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the banking thread

kuba

TRIBE Member
what is the best bank to bank with?

how is your experience with ING? or with PC?

Have you recently switched over from a major bank to ING/PC? How was the transition? How hard is it to access money if you deal with ING *primarily*?

I'm currently with royal bank and I have:

student loan
vw
insurance
mortgage

payments coming out of my account. I'm scared of switching because when calling these various companies, oftentimes they screw up the new banking informaiton and go to the old account, which is closed, and you might owe NSF.

so, help me! how was your experience? do you use a major bank and an online bank?
 

scott

TRIBE Member
i bank with the bank i work for.
if i didn't work for them, i'd prolly bank with pc financial. it's all about the no fees.
 

agentRC4

TRIBE Member
I'm was with Royal for my student loans, but switched to PC now and its all good.

All my banking is with PC now.

The only drawback to PC or ING is no actual banks and it all on-line or via telephone, which can be annoying at times.

With all you have going on you should check out Manulife Financial's bank called Manulife One. Pretty good concept.
 
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KillaLadY

TRIBE Member
I have ING and BMO.
ING I have
Investment Savings Account
RSP Investment Savings Account
RSP Guaranteed Investment (which matures in 5 years)

Fantastic experience with them, we are currently planning to switch our mortgage with them.

BMO (I use this bank for all of my bills)
 

SneakyPete

TRIBE Member
I have a Royal Chequeing and an ING saving account. Works fine. I depot cheques into my Royal then move it to ING to get a better interest rate.

Not a good idea having just the ING account as it would be tough to take out money. There are only a few ING ATM machines in the city, so it would cost you quite a bit in fees if you don't use their machine.
 

scott

TRIBE Member
kuba said:
but why is not having a branch a drawback?
I never EVER use the branch...
to certify a cheque, get a draft/money order, a personal banker to deal with (if you don't have a financial advisor already), large withdrawals....

you can get all that stuff done with pc but they make it a little more of a pain in the ass.
 

SpaceBabe

TRIBE Member
I have been using PC banking for quite some time now.. at least 8-10 years.

Love everything about it and if I have enough points I can get free groceries now and again.

The only issue I believe going with them is that they don't have certain services that a regular bank might have because they don't have any offices but I have never had to do anything out of regular day to day banking.

But keep a regular bank account as a secondary account for specific transactions and use your PC account for basic stuff.

I thought about ING, but they don't have very many machines. Last time I checked it was only machines in Canadian Tire VS PC being at any CIBC machine.
 
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SpaceBabe

TRIBE Member
For ING, what interest rate do you get for the savings or chequing account?

For PC, I have a chequing account and they have this Interest First savings account with an interest rate of 3.05%. The savings account you can only put money in and out of it via the internet and the process requires one day to do it. Sort of good to not have ti so easy access but no penalties for taking it out.
 

KillaLadY

TRIBE Member
ING doesn't have checking account, for the savings it's 3% and they have certain promotions based on the amount of money you deposit that are up to 6% per month.
 

kuba

TRIBE Member
I just foud out I pay $12.00 in monthly fees PLUS interac fees, so about $250 per year, to use royal cheese. I figure, switching to PC will help me in two ways: less monthly cost AND free food (like spaceboobs says).

Kevin: does it matter if an account is chequings or savings, if I am to have automatic payments made?
 

kuba

TRIBE Member
one last question- i think pete answered this- but you can use your royal account, and can you transfer money TO and FROM ing/pc?
 
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KillaLadY

TRIBE Member
Yes... that's how you put money in the ING account, by transferring from whatever bank you are on... and I also transfer back if I need to make certain payments.
 

DataLadybug

TRIBE Member
kuba said:
one last question- i think pete answered this- but you can use your royal account, and can you transfer money TO and FROM ing/pc?
Through ING you can pull money out of an account from another bank about (i.e. RBC, BMO, etc.) Unfortunately, you cannot add ING to your list of "payees" from a current RBC/BMO/etc account. (i.e. I could not go to RBC online banking and transfer to ING.) Or, you couldn't when I tried a few years ago.

ING will also "hold" the money 'til it's cleared. Not a biggie for an ISA that you do very infrequent transactions with, but if you're looking for a day-to-day bank, I'd stick with one of the big-five, or PC (which sounds great from the posts above).
 
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Subsonic Chronic

TRIBE Member
I've got a PC chequing & savings account which I use for all my every day banking, and an ING savings accoun.

And Kuba, yeah you can totally transfer money between PC/ING and other banks. I've been able to set it up on both my PC and ING accounts, and all you should need is a void cheque from your RBC account.
 

SpaceBabe

TRIBE Member
Also, I noticed a neat feature that other people have. I can't email money into other people's account through PC.

So ING still doesn't have a lot of bank machines to access the money?

Sounds like PC sort of has the same feature as ING in their PC Interest First savings account. You can only put in and take out money from the savings account through the PC chequing account and it takes a day for the process.

Also, PC machines can be found in Loblaws. Go to any Loblaws and sign up for a PC account.
 

kuba

TRIBE Member
pc is backed by cibc, hence the wide availability of machines.

i hear you can also use the cibc machines to access yor pc money, w/o any interac fees?
 
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artemis

TRIBE Member
Whatever you do, DO NOT go with CIBC - ever, for anything!!!

For those of you who are CIBC clients right now, JUMP SHIP and get out of there asap - they just screwed me over bigtime and are claiming 'no fault', so i'm transfering to TD Canada.
 

TrIbAlNuT

TRIBE Member
I got the "paperless" account from TD, everything is online. Eventhough there is TD branch 2 minutes from my house
ING is great for savings.

I wanted to transfer my BMO savings into my TD savings, TD sent a request signed by me to BMO 4 times and they kept saying no. I hate BMO they charge me $20/month just to keep my account active, Im so closing everything I have to do with that bank.
 
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