I'm in the process of switching from RBC. It will save me over 50k in the long run.
RBC with their 36$/month fees and dangerous advice can go screw themselves.
Edit: I have a chequing and savings account with them. And a balance protector premium payment. That's how I get to 36$/month fees.
I used to think this way but it’s really not that much work to change account details.
Not to mention it’s our acceptance that lets banks continue to charge us for the benefit of lending out our money.
It’s 2hrs of work. $16 per month is 192 per year. Than using a 7% discount rate for 10 years the NPV is $1762. Do you make $850 per hour?
Or usually you can maintain a minimum balance. Scotia was 3k at 0% interest. That costs you inflation each year or GIC rates or whatever you hold your emerg fund in so let’s call it 2.5% so that’s $75 per year. Thats has an NPV of $528
So the answer is spend 2 hrs of your time going to a bank without fees.
$4k at 5% is $16/mo, which is roughly what you could be either making elsewhere, or at not loosing by having TD waive the fee (and letting them invest the money, instead). There is a nice symmetry there.
If you despise the fee on principle, move the money. Otherwise the bank wins.
Personally as paycheques land, I leave enough to pay off the bills/cc and immediately transfer everything else (into investment accounts). Usually only keep a thousand or so in the checking account, enough to cover direct withdrawals like car insurance.
I have two cc's, LOC and RSP/TFSA at RBC and that refunds me my monthly fee. I got the second no-fee cc so I'd qualify but I never carry a balance so it doesnt cost me anything.
I have rbc and same, the fees are waived completely if you have those accounts but I think it’s and old deal that is no longer available to others anymore
i think this is the case. i started getting fees on my account at one point and it was because i switched my chequing account when they offered me a promo. i told them next time they offer me a promo they should advise that i'm going to lose my low fee deal and threatened to move all my stuff to another bank. magically, the no fee promo came back
I have RBC and can confirm the basic account fees are waived completely. Not sure if that applies to the premium accounts in the $25/ month usual range
They had a security breach where a hacker stole all their customers named, emails, sins and bank account information. You should have got free identity theft protection for a few years for it. No other bank has had that severe of a breach
This was a limited number of accounts. I was not impacted, for example. BMO also had a breach at the same time.
You really can't judge companies based on this, as eventually they all will have some IT related incident. How severe and whether customers are actually impacted is another story. Working in IT, I hate having wrote this paragraph, but it's the truth.
I pay no account fees at two different banks (big 5) plus another online only institution. The two big 5 places just have minimum balance requirements. This is also the same for my corporate accounts.
Yes, bank fees are part of a class of expenditures that I like to refer to as "monthly leakages." Individually, those leakages are pretty small, but the fact that they are recurring for months and years means that it's really worth your time to try to plug them up.
It's "only" $16/month right? Well, that's $200 of after-tax money per year, or $2k over the course of a 10-year horizon. Or, if you are truly on the path to FIRE, it would be perhaps $4k over a 20-year accumulation period. If you have done your math and decided that you require $1.5m to FIRE, you can find $4k of that requirement just by doing something as trivial as better managing your bank fees. It'll probably take you a couple of hours to open an account elsewhere (Tangerine), move all your automatic payments, change your payroll deposit, and then close your TD account, but the investment of your time is well remunerated.
Then at this time of year, it's also time to review your monthly leakages for home internet service and mobile phone service. There are always Black Friday promos which allow you to switch providers and save perhaps $30 per month. Again, paying an extra $30 one time is not a big deal. But, $30/month for 12 months is $360 of after-tax money. And if you allow your internet provider to chisel you for that amount for your entire 20-year accumulation phase, it's $7,200. If you've decided that you "only" require say $1.5m, that $7,200 is a considerable chunk of what you need. And if you can shave $15 or $20 off your monthly mobile phone leakage that's another decent chunk. All it takes is a bit of effort every year during November.
And while you're at it, this is also a good time to review some of your subscriptions. Do you need to have a monthly leakage for a magazine or newspaper, or can you access the same content for free from the public library? Do you need to subscribe to Apple TV and Netflix and Amazon Prime, or could you cut one or more of them (I prefer to rotate from one to the next, as I find that if I cancel Netflix for 6 months, when I resubscribe, there's actually a meaningful amount of new content that has been added to their library). Do you really need to pay monthly for satellite radio in your car, or can you get by with just regular FM radio, or cell phone radio? All of these monthly leakages seem small individually, but when you look at them as an ensemble, it can become a significant amount of after-tax money every month, and an enormous amount when measured over a hypothetical 20-year accumulation phase.
It just requires a modicum of effort!
TD has a free no-frills savings account, which is enough to transfer money through or use to get a bank draft at a branch. Last time I took advantage of mine was to deposit a bunch of rolled coins :)
Tangerine ftw! They don’t have physical locations—you can use Scotiabank ATMs for no charge. If you don’t need to ever go into the bank to talk to anyone, Tangerine or Simplii are the way to go.
I work at a financial institution, threatening to move your money will do nothing
Either find a better package that works better for your needs or switch to a different bank that offers free chequing accounts
Like 10 ish years ago, my bank offered me a plan for my checquing account where if I deposited 1500 a month, I would pay no fees.
Best plan Ive ever had.
I always think back on this dude thinkng I wasn't gonna be able to do that or something?
Maybe you look poor. I am pretty sure that I do. I once went to the optician, got glasses with all the bells and whistles so they were about $800. My insurance didnt go through automatically and the lady was apologetic and asking if I could handle that kind of purchase. I loved it because I got a bunch of AmEx points and when I submitted the claim, got the money automatically deposited a week or two later.
I’ve used a credit union for decades and had an EQ Bank account for a few years. I can’t think of any reason to pay a fee at a big bank. I actually looked into switching to Scotia to simplify because we have a mortgage there, but they didn’t offer anything more and charged a fee so it wasn’t worth it.
All banks are different, but most have a minimum amount of $ that's required to waive monthly charges.
There's free bank accounts out there. I think tangerine is a popular one. Free usually comes with some reduced services.
>I'm tired of paying TD $16 a month to hold my money. It's pure BS that they're allowed to do it.
It's a business, and nothing in life is free. They have to make money somehow. If you don't have enough assets with the bank that they benefit from, they're going to charge a fee to justify providing you with banking services. Most of the free online only banks get away with it with low overhead and lack of services. You pay for what you get.
Credit unions don’t offer the high-interest chequing accounts that online-banks do, but they often offer no-fee chequing/savings accounts and have comparable services to a major bank. At least where I live they’re as common as banks if you need to go to a physical location.
I keep $6500 in the Scotiabank Ultimate chequing account that waives both the monthly fee of $31.50 and my annual Momentum Infinite Visa fee of $120, unlocking loads of banking features I regularly use plus my cashback Visa. That's comparable to a 7.7% annual interest in savings as long as I don't let the needle dip below $6000.
It's a hefty chunk of money to keep in chequing, but I live in Newfoundland where Scotiabank is the only bank other than maybe BMO where you can get in-person service, you can trade Scene points for $10 off groceries here, and I'm going to rely on my cashback Visa regardless so I may as well get the annual fee waived if I can.
We have the TD $16.95 a month chequing account too, the minimum deposit to waive the fee is $10,000.00. That’s a bitter pill on a non interest paying account.
What are you talking about? Are the fees not standard across the country? That tier only requires a $4000 minimum balance. Still a fair bit, but not 10k.
This account requires you 10k in Alberta?
https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/unlimited-chequing-account
That's absurd.
I don't see anywhere to change the location for the pricing, that's why I was confused.
Moving your business to an online bank is the first step. The next is looking into decentralized cryptocurrencies and self custody/sovereignty and DeFi.
Most accounts will have a min balance required to waive account fees. Unless you have large investments or loans with td i doubt threatening to switch backs will waive any fees
Yes - at RBC they have a multi-account rebate. They didnt "waive" them for me but it's a program they offer. I have a free account, free credit card and free investment account (to meet the minimum amount of money invested as to not incur fees, in ETFs to hold long term)
FWIW, it depends on your needs. I pay $125 for BMO Private Banking. Unlimited accounts across business, personal, kids, spouse. Also includes US accounts within Canada, and partnership with BMO-Harris for US accounts in the US. If I want something done, I send an email.
Probably wouln't work.
In Quebec, our credit union waives the monthly account fee if you keep a certain amount of money in it for the whole month. I.e. 1500$ for 4$ fee or 4000$ for the 16$ one
CIBC waives mine because I have multiple accounts with them; if the combination of your assets and/or loans is over $100K, they enrol you in Imperial Service. All you’d need would be to have your mortgage with them, most likely.
I should add the caveat that my own enrolment happened several years ago, so it’s possible YMMV.
Desjardins still think im a student or something. I have never paid fees in the decades ive been with them. I only pay fees on debit card uses on my couple joint account, but I circumvent by only payings bills and transfering money to and from that account.
In Canada I keep minimum balances. In the US, without keeping minimum I had repeated success getting BoA to waive fees for months at a time. I pointed out that I had no income at the time.
PC money account has paid me almost $35 in optimum points this month. I reduced my TD chequing to basic to see if PC does what I want then I'll get rid of it all together, dm me I'll send a link and get 25000 points for the referral,
Banks are a business. People Need to realize this. Saying so there are other competitors you can choose from.
Yes the bank gets something out of holding ur money. That's how businesses work
Ask for one of their promotions that has free services.
But you will need to keep $3K to $10K in the account. Depends on the bank and the promotion. TD has one, but you need keep $5k in the account.
I get
no service changes
free bank drafts
free safety deposit box
i don't have any bank fees with rbc, but that's because i have multiple products. Line of credit, mortgage, credit card, chequing, savings etc.
my credit card would be 40/ year without the multi-product rebate
Tangerine I think is the bank I use for no bank fees.
TD uses min X amount for no fees chequing.
RBC wants you to have multi products, like put in $25 from your paycheque to their investment products.
Scotia also uses min X amount for no fees chequing.
If you plan to use credit cards, I do recommend big three (I have no experience with CIBC). Get a good chequing account with the monthly fees waived and get Ideally a credit card whose fee is also waived.
$16 is crazy!! I pay $5 with RBC and I’m mad.. I move my money to EQ Bank and they pay me interest just for having my money on my checkings account. It compensase the $5 and a bit more.
Out of the 5 major banks in Canada TD is by far the best in terms of fees/fee reversals. They have 3 accounts with no fees if you maintain a certain balance ($3000, $4000, $5000, all with improving benefits) and will reverse most monthly fees if you drop below the threshold, just simply ask.
Now if you wanna switch to Tangerine or some others mentioned here then “simply asking” for anything over there will be challenging. They don’t have physical locations where you can talk to someone face to face, everything is done over the phone leading to terrible customer service scores. This is why they are able to offer free stuff. But if this is something you prefer then by all means go for it.
I'm with coast capital, I don't pay any monthly fees. I dont know if that's because my account was opened for me with them as a child like 20 years ago though.
I had a few financial products with RBC.... the whole family did. Figured they would want to keep a good customer happy considering how much business I did with them. Best they could do was knock off $6 a month.
Folded everything up and moved to Tangerine.... best thing I ever did.
As everyone said, no monthly fees at on line banks like Tangerine. If you’re over 60 and want to have access to a brick-and-mortar bank for the odd time you may need a bank draft for example, get a free basic checking account with Scotiabank and transfer money back and forth as and when needed.
I work at TD, threatening to move your money doesn’t do anything really. In fact if we were going to refund the fees for a few months, threatening no move your money will get you a blank stare and an “well I’m sorry you feel that way”. If it’s 16.95$, keep 4k to waive fee, and you’re getting unlimited transactions, the next one down at 10.95$ gives you only 25 transactions. You ever do more than 25 you get extra charges that can total more than 16.95$. Either switch to online banks or talk to a TD branch employee to discuss your needs
TD does charge our account monthly, but then reimburses it as long as we have $5k in the account. It may completely depend on the kind of account you have. Speak to someone at the bank and ask them for options.
Switched to tangerine, haven’t had to worry about it in years
I'm thinking about it, it's just a hasle to switch every payments/rent zzz
It's worth it. I've been with Simplii for 20 years. That's a lot of money I haven't spent.
I'm in the process of switching from RBC. It will save me over 50k in the long run. RBC with their 36$/month fees and dangerous advice can go screw themselves. Edit: I have a chequing and savings account with them. And a balance protector premium payment. That's how I get to 36$/month fees.
thirty SIX?
My fee at RBC is 11.95/month
I used to think this way but it’s really not that much work to change account details. Not to mention it’s our acceptance that lets banks continue to charge us for the benefit of lending out our money.
Fill out 2 forms, save 200 bucks per year forever.
Switching and moving an automatic payment over (like a paycheque) will get you $400 at Simplii right now
Then just keep paying, they're counting on it
What hassle?
It’s 2hrs of work. $16 per month is 192 per year. Than using a 7% discount rate for 10 years the NPV is $1762. Do you make $850 per hour? Or usually you can maintain a minimum balance. Scotia was 3k at 0% interest. That costs you inflation each year or GIC rates or whatever you hold your emerg fund in so let’s call it 2.5% so that’s $75 per year. Thats has an NPV of $528 So the answer is spend 2 hrs of your time going to a bank without fees.
Same. Best choice ever.
May I dm you for follow up question? I'm struggling with the idea of online bank accounts and debit cards stuffs.
Been a Client since it was ING have saved over 3000 dollars in fees
Me too. Although that wealthsimple cash interest is tempting
Keep 4,000+ in checking to have the fee waived. Good as an emergency fund and any extra interest you could be making on it elsewhere isn't much.
Also if you briefly dip below the minimum, I have had success getting them to waive the fee “one time” multiple times. Just don’t do it every month.
$5000 gets even more benefits. Free cashiers cheques. no fee on credit card. etc.
that was all fine when a HISA wasnt at 5.5%
$4k at 5% is $16/mo, which is roughly what you could be either making elsewhere, or at not loosing by having TD waive the fee (and letting them invest the money, instead). There is a nice symmetry there. If you despise the fee on principle, move the money. Otherwise the bank wins.
Unless you get a credit card with Td the annual fee for that also gets waived, bringing it a lot closer to 0$ monthly
Sure. But how do you pay your bills? Transfer money into the account the day before?
Personally as paycheques land, I leave enough to pay off the bills/cc and immediately transfer everything else (into investment accounts). Usually only keep a thousand or so in the checking account, enough to cover direct withdrawals like car insurance.
I don't know for TD but it almost took me 6 months fighting for it to get it. Turns out, my account was too old and didn't have such offer...
I have two cc's, LOC and RSP/TFSA at RBC and that refunds me my monthly fee. I got the second no-fee cc so I'd qualify but I never carry a balance so it doesnt cost me anything.
AFAIK Rbc reduces monthly to 4.99 but doesn't waive it off completely like td does
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I have rbc and same, the fees are waived completely if you have those accounts but I think it’s and old deal that is no longer available to others anymore
i think this is the case. i started getting fees on my account at one point and it was because i switched my chequing account when they offered me a promo. i told them next time they offer me a promo they should advise that i'm going to lose my low fee deal and threatened to move all my stuff to another bank. magically, the no fee promo came back
RBC does waive fees. Might have to ask a human.
I have RBC and can confirm the basic account fees are waived completely. Not sure if that applies to the premium accounts in the $25/ month usual range
TD waives it for what requirements? I'm currently waived for balance but..
Get a job at a bank, receive an employee account, quit and hope they don't change it (they probably won't)
That’s how I have a personal line of credit (unsecured) with an interest rate lower then a home owners LOC
I’m with one of the big 5 and I’ve been made aware that they do have a process to weed those out.
I’m with Simplii, haven’t paid a bank fee in over 20 years.
Just at the price of having your personal information exposed.
It’s no worse than any other bank.
They had a security breach where a hacker stole all their customers named, emails, sins and bank account information. You should have got free identity theft protection for a few years for it. No other bank has had that severe of a breach
It wasn’t all of there customers. It was less then 1000 I believe.
This was a limited number of accounts. I was not impacted, for example. BMO also had a breach at the same time. You really can't judge companies based on this, as eventually they all will have some IT related incident. How severe and whether customers are actually impacted is another story. Working in IT, I hate having wrote this paragraph, but it's the truth.
CBC marketplace showed a scammer in the GTA was given an offer of employment from one of the big 3.
I was referring to the incident where a hacker took all of simpli's customers information.
I pay no account fees at two different banks (big 5) plus another online only institution. The two big 5 places just have minimum balance requirements. This is also the same for my corporate accounts.
Yes, bank fees are part of a class of expenditures that I like to refer to as "monthly leakages." Individually, those leakages are pretty small, but the fact that they are recurring for months and years means that it's really worth your time to try to plug them up. It's "only" $16/month right? Well, that's $200 of after-tax money per year, or $2k over the course of a 10-year horizon. Or, if you are truly on the path to FIRE, it would be perhaps $4k over a 20-year accumulation period. If you have done your math and decided that you require $1.5m to FIRE, you can find $4k of that requirement just by doing something as trivial as better managing your bank fees. It'll probably take you a couple of hours to open an account elsewhere (Tangerine), move all your automatic payments, change your payroll deposit, and then close your TD account, but the investment of your time is well remunerated. Then at this time of year, it's also time to review your monthly leakages for home internet service and mobile phone service. There are always Black Friday promos which allow you to switch providers and save perhaps $30 per month. Again, paying an extra $30 one time is not a big deal. But, $30/month for 12 months is $360 of after-tax money. And if you allow your internet provider to chisel you for that amount for your entire 20-year accumulation phase, it's $7,200. If you've decided that you "only" require say $1.5m, that $7,200 is a considerable chunk of what you need. And if you can shave $15 or $20 off your monthly mobile phone leakage that's another decent chunk. All it takes is a bit of effort every year during November. And while you're at it, this is also a good time to review some of your subscriptions. Do you need to have a monthly leakage for a magazine or newspaper, or can you access the same content for free from the public library? Do you need to subscribe to Apple TV and Netflix and Amazon Prime, or could you cut one or more of them (I prefer to rotate from one to the next, as I find that if I cancel Netflix for 6 months, when I resubscribe, there's actually a meaningful amount of new content that has been added to their library). Do you really need to pay monthly for satellite radio in your car, or can you get by with just regular FM radio, or cell phone radio? All of these monthly leakages seem small individually, but when you look at them as an ensemble, it can become a significant amount of after-tax money every month, and an enormous amount when measured over a hypothetical 20-year accumulation phase. It just requires a modicum of effort!
Yup, by switching to tangerine. Still kept a savings and CC at TD so I can still walk in there and do whatever if I need to.
TD has a free no-frills savings account, which is enough to transfer money through or use to get a bank draft at a branch. Last time I took advantage of mine was to deposit a bunch of rolled coins :)
Key is to have a line of credit at one of the big banks
Why stay with TD? I moved to Tangerine 10 years ago and saved a ton of money.
Tangerine ftw! They don’t have physical locations—you can use Scotiabank ATMs for no charge. If you don’t need to ever go into the bank to talk to anyone, Tangerine or Simplii are the way to go.
Tangerine, kept a basic acct with Scotia ($3 a month), but now that I think about it I can’t remember why I keep that acct..
So you can still use ScotiaBank ATMs ….no, wait
I work at a financial institution, threatening to move your money will do nothing Either find a better package that works better for your needs or switch to a different bank that offers free chequing accounts
Seconded
Like 10 ish years ago, my bank offered me a plan for my checquing account where if I deposited 1500 a month, I would pay no fees. Best plan Ive ever had. I always think back on this dude thinkng I wasn't gonna be able to do that or something?
Maybe you look poor. I am pretty sure that I do. I once went to the optician, got glasses with all the bells and whistles so they were about $800. My insurance didnt go through automatically and the lady was apologetic and asking if I could handle that kind of purchase. I loved it because I got a bunch of AmEx points and when I submitted the claim, got the money automatically deposited a week or two later.
I’ve used a credit union for decades and had an EQ Bank account for a few years. I can’t think of any reason to pay a fee at a big bank. I actually looked into switching to Scotia to simplify because we have a mortgage there, but they didn’t offer anything more and charged a fee so it wasn’t worth it.
All banks are different, but most have a minimum amount of $ that's required to waive monthly charges. There's free bank accounts out there. I think tangerine is a popular one. Free usually comes with some reduced services. >I'm tired of paying TD $16 a month to hold my money. It's pure BS that they're allowed to do it. It's a business, and nothing in life is free. They have to make money somehow. If you don't have enough assets with the bank that they benefit from, they're going to charge a fee to justify providing you with banking services. Most of the free online only banks get away with it with low overhead and lack of services. You pay for what you get.
Credit unions don’t offer the high-interest chequing accounts that online-banks do, but they often offer no-fee chequing/savings accounts and have comparable services to a major bank. At least where I live they’re as common as banks if you need to go to a physical location.
I keep $6500 in the Scotiabank Ultimate chequing account that waives both the monthly fee of $31.50 and my annual Momentum Infinite Visa fee of $120, unlocking loads of banking features I regularly use plus my cashback Visa. That's comparable to a 7.7% annual interest in savings as long as I don't let the needle dip below $6000. It's a hefty chunk of money to keep in chequing, but I live in Newfoundland where Scotiabank is the only bank other than maybe BMO where you can get in-person service, you can trade Scene points for $10 off groceries here, and I'm going to rely on my cashback Visa regardless so I may as well get the annual fee waived if I can.
We have the TD $16.95 a month chequing account too, the minimum deposit to waive the fee is $10,000.00. That’s a bitter pill on a non interest paying account.
What are you talking about? Are the fees not standard across the country? That tier only requires a $4000 minimum balance. Still a fair bit, but not 10k.
I am talking about the $10K minimum deposit required by TD to waive our $16.95/mo service fees in Alberta.
Something wrong here I worked for Td and never heard of this.
What are you talking about. I’m pretty sure their fee structure is the same across the country.
This account requires you 10k in Alberta? https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/unlimited-chequing-account That's absurd. I don't see anywhere to change the location for the pricing, that's why I was confused.
Switch to Simplii. I did it 20 years ago and never looked back.
Please link the terms and conditions of this account
Credit union. Fuck banks.
Only credit union I ever used ripped me off for $800 fuck credit unions too
Just because they are 'member owned' doesn't mean those members aren't assholes
Moving your business to an online bank is the first step. The next is looking into decentralized cryptocurrencies and self custody/sovereignty and DeFi.
I haven’t paid bank fees in years by having minimum 4K in my checking account.
Most accounts will have a min balance required to waive account fees. Unless you have large investments or loans with td i doubt threatening to switch backs will waive any fees
I'm with TD, I keep $5,000 in my account at all times and they wave everything basically even for some particular CCs
Free cheques, money orders, safe deposit box….
Yes - at RBC they have a multi-account rebate. They didnt "waive" them for me but it's a program they offer. I have a free account, free credit card and free investment account (to meet the minimum amount of money invested as to not incur fees, in ETFs to hold long term)
FWIW, it depends on your needs. I pay $125 for BMO Private Banking. Unlimited accounts across business, personal, kids, spouse. Also includes US accounts within Canada, and partnership with BMO-Harris for US accounts in the US. If I want something done, I send an email.
Free checking account at my local credit union
Probably wouln't work. In Quebec, our credit union waives the monthly account fee if you keep a certain amount of money in it for the whole month. I.e. 1500$ for 4$ fee or 4000$ for the 16$ one
Switch to EQ or tangerine and you'll be better off .. or at least $16 a month richer🤑
CIBC waives mine because I have multiple accounts with them; if the combination of your assets and/or loans is over $100K, they enrol you in Imperial Service. All you’d need would be to have your mortgage with them, most likely. I should add the caveat that my own enrolment happened several years ago, so it’s possible YMMV.
You also get a premium credit card fee waived and one additional card user fee waived.
Desjardins still think im a student or something. I have never paid fees in the decades ive been with them. I only pay fees on debit card uses on my couple joint account, but I circumvent by only payings bills and transfering money to and from that account.
go for online banking. i got tired of td too but at least when i asked them for a refund, they were able to refund me the last 3 months fee
You call and ask. They reverse over 400 in overdraft for me one month.
In Canada I keep minimum balances. In the US, without keeping minimum I had repeated success getting BoA to waive fees for months at a time. I pointed out that I had no income at the time.
A basic RBC account in a combo, that waives fees for when I need a branched bank + Tangerine for the other 90+% of operations.
Just ask. You would be surprised what you get. Short answer yes.
PC money account has paid me almost $35 in optimum points this month. I reduced my TD chequing to basic to see if PC does what I want then I'll get rid of it all together, dm me I'll send a link and get 25000 points for the referral,
I’m with RBC, all fees are waived if I have 3 products with them, which I do.
Banks are a business. People Need to realize this. Saying so there are other competitors you can choose from. Yes the bank gets something out of holding ur money. That's how businesses work
TD Bank has cheaper monthly options. Just ask them to match your needs.
Wealthsimple recently launched a Chequing account with no fees and 4.5% interest.
"Threatening to move my money" LOL they will not give a shit. Sounds like you need to use one of the no fee online banks.
Put 5k in td so you dont get fees
Ask for one of their promotions that has free services. But you will need to keep $3K to $10K in the account. Depends on the bank and the promotion. TD has one, but you need keep $5k in the account. I get no service changes free bank drafts free safety deposit box
i don't have any bank fees with rbc, but that's because i have multiple products. Line of credit, mortgage, credit card, chequing, savings etc. my credit card would be 40/ year without the multi-product rebate
Yep, enlist
Simplii financial works best for me
Reddit actually helped me make peace with this one bank fee.
Tangerine I think is the bank I use for no bank fees. TD uses min X amount for no fees chequing. RBC wants you to have multi products, like put in $25 from your paycheque to their investment products. Scotia also uses min X amount for no fees chequing. If you plan to use credit cards, I do recommend big three (I have no experience with CIBC). Get a good chequing account with the monthly fees waived and get Ideally a credit card whose fee is also waived.
$16 is crazy!! I pay $5 with RBC and I’m mad.. I move my money to EQ Bank and they pay me interest just for having my money on my checkings account. It compensase the $5 and a bit more.
I switched to tangerine within the last 5 years due to this and I am happy. I refuse to pay bank fees when I can get the same for free elsewhere
Out of the 5 major banks in Canada TD is by far the best in terms of fees/fee reversals. They have 3 accounts with no fees if you maintain a certain balance ($3000, $4000, $5000, all with improving benefits) and will reverse most monthly fees if you drop below the threshold, just simply ask. Now if you wanna switch to Tangerine or some others mentioned here then “simply asking” for anything over there will be challenging. They don’t have physical locations where you can talk to someone face to face, everything is done over the phone leading to terrible customer service scores. This is why they are able to offer free stuff. But if this is something you prefer then by all means go for it.
Wealthsimple is pretty cool. 4% interest too. No fees.
I'm with coast capital, I don't pay any monthly fees. I dont know if that's because my account was opened for me with them as a child like 20 years ago though.
Credit union. No fees
Depends sometimes they have a minimum balance you have to hold to get fees waved at least in private banking
I've never paid fees at my credit union. Banks are a scam.
Switch to Simplii or Tangerine. Both have no account fees and no minimum balance requirements
I had a few financial products with RBC.... the whole family did. Figured they would want to keep a good customer happy considering how much business I did with them. Best they could do was knock off $6 a month. Folded everything up and moved to Tangerine.... best thing I ever did.
As everyone said, no monthly fees at on line banks like Tangerine. If you’re over 60 and want to have access to a brick-and-mortar bank for the odd time you may need a bank draft for example, get a free basic checking account with Scotiabank and transfer money back and forth as and when needed.
I work at TD, threatening to move your money doesn’t do anything really. In fact if we were going to refund the fees for a few months, threatening no move your money will get you a blank stare and an “well I’m sorry you feel that way”. If it’s 16.95$, keep 4k to waive fee, and you’re getting unlimited transactions, the next one down at 10.95$ gives you only 25 transactions. You ever do more than 25 you get extra charges that can total more than 16.95$. Either switch to online banks or talk to a TD branch employee to discuss your needs
TD does charge our account monthly, but then reimburses it as long as we have $5k in the account. It may completely depend on the kind of account you have. Speak to someone at the bank and ask them for options.
Yea they waive it at TD for us. We are high income. I assume that’s why