Edo

I opened a current account with President's Choice when I landed 3 years ago. Now that I am preparing to finally move over to Canada I logged in to my online account yesterday to see if the account is still active so I can transfer some money into it. I logged in without any problem which meant that my online banking was working however it wasn't showing the deposit that I made into the account at the time of opening. So I called PC to find out and was told that my account has been closed due to inactivity Is that really how it works in Canada? You don't use your account and they close it down and pocket the monies?

The lady on the phone told me that I can open another account when I return to Canada but I want one now so I can move some money over. And ideally I want it fee free. Any suggestions?

Zoe Bell

What address did you give them ? I would think that thud at least have to correspond with you to tell you that they are about to do that.

Have you been able to access your money?

If ths was a high street bank I'd be in there and not moving until I got some answers

Edo

I gave them a relative's address in Canada and he hasn't told me if they sent any letters to advise the closure of my account.

I didn't make any transactions on the account cuz I left Canada soon after. Yeah they do have branches in some supermarket so I suppose it is a high street bank. I can see them when I go there but the question is what do I do now. I opened that account only for one reason and that was to transfer money into it before I leave the UK so I don't have any cash problems in the start days.

Almost Canadian

You need to look at the terms and conditions of the contract you had with them and see if this grants them permission to close the account on the basis of the reason given to you.

Of course, none of this is going to assist you with transferring your money. We were able to open an account with TD from the UK without ever having stepped foot in one before in Canada. We were not permitted to make any form of withdrawals before we presented them with ID after arriving in Canada. This did permit us to transfer money prior to our arrival though.

Aviator

After 2 years of no activity a bank account will go domant. They write to tell you they are doing this. If you fill in and fax back the form in the letter this stops the deactivation. The money then goes into a trust account (or something like that), it is still yours and you can re activate the account by paying a fee. The bank doe snot keep your money. All banks do this.

Edo

Thank you for this advice. Did you open your account with TD Bank or TD Canada Trust? And is it possible to open an account without supplying an address in Canada?

Almost Canadian

TD Canada Trust. We opened it from the UK with a UK address.

nikki dreaming

We did the same as AC but with RBC bank, just emailed ID docs, could not withdraw until we went into branch after arriving in Canada but was able to make the transfer of funds. I believe Scotiabank are fairly geared up towards new immigrants too.

magnumpi

We opened an account in the first week we landed. Then transferred funds via HIFx a day later. Didn't have any money issues as we brought cash and used a Visa card that TD had given us, and also our UK Visa card.

Not understanding this having to get a Canadian bank account before landing?

Edo

I think its a good idea to have an account before you go but out of RBC, Scotia Bank, TD Trust, which ones are the most recommended? My idea of a bank is more branches, less charges. Although a totally free bank account will do no harm which is why I went to PC.

Aviator

I have been with RBC for over 20 years and no complaints. Pay $360 a year for all my banking, including bankers drafts, deposit box, two Visa Infinite cards, unlimited transactions, no charge for cancelling a cheque, VIP FX rate, no commission travellers cheques. Service has been very good.