I get free cheques with my CIBC HELOC and OK to overpay into it.cheapskatescooner wrote: ↑
CIBC Free outgoing e-transfers (email money transfers). Can do EFT (to link to Simplii or EQ or direct deposit, or pre-authorized payments). Free Cheques?
Who has switched completely to online banks?
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- SCORE+3
- 905P4N6
- Deal Addict
- Jun 23, 2017
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- Toronto, ON
- m3usv1ta
- Banned
- Mar 23, 2017
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- London, ON
Me! Well I moved my chequing account to Simplii but I still have a LOC at CIBC like others have pointed.
- elpaso
- Deal Addict
- Aug 15, 2009
- 3221 posts
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- Montreal
From NBC to Tangerine. Been great ! I ordred a draft online and took 36 hours to arrive at my door. If you have a Café near you, you can have it shipped there if you don't trust courrier.
- 905P4N6
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- Jun 23, 2017
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- redzone [OP]
- Deal Addict
- Mar 12, 2008
- 1655 posts
- 209 upvotes
- Toronto
Thanks all.
Looks like i got lots of answers.
Looks like i got lots of answers.
- Jucius Maximus
- Deal Expert
- Aug 18, 2005
- 21223 posts
- 5939 upvotes
- Burlington-Hamilton
Switching to online banks is like switching totally to smartphones running iOS or Android. It's cool and convenient, but sooner or later, you're going to need a 'real' Windows PC or brick & mortar account.
I've been using PC / Simplii since 2001 as my primary banking, but I would never go without at least 1 B&M account.
Especially when you're house shopping, you make an offer today, you learn at 8pm that you won, and need a deposit draft tomorrow morning, you need a real B&M bank.
I've been using PC / Simplii since 2001 as my primary banking, but I would never go without at least 1 B&M account.
Especially when you're house shopping, you make an offer today, you learn at 8pm that you won, and need a deposit draft tomorrow morning, you need a real B&M bank.
- casual gastronomist -
- McGuillicuddy
- Sr. Member
- Oct 29, 2009
- 681 posts
- 356 upvotes
I am in the process of making this transition. I have investments + free savings account at a Big 5 bank, and am currently moving daily banking to an online bank. Since e-transfers are free it is straightforward and free to move money from the online chequing/savings to the Big 5 bank if I need branch services.
We'll see if it works out, but it sounds reasonable in theory .
We'll see if it works out, but it sounds reasonable in theory .
- rob444
- Deal Addict
- Jan 2, 2012
- 4596 posts
- 3099 upvotes
- Toronto
Jucius Maximus wrote: ↑ Switching to online banks is like switching totally to smartphones running iOS or Android. It's cool and convenient, but sooner or later, you're going to need a 'real' Windows PC or brick & mortar account.
I've been using PC / Simplii since 2001 as my primary banking, but I would never go without at least 1 B&M account.
Especially when you're house shopping, you make an offer today, you learn at 8pm that you won, and need a deposit draft tomorrow morning, you need a real B&M bank.
Meh I've gone without a B&M bank for over 15 years now, and have not remotely needed one even once during that time. And bought multiple homes and cars in that time.
If you are bidding for a home on an offer date, then you should already have the certified deposit cheque in hand.
Else you can have one within a few hours with the online banks (for Simplii, certified cheque will be ready at your closest CIBC). Not a good reason for hassle of keeping a B&M account IMO.
- elpaso
- Deal Addict
- Aug 15, 2009
- 3221 posts
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- Montreal
I don't know how it works out in the rest of Canada but in Qc you don't need to deposit a draft the day after your offer got approved.Jucius Maximus wrote: ↑ Switching to online banks is like switching totally to smartphones running iOS or Android. It's cool and convenient, but sooner or later, you're going to need a 'real' Windows PC or brick & mortar account.
I've been using PC / Simplii since 2001 as my primary banking, but I would never go without at least 1 B&M account.
Especially when you're house shopping, you make an offer today, you learn at 8pm that you won, and need a deposit draft tomorrow morning, you need a real B&M bank.
- Mr Bean
- Deal Addict
- Sep 19, 2013
- 2779 posts
- 1134 upvotes
- Winnipeg
I've been online since 8 yrs now. Primary bank is Simplii, but have also used Tangerine. The only complaint till now has been when I bought my house, it took 3 business days for the draft to arrive.
In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move. -- Douglas Adams
- xblackrainbow
- Deal Addict
- Jul 7, 2013
- 1514 posts
- 1401 upvotes
- Digital Gulag
I'm Def interested in doing this. I currently have a mortgage, LOC, and a useless chequing account with Bmo.f00kie wrote: ↑I learned this a decade ago or something from RFD, but I can't believe people aren't using this more often:
Open an unsecured (or secured... doesn't matter) LOC with a major bank. Doesn't matter what the limit is. This is now your free, no fee, chequeing account. You get a debit card, you can make purchases, you can deposit or take out cash. You can even do bank drafts for huge 6 figure amounts.
All you have to do is overpay the balance, and there is no interest. You can EMT yourself the cash same day (e.g. from EQ). For example, I go and take out $100 from a TD ATM at 2pm on Monday; I just need to EMT myself the $100 back into the TD account by the end of day Monday to avoid any fees.
I'm interested in getting rid of the chequing account. Suppose my monthly mortgage is $1000, can I overpay my 5k LOC with $1000 from EQ bank before the due date and use the LOC to pay the mortgage?
Also does the LOC function have an autopay feature?
- f00kie
- Deal Addict
- Oct 27, 2002
- 2064 posts
- 857 upvotes
- Toronto
Maybe I'm missing something, but why not pay your mortgage from EQ directly?xblackrainbow wrote: ↑ I'm Def interested in doing this. I currently have a mortgage, LOC, and a useless chequing account with Bmo.
I'm interested in getting rid of the chequing account. Suppose my monthly mortgage is $1000, can I overpay my 5k LOC with $1000 from EQ bank before the due date and use the LOC to pay the mortgage?
Also does the LOC function have an autopay feature?
- xblackrainbow
- Deal Addict
- Jul 7, 2013
- 1514 posts
- 1401 upvotes
- Digital Gulag
Thats a good question, I just checked eq and they don't have bmo mortgage as a biller.
I believe I can give BMO a PAD and fill out some forms but if I can use the LOC the same way I can as a debit, I get the benefit and control of doing additional payments into my mortgage..
- Jucius Maximus
- Deal Expert
- Aug 18, 2005
- 21223 posts
- 5939 upvotes
- Burlington-Hamilton
rob444 wrote: ↑
Meh I've gone without a B&M bank for over 15 years now, and have not remotely needed one even once during that time. And bought multiple homes and cars in that time.
If you are bidding for a home on an offer date, then you should already have the certified deposit cheque in hand.
Else you can have one within a few hours with the online banks (for Simplii, certified cheque will be ready at your closest CIBC). Not a good reason for hassle of keeping a B&M account IMO.
Getting the PC Financial bank draft through CIBC is a fair point, though I've never used it and I'm not sure how reliable it is.
As for bidding on a home on the offer date, you would obviously bring your bank draft if the offer date was at some known point in the future.
In my case, however, my offer was sent just hours after I viewed the house. And I found out that I was successful only a few hours later. I didn't even know about the listing before that day, so there's no way I could have gotten the bank draft in order, in advance.
- casual gastronomist -
- rob444
- Deal Addict
- Jan 2, 2012
- 4596 posts
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- Toronto
The bank draft with CIBC is incredibly easy and fast. I've done it multiple times. Quickest it was ready to pick up was within a couple hours (I asked for a rush on it and they were very helpful), or even the regular time is same day if ordered early enough, or next day if you order it later in the day.Jucius Maximus wrote: ↑ Getting the PC Financial bank draft through CIBC is a fair point, though I've never used it and I'm not sure how reliable it is.
As for bidding on a home on the offer date, you would obviously bring your bank draft if the offer date was at some known point in the future.
In my case, however, my offer was sent just hours after I viewed the house. And I found out that I was successful only a few hours later. I didn't even know about the listing before that day, so there's no way I could have gotten the bank draft in order, in advance.
And in my experience once an offer is accepted on a home, they will give you a day or so to get the deposit in. I've never heard of them requiring it the next morning or they would cancel the deal.
- Palidino
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- Feb 17, 2012
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- ORLEANS
I am with rbc. Unlimited chequing. No fees
- 905P4N6
- Deal Addict
- Jun 23, 2017
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- Toronto, ON
I see with RBC these options ...
RBC VIP Banking $30/month, RBC Signature No Limit Banking $15.95/month, RBC No Limit Banking $10.95/month, RBC Day to Day Banking $4.00/month.
No mention of a chequing account that waives monthly fees with a minimum balance.
Which chequing account do you have?
- desertfox
- Sr. Member
- Oct 31, 2009
- 699 posts
- 189 upvotes
I've ditched all the big banks B&M altogether few years back except my wife and I still have account with credit union which I've not visited for over 3-4 years. I've been using online banks for over 10 years: Simplii, Tangerine ( my main online bank) and recently added Motive Financial.
- Alivenate
- Deal Addict
- May 1, 2018
- 1734 posts
- 1212 upvotes
- Vancouver
Multi-product rebate.905P4N6 wrote: ↑ I see with RBC these options ...
RBC VIP Banking $30/month, RBC Signature No Limit Banking $15.95/month, RBC No Limit Banking $10.95/month, RBC Day to Day Banking $4.00/month.
No mention of a chequing account that waives monthly fees with a minimum balance.
Which chequing account do you have?
http://www.rbcroyalbank.com/products/de ... ebate.html
- Mr Bean
- Deal Addict
- Sep 19, 2013
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- Winnipeg
Yes, thats free*
* conditions apply
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