Personal Finance

Private Banking Experience ? TD, Scotia or BMO

  • Last Updated:
  • Dec 5th, 2018 7:01 pm
Sr. Member
Mar 12, 2004
866 posts
142 upvotes
Toronto, ON
tradinghumble wrote:
Nov 27th, 2018 10:00 pm
I heard you can write-off the fees, do you have info?
strictly speaking, pure personal banking fees cannot be written off under income tax act. but - certain elements of PB/PW managemnet services can be claimed as an expense. you will unlikely get a straight answer from the bank since it is a grey area. But it is very unlikely that CRA will challenge you if you claim a management fee charged to your holding company where you hold your investments as @bomber17 indicated.
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Apr 21, 2009
2680 posts
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Hamilton
I had posted this in another thread recently about private banking:

I’ve had private banking with TD for 3-4 years now. We’ve had a lot of banking with TD (multiple families, businesses/corps) for many years and someone at a branch suggested it (though they didn’t know much about it at the time themselves).

We actually negotiated with them for a bit, and were able to finalize on a $75/month service fee for everything. 5 families and 4 corps are covered with that single fee.

Essentially we use it for:

-any products with no fees (accounts of any type, credit cards, interac e-transfer, etc)
-access to better FX rates for purchasing USD
-direct email access to private banking reps (this is probably the most useful aspect of this service)
-many times better rates for mortgages/LOCs
-the access cards are marked as private banking, same as all the accounts (not really a big deal here)

At the beginning they asked a lot about investments, trying to push different products or services (of course trying to sell whatever they can, but we declined everything).

We have an excellent relationship with the private banking reps - they’ve been extremely helpful, can email and ask for things at any time which has saved a lot of trips to the branch, and what’s really nice is whenever a new product or renewal is needed (say a new mortgage or LOC or something), they come to meet in person with everything to sign (whether it’s at the office, or even at home in the evening).

At the end of the day for us it was a no brainer, as the sum of all the individual fees from all the accounts we were using were well above $75/month.
[OP]
Newbie
Apr 14, 2006
91 posts
20 upvotes
St Johns
joey003 wrote:
Nov 28th, 2018 6:44 am
I had posted this in another thread recently about private banking:

I’ve had private banking with TD for 3-4 years now. We’ve had a lot of banking with TD (multiple families, businesses/corps) for many years and someone at a branch suggested it (though they didn’t know much about it at the time themselves).

We actually negotiated with them for a bit, and were able to finalize on a $75/month service fee for everything. 5 families and 4 corps are covered with that single fee.

Essentially we use it for:

-any products with no fees (accounts of any type, credit cards, interac e-transfer, etc)
-access to better FX rates for purchasing USD
-direct email access to private banking reps (this is probably the most useful aspect of this service)
-many times better rates for mortgages/LOCs
-the access cards are marked as private banking, same as all the accounts (not really a big deal here)

At the beginning they asked a lot about investments, trying to push different products or services (of course trying to sell whatever they can, but we declined everything).

We have an excellent relationship with the private banking reps - they’ve been extremely helpful, can email and ask for things at any time which has saved a lot of trips to the branch, and what’s really nice is whenever a new product or renewal is needed (say a new mortgage or LOC or something), they come to meet in person with everything to sign (whether it’s at the office, or even at home in the evening).

At the end of the day for us it was a no brainer, as the sum of all the individual fees from all the accounts we were using were well above $75/month.
Great input thank you. Do you write off the fees?
[OP]
Newbie
Apr 14, 2006
91 posts
20 upvotes
St Johns
booblehead wrote:
Nov 27th, 2018 6:46 pm
I am with Td private banking. I have not used any of their in house consulting services thus far.

I paid no fees for 2 years.
Great thank you. You must have good assets with them.
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Jul 30, 2007
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all banking & investments are done with them for at least 25 yrs.
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Apr 21, 2009
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Hamilton
tradinghumble wrote:
Nov 28th, 2018 1:02 pm
Great input thank you. Do you write off the fees?
Yeah, under the one corp they put as a business expense.
booblehead wrote:
Nov 28th, 2018 1:07 pm
all banking & investments are done with them for at least 25 yrs.
You got it with no fees eh? That's awesome.
Deal Expert
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Jul 30, 2007
21821 posts
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Toronto
The adviser told me the typical fee structure but I have now forgotten what they are. If TD wants to charge me, then I can opt out to this PB. One benefit I did get so far was the GIC was a bit more than the posted rate.
[OP]
Newbie
Apr 14, 2006
91 posts
20 upvotes
St Johns
Thanks everyone, contrary to one of the “RFDer” said there seems to be a lot of Private banking clients hanging out in these forums, it makes sense, saving $$&
Face With Tears Of Joy
Newbie
Oct 21, 2018
84 posts
14 upvotes
Pretty naive to use a private banker. Gics and vanguard ETFs are what you want.
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Apr 5, 2016
2800 posts
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Calgary/Vancouver
JeffH60919 wrote:
Nov 29th, 2018 4:28 pm
Pretty naive to use a private banker. Gics and vanguard ETFs are what you want.
Lol what. That's bad advice. GICs and ETFs are not end all products especially for high net worth clients.
Current Fido customer.
Ex Koodo customer.
Sr. Member
Dec 4, 2011
681 posts
110 upvotes
Montreal
Arrgh wrote:
Nov 27th, 2018 11:38 am
Scotia did not have PB and is re-organizing to try to put together something,
News to me, I was a Scotia Private Banking client from 2012-2015. They were awful, and simply rebranded under Scotia Wealth Management, which merged Private Banking and the wealth management investment biz at Scotia McLeod. That side is much better than the banking, at least the people I deal with.
[OP]
Newbie
Apr 14, 2006
91 posts
20 upvotes
St Johns
bomber17 wrote:
Nov 29th, 2018 4:58 pm
Lol what. That's bad advice. GICs and ETFs are not end all products especially for high net worth clients.
Ditto.
Newbie
Oct 21, 2018
84 posts
14 upvotes
bomber17 wrote:
Nov 29th, 2018 4:58 pm
Lol what. That's bad advice. GICs and ETFs are not end all products especially for high net worth clients.
The higher your net worth the less risk you should take. You should worry about risk management and avoiding parasites who add no value.
Sr. Member
Jul 28, 2008
767 posts
108 upvotes
Toronto
JeffH60919 wrote:
Nov 29th, 2018 6:27 pm
The higher your net worth the less risk you should take.
lol
Jr. Member
Apr 5, 2013
128 posts
4 upvotes
joey003 wrote:
Nov 28th, 2018 6:44 am
I had posted this in another thread recently about private banking:

I’ve had private banking with TD for 3-4 years now. We’ve had a lot of banking with TD (multiple families, businesses/corps) for many years and someone at a branch suggested it (though they didn’t know much about it at the time themselves).

We actually negotiated with them for a bit, and were able to finalize on a $75/month service fee for everything. 5 families and 4 corps are covered with that single fee.

Essentially we use it for:

-any products with no fees (accounts of any type, credit cards, interac e-transfer, etc)
-access to better FX rates for purchasing USD
-direct email access to private banking reps (this is probably the most useful aspect of this service)
-many times better rates for mortgages/LOCs
-the access cards are marked as private banking, same as all the accounts (not really a big deal here)

At the beginning they asked a lot about investments, trying to push different products or services (of course trying to sell whatever they can, but we declined everything).

We have an excellent relationship with the private banking reps - they’ve been extremely helpful, can email and ask for things at any time which has saved a lot of trips to the branch, and what’s really nice is whenever a new product or renewal is needed (say a new mortgage or LOC or something), they come to meet in person with everything to sign (whether it’s at the office, or even at home in the evening).

At the end of the day for us it was a no brainer, as the sum of all the individual fees from all the accounts we were using were well above $75/month.
When you say accounts of any type and credit cards with no fees - is this chequing account types where it costs $15/month and a credit card that cost $120/yr?

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