That is correct.passthatversace wrote: ↑ It's just a deposit...you can transfer it elsewhere thereafter, no?
Free unlimited bank account for new customers only - Account no more
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- SCORE-87
- sundawner1
- Member
- Nov 9, 2015
- 354 posts
- 104 upvotes
- Toronto, ON
- baxter77
- Jr. Member
- Aug 16, 2011
- 107 posts
- 76 upvotes
- MISSISSAUGA
I just got approved for this offer with WE card. I'll just etransfer $1500 every month from cibc smart chequine acct which also is a free etransfer. A lot better than keeping $5k balance on td all in acct just to waive visa infinite fees.
- EdisonL299
- Deal Fanatic
- Apr 24, 2017
- 7313 posts
- 6265 upvotes
I got instantly approved. HAPPY!!!!!
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⛱️ Amex Platinum | Amex Bonvoy Brilliant
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- saberX
- Deal Addict
- Oct 23, 2007
- 1797 posts
- 145 upvotes
- Toronto
Did you get the additional $200 sign up bonus for the cc?
- baxter77
- Jr. Member
- Aug 16, 2011
- 107 posts
- 76 upvotes
- MISSISSAUGA
- bobor
- Deal Addict
- Aug 6, 2004
- 1951 posts
- 711 upvotes
For those of you that need to deposit cheques: this is the last of the Big Five to hold out in mobile cheque deposits.
Welcome to 1999. Lol
Welcome to 1999. Lol
- insync44
- Deal Addict
- Dec 22, 2010
- 2045 posts
- 638 upvotes
- BC
Too many conditions apply. Coast Capital already gives me free everything with no conditions.
“The difference between humans and animals? Animals would never allow the dumbest ones to lead the pack.”
- nmclean
- Deal Addict
- Nov 25, 2014
- 1739 posts
- 960 upvotes
- Newton Brook, ON
You answered your own question, I think. Many people would assume from the title, a free unlimited account from BMO (a "real bank") would include all of the above, but this one includes none of it.goozy1 wrote: ↑ I don't understand the downvotes either. Look I get it. I used to have a PC financial account too when I was in school and my banking was less complicated (I still have the account open). But I had to eventually switch to RBC because there are times I need a "real" bank to get things done. Things like last minute cheque cashing, bank drafts, depositing USD cheques , withdrawing large sums of cash, foreign exchanges (when I have no time to go to a currency exchange), getting coins, and other things I can't recall right now. On average I usually go to the teller like 1-2 a month for things that PC financial would never allow me to do.
No, BMO has no USD ATMs, bank drafts aren't available online, etc. The only thing you listed above that could be done for free is cheque cashing, but you can do that already with a free account anywhere.goozy1 wrote: ↑ Yes I am aware of that. I do 99% of my banking online but I like having the option for the odd time I need something that can only be done through a teller. I don't mind paying the $2.50 fee in those occasions. Also note: it says you only need to pay that fee if it's something that can't be done online or through the ATM. Some of the things I listed are probably covered under that exception.
I would not advise this account for you. With your usage you never should have been paying for the $10.95 account in the first place. The best option here is a combination of a free online chequing account, plus a free savings account with RBC that gives you 1 free debit per month and costs $1.50 for each additional. Since you need this 1-2 times a month, that means paying $0 to $1.50 versus $2.50 to $5.00 with BMO. If you need e-Transfers, look at EQ Bank.
Make no mistake, this is a credit card deal, not a banking deal.
You need someone with an umbrella not a fork
- Rudeepoo
- Member
- Oct 15, 2015
- 242 posts
- 879 upvotes
- BC
Well said. This is exactly what it is.
That being said, I got sucked in and applied (thanks OP). I've been wanting the World Elite Cashback card for the longest time. With BMO's somewhat recent increase in minimum monthly chequing balance to $6000 (from $5000), I thought for sure there was no way for me to get this card without having to pay the annual fee. I had no interest in parking $6000 in a chequing account just to get this credit card for free. I do applaud BMO's creative and alternative solution.
Now I'm going to downgrade my TD acct to the minimum acct so I don't have to park $5000 in there anymore and also cancel my TD Gold Elite. The TD Gold Elite really sucks in comparison to the BMO World Elite Cashback. Everyone who has the TD Gold Elite only gets it for their deluxe roadside assistance. The BMO roadside assistance is sufficient for my needs (I'm aware it's only basic coverage).
This is a great deal for those who really want one of their 2 premium cards.
- xblackrainbow
- Deal Addict
- Jul 7, 2013
- 1514 posts
- 1401 upvotes
- Digital Gulag
How do you hide threads on mobile?
- Hattie917
- Member
- Sep 16, 2016
- 311 posts
- 296 upvotes
- Toronto
Basically the point is that 1500$ into your account every month. You just need some cash to be able to deposit it to your account and then you can withdwaw or transfer your money to other bank. But if you don't have balance in your account, how can you take advantage of this free account?
If we can dream it, we can make it!
- convolution
- Banned
- Mar 4, 2011
- 660 posts
- 493 upvotes
- Surrey
I came to downvote and say they are TERRIBLE, and nickel and dimed my wife all the time. I switched her to Tangerine. I hate BMO. I also had bad experiences with CIBC as well. TD ain't so bad, but still part of the big 5.
Fulfillment: 1930, 1966, 1975, 1980, 1981 9.20 14:00, 1984 3.14
- tk1000
- Deal Expert
- Dec 7, 2012
- 32228 posts
- 8694 upvotes
- GTHA
Did you ask in the 'New feature: Thread Hiding' thread?xblackrainbow wrote: ↑ How do you hide threads on mobile?
https://forums.redflagdeals.com/new-fea ... g-2085347/
- yselfandi
- Jr. Member
- Feb 1, 2017
- 166 posts
- 141 upvotes
There are actually specific USD atm's? Never used them. I bank with Tangerine, and I have deposited several USD cheques into various scotia bank atm's. If the cheque is for $100 US, I just enter $100 for my deposit, then the bank adjusts it for me whenever they physically process it.
- nmclean
- Deal Addict
- Nov 25, 2014
- 1739 posts
- 960 upvotes
- Newton Brook, ON
He also mentioned foreign exchange as one of the reasons he needed a real bank, so I assume he means cash. RBC and CIBC have ATMs with USD cash in them, BMO doesn't.yselfandi wrote: ↑ There are actually specific USD atm's? Never used them. I bank with Tangerine, and I have deposited several USD cheques into various scotia bank atm's. If the cheque is for $100 US, I just enter $100 for my deposit, then the bank adjusts it for me whenever they physically process it.
For USD checks, unlike Tangerine, PCF charges $7.50 or $15.00 for that. Probably one of the reasons he thought a $10.95 RBC account was worthwhile. Of course this would be free with Tangerine or a free RBC savings account.
You need someone with an umbrella not a fork
- Aliac9000
- Newbie
- Jul 14, 2012
- 83 posts
- 81 upvotes
- Toronto Ontario Cana…
- Insomuch
- Newbie
- Aug 25, 2014
- 71 posts
- 60 upvotes
- Airdrie, AB
Does anyone use the secured line of credit checking accounts which basically operate as a normal checking account but with no minimum balance requirements and no fees (not even for ordering more checks)? There is the slight danger of maxing out your available credit but aside from that, the no fees side has been great from my perspective. When I'm at the bank many tellers tell me that most bank employees use the same account type which tells me they are probably thinking the same thing I am.
Sorry if this is a bit off topic, but it does seem relevant if no fee accounts are "hot deals".
S
Sorry if this is a bit off topic, but it does seem relevant if no fee accounts are "hot deals".
S
- komal
- Deal Addict
- Jul 29, 2004
- 2909 posts
- 396 upvotes
Bank employees all get free banking. That goes for BMO and every other bank so they wouldn't open an LoC for banking.Insomuch wrote: ↑ Does anyone use the secured line of credit checking accounts which basically operate as a normal checking account but with no minimum balance requirements and no fees (not even for ordering more checks)? There is the slight danger of maxing out your available credit but aside from that, the no fees side has been great from my perspective. When I'm at the bank many tellers tell me that most bank employees use the same account type which tells me they are probably thinking the same thing I am.
Sorry if this is a bit off topic, but it does seem relevant if no fee accounts are "hot deals".
S
But the employee LoC rate is something cheap like prime +1.25% or something so I imagine a lot of employees may open one for that reason.
- Insomuch
- Newbie
- Aug 25, 2014
- 71 posts
- 60 upvotes
- Airdrie, AB
Right, only I don't have to be an employee to get this free checking account disguised as a LoC.
- goozy1
- Deal Addict
- Aug 7, 2011
- 1942 posts
- 3072 upvotes
- VANCOUVER
The only thing this account doesn't include is the stuff you can do online or through an ATM. Even with this "online account", you can still walk into a BMO branch and ask a teller to do something for you. In the worst case scenario you have to pay $2. With PC/Tangerine you don't have that option. Try taking out a few thousand dollars from your PC account. or getting a cheque instantly cashed. Not possible.
Why does it matter if the stuff isn't available online? They are not going to turn you away at the counter because you have an online account. You are still a customer with access to all their services. BMO is the 4th largest bank in Canada with 1000 branches. The point that you are missing is that PC Financial and Tangerine are virtual banks with no tellers. And there are some things you just can't do with those banks. I don't know why it's hard for you to understand the limitations of those virtual banks.nmclean wrote: ↑ No, BMO has no USD ATMs, bank drafts aren't available online, etc. The only thing you listed above that could be done for free is cheque cashing, but you can do that already with a free account anywhere.
I would not advise this account for you. With your usage you never should have been paying for the $10.95 account in the first place. The best option here is a combination of a free online chequing account, plus a free savings account with RBC that gives you 1 free debit per month and costs $1.50 for each additional. Since you need this 1-2 times a month, that means paying $0 to $1.50 versus $2.50 to $5.00 with BMO. If you need e-Transfers, look at EQ Bank.
Make no mistake, this is a credit card deal, not a banking deal.
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