It absolutely is allowed. Banks have historically maintained a long list of grandfathered accounts, but this can get unwieldy. I'm not surprised, and even predicted, this. They do have to give you, I believe, sixty (60) days notice of a change to account name, fees, etc., and may even have to waive balance of account transfer fees (if you go that route).
@dan2011 Set up a monthly pre-authorized debit from your external bank account, or a recurring bill payment?dan2011 wrote: ↑ What sucks is that I use that free account only to pay the line of credit. I've never been able to do an etransfer into the LOC so the chequing account was the middleman to make the payment. Guess there is no way to pay the loc anymore unless I go in person to pay it, unless someone knows a better way. I guess I could open a crappy savings account for that one transaction a month
Thanks for the link!djino wrote: ↑ After sitting with these changes for awhile, I may end up keeping the account.
I use Tangerine as my prior bank account while I kept my RBC Day to Day Chequing account in place just for the purpose of having access to a teller when needed. But the RBC account requires me to keep activity going on my RBC Credit Card and RBC TFSA in order to keep the RBC Chequing free.
I think it would simply be easier to cancel the RBC Chequing account all together and use this account instead. E-Transferring $1500 from my Tangerine to this account and then make a quick Bill Payment to my credit card on a monthly basis, is easier than what I'm doing now (making monthly deposits into my RBC TFSA and making a transaction on my RBC Credit Card every 3 months just to waive the monthly fee on the RBC account).
djino
The current Value Program terms and conditions only apply to RBC accounts opened since April 27th, 2021. I've had the account for over 2 decades, so the Discontinued "Multi-Product Rebate" terms and conditions still apply to me for the monthly fee waiver.dmehus wrote: ↑ Thanks for the link!
My read, though, of the RBC Value Plan terms & conditions is that to waive the monthly fee on the Day-to-Day Banking account, you need at least two pre-authorized debits or direct deposits on your bank account and/or activity on your credit card, not both. On that basis, and not having to keep a minimum monthly balance in your to-be-migrated-and-merged BMO Primary Chequing Account. So, I think the RBC account is still superior.
Ah, didn't know that. I still feel the Multi-Product Rebate was superior to the Value Program. Depends if you mainly use RBC/BMO for the ATMs or branches. I'm assuming RBC ATMs are more plentiful than BMO everywhere, at least they are here. One other thing to consider, potentially, is the extent to which RBC opts to consolidate existing RBC branches into better located HSBC branches, as opposed to the latter into the former. I'm assuming RBC is probably more well-covered than HSBC in Ottawa/Gatineau, so that may not apply...djino wrote: ↑ The current Value Program terms and conditions only apply to RBC accounts opened since April 27th, 2021. I've had the account for over 2 decades, so the Discontinued "Multi-Product Rebate" terms and conditions still apply to me for the monthly fee waiver.
With that said, not sure if it's worth keeping the RBC account in place.
djino
That account, from page 8 of https://www.bmo.com/pdf/3370_EDB_Agreem ... INAL-s.pdf, is unaffected at this time. It requires a $200 minimum monthly balance to be maintained at all times to avoid the monthly fee, and a $1,500 minimum monthly balance to be maintained to avoid chargeable debit transaction fees. There are no free chargeable debit transactions. As we've seen, they could merge it to an in-market plan with sixty (60) days notice at any time.MayorOfToronto wrote: ↑ Does anyone have BMO's old no fee interest chequing account?
My wife's Sobey's account is being converted to a current in-market plan but my no-fee interest chequing account still works. No email or anything.
dan2011 wrote: ↑ Thanks for the suggestion, I completely forgot about that credit card as I had put it away
That's perfect.
On another note I was looking to see if this banking plan was worth once a month doing a $1500 shuffle for a day and then back but I looked at the plan and there is nothing compelling that Tangerine and Simplii aren't offering. No free cheques, no interac or plus system withdrawal waivers, no free drafts, no free safety deposit box. I guess the only real benefit is that it provides a brick and mortar place to bank if someone needs that
there is free interac e-transfers which the old sobeys/ige accounts do not have, so that's a positive imo. Yes the money just need to sit in there for a few seconds every month. I already have it from the gone BMO Unlimited Plan so can verify that.dan2011 wrote: ↑ I guess nothing stops one from just doing an etransfer from simplii to BMO and then simply etransfering back out a minute later. Unless they want it to sit in the account for a day.
The wording seems to just say a deposit of $1500, it doesn't say it needs to stay there so just need to decide if it's worth the monthly hassle
dmehus wrote: ↑ Thanks for the link!
My read, though, of the RBC Value Plan terms & conditions is that to waive the monthly fee on the Day-to-Day Banking account, you need at least two pre-authorized debits or direct deposits on your bank account and/or activity on your credit card, not both. On that basis, and not having to keep a minimum monthly balance in your to-be-migrated-and-merged BMO Primary Chequing Account. So, I think the RBC account is still superior.
With the loss of HSBC Advance and HSBC Premier, though, I believe the CIBC Smart Plus Account is now the best B&M no-fee chequing account, so long as you don't mind using CIBC Investor's Edge for your investments.
Cheers,
Doug
Thanks! I knew about NBDB's free trading offer, but didn't know of their combination free banking and trading offer. Agreed that out west, National Bank's presence is almost nil (outside of the major metropolitan cities). Locally, just their full-service investment advisory firm, National Bank Financial, has offices. No branches between Vancouver and Calgary.retireyoung55 wrote: ↑ CIBC Smart Plus is good, but National Bank has free trading and banking if you have $250,000 or more so in my mind it is better. Downside with them is they don't have much of a presence if you aren't in Quebec/Ottawa or some other major city.
https://www.nbc.ca/content/dam/bnc/part ... tomers.pdf
I wonder how long they will keep the $1,500 deposit feature going for the converted accounts. Is this simply a teaser promo that will eventually be discontinued? Judging how long BMO took to migrate these Club Sobeys accounts over, I wonder if they will just “set it and forget it”.djino wrote: ↑ After sitting with these changes for awhile, I may end up keeping the account.
I use Tangerine as my primary bank account while I kept my RBC Day to Day Chequing account in place just for the purpose of having access to a teller when needed. But the RBC account requires me to keep activity going on my RBC Credit Card and RBC TFSA in order to keep the RBC Chequing free.
I think it would simply be easier to cancel the RBC Chequing account all together and use this account instead. E-Transferring $1500 from my Tangerine to this account and then make a quick Bill Payment to my credit card on a monthly basis, is easier than what I'm doing now (making monthly deposits into my RBC TFSA and making a transaction on my RBC Credit Card every 3 months just to waive the monthly fee on the RBC account).
djino
I would say it's likely going to be forever, as the same thing has been a few years with the old Bank UP plan ppl already.
I closed my account on Friday and slightly regretting it now. I originally interpreted the $1,500 to be a minimum monthly balance and not deposit. One can unlock more features with a Performance plan such as a free USD account.angel_wing0 wrote: ↑ I would say it's likely going to be forever, as the same thing has been a few years with the old Bank UP plan ppl already.
Maybe, maybe not. I would say probably at least for 10 more years, until the next major product consolidation/purge.angel_wing0 wrote: ↑ I would say it's likely going to be forever, as the same thing has been a few years with the old Bank UP plan ppl already.
Sucks to hear, we all learn as we go on.
