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michelle288
Member since: Jun 04

Posts: 319
Location: toronto
Post ID: #PID

Posted on: 07-10-04 19:25:22

i went to open a bank account and found that most banks have a charge for opening an account. any banks offer free accounts like the way we had in India. I know it sounds very naive but i dont feel good paying to a bank to keep my money, when they are getting enough benefit as it is...

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smile ...

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 07-10-04 19:28:48

If you maintain a min. balance in your account as instructed , you could avoid paying the monthly charges. In TD if you keep 5000 $ , you can do any number of transactions in your acct without worrying about the monthly charges.

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We will find a way or we will make one

ani70
Member since: Oct 03

Posts: 765
Location: Canada
Post ID: #PID

Posted on: 07-10-04 19:42:24

In TD if you keep minimum balance of $2000 u will get 25 transactions free per month(Including full service) + Free checks etc
In BMO if you keep $1000 you will get 10 free transaction per month
Both cases any Deposit won't be considered as a transaction
If you have credit card and don't use Debit card frequently any of those options should be fine

Thanks

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ani

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 08-10-04 08:10:16

I have a checking a/c in Scotia where by keeping a minium balance of $2000, there is absolutely no charge for any no of transactions.

Chandresh

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Chandresh

Advice is free – lessons I charge for!!

crenshaw
Member since: Sep 04

Posts: 914
Location: Toronto
Post ID: #PID

Posted on: 08-10-04 09:05:51

CIBC has the same (no bank charges) with a minimum balance maintained at $1,500 (was $1,000 until June 04)....

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 08-10-04 11:16:11

If some one is comfortable with telebanking, then President's Choice is really an edxcellent choice. There are no charges whatsoeaver for any number of transactions, no requirement of a minimum balance, NO CHARGES even for cheque books (all other banks generally charge you for the same) and you get interest on your balance as well of anywhere between 2% - 2.5% in comparison to either nil or 0.25% from the big banks. What is more, that you get 'free PC points' for buying grocery and other stuff.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

crenshaw
Member since: Sep 04

Posts: 914
Location: Toronto
Post ID: #PID

Posted on: 08-10-04 11:26:37

Quote:
Orginally posted by Pramod Chopra

If some one is comfortable with telebanking, then President's Choice is really an edxcellent choice. There are no charges whatsoeaver for any number of transactions, no requirement of a minimum balance, NO CHARGES even for cheque books (all other banks generally charge you for the same) and you get interest on your balance as well of anywhere between 2% - 2.5% in comparison to either nil or 0.25% from the big banks. What is more, that you get 'free PC points' for buying grocery and other stuff.

Pramod

Yeah I've heard PC is pretty good, what about ABM withdrawals though, what kind of facilities do they have?

Another alternative is ING Direct, which does not have charges again, but allows a limited number of ABM cash withdrawals without charges through certain partner banks.....

Contributors: crenshaw(3) Pramod Chopra(2) Whistler(2) smartguy(1) ani70(1) wisernow(1) chandresh(1) HotelMotelPatel(1) michelle288(1) Smiley(1)

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banks charge for account

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