Personal Finance

Looking to move my chequing a/c from TD

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  • Sep 12th, 2012 9:45 am
Jr. Member
Feb 6, 2010
176 posts
4 upvotes
Richmond Hill

Looking to move my chequing a/c from TD

I have my chequing a/c with TD for really long time. But now I want to switch because TD a/c is now costing me money. Which bank you guys would recommend? I usually have more than 10 debit transactions in a month, my balance fluctuates to some time go under 1500$ and I paid all my bills online except property taxes. TIA.
34 replies
Sr. Member
Nov 23, 2001
827 posts
290 upvotes
Montreal
jy1970us wrote: I have my chequing a/c with TD for really long time. But now I want to switch because TD a/c is now costing me money. Which bank you guys would recommend? I usually have more than 10 debit transactions in a month, my balance fluctuates to some time go under 1500$ and I paid all my bills online except property taxes. TIA.
ING direct. I am really happy with them.
Jr. Member
Feb 6, 2010
176 posts
4 upvotes
Richmond Hill
Dark wrote: ING direct. I am really happy with them.
Thanks. One person was recommending PC Financial. Which one is better among ING Direct and PC Financial?
Deal Expert
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Nov 15, 2004
21783 posts
4903 upvotes
Toronto
PCF gives you free cheques, PC points, and lets you use CIBC machines for free. ING has a much better online banking experience, will send you email alerts as soon as anything happens to your account (you can set the preferences), gives you actual money with their promos instead of points, and lets you use Exchange network ATMs for free.

You can choose one or the other, but I just use both. It's not like it costs you anything.
Deal Addict
Jan 14, 2004
3471 posts
90 upvotes
i use loc for my everyday account (current with cibc) but most banks you can do the same
in most cases loc give free cheques and also no charges for transactions. has easily saved me $13/month and still have full service bank if needed.
Jr. Member
Feb 6, 2010
176 posts
4 upvotes
Richmond Hill
wookie wrote: i use loc for my everyday account (current with cibc) but most banks you can do the same
in most cases loc give free cheques and also no charges for transactions. has easily saved me $13/month and still have full service bank if needed.
How does Line Of Credit works? I have never used it before. I thought if you buy something using LOC the interest is charged to you rightaway. Is it correct?
Sr. Member
Feb 18, 2004
821 posts
302 upvotes
jy1970us wrote: How does Line Of Credit works? I have never used it before. I thought if you buy something using LOC the interest is charged to you rightaway. Is it correct?
The LOC works like a regular chequing account with a huge overdraft limit. As long as you don't go into overdraft position, you don't have to pay interest and fees. Online banking, bill payment, ATM access are exactly the same. Check with TD and see if they'd offer you a LOC.

You can also check with your local credit union. Most of them have free chequing accounts and it's good if you like going into a branch and talking to tellers.
Deal Addict
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Jul 31, 2011
4225 posts
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NORTH YORK
gabbycup wrote: The LOC works like a regular chequing account with a huge overdraft limit. As long as you don't go into overdraft position, you don't have to pay interest and fees. Online banking, bill payment, ATM access are exactly the same. Check with TD and see if they'd offer you a LOC.

You can also check with your local credit union. Most of them have free chequing accounts and it's good if you like going into a branch and talking to tellers.
Why no interest with LOC?
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Sr. Member
Feb 18, 2004
821 posts
302 upvotes
manmanny wrote: Why no interest with LOC?
Because you put money in it so that you have a positive balance and you don't owe them money. You can charged for interest only when your account is in a negative/overdraft position.
Jr. Member
Feb 6, 2010
176 posts
4 upvotes
Richmond Hill
gabbycup wrote: The LOC works like a regular chequing account with a huge overdraft limit. As long as you don't go into overdraft position, you don't have to pay interest and fees. Online banking, bill payment, ATM access are exactly the same. Check with TD and see if they'd offer you a LOC.

You can also check with your local credit union. Most of them have free chequing accounts and it's good if you like going into a branch and talking to tellers.
What is overdraft limit and how much would be huge overdraft limit? Sorry I am financially challenged if this question sound too naive.
Sr. Member
Mar 15, 2005
975 posts
49 upvotes
Toronto
jy1970us wrote: What is overdraft limit and how much would be huge overdraft limit? Sorry I am financially challenged if this question sound too naive.
Overdrafting is when you try use more money than your account has, so you go into a negative balance. Regular chequing accounts may charge you an overdraft fee when this happens (instead of denying you the money). If you "overdraft" on a line of credit, meaning you use more money than the positive balance you keep on it, then you are simply borrowing money from your LOC at the given interest rate -- essentially using a line of credit the way it is meant to be used.

Overdraft limit on chequing account varies, from a couple hundred to a thousand dollars. The overdraft limit on a LOC is however much credit you have been approved for, which could be somewhere in the tens of thousands.
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Deal Fanatic
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Mar 30, 2004
5302 posts
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Durham Region
I would suggest opening a BMO Sobeys account - unlimited debit card and online banking transactions, and a small per-transaction fee if you need to go to a teller (something you can't do with ING or PC).
Sr. Member
Jul 14, 2008
574 posts
57 upvotes
Cant you just ask for a multi product rebate? I am assuming you have more than just a simple chequing acct?
Moderator
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Mar 23, 2004
47725 posts
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Markham
CorSter wrote: I would suggest opening a BMO Sobeys account - unlimited debit card and online banking transactions, and a small per-transaction fee if you need to go to a teller (something you can't do with ING or PC).
another good thing with that account is you can deposit at bmo tellers for no charge...so u can avoid that "atm screw over your deposits" story :D
Member
May 2, 2012
291 posts
260 upvotes
Ottawa
Piro21 wrote: PCF gives you free cheques, PC points, and lets you use CIBC machines for free. ING has a much better online banking experience, will send you email alerts as soon as anything happens to your account (you can set the preferences), gives you actual money with their promos instead of points, and lets you use Exchange network ATMs for free.

You can choose one or the other, but I just use both. It's not like it costs you anything.
Piro21 nailed it.

I've had both PC and ING accounts. The only reason I use PC is free replacement cheque books. With ING, once you've used up the first cheques, it's $12.50 for a replacement book ($0.25/cheque).

ING offers free email money transfers as well as $1.00 interac fund transfers. PC interac transfers are $1.50.
Jr. Member
Feb 6, 2010
176 posts
4 upvotes
Richmond Hill
Now that a big bank Scotia has bought ING, does it still make sense to open a new ING chequing account? I am suspecting that transactions will not be free anymore.
Member
Oct 20, 2010
416 posts
77 upvotes
jy1970us wrote: Now that a big bank Scotia has bought ING, does it still make sense to open a new ING chequing account? I am suspecting that transactions will not be free anymore.
I highly doubt Scotia will make changes like you suggest to ING Direct, at least in the near future, so I think it still makes sense to open an account there. Many of their customers would leave should that be the case, and then what would have been the point of purchasing ING Direct?

For the record, ING Direct has always been owned by a big bank. ING Group in the Netherlands is one of the largest financial corporations in the world.
Deal Fanatic
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Mar 20, 2009
8862 posts
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Vancouver
Take advantage of free banking at ING and PCF while you can. With ING being bought out by Scotiabank, and CIBC making PCF a wholly-owned subsidiary a few years ago, the options are narrowing fast. The consolidation and decreasing competition in the Canadian banking sector probably means it won't be long before the big banks decide to make their free-banking subsidiaries contribute a little more to their profits?

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