Personal Finance

Daily Banking (Chequing, Savings, etc.) - Where and Why?

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  • Mar 4th, 2010 9:14 am
[OP]
Sr. Member
Jan 16, 2010
629 posts
21 upvotes

Daily Banking (Chequing, Savings, etc.) - Where and Why?

Daily Banking (Chequing, Savings, etc.) - Where and Why?
55 replies
Jr. Member
User avatar
Oct 18, 2003
187 posts
15 upvotes
Winnipeg
PC Financial. Free. Period. End of story.

If you use any other institution for your daily banking you are kidding yourself...

http://www.pcfinancial.ca/

Rich...
[OP]
Sr. Member
Jan 16, 2010
629 posts
21 upvotes
Enthrash wrote: PC Financial. Free. Period. End of story.

If you use any other institution for your daily banking you are kidding yourself...

http://www.pcfinancial.ca/

Rich...
yea, but apparently they got terrible hold limits and they put your money on hold for one day when you are transferring between PC accounts, e.g. chequing to savings.
Jr. Member
User avatar
Oct 18, 2003
187 posts
15 upvotes
Winnipeg
jewville wrote: yea, but apparently they got terrible hold limits and they put your money on hold for one day when you are transferring between PC accounts, e.g. chequing to savings.
I've had an account for almost 10 years, and the hold limits have never ever been a problem. You can easily use a LOC (PC Financial line of credit) to "buffer" 1 day hold between savings to chequing (transfers to savings from chequing are instant).

If you need the money from my savings *NOW*, what I will do is simply instantly transfer from my LOC and setup a transfer from my savings to pay off the LOC the following day. The interest charges are usually on the order of 1 or 2 cents (sometimes 0).

As for holds on deposits, the first $500 (I believe) has no holds, after that you have to wait for it to clear. But like I said, if you are really that hard up for cash, use a LOC for a day or two, its really not a big deal considering how much money you save in monthly fees and charges.

If you are moderately disciplined with your money the PC financial account I think is the only way to go.

It still baffles me to this day why so many people are so loyal to their banks. They get almost emotional about it...like it's some wound to their inner being if they switch. Banks don't care if you've been a customer since you were 7 years old....it's all about the cold hard cash, they look out for #1....and we should too. If more Canadians did this we'd probably have a much more competitive banking sector here.

Rich...
Member
User avatar
Feb 13, 2005
311 posts
52 upvotes
Toronto
Another vote for PC financial.
Though I'll agree with Enthrash that you will need some moderate discipline with your money.

Only downsides are the holding times of 5 days and no support for EMT (email money transfer).

It's a shame big banks still charge around 10 bucks to access your own money via their own ATM network. Customers using ATMs instead of the teller to do their banking already saves the banks a grip of money, as ATMs are always open and don't get paid wages/salaries. And on top of that, the banks are already using your savings/money to make more money! It's no wonder Canadians banks are one of the most profitable in the world!

I've noticed that I'm not as bitter as before when I used RBC and TD, unless you don't mind forking $10+ dollars a month to get at your own money.

So PCF all the way. ;)
:mad: PRIVATIZE THE LCBO! PRIVATIZE ONTARIO WEED! SAY NO TO NANNY STATISM! :mad:
Deal Addict
Jun 27, 2005
1059 posts
142 upvotes
Toronto, ON
PCF for me too.

Once I migrated to internet banking, there was no need for me to keep my chequing account with a B&M bank.

That said, I do have a TD savings account open in case I do need to see a teller for some reason.
Jr. Member
Jul 24, 2008
104 posts
4 upvotes
Brantford-ish
BMO has been great to me. Always helpful and never charged me a single fee

A buddy had PCF for years, until he became victim to an identity theft. No one was willing to help there at all. After hearing what he went through, i'd never recommend them to anyone.

They seem to be decent for day to day stuff, but i wouldn't trust them with any amount of money that you're not willing just write off if a similar situation ever happens.
[OP]
Sr. Member
Jan 16, 2010
629 posts
21 upvotes
PCF is looking really good rite now!
Deal Addict
User avatar
Mar 13, 2003
3176 posts
806 upvotes
Alberta
The consensus around here is if you're willing to sacrifice B&M, PC is the best choice. If not, TD.
Sr. Member
Dec 12, 2009
819 posts
115 upvotes
Nova Scotia
If you're able to keep a $5K balance then the TD Select Service account seems to be the best deal, considering all the extra perks you get. Otherwise probably PCF.
Sr. Member
Mar 8, 2004
690 posts
233 upvotes
Dark0rb wrote: If you're able to keep a $5K balance then the TD Select Service account seems to be the best deal, considering all the extra perks you get. Otherwise probably PCF.
Are the extra perks worth the lost interest income on $5000? I'm leaning towards probably not.
Sr. Member
Dec 12, 2009
819 posts
115 upvotes
Nova Scotia
Gabriella wrote: Are the extra perks worth the lost interest income on $5000? I'm leaning towards probably not.
Probably depends on how much return you expect from $5K. There's a large thread on the topic where people crunch the numbers: http://www.redflagdeals.com/forums/td-s ... nt-602525/

For me, no chequing fees + a free Infinite Visa + Free cheques + Free USD account and USD Visa + convenience of using a big bank > the lost interest.
Jr. Member
User avatar
Oct 18, 2003
187 posts
15 upvotes
Winnipeg
Gabriella wrote: Are the extra perks worth the lost interest income on $5000? I'm leaning towards probably not.
Ya that's exactly my reasoning. The $xxxx min balance "offers" the banks do, is for people that don't realize they are still paying the $10/month fee, just with interest instead. $5000 @ 3% interest = $150/yr. Nevermind what you will be paying when interest rates rise.

It reminds me of all the 0% financing (or $xxxx cash back if you pay with cash) deals with cars...hmmm...wonder what they might be doing there? Front-loading the interest maybe?? But that's for another thread.

Anyhow....ya...any deal with min balance is just a joke.

At WORST go get yourself a credit union bank account which has no fees (but perhaps high interact fees etc) and just go there if you ever need to speak to a human being. That's what I've done, and for the record in the last 10 years I've needed to go there exactly 2 times....once for a mortgage...and once to use the machine that counts all your buckets of change.

Rich...
Sr. Member
Dec 12, 2009
819 posts
115 upvotes
Nova Scotia
Enthrash wrote: Ya that's exactly my reasoning. The $xxxx min balance scams the banks do is just that....scam for people that don't realize they are still paying the $10/month fee, just with interest instead. $5000 @ 3% interest = $150/yr. Nevermind what you will be paying when interest rates rise.
Well, I realize I am sacrificing interest by keeping the balance. But as of right now, anyway, the benefits outweigh the cost. At least for me. The TD Infinite Visa by itself is $120/yr, for example.

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