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Presidents Choice Financial - anyone bank with these?

Presidents Choice Financial - anyone bank with these?

Old Sep 15th 2014, 9:47 pm
  #16  
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Default Re: Presidents Choice Financial - anyone bank with these?

Originally Posted by prairiechicken View Post
OK, fantastic advice everyone, thank you. I think my plan is to open the PC account, and keep a free account at RBC that I can use if I need it. I talked to the guy in the PC Financial pavilion at my local superstore over the weekend, and was quite encouraged. Especially since I realised I'll also get money off gas in their gas station too. Bonus.

I will also check out Tangerine (thanks for the offer SchnookoLoly - will keep you posted).
We have a PC Mastercard and buy everything on it (gas, groceries, flights, hotels etc...) We use it only to get the PC points and pay off the CC the same day. We must have tens of thousands of points that we redeem in Loblaws/Superstore. I love my PC card!!
As for paying bank fees....I don't believe in paying to keep my money in the bank. I have accounts in TD and hold at least the minimum balance for the account so fees are waved and unlimited transactions. That makes most sense to me.
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Old Sep 15th 2014, 9:51 pm
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Default Re: Presidents Choice Financial - anyone bank with these?

Originally Posted by pinzo View Post
I don't believe in paying to keep my money in the bank. I have accounts in TD and hold at least the minimum balance for the account so fees are waved and unlimited transactions. That makes most sense to me.
But in effect you are paying the bank to hold your money by leaving that lumpsum in a no interest or low interest chequing account. That minimum balance could be working harder for you elsewhere.

Even if your current account is paying interest (mine pays a massive 0.05 to 0.10%) its way behind inflation, plus technically its taxable income too so you would lose about half of that anyway if it was ever worth reporting. Granted, other investments may go up and down, but on principal Im not having the bank hold me ransom if there are other alternatives out there.

Last edited by iaink; Sep 15th 2014 at 9:59 pm.
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Old Sep 15th 2014, 9:55 pm
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Default Re: Presidents Choice Financial - anyone bank with these?

Originally Posted by iaink View Post
But you are paying the bank to hold your money. That minimum balance could be working harder for your elsewhere. Even if your current account is paying interest its barely keeping up with inflation, plus technically its taxable income so you lose half of that paltry interest anyway.
True, but interest rates aren't what they used to be.
I feel happy knowing I'm not paying hundreds a year in unnecessary extra fees
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Old Sep 15th 2014, 10:13 pm
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Default Re: Presidents Choice Financial - anyone bank with these?

Originally Posted by pinzo View Post
True, but interest rates aren't what they used to be.
I feel happy knowing I'm not paying hundreds a year in unnecessary extra fees
Bank/ GIC rates are nothing to write home about, but overall so far this year my mutual funds are up 10+%... not that that will last if previous performance is any guide

Even taking that tied up money and paying down the mortgage with it will make it work harder for you.
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Old Sep 15th 2014, 10:48 pm
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Default Re: Presidents Choice Financial - anyone bank with these?

I am with RBC, (only because my parents are) and I pay no fees. It may because I am a minor and have less than $2k across my accounts (chequing and savings, but they are both the same type of account, ie accrue same amount of interest) ... Once I turn 18 and they start charging I plan on switching immediately to somewhere where there is no fees and I can get a credit card.
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Old Sep 16th 2014, 2:07 am
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Default Re: Presidents Choice Financial - anyone bank with these?

Originally Posted by iaink View Post

Foreign cheques can be deposted in an ATM, (£200 would be entered as a $200 deposit) and will, eventually, get converted at the bank rate (eventually $4xx will show). They do however have VERY long hold periods on international cheques cashed in this way (2 months or more!), so better to arrange either a paypal or SWIFT wire transfer IMO, or do this as a transaction at your pay-to-play bank and then transfer the funds out as $Cdn to your PC account.

My Scotia branch don't put a hold on my sterling cheques at all (which is good for me as we often need the funds immediately). Not keen on the PC way, far too long to hold on to my cash.

I never thought of Paypal. 2% charge for transfer from UK bank account to Canada?? Or is there a minimum charge? We usually bank small amounts, say gbp 1,000 at a time.
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