SentApril2002

If you have to have access to teller service and maintain reasonable account balances (to avoid monthly fees), try out TD Canada Trust (http://www.tdcanadatrust.com/). They do everything from chequing, savings, mutual funds, etc. Also check out ING Direct (http://www.ingdirect.ca/) for a free savings account with the highest interest rates available. If you don't need a teller, PC Financial (http://www.pcfinancial.ca/) is the way to go. You can access cash at any CIBC bank machine, as well as the PC Financial ones, which are located at most Loblaws grocery stores. If you get a mortgage with them, you get quite a load of "PC Points", which means lots of free groceries. There are actually customer service people at the Loblaws store locations as well to deal with other banking issues. They also offer car insurance, which has been getting quite expensive in Ontario. It's quite a good all-around solution.

mickj

You guys keep going on about PC ( president's choice ) account, guess what.....i have just got back from lunch now, where i opened one after reading a post ealier about how good they are. Yes its no fee, and am looking forward to earning those grocery points.

All you need is your driver's licence and a S.I.N CARD, or another credit card. I came back to the office and set up the phone banking, online banking, waiting for the cheque books to arrive in a few days and i got my shiny silver card, the one i went to, was inside a ZEHRS by my work !

It was as easy as PI ! Am sick of having to pay monthly charges, i never paid that in the UK, another thing that get my goat, is paying to retrieve your voice mail on mobile phones, and paying to receive a call on a mobile.

I think am cancelling my accounts with ROYAL now, $4:00 a month, with limited transactions is a bit too much.

George-Ang

This is a quote from the website of http://www.pcfinancial.ca
The best way to change banking forever: no daily banking fees*! With our no fee bank account, there are no monthly service charges or fees for your daily banking. You get unlimited free transactions, regardless of your balance.

Just want to thank everyone for all the pos and neg input, it looks like PC bank gets a big big nod, thanx folks.

mickj

You are welcome geezer ! To be honest with you, i thought all these banks were the same here, and since my wife is a scotia and royal customer, i just sort went along with them.

Are there any other out there like pcfinancial? I know with ING, there is no charge as long as you keep your balance at $1000. I don't like going into banks anyway, even when i was in london, most of my bills were paid in off licences using the payment card you get from most service companies.

Am sticking to Pcfinancial now, there interest rates are not bad, and the fact that i get points when we do our grocery shopping, is just another reason to bank and shop in the same store.

Should be getting my cheque books in a few days, i don't use the damn things anyway, i do everything online.

lee2

Mick - I opened a PC Financial account about four years ago. I've never looked back. Absolutely no charges and we live opposite a Loblaws so the points pile up (you also get them every time you pay your bills by phone or Internet which I was doing anyway). I use my points to go to the movies with! They casually offered me a mortgage over the phone within the first week.

Their phone service and their website is excellent, which is obviously crucial for it to work.

If you really do want to speak to someone, you can always go to a PC pavillion at Loblaws. They're open on Sundays and evenings too. When I lost my cashpoint card they replaced it within minutes, on a Sunday.

No charges may not sound so radical to those in the UK (in fact Internet only banks there like Smile actually offer interest in current accounts) but here you get nickle and dimed for every little thing. Even the flat monthly charges are a rip-off. I'm saving myself about $200 a year.

Someone asked why can't CIBC simply offer this to their normal customers? To put it simply - branches. Loblaws give the Pavillion spaces free in their reciprical agreement with CIBC. The employees work for a separate CIBC subsiduary called Amicus. There's only ever one or two at each Pavillion. They don't handle any cash and there's less than10 pavillions across say - Toronto.

Compare that with the expense of running full-on branches, everywhere.

I think the only time I miss branches is when I want foreign currency or travellers cheques. But I just do to Thomas Cook now.

I could do the infomercial

SentApril2002

Actually, ING has NO minimum!

http://www.ingdirect.ca/en/acct_rate/index.html

The current interest rate is a huge 2.5%, however, it beats the heck out of the 0.000000025% you'll get at the major banks. They are now selling mutual funds too, so good for RRSPs. Mortgages are 3.30%

mickj

You are right, i actually rang them up yesterday when i got home from work, after opening the account, i got through straight away to a human being, and all my questions were answered.

Am glad to say my local zehrs has a pavillion in it, so i don't have to worry about deposits and withdrawals, their is also a CIBC by me where i live west of Toronto.

As someone that likes the movies every now and then, when am not downloading them, i look forward to those freebies. The good thing about it too, you can use the card wherever you see the INTERAC sign.

I might have to make it my primary account now, the online service is pretty straight forward too. Saw TROY on saturday night as part of our anniversary package, since the missus is half GREEK, it was a good choice, i really enjoyed it !

iaink

IIRC you can order currency / travelers cheques on the phone from PC, and pick them up at a CIBC branch. Just had the anniversary of my PC mortgage...about $200 worth of grocery points, plus the rate was as good as any of the major banks would offer, with no haggling.

Iain

pjb001

President's Choice is great if you are a Permanent Resident. However, they refused to open either a chequing or savings account for me - because I am not a Permanent Resident (even though I am only 1 year into a 3 year work permit with a PR application in progress).

Seems odd that they refuse to take money, but I guess they have to have strict rules to keep their costs down.

Cell phones? Yep, expect to pay for incoming calls - and text messages. However, I think this situation may be starting to change - Fido (my operator) are dropping charges for incoming text messages from the end of the month - which brings the pricing structure more into line with the UK...

P

mickj

I don't know your situation, but when i rang em up, and asked why my SIN card and not my other credit card should be my second form of ID, i was told its because of the tighter security issue.

I was told that they will even open an account to someone here on a work permit that has a SIN number with the #9 in front of it, as long as you have a driver's licence from here. Ring up the online number and ask again, don't go into the pavillion, its a 24/7 service.

iaink

Somewhere in the archive this came up before, I remember because I waited until I was a PR before opening my accounts, but someone else on a temp permit had no problem. As mick says, try calling again, it seems maybe not everyone is on the same page. Either that or their policy has changed in the last few years.

Iain

Ed_and_Karen

I banked with First Direct in the UK, a subsidary of HSBC. When I got here HSBC UK just faxed a letter through and a cheque account was opened up in minutes. Very efficient. It's an internet account, so if you use it wisely it's almost fee free.

Think about your credit cards too. In the UK I had an MBNA credit card. Over here I just called them up and they swapped it over. Others have had a lot of problems getting a credit card.

Ed.

CDNReturner

Sorry, I didn't grasp where you opened your Canadian account. Did you mean President's Choice? I've been with First Direct for 10 years or more myself.

Thanks for a reminder on the credit card. I need to do something about that too.

mickj

Stay away from Royal Bank, especially after what has been going on for the past week or so Charging service fee, and still can't provide the service properly !

Ed_and_Karen

Nope - HSBC. First Direct faxed something to HSBC in Canada and jobs a good 'en. HSBC are everywhere in Edmonton too so no problem with access.

Ed.