Finally started the switch from BMO to PC Financial. Switching banks is hard, especially when you have 2 automatic pay-cheques and 9 automatic bill payments/withdrawals set up per month. But this week we officially got the ball rolling by sending new void cheques to all the appropriate people, by fax, mail, or online. We made sure that there is enough money in both the BMO and PC accounts before switching as I’m sure the timing between our pay-cheques and the bill payments/PADs will be off a bit and we want to avoid those NSF fees. It’s a pain in the ass, but once it’s all over with, I won’t regret making the switch.
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Not just another (Canadian) financial blog… and maybe the oldest Canadian financial blog???
Hey,
I know what it feels like! I’m switching myself from td to pcf.
It takes some time but the pcf savings are almost unbeatable!
Yeah, sometimes I think $132/year (for my i.connect account at BMO) is not a lot of money to worry about… but it is! Especially when consider a few years down the road, and the fact that we often go over our 60 transaction monthly limit.
Instead of switching, did you try negotiating?
Many times, when asked, the banks will match.
I usually line up the best deals from all the banks
and then get my current bank (TD) to match.
K: do you think it is possible that BMO would give us an account with unlimited transactions and no monthly fee? Actually I don’t believe one should even have to ask. Richmond Savings (an credit union in a suburb of Vancouver) used to offer free everyday banking as long as you had at least $25,000 in business with them (either through a loan/mortgage or investments).
Have you been able to get TD to match PC Financial’s plan?
personally, I go to credit unions. easier to not get any fees. I think it’s ridiculous to pay them to hold your money…
chani: you are probably right about credit unions, in general they are probably “nicer.” I have one negative story about Richmond Savings though. They had a great kid plan. Until you reached the age of 18 you could get 100% free banking. When I turned 18 and became a student, they offered NO student plan! I even pleaded with them to let me have free transactions but they refused. So I was forced to cross the parking lot and create an account at TD Canada Trust which offered a cheap student plan.