)

Cheers,
Doug
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Mar 23, 2004
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Markham
Edited the subject of the thread as the account is now grandfathered.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

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Aug 3, 2013
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Durham
angel_wing0 wrote:
Jun 12th, 2014 7:57 pm
Edited the subject of the thread as the account is now grandfathered.
Whoa, you have mod skillz now?
Jr. Member
Jul 20, 2013
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angel_wing0 wrote:
Jun 12th, 2014 7:57 pm
Edited the subject of the thread as the account is now grandfathered.
It was fun while it lasted...
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PwnyExpress wrote:
Jun 13th, 2014 1:30 pm
It was fun while it lasted...
well at least the account is grandfathered...better than forcing us to use their rip-off pure bmo accounts.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
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angel_wing0 wrote:
Jun 13th, 2014 2:31 pm
well at least the account is grandfathered...better than forcing us to use their rip-off pure bmo accounts.
I would have switched exclusively to my tangering account I think. In fact, I mostly use tangerine anyway.
I feel the need... the need for speed.
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Bomberman07 wrote:
Jun 13th, 2014 9:33 pm
I would have switched exclusively to my tangering account I think. In fact, I mostly use tangerine anyway.
perfectly fine and i use tangerine too. But i still like the teller access, especially when i go there, deposit a cheque to pay off my monthly BMO WE bill :D
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
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angel_wing0 wrote:
Jun 13th, 2014 9:45 pm
perfectly fine and i use tangerine too. But i still like the teller access, especially when i go there, deposit a cheque to pay off my monthly BMO WE bill :D
I've tried "photo chèque" from tangerine. No idea how they call it in english, but you take a pic of you cheque and voilà, pretty amazing. But having access to a teller is priceless sometimes.
I feel the need... the need for speed.
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Bomberman07 wrote:
Jun 13th, 2014 10:16 pm
I've tried "photo chèque" from tangerine. No idea how they call it in english, but you take a pic of you cheque and voilà, pretty amazing. But having access to a teller is priceless sometimes.
yip I use it too. But that won't instantly pay my BMO CC bill compare to direct BMO transfer :D
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less

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