Personal Finance

Who has switched completely to online banks?

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  • Jun 6th, 2020 9:35 am
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Deal Addict
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Jun 23, 2017
1510 posts
1076 upvotes
Toronto, ON
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?
I get free cheques with my CIBC HELOC and OK to overpay into it.
Banned
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Mar 23, 2017
90 posts
105 upvotes
London, ON
Me! Well I moved my chequing account to Simplii but I still have a LOC at CIBC like others have pointed.
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Aug 15, 2009
3221 posts
2761 upvotes
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.
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Jun 23, 2017
1510 posts
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Toronto, ON
elpaso wrote: 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.
... and no-fee easy access to your cash via BNS ATM's.
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Mar 12, 2008
1655 posts
209 upvotes
Toronto
Thanks all.

Looks like i got lots of answers.
Deal Expert
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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.
- casual gastronomist -
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 :).
Deal Addict
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Jan 2, 2012
4596 posts
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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.
Deal Addict
Aug 15, 2009
3221 posts
2761 upvotes
Montreal
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.
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.
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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. Face With Stuck-out Tongue And Tightly-closed Eyes
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
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Jul 7, 2013
1514 posts
1401 upvotes
Digital Gulag
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 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?
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Oct 27, 2002
2064 posts
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Toronto
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?
Maybe I'm missing something, but why not pay your mortgage from EQ directly?
Deal Addict
Jul 7, 2013
1514 posts
1401 upvotes
Digital Gulag
f00kie wrote: Maybe I'm missing something, but why not pay your mortgage from EQ directly?
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..
Deal Expert
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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.
elpaso wrote: 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.
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 -
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Jan 2, 2012
4596 posts
3099 upvotes
Toronto
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.
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.

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.
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Feb 17, 2012
2101 posts
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ORLEANS
I am with rbc. Unlimited chequing. No fees
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Jun 23, 2017
1510 posts
1076 upvotes
Toronto, ON
Palidino wrote: I am with rbc. Unlimited chequing. No fees
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?
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.
Deal Addict
May 1, 2018
1734 posts
1212 upvotes
Vancouver
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?
Multi-product rebate.


http://www.rbcroyalbank.com/products/de ... ebate.html

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