banks charge for account


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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
:cheers:


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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.....





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