Comments on: Citizen’s Bank Shutting down Free Chequing Accounts http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: THRiVE: A New No-Fee Chequing Account from ING Direct | Canadian Capitalist http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/#comment-245538 THRiVE: A New No-Fee Chequing Account from ING Direct | Canadian Capitalist Wed, 18 Aug 2010 23:56:28 +0000 http://www.canadiancapitalist.com/?p=2835#comment-245538 [...] Financial still remains the only major game in town when it comes to no-fee chequing accounts (Citizens Bank briefly offered a no-fee chequing account but shut it down in less than a year). Consumers who already have a PC Financial account will see very little reason to switch because [...] [...] Financial still remains the only major game in town when it comes to no-fee chequing accounts (Citizens Bank briefly offered a no-fee chequing account but shut it down in less than a year). Consumers who already have a PC Financial account will see very little reason to switch because [...]

]]> By: Coming soon: ING Chequing Accounts | Canadian Capitalist http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/#comment-212793 Coming soon: ING Chequing Accounts | Canadian Capitalist Wed, 10 Mar 2010 13:35:55 +0000 http://www.canadiancapitalist.com/?p=2835#comment-212793 [...] 10th, 2010 · No Comments With the exit of Citizen’s Bank last year, President’s Choice Financial is now the only game in town in the free chequing account [...] [...] 10th, 2010 · No Comments With the exit of Citizen’s Bank last year, President’s Choice Financial is now the only game in town in the free chequing account [...]

]]> By: Sam http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/#comment-199347 Sam Tue, 01 Sep 2009 20:29:49 +0000 http://www.canadiancapitalist.com/?p=2835#comment-199347 Any one who can use a Citizen's bank account can more than definitely use a PC account! Mind you you can get free withdrawals at PC and even CIBC machines. No one ever mentioned that in addition to free banking, you also get an interest, though nominal, on your chequing account balances. Plus there is a bonus in the form of points earned at Loblaws, nofrills etc!. I was with TD earlier and I just did not understand why should I pay fees to a bank to keep my money.Don't they use my money to reinvest in the market and earn a profit on it? Typically banks charge $10 permonth. I figured that on an average balance on $1000 p.m. in the chequing account it amounts to 10% (!!!!!!) of that balance! That's not the case with PC. Thier banking is absolutely free and I love the points as I shop at Lobalws and no frills. Surely prefer that to Citizens bank, considering that the are a division of CIBC itself! Any one who can use a Citizen’s bank account can more than definitely use a PC account! Mind you you can get free withdrawals at PC and even CIBC machines. No one ever mentioned that in addition to free banking, you also get an interest, though nominal, on your chequing account balances. Plus there is a bonus in the form of points earned at Loblaws, nofrills etc!. I was with TD earlier and I just did not understand why should I pay fees to a bank to keep my money.Don’t they use my money to reinvest in the market and earn a profit on it? Typically banks charge $10 permonth. I figured that on an average balance on $1000 p.m. in the chequing account it amounts to 10% (!!!!!!) of that balance! That’s not the case with PC. Thier banking is absolutely free and I love the points as I shop at Lobalws and no frills. Surely prefer that to Citizens bank, considering that the are a division of CIBC itself!

]]> By: boko http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/#comment-197900 boko Sat, 15 Aug 2009 00:21:47 +0000 http://www.canadiancapitalist.com/?p=2835#comment-197900 I've been with PCF for 8 years now, other then my debit card being frozen 3 times due to fraudalent activity..it had been pretty good. I also bought a house 3 years ago and needed a draft cheque, I called them the day before and they had me go down to my nearest CIBC and i got my draft cheque..pretty easy dealings. I’ve been with PCF for 8 years now, other then my debit card being frozen 3 times due to fraudalent activity..it had been pretty good. I also bought a house 3 years ago and needed a draft cheque, I called them the day before and they had me go down to my nearest CIBC and i got my draft cheque..pretty easy dealings.

]]> By: Money Tip: Use HSBC Direct Savings as a main bank account | Canadian Capitalist http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/#comment-197700 Money Tip: Use HSBC Direct Savings as a main bank account | Canadian Capitalist Wed, 12 Aug 2009 15:57:13 +0000 http://www.canadiancapitalist.com/?p=2835#comment-197700 [...] 12th, 2009 · A recent post on Citizen’s Bank of Canada (see Citizen’s Bank Shutting down Free Chequing Accounts) elicited the following interesting tip on using HSBC Direct Savings Account as a main bank [...] [...] 12th, 2009 · A recent post on Citizen’s Bank of Canada (see Citizen’s Bank Shutting down Free Chequing Accounts) elicited the following interesting tip on using HSBC Direct Savings Account as a main bank [...]

]]> By: Kathryn http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/#comment-197693 Kathryn Wed, 12 Aug 2009 15:02:17 +0000 http://www.canadiancapitalist.com/?p=2835#comment-197693 What about Canadian Tire Financial? Not that I use them but they claim to have no fees. I've been very happy with PC Financial for over 10 years. Never had a problem and never paid a fee. What about Canadian Tire Financial? Not that I use them but they claim to have no fees.

I’ve been very happy with PC Financial for over 10 years. Never had a problem and never paid a fee.

]]> By: Pablito http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/#comment-197689 Pablito Wed, 12 Aug 2009 13:34:32 +0000 http://www.canadiancapitalist.com/?p=2835#comment-197689 @WP: We bought our house about six months ago and we'd been saving up the down payment using a PC account. I needed a bank draft to make the payment and asked them about it. From what I remember, they transferred the money to a local CIBC branch I'd specified. I then went to the branch and paid CIBC their fee to prepare the draft... I don't remember exactly how much it was but I think it was about $7 or so. Also, I had to pay PC a $26.50 fee to rush the transfer (next day sort of thing... time was short due to a miscommunication by my solicitor), but I think I recall there would have been no transfer fee if I were willing to wait 3-5 days or something like that. Just an FYI. @WP: We bought our house about six months ago and we’d been saving up the down payment using a PC account. I needed a bank draft to make the payment and asked them about it. From what I remember, they transferred the money to a local CIBC branch I’d specified. I then went to the branch and paid CIBC their fee to prepare the draft… I don’t remember exactly how much it was but I think it was about $7 or so. Also, I had to pay PC a $26.50 fee to rush the transfer (next day sort of thing… time was short due to a miscommunication by my solicitor), but I think I recall there would have been no transfer fee if I were willing to wait 3-5 days or something like that. Just an FYI.

]]> By: WP http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/#comment-197643 WP Wed, 12 Aug 2009 00:22:35 +0000 http://www.canadiancapitalist.com/?p=2835#comment-197643 I had a PC chequing account for years. It works fine as long as you're content to do your banking online and at bank machines. When I needed to move close to $10,000, I had to have multiple bank drafts from the post office, because with no tellers they couldn't do their own bank drafts. The limit for a bank draft at the post office is $999. I find that in banking, as with most other things, you get what you pay for. I have been with TD for a few years now, and I wouldn't go back to PC. I'll happily pay the $3.95 per month for access to a full service bank when I need it. I had a PC chequing account for years. It works fine as long as you’re content to do your banking online and at bank machines. When I needed to move close to $10,000, I had to have multiple bank drafts from the post office, because with no tellers they couldn’t do their own bank drafts. The limit for a bank draft at the post office is $999. I find that in banking, as with most other things, you get what you pay for. I have been with TD for a few years now, and I wouldn’t go back to PC. I’ll happily pay the $3.95 per month for access to a full service bank when I need it.

]]> By: dlm http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/#comment-197591 dlm Tue, 11 Aug 2009 17:42:02 +0000 http://www.canadiancapitalist.com/?p=2835#comment-197591 Canadian Western Bank charges no fees. Also I think Scotiabank has over 55 fee-free accounts. Canadian Western Bank charges no fees. Also I think Scotiabank has over 55 fee-free accounts.

]]> By: Jamie http://www.canadiancapitalist.com/citizen%e2%80%99s-bank-shutting-down-free-chequing-accounts/#comment-197539 Jamie Tue, 11 Aug 2009 03:03:32 +0000 http://www.canadiancapitalist.com/?p=2835#comment-197539 @Maiku When I negotiated with my bank it went something like this: My employer did RRSP matching, but they only did it through RBC so I had to set up an RRSP account there even though it wasn't my normal bank. As I was setting up the account, they offered to waive several fees if I moved all of my accounts to their bank. I told them that I would consider it, but that I didn't want to change my accounts right away. I went to my bank and told them about the offer from RBC and that I was considering moving my accounts to them (Chequing, Visa, RRSP, and I was discussing a mortgage with them at the time). I asked them to match the offer from RBC and after we had discussed it a bit they offered to waive the monthly fee on my chequing account. I get all the transactions I used to but I don't pay the fee and don't need to keep a minimum balance. I was never really one to negotiate for lower fees or anything like that, but I figured that the worst they could do is say no. If you're looking for a little guidance you can read about negotiating with banks & other companies here: http://www.canajunfinances.com/2007/07/06/free-banking/ http://www.iwillteachyoutoberich.com/blog/tip-5-optimize-your-cellphone-bill/ http://www.iwillteachyoutoberich.com/blog/tip-13-negotiate-your-car-insurance/ @Maiku When I negotiated with my bank it went something like this:

My employer did RRSP matching, but they only did it through RBC so I had to set up an RRSP account there even though it wasn’t my normal bank. As I was setting up the account, they offered to waive several fees if I moved all of my accounts to their bank. I told them that I would consider it, but that I didn’t want to change my accounts right away. I went to my bank and told them about the offer from RBC and that I was considering moving my accounts to them (Chequing, Visa, RRSP, and I was discussing a mortgage with them at the time). I asked them to match the offer from RBC and after we had discussed it a bit they offered to waive the monthly fee on my chequing account. I get all the transactions I used to but I don’t pay the fee and don’t need to keep a minimum balance.

I was never really one to negotiate for lower fees or anything like that, but I figured that the worst they could do is say no. If you’re looking for a little guidance you can read about negotiating with banks & other companies here:
http://www.canajunfinances.com/2007/07/06/free-banking/
http://www.iwillteachyoutoberich.com/blog/tip-5-optimize-your-cellphone-bill/
http://www.iwillteachyoutoberich.com/blog/tip-13-negotiate-your-car-insurance/

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