Personal Finance

Thinking of switching from BMO to PC Banking?

  • Last Updated:
  • Feb 23rd, 2010 1:33 am
[OP]
Member
Dec 23, 2007
334 posts
3 upvotes

Thinking of switching from BMO to PC Banking?

Average canadian family. Mortgage, two cars, two kids, & broke! Im searching for everyday to pinch pennies. Im paying for my BMO account. 20 dollars per month. Plus other crappy fees, and keeping a minium balance.

Give me some hope RDF! Is PC banking worth it? Have others had positive experiences with it? Any pitfalls i should be aware of?

thanks good people

O
46 replies
Deal Addict
Dec 14, 2008
1009 posts
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I switched many years back. I to was sick of paying those stupid fees.
PC is the Best plan out there. Also sign up for pc mastercard. Every year on average I get approx 250 dollars of free groceries using the mc.
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Mar 23, 2004
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Markham
pcf banking is great, just dont believe anything adamtheman says regarding them :D
「もし、奇跡を起こせたら……」
Deal Expert
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Dec 11, 2005
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Anyone who is pinching pennies should eliminate banking fees first of all. PCF is a great choice.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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Mar 10, 2009
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Mississauga, ON
It's worth it if you want to save on those fees. If you don't need tellers then this should work.
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Aug 18, 2005
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GTA West
Been using PCF for years and I've gotten over $800 in benefits worth of PC Points.
What if there were no hypothetical questions?
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Mar 30, 2004
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And if you do need teller service then another bank that offers free banking with a ninimum balance may suit you better
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Aug 26, 2005
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Coquitlam
OP, what exactly are you using that ends up paying $20 a month?
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Markham
well the premium plan does cost $25 a month if he doesnt maintain 5k in there...
「もし、奇跡を起こせたら……」
Deal Addict
Dec 5, 2003
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I wouldn't switch unless you really need to save. Before you switch talk with your bank and see if they are willing to try to retain your business by giving you a free account while you get yourself back on your feet.

I use to use PCF but I won't go back. Can't beat Face 2 Face interaction. That being said, if I had no money I would probably consider going back. Try to stay at BMO - I am assuming you have developed a relationship with them already.
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Phoenix88 wrote:
Feb 20th, 2010 4:05 am
I use to use PCF but I won't go back. Can't beat Face 2 Face interaction. That being said, if I had no money I would probably consider going back. Try to stay at BMO - I am assuming you have developed a relationship with them already.
A bank is a corporation. You can't (or at least shouldn't) develop a relationship with a corporation - it's not a person.

End of the day banks have no loyalty to you and you should have no loyalty to them. You go to the company that offers the best combination of service and price, screw loyalty.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
[OP]
Member
Dec 23, 2007
334 posts
3 upvotes
well i think i have the preium plan because of our high transcations with debt cards it seem to make sense at the time. The trouble is keeping the minimum balance, so i keep paying the monthly fees.

Why i just dont do it, is I have been with BMO since i was 16. It started in a small town with small town serivce but now im in toronto, it doesnt feel the same. I have my RRSP & RESP with them as well. I not sure if I switch how i would contriubute to the RRSP and RESP's?

I dont have a problem of not talking to tellers, as i do very little complicated banking. Money in, money out. Thats about it. I would cancel my BMO master card, and get the PC master card as well.

Any more thoughts and ideas are welcomed.

thanks

o
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Markham
octapuss wrote:
Feb 20th, 2010 10:03 am
well i think i have the preium plan because of our high transcations with debt cards it seem to make sense at the time. The trouble is keeping the minimum balance, so i keep paying the monthly fees.

Why i just dont do it, is I have been with BMO since i was 16. It started in a small town with small town serivce but now im in toronto, it doesnt feel the same. I have my RRSP & RESP with them as well. I not sure if I switch how i would contriubute to the RRSP and RESP's?

I dont have a problem of not talking to tellers, as i do very little complicated banking. Money in, money out. Thats about it. I would cancel my BMO master card, and get the PC master card as well.

Any more thoughts and ideas are welcomed.

thanks

o
just downgrade the account to a lesser plan like the plus (i think u only need 1-2k there?) and then open the pcf account.
「もし、奇跡を起こせたら……」
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Jul 23, 2008
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brunes wrote:
Feb 20th, 2010 8:23 am
A bank is a corporation. You can't (or at least shouldn't) develop a relationship with a corporation - it's not a person.
Actually under the law a corporation is considered a legal "person" :cheesygri
Deal Addict
May 20, 2003
2864 posts
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octapuss wrote:
Feb 20th, 2010 10:03 am
well i think i have the preium plan because of our high transcations with debt cards it seem to make sense at the time. The trouble is keeping the minimum balance, so i keep paying the monthly fees.

Why i just dont do it, is I have been with BMO since i was 16. It started in a small town with small town serivce but now im in toronto, it doesnt feel the same. I have my RRSP & RESP with them as well. I not sure if I switch how i would contriubute to the RRSP and RESP's?

I dont have a problem of not talking to tellers, as i do very little complicated banking. Money in, money out. Thats about it. I would cancel my BMO master card, and get the PC master card as well.
I'm sure BMO will have a way to take your money for RRSP and RESP even if you don't keep a chequing account with them. As for PCF, I haven't had a problem with them. Just buy switching, you'll save $240 a year plus there's no fees for new cheques.

Also, if you're thinking of getting the PCF Mastercard, see if you can get the MBNA Smartcash instead. I'm not sure if it's available anymore, but if your goal is to pinch every penny, you'll get more cash back with that one.

In the long run, you may also want to look at your RRSP and RESP to make sure they're in low cost investments and if there are any GIC's in there, make sure you're getting a competitive rate on those.

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