Personal Finance

Should I switch to another bank?

  • Last Updated:
  • May 16th, 2017 7:07 pm
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[OP]
Deal Guru
Aug 14, 2007
11898 posts
2850 upvotes
Durham Region

Should I switch to another bank?

I am currently with RBC, paying the $14.95/month for well, nothing really I guess other than letting them 'manage' my rrsp...

I had a TD account probably 15 years ago but never actually used it, so if a promo comes up I wonder if I would be considered a new customer, probably not I am assuming.

I also have an account with Tangerine, but just for a CC and a savings account + chequeing which I use for paying my rent (post dated cheques).

At the end of the day I just don't really want to pay RBC $14.95/month. At the moment the only real pre-authorized withdrawal is the bi-weekly payment for my car. So the only real hassle I assume would be having to call Honda Financial Services and tell them the new information?


What bank would you recommend?
26 replies
Deal Expert
Mar 25, 2005
22189 posts
3014 upvotes
Just keep tangerine and may be open a PC account to play the interest game.
Deal Addict
Jul 28, 2012
1041 posts
475 upvotes
Trois-Rivières, QC
XtremeModder wrote: At the end of the day I just don't really want to pay RBC $14.95/month. At the moment the only real pre-authorized withdrawal is the bi-weekly payment for my car. So the only real hassle I assume would be having to call Honda Financial Services and tell them the new information?
That's correct. Usually you can just go on their website for instructions on how to change your banking information, or you can call Honda Financial Services and ask.
Member
Nov 27, 2009
319 posts
25 upvotes
I am not sure if this is a serious question or not.
You dont even need to switch banks. Go to your branch and ask them to downgrade to an account where you dont have to pay a fee. If you dont need more than a few transactions as you say, get an account that fits your needs. Almost every bank has a way to waive fees.
[OP]
Deal Guru
Aug 14, 2007
11898 posts
2850 upvotes
Durham Region
Musabbir wrote: I am not sure if this is a serious question or not.
You dont even need to switch banks. Go to your branch and ask them to downgrade to an account where you dont have to pay a fee. If you dont need more than a few transactions as you say, get an account that fits your needs. Almost every bank has a way to waive fees.
I forgot to add: They really pissed me off last year with a huge screw up on a mortgage pre-approval thing. It's not a ton but I lost $150 to a lawyer for looking over the contracts on the condo I initially put a down payment on. Got my deposit back but not the $150. It's not a ton of money I lost but at the end of the day it wouldn't have happened if they had their information correct. Secondly, they just started sending my mail to an old address (an address I haven't lived at for 2 years now if not more than that) while still sending me my mail at my current address... so not something I'm anyone would be happy about...

I use my debit card a lot so downgrading would limit me to a certain amount of debit card uses (I rarely carry cash). Instead of downgrading I'd rather just switch since that whole thing with the mortgage crap and them outright refusing to cover that $150 loss (even saying it was their fault) to a customer that's been with them for over 20 years is enough for me to say f*** you to.
Sr. Member
Sep 22, 2005
765 posts
182 upvotes
BC
pissed off by rbc credit card dept. small credit limit.
I think all rbc accounts require monthly fees, who is going to bank with them?
Sr. Member
Mar 6, 2010
747 posts
109 upvotes
Switch to RBC day to day banking with 4 dollars fee, or open basic account with other banks and deposit the minimum balance to wavier the fee. Tangerine checking is OK until they lock your account for security reason from my personal experience.
Member
Mar 3, 2016
389 posts
249 upvotes
XtremeModder wrote: I am currently with RBC, paying the $14.95/month for well, nothing really I guess other than letting them 'manage' my rrsp...

I had a TD account probably 15 years ago but never actually used it, so if a promo comes up I wonder if I would be considered a new customer, probably not I am assuming.

I also have an account with Tangerine, but just for a CC and a savings account + chequeing which I use for paying my rent (post dated cheques).

At the end of the day I just don't really want to pay RBC $14.95/month. At the moment the only real pre-authorized withdrawal is the bi-weekly payment for my car. So the only real hassle I assume would be having to call Honda Financial Services and tell them the new information?


What bank would you recommend?
Stay with RBC (The others are worst with their minimum balance to waive fee) but switch your RBC chequing account to a Day-to-Day chequing account. Do this asap. Of course, they won't allow you to do it yourself online (They gladly allow you upgrade to the VIP account with $30 monthly fee online though...) as they are going put hurdle for you to do that so you have to call them. When you call them, they will tell you it's $4 per month and an additional $4 for overdraft protection. Tell them you don't want the overdraft. You can get a no fee credit card (MC Cashback) and with a minimum $500 in mutual fund with RBC (If you have an RRSP with them, you might already have this), the $4 monthly fee will be waived. So it will effectively be $0 monthly and you have 12 transactions still. If you have a Tangerine account for your debit transaction, then this should be enough. If you have a Signature credit card with RBC, switch it to the RBC rewards+ instead of the mastercard so that you don't lose the rewards points.

Frankly, if RBC didn't have this option, I would not have any chequing with any of the big banks as I hate minimum balance to waive fees.
Last edited by Sam9876 on May 15th, 2017 6:04 pm, edited 1 time in total.
Member
Mar 3, 2016
389 posts
249 upvotes
XtremeModder wrote: I forgot to add: They really pissed me off last year with a huge screw up on a mortgage pre-approval thing. It's not a ton but I lost $150 to a lawyer for looking over the contracts on the condo I initially put a down payment on. Got my deposit back but not the $150. It's not a ton of money I lost but at the end of the day it wouldn't have happened if they had their information correct. Secondly, they just started sending my mail to an old address (an address I haven't lived at for 2 years now if not more than that) while still sending me my mail at my current address... so not something I'm anyone would be happy about...

I use my debit card a lot so downgrading would limit me to a certain amount of debit card uses (I rarely carry cash). Instead of downgrading I'd rather just switch since that whole thing with the mortgage crap and them outright refusing to cover that $150 loss (even saying it was their fault) to a customer that's been with them for over 20 years is enough for me to say f*** you to.
Have your salary deposited in your Tangerine chequing account or open a PC chequing account as they both have unlimited debit transactions. You will still be able to use Scotiabank's (For Tangerine) and CIBC's (For PC bank) ABMs. The RBC Day to Day chequing account still gives your 12 free debits in case of urgency.
Sr. Member
User avatar
Mar 9, 2012
764 posts
347 upvotes
Moncton, NB
Sam9876 wrote: Stay with RBC (The others are worst with their minimum balance to waive fee) but switch your RBC chequing account to a Day-to-Day chequing account. Do this asap. Of course, they won't allow you to do it yourself online (They gladly allow you upgrade to the VIP account with $30 monthly fee online though...) as they are going put hurdle for you to do that so you have to call them. When you call them, they will tell you it's $4 per month and an additional $4 for overdraft protection. Tell them you don't want the overdraft. You can get a no fee credit card (MC Cashback) and with a minimum $500 in mutual fund with RBC (If you have an RRSP with them, you might already have this), the $4 monthly fee will be waived. So it will effectively be $0 monthly and you have 12 transactions still. If you have a Tangerine account for your debit transaction, then this should be enough. If you have a Signature credit card with RBC, switch it to the RBC rewards+ instead of the mastercard so that you don't lose the rewards points.

Frankly, if RBC didn't have this option, I would not have any chequing with any of the big banks as I hate minimum balance to waive fees.
Also, you can send message to RBC through secure e-mail channel through their online banking and request account changes. (Customer services tab, then e-mail us at the bottom right to send them a secured e-mail.) I use that channel for everything and they always fulfill my requests. I agree with everything else you mentioned. I prefer multi product rebate > keeping a minimum balance since I don't make in the 6 digits.
Current credit card set up:
CIBC Dividend Visa Infinite: 4% groceries, 4% gas, 2% transit, 2% restaurants, 2% recurring bills
Tangerine MC World: 2% drugstore, 2% home improvement, 2% hotel-motel
Deal Addict
Jul 28, 2012
1041 posts
475 upvotes
Trois-Rivières, QC
Sam9876 wrote: Of course, they won't allow you to do it yourself online (They gladly allow you upgrade to the VIP account with $30 monthly fee online though...) as they are going put hurdle for you to do that so you have to call them.
Just an FYI: it is possible to downgrade an account or to switch between other types than VIP via RBC Online Banking. I have done it before and the instructions provided here work.
https://www.rbcroyalbank.com/onlinebank ... nline.html

The one time it didn't work at all was when I switched from a Day-to-Day Savings account to a Day-to-Day Banking account, which did require RBC tech support to do some back office maintenance.
Sr. Member
Sep 22, 2005
765 posts
182 upvotes
BC
no, i don't bank with rbc. Just applied for their visa card.
Member
Mar 3, 2016
389 posts
249 upvotes
airodyssey wrote: Just an FYI: it is possible to downgrade an account or to switch between other types than VIP via RBC Online Banking. I have done it before and the instructions provided here work.
https://www.rbcroyalbank.com/onlinebank ... nline.html

The one time it didn't work at all was when I switched from a Day-to-Day Savings account to a Day-to-Day Banking account, which did require RBC tech support to do some back office maintenance.
My wife wanted to switch from ths Signature chequing account last month to the day to day chequing and when she followed the instructions you linked, the system said to call as the day to day chequing was not one of the options in the dropdown list.

The minimum balance type of account is really bad after experiencing it with TD. Not only do they keep increasing the minimum balance every 2 years, but they also pro-rate the charge for each day it goes below, even for the most basic account. No thanks. My $2,000 can earn interest somewhere else.
Deal Fanatic
Jan 18, 2003
6055 posts
1872 upvotes
Mississauga
your tangerine chequeing can meet all your needs..

you don't need the rbc account
Sr. Member
User avatar
Mar 9, 2012
764 posts
347 upvotes
Moncton, NB
Ducky wrote: your tangerine chequeing can meet all your needs..

you don't need the rbc account
Go read that thread about Tangerine security blocking someone account and customer unable to reach them because they work Monday-Friday 9am-5pm - he's not even getting anywhere with them after leaving several voicemails. That's how you see how terrible these online banking can be from time to time.
Current credit card set up:
CIBC Dividend Visa Infinite: 4% groceries, 4% gas, 2% transit, 2% restaurants, 2% recurring bills
Tangerine MC World: 2% drugstore, 2% home improvement, 2% hotel-motel
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4015 upvotes
BC
skunkyjosh wrote: Go read that thread about Tangerine security blocking someone account and customer unable to reach them because they work Monday-Friday 9am-5pm - he's not even getting anywhere with them after leaving several voicemails. That's how you see how terrible these online banking can be from time to time.
Go read that thread about how the big-5 banks are greedy bloodsucking vampires that try to upsell unnecessary overdraft protection to 90-yr old grannies that don't need it because they have 6 figures in their account .... or go read thousands of online reviews complaining about the big 5.
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Member
Oct 4, 2006
279 posts
88 upvotes
Apply for a TD or CIBC LOC and get free banking. Attach the Chequing account button your debit card to the LOC and it works just like a chequing account. I do find the TD site pretty crappy though. Trying to set up automatic transfers is like pulling teeth. I can't comment on how good/bad CIBC's website is. The TD machines are pretty good though.

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