[ashby corner]

So, I've been with Scotia bank for a long time. They like to do all kinds of nasty things with respect to bank fees. all payroll is deposited here, mortgage comes out of here, we do all our banking out of here.

When getting a new mortgage for a move next week (yeah, I'm in 'box hell'), I went to MCAP (current mortgage guy), PC financial, and TD canada trust. TD Canada trust had the best deal.

So, now I'll have my money going IN to scotia, and OUT to TD. I also now have a PC checking and savings account (got all that lined up when doing the mortgage application).

We have a small line of credit at Scotia. I have a scotia visa (no balance), my wife has a TD visa (no balance) and we have a joint Crappy Tire master card which we use a lot (for convenience) but pay off monthly.

We have a small ING savings account ('emergency fund').

Sooooo....should I do any further hokey-pokey and move everything to ONE place for convenience? Does TD have anything with no fees/no loopholes?

Thanks!

 

[brad]

Check out this thread, it covers a lot of this ground; the last few pages talk about some of TD's accounts where you can get some good services and no fees but you have to keep a pretty hefty minimum balance in order to avoid the (also hefty) monthly fees:

http://www.canadianmoneyforum.com/showthread.php?t=273

 

[ashby corner]

thanks!

 

[stephenheath]

With your setup I would cancel your Scotia checking accounts and move your direct deposit into PC Financial and use that as your day to day banking branch. From there TD can draw your mortgage payment, you can transfer to and from ING, and you can pay your Scotialine, Scotiavisa, TD visa and Crappytire cards from the bill payments at no charge, and they'll even give you grocery points for doing so (and for setting up direct deposit into the account).

Personally that's because I use whoever's products are the best for various borrowings/investments but refuse to pay fees/tie up money unproductively at the big banks for day to day banking.

 

[hylaride]

Try negotiating with TD; you'd be surprised what you can get if you just ask/threaten to leave.

Though I primarily use citizensbank, since I have a Waterhouse account with a decent amount as well as a HELOC, and credit card at TD I was able to get them to eliminate virtually all fees (including my CC) and give me access to the lower trading prices (I don't have 100K, yet) when when I threatened to move my stuff to Credential Direct and close off my HELOC and CC. Though I also could show that I make them a mint already as I travel a lot for work and routinely rack up 30-40K balances in expenses on my card. In other words I was already making them a killing, they only stood to lose if I left.

So if you have a brokerage someplace else with a decent balance, try inquiring about what "benefits" you could get with moving over.

 

[janbjarne]

Key is that you should pay no fees. If you have an account that cost you anything, close it and use one which doesn't. Same with credit cards. They should pay you for credit cards, not charge you. I use a cash-back card from CITI (automatically paid off monthly), savings at ING, chequing at PC, and as 'hylaride', I use TD for free as a TD Waterhouse client.