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  • Aug 31st, 2010 11:52 am
[OP]
Jr. Member
May 2, 2009
141 posts
10 upvotes

Need Banking Advice

Hi all, need some advice regarding banks... I've been with RBC most of my life, but have had some customer service issues lately and have been wondering if I could be more efficient with my $$ somewhere else.

Some details of what we have with RBC:

I like having multiple e-savings type accounts, to help manage my budgeting/money. I have a few with ING that I use for less commonly accessed accounts, but have a need for at least one that would have instant transfers to a chequing type account.

I have a low interest credit card, currently carrying a balance of around 50-75% of the max. My wife has a credit card on a promotional rate, carrying around the same balance. (Unforeseen medical situation left my wife off work for 2+ months, and she does not get paid time off. EI payments are coming in so this will decrease, but she will be unfortunately off work again for another 6-8 weeks later this year.)

With RBC, I have a Student Line of Credit I am paying down, and a Car Loan.

I don't carry huge balances in my savings accounts. I'm at a stage in my life where I am trying to get some student debt, and stupidly accrued debt from my college years, paid off. I make a fair bit of money (120k+ household gross), and once this debt is paid off will be investing more. (edited to add this)

So what I need:

Chequing Account for the odd time a place won't take MC, for payroll deposits, etc.

E-Accounts, the more (for free) the better (although as mentioned, i can do most of it with ING, but need at least one associated with the Chequing account.

Two Credit Cards (me, and my wife)

If possible, I'd like to move my SLoC and Car Loan, too, depending on what the rates would be.

Also, I pay my rent by Cheque, so I would need free cheques. (edit was to add this line)

I'm also an avid online banker, so a good, easy to use interface is a must.



I'm open to any and all suggestions, even if its multiple banks for the services.
30 replies
Newbie
May 9, 2010
62 posts
6 upvotes
Ontario
I just left RBC after nearly 20 years. The best thing I can suggest is look at what everyone has to offer and speak with them before making the switch.

Personally I went with CIBC. Plenty of ATM near me, late/Saturday hours and offered me everything I needed out of gate that RBC kept dragging their feet with.
[OP]
Jr. Member
May 2, 2009
141 posts
10 upvotes
gorobotgo wrote: I just left RBC after nearly 20 years. The best thing I can suggest is look at what everyone has to offer and speak with them before making the switch.

Personally I went with CIBC. Plenty of ATM near me, late/Saturday hours and offered me everything I needed out of gate that RBC kept dragging their feet with.
Thanks for the response!

How's CIBC's online banking, compared to RBC's? Have you found anything so far with CIBC you didn't like compared to RBC? Or anything that jumped out as being much better?
Deal Addict
User avatar
Apr 4, 2010
1375 posts
97 upvotes
Go with TD, the best move you can make! ;)
[OP]
Jr. Member
May 2, 2009
141 posts
10 upvotes
Gdc wrote: Go with TD, the best move you can make! ;)
Why, though? To be honest, TD was who I was leaning towards at first, just based on their general image and a bit of info on their offerings. I was hoping for some more specific information, and hopefully some direct comparisons to RBC from others who've switched in either direction.
Deal Addict
Jun 27, 2005
1051 posts
139 upvotes
Oakville, ON
I was with CIBC for 15+ years. Now I'm with PCF, ING and TD. PCF for chequing, ING for high interest savings and TD for their e-series investing.

My credit cards are MBNA Smartcash (see other thread in this forum) for daily use and my CIBC dividend (which I keep for the long history).
[OP]
Jr. Member
May 2, 2009
141 posts
10 upvotes
2heaven wrote: I was with CIBC for 15+ years. Now I'm with PCF, ING and TD. PCF for chequing, ING for high interest savings and TD for their e-series investing.

My credit cards are MBNA Smartcash (see other thread in this forum) for daily use and my CIBC dividend (which I keep for the long history).
That's something I hadn't thought of... the history on our credit cards. I guess I would want to keep both, for that.

How do you find PCF for chequing? I've read quite a few complaints on the forums here about them... Is their online banking any good?
Deal Addict
Nov 29, 2009
1362 posts
127 upvotes
Toronto
I'm looking for a switch too, right now, it's a tie between RBC and TD. I'm with CIBC but after calling them and inquiring about some crazy fees I paid for a few months, they could not offer me anything to help my situation, so after 13 years I will be leaving.

TD looks good because I have a visa with them and theres ALWAYS a TD everywhere I look.

RBC because I have a friend there that has really taken the time to give me the no BS lowdown on whether they are right for me.

Scotia doesn't really have anything for me and BMO always seems busy. I guess thats the deal when you are open 10-3p.
[OP]
Jr. Member
May 2, 2009
141 posts
10 upvotes
navigator416 wrote: I'm looking for a switch too, right now, it's a tie between RBC and TD. I'm with CIBC but after calling them and inquiring about some crazy fees I paid for a few months, they could not offer me anything to help my situation, so after 13 years I will be leaving.

TD looks good because I have a visa with them and theres ALWAYS a TD everywhere I look.

RBC because I have a friend there that has really taken the time to give me the no BS lowdown on whether they are right for me.

Scotia doesn't really have anything for me and BMO always seems busy. I guess thats the deal when you are open 10-3p.
Yeah, I didn't really think Scotia or BMO would be an option for me, either, for similar reasons.

Best of luck in your switch, and let us know how it goes.
Deal Addict
Jun 27, 2005
1051 posts
139 upvotes
Oakville, ON
wrayth wrote: That's something I hadn't thought of... the history on our credit cards. I guess I would want to keep both, for that.

How do you find PCF for chequing? I've read quite a few complaints on the forums here about them... Is their online banking any good?
A lot of people complain about them, but I found the PCF banking online better than CIBCs. (but not PC Mastercard mind you, theirs is horrible).

I am also very online-oriented when it comes to my banking and I've had no major problems with PCF so far. Considering they have no fees, free cheques + I get a tiny bit of interest, I'm very happy with them (been with them now for about 1 year).
[OP]
Jr. Member
May 2, 2009
141 posts
10 upvotes
2heaven wrote: A lot of people complain about them, but I found the PCF banking online better than CIBCs. (but not PC Mastercard mind you, theirs is horrible).

I am also very online-oriented when it comes to my banking and I've had no major problems with PCF so far. Considering they have no fees, free cheques + I get a tiny bit of interest, I'm very happy with them (been with them now for about 1 year).
Thanks for the info, I'll add them to my list to check out. Much appreciated.
Newbie
May 9, 2010
62 posts
6 upvotes
Ontario
wrayth wrote: Thanks for the response!

How's CIBC's online banking, compared to RBC's? Have you found anything so far with CIBC you didn't like compared to RBC? Or anything that jumped out as being much better?
Personally I love the CIBC online banking compared to RBC. The new RBC layout is extremely annoying. Transactions post pretty quick.
[OP]
Jr. Member
May 2, 2009
141 posts
10 upvotes
gorobotgo wrote: Personally I love the CIBC online banking compared to RBC. The new RBC layout is extremely annoying. Transactions post pretty quick.
Hmm... Does anyone know of any sites that compare/contrast the various Online Banking tools?

One thing that always bothered me about RBC was the inability to set up indefinite repeating transfers (had to put in 999 times), and the inability to apply notes to the post-dated transactions, so I can easily tell what each was for.
[OP]
Jr. Member
May 2, 2009
141 posts
10 upvotes
I think I'm going to go at some point in the next day or two to a TD and see what they can offer me. I'll post back once I find out... still looking for more input and advice, or experiences comparisons between other banks and RBC.
Deal Fanatic
Feb 21, 2006
5148 posts
100 upvotes
I use all the major banks for one thing or another, and there isn't really a lot to choose between any of them. Nobody gets very far out of line in their cozy club, and none of them offer any exceptional deals. On the other hand they mostly have pretty good customer service compared to other organizations (the one exception I would make to that is Scotiabank, which has some customer service problems).

The standout for me is PCF, which offers free banking, good online services, and access to all the CIBC ATMs. However it takes one day to transfer money from savings to chequing with PCF. I also have TD's Select Service, which offers similar "free" banking, but it effectively costs $100/yr since you need to keep $5000 on deposit in a zero-interest chequing account.

I also use ING because they have slightly better savings and exchange rates than the major banks, but I don't like them much. They come across as a bit arrogant, and I find them more difficult and exasperating to deal than the other banks. Now that Ally offers similar savings accounts, I don't see much reason to use ING for savings. So far Ally has been much better to deal with than ING. But it takes typically 2 days to transfer money between ING or Ally and another bank. ING is going to start offering chequing, but it's not free - you have to buy their cheques.

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