A different question for those who know about banks and etc.

Soozy · Post by **Soozy** » 6/4/2005, 10:14 am

I vote for BMO or RBC because they have a joint subsiduary thingy that pays my company lots of money and that means I still have a job and they pay me lots of money.

happening fish · Post by **happening fish** » 6/4/2005, 12:04 pm

Dr. Hobo wrote:i used to have an acct w/ BMO
my card was blue
i liked it

I ♥ my blue card :evil:

Post by **saman** » 6/4/2005, 12:22 pm

i have a blue rbc card :nod:

Axtech · Post by **Axtech** » 6/4/2005, 1:26 pm

One Shot Juanita wrote:i dont want to pay a monthly fee.
that isnt fair.

haha, tell that to anyone who works at the bank. We're not a charity that manages your money out of the goodness of our hearts.

There's monthly fees because banks (and credit unions) are businesses that offer a service to you (managing your money, cashing cheques, doing direct deposits, paying bills, using atms, swiping at the store, etc).

Axtech · Post by **Axtech** » 6/4/2005, 1:30 pm

One Shot Juanita wrote:http://www.scotiabank.com/cda/content/0,1608,CID475_LIDen,00.html
is that good? theres one close.

That's pretty good. But if you use the acount for more than 12 transactions, you'll pay through the nose for fees.

Also, check out the student plans at different banks. If a bank has a student acount, it's usually a really good deal. TD has one (but for some reason it's not in their account brochure, but in a separate "student" brochure), so I'm sure other banks have them, too.

Axtech · Post by **Axtech** » 6/4/2005, 1:35 pm

Random Name wrote:I have a presidents choice account and its the greatest thing ever. You don't pay for anything. Period. Ever. They use CIBC bank machines and their internet banking is the easiest thing I've ever seen. I used to be at TD but I switched over because they kept charging for stupid things and had a swipe limit and all that jazz. Now presidents choice is the best.

Except that if you need to do anything that involves interaction with an actual person, you can't.

Take, for example, one customer I had. He wanted to move $13,000 from his PC account to TD (where I work). He wrote a cheque on his PC account to do it. But we'd have to hold the cheque (since it's a personal cheque that we couldn't verify funds on, and he didn't have any money in his TD account. if the cheque came back, we'd have no way to get the money from him). He needed the money right away. At any other bank, he could have gotten the cheque certified (so it's as good as cash), or get a money order (same thing). But, you can't do that at PC (and I'm guessing his withdrawl limit would be a lot lower than $13,000, so he could get the cash from the machine) He was pretty much screwed.

Johnny · Post by **Johnny** » 6/4/2005, 2:07 pm

I have a TD Infinity account and I pay $12.95 for a monthly fee plus a $2 charge when ever I use a cash machine.

happening fish · Post by **happening fish** » 6/4/2005, 2:09 pm

Wow... once again, I pay nothing

Johnny · Post by **Johnny** » 6/4/2005, 2:12 pm

My bank will wave my monthly fee if I have more than $1000 in my account.

Axtech · Post by **Axtech** » 6/4/2005, 2:28 pm

Chanandler Bong wrote:I have a TD Infinity account and I pay $12.95 for a monthly fee plus a $2 charge when ever I use a cash machine.

Umm... Using the cash machine is free on that account. Unless you're using another bank's machine, in which case they're charging you to use their machines, and I think TD also charges you for that.

Also, you need $3000 to waive the $12.95 monthly fee. But $500 in the account for the whole month will waive any bank machine fees from our end (but the other banks will still charge you).

Axtech · Post by **Axtech** » 6/4/2005, 2:29 pm

happeningfish wrote:Wow... once again, I pay nothing

Where's that? Also, what type of account?

superrgirll · Post by **superrgirll** » 6/4/2005, 2:35 pm

i used to have an account with bmo, but then they switched my account or something (without asking me :mad:

), and i started getting some bogus charges, so i switched to scotia.

closeyoureyes · Post by **closeyoureyes** » 6/4/2005, 3:05 pm

my mummy said theres no fees in a credit union.

Axtech · Post by **Axtech** » 6/4/2005, 3:24 pm

So, I guess they pay their employees with hugs and smiles?

Johnny · Post by **Johnny** » 6/4/2005, 3:35 pm

Ahh yes sir Robbo, you are correct. I just got a wee bit confused. Anyhool using TD is way better than using the BOJ. :nod:

Soozy · Post by **Soozy** » 6/4/2005, 3:45 pm

I have no fees on my bank accounts and never have. No monthly fee, no fees to use my card, no fees for cheques, no fees for withdrawls. Nothing. And all current accounts here are the same except for some "premium" accounts which are a rip off (you pay a fee and get a reduced overdraft rate and maybe free travel insurance and things like that).

The banks make the money from charging people fees and interest for being overdrawn, merchant fees from card transactions as well as all the things like mortgage fees and interest and loans interest, fees for business banking and things like that.

Axtech · Post by **Axtech** » 6/4/2005, 4:00 pm

The big money is in NSF. If you bounce a cheque, TD charges you $30. :nod:

Soozy · Post by **Soozy** » 6/4/2005, 4:07 pm

NSF??

There's like a £25 fee if you go over your limit, or a direct debit is returned unpaid or a cheque bounces.

The credit card companies make so much money out of those .... if your credit limit is £1000 and you've already spent £999 then instead of declining a £2 transaction, they'll approve it and charge you £25 for the priviledge which is very sneaky.

Axtech · Post by **Axtech** » 6/4/2005, 4:17 pm

At TD, if your account has $10 in it, and someone tries to cash a $11 cheque, it will go through okay, but you're charged $5 (leaving your balance at -$6). If someone tries to cash a cheque for $100, the cheque will bounce, and you get charged $30. It's deadly.

I, on the other hand, don't pay any service fees period. The staff account is easily the best. :mrgreen:

Also, TD has an awesome savings account. If you have at least $5000 in it, you get 2% interest, which is insanely good, particularily for a simple savings account, so you actually have access to the money (one free withdrawl per month - which is still more than any investing plan you get into).

Johnny · Post by **Johnny** » 6/4/2005, 5:17 pm

My old bank is my sock/under wear drawer