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Thinking of switching from CIBC to TD

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  • Mar 28th, 2010 8:20 pm
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Sr. Member
Jun 15, 2006
900 posts
24 upvotes

Thinking of switching from CIBC to TD

I've been with CIBC and their Imperial Service for many years and I've been thinking lately of switching to TD or Royal Bank, especially as both have branches in my neighbourhood. I'm talking about switching everything - savings accounts, line of credit, mortgage, investment accounts. Has anyone done this? Is it a lot of hassle or relatively easy to do? Was it worth the trouble in switching? I imagine there'd be a lot of forms to fill out!

I'm thinking TD and Royal Bank have a similar platform as Imperial Service? Would these banks "match" whatever rates I'm currently getting for my line of credit?

Part of why I'm hesitant to do this is that it seems like a lot of stuff to transfer over after you've dealt with the same bank for all your life!
18 replies
Deal Addict
Dec 31, 2009
1568 posts
130 upvotes
TD has an EasySwitch option. They do everything, open the accounts necessary, close the other accounts, and get all the funds transferred. You just need to provide them with account numbers and sign some forms.

I used it when I transferred my TFSA from ING to TD and closed my Ally savings account and moved it over. It took about 2 days for Ally to send the funds and close my account there, and a week for ING to transfer my TFSA funds and do all the extra paperwork.

It was quite easy from my point of view.
Banned
Jun 4, 2009
387 posts
1 upvote
Toronto
Be very careful when switching from CIBC to TD.

Even TD admits they have trouble switching from CIBC accounts.

My GF used "easyswitch" and there was no switch after 3 months. Meanwhile, TD was bouncing her rent cheques and charging her penalties because they were putting her paycheques on hold because she was a new customer.

When she called to complain after 3 months have passed, she was told that "easyswitch" has been canceled. So much for easyswitch. At the end, she had to make a CIBC bankdraft which, you won't believe this, TD held for another 5 business days!!!!

Yes, I am on the roll blasting TD bank today, but just so you know TD does have some of the best plans around. I am on 5k checking account and everything is free. Everything including their top of the line credit card.
Deal Guru
Mar 23, 2009
11701 posts
1475 upvotes
Toronto
Why do you want to switch? I'm with TD, but that's just because I've been with them 25 years. Inertia.

BTW, for my mortgage I shop around. I've been with a bazillion different lenders - whomever is the cheapest. Ironically, this time it's going to be CIBC, and they're giving me a prime + 0.5% HELOC too.

Everything is "free" with my 5k TD chequing account, but that's because I keep $5000 cash in that account earning no interest.
Deal Addict
User avatar
Apr 29, 2002
3812 posts
27 upvotes
Mississauga
Should've switched back in December. They were giving away $350 to any new customer... if you can wait, there may be another promo coming up ;)
Deal Addict
Feb 17, 2007
3190 posts
198 upvotes
I have Chequing and Saving accounts at TD, RBC, Scotia, PC Financial. I do not like the idea of putting minimum deposits in TD and Scotia to get the benefits of maintaining it fee free. So I canceled Scotia first, I will do that for TD later.

RBC is free, with a stupid credit card and a TFSA with $100 in it. so $100 investment with $4 monthly return sounds good to me, that is 48% return risk free lol. I heard you can setup a mutual fund account and let it do recurring deposit of $25, and then stop it after the first deposit, and you get your free account. So, that is 192% annual return risk free.

As for PC financial, simply the best around, all the basic services you needs with low/no cost.
Deal Guru
Mar 23, 2009
11701 posts
1475 upvotes
Toronto
ACC-Major wrote:
Mar 24th, 2010 11:54 pm
I have Chequing and Saving accounts at TD, RBC, Scotia, PC Financial. I do not like the idea of putting minimum deposits in TD and Scotia to get the benefits of maintaining it fee free. So I canceled Scotia first, I will do that for TD later.

RBC is free, with a stupid credit card and a TFSA with $100 in it. so $100 investment with $4 monthly return sounds good to me, that is 48% return risk free lol. I heard you can setup a mutual fund account and let it do recurring deposit of $25, and then stop it after the first deposit, and you get your free account. So, that is 192% annual return risk free.

As for PC financial, simply the best around, all the basic services you needs with low/no cost.
What do you mean about $4 monthly return and 192% mutual fund return?

What do you do for a chequing account?

EDIT:

I see, you're just talking about the waived fees. Not really a great way of calculating "return".
Deal Addict
Feb 17, 2007
3190 posts
198 upvotes
well, to qualify for the free basic 15 transactions account, you must have a RBC rewards credit card (the one i have is Esso) and an investment account (mine is TFSA deposit of $100). You can substitute that TFSA with a TFSA Mutual fund account, and setup a recurring agreement of $25, and cancel the agreement after the first deposit. So basically you get the fee waived with 25 dollar deposit (mine is $100 deposit), much better than TD $1,000 deposit for 10 transactions only, but TD's hours are great.
Deal Guru
Mar 23, 2009
11701 posts
1475 upvotes
Toronto
15 transactions would not be sufficient for me. 25 usually would be OK, but sometimes I've gone over that. 35 would almost always be sufficient, but nobody offers that. Over 25 it seems usually to go to unlimited.

So I just stick with the TD Select which gives me a "free" TD Gold Elite Visa with 1% cash back, and stuff like free choice of personal cheques, free bank drafts and travellers' cheques, and waived PLUS fees for ABM withdrawls. (The waived PLUS fees doesn't apply to the host bank's charges though.)
Deal Addict
Feb 17, 2007
3190 posts
198 upvotes
Yeah 15 transactions aren't enough, that is why I combined RBC with TD and Scotia at first until PC Financial came into my life lol.

Free unlimited transactions, free cheques too.

time to consolidate, RBC i will keep, PC Financial for sure will be kept, as for TD, I don't know if I need it or not, their hours are superior but I want to free up my 1,000 lol.

So you have 5k in your chequing account to keep it free?
The benefits of TD Select Service is by far the best in Canada (at least to the big 5), but that 5k deposit just kills it. I can do much greater things with that 5k.

the MBNA Smart Cash beats TD Gold Visa hands down.
Banned
Jun 4, 2009
387 posts
1 upvote
Toronto
ACC-Major wrote:
Mar 25th, 2010 12:33 am
Yeah 15 transactions aren't enough, that is why I combined RBC with TD and Scotia at first until PC Financial came into my life lol.

Free unlimited transactions, free cheques too.

time to consolidate, RBC i will keep, PC Financial for sure will be kept, as for TD, I don't know if I need it or not, their hours are superior but I want to free up my 1,000 lol.

So you have 5k in your chequing account to keep it free?
The benefits of TD Select Service is by far the best in Canada (at least to the big 5), but that 5k deposit just kills it. I can do much greater things with that 5k.

the MBNA Smart Cash beats TD Gold Visa hands down.
What is it that you can do so much more with 5k?

Visa Infinite is $120 a year. I have made $700 in free travel on it since I opened the account in October 2009.

You get unlimited traveller's cheques (which I use a lot).

Unlimited ATM/interac.

Exchange rate benefits and free travel insurance. Free US credit card.

The most you can make with $5,000 is 2% in interest, unless you are a champion penny stock flipper. Having 5k just sitting in your chequing account is a much better option at least until the interest rates go up.
Deal Guru
Mar 23, 2009
11701 posts
1475 upvotes
Toronto
FWIW, TD Select also comes with a safety deposit box but I haven't yet bothered to get one.

I think one of the RBC accts gives completely free bank machine withdrawls, at least a few times a month. They even refund the fees from other banks afaik.
Sr. Member
User avatar
Jul 24, 2008
762 posts
25 upvotes
Crappy that people are having a hard time to switch from CIBC to TD.

I've only mainly used TD, but I think their service is amazing... I want something, I ask, I get it. :D sooooo easy!


Recently I applied for a credit card at scotiabank... the people working there got so confused and had no idea what was going on... took waaay too long, too many phone calls, and they couldn't even mail me the card! I had to go in to pick it up (scotiabanks are rare... in that distance there's another 3 TD banks...) and the old people working there didn't know what was going on either, it took 30 minutes to do what should've taken 1 minute!
Deal Addict
User avatar
Dec 28, 2004
1687 posts
130 upvotes
Burlington
If you are going to switch I recommend do not use easyswitch.

I would recommend doing it yourself. And keeping some float in both accounts for a few months to make sure everything gets moved over and covered.

I know some companies can take a long time based on their billing cycle to be able to update bank information. Or you might forget one!

Also I would keep the old chequing account open for 6 months after you stop using it to make sure all of your cheques clear. You are responsible for cheques you write for 6-months from the time they are dated.
Deal Guru
Mar 23, 2009
11701 posts
1475 upvotes
Toronto
So I now at least temporarily have a CIBC Everyday Chequing Account. Or at least I assume that's what it is since the CIBC rep said the monthly fee is waived if I have a minimum balance of $1000. As far as I can tell that means Everyday. I don't actually see a name for it for the online banking access, just "Chequing" and the account number. Since I'm with TD Select already, I'm not sure I'm going to keep it, once I have my other CIBC accounts set up. Questions:

1) Is the Everyday account the only one that has the fees waived by having a minimum balance? I'm flipping through the account service fees booklet and it seems there is no way to waive the fees for the Unlimited Chequing or the PremierService.

2) Are HELOC transfers to this account immediately available? I'd consider keeping $1000 sitting there just to keep it open and fee-free, if it meant instantaneous access to HELOC funds.

3) I have $5000 overdraft on that account. How is this reported to the credit bureaus? I have no desire to keep an overdraft anyway, so is it possible to remove it? (I wouldn't necessarily remove it, but its presence makes the account look like it has $5000 more in it than it actually does.)

P.S. The CIBC iPhone app is sweet.
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