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Banking (pg. 3)
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| d!abolic |
It took me awhile to dig this baby up when i needed it, as it's Canada's only secured credit card. You basically send them a check for the amount of money you want to have on the card. However, it works just like a real credit card, and the credit bureau sees it as such. Use it for a couple of months to establish a credit rating, then cancel it and get a line of credit, which is far better than a credit card because you get more money and really low APR. Compare TD's 3.5% credit line APR to VISA's 18%. Just learn to control yourself :)
http://www.hometrust.ca/securedvisa.asp |
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| MarkT |
| quote: | Originally posted by Chinaman
The benefit of having branches open late and frequently, if you have a problem, it's better to speak with a staff member in person as opposed to some automated telephone operator or ATM? |
Why? The competency of the agent/teller is far more relevant than whether they are serving you in person or over the phone. Honestly, who cares how late a branch is open? What exactly do you go there for that you can't do at an ATM or online? How often do you need to certify a cheque or get a bank draft? Not often enough to pick a financial institution JUST because they are open late, in my opinion. I do 99% of my banking online or at an ATM...no lineups, no finding a branch somewhere...THAT is true convenience.
sorry...I don't mean to single you out...but I have to disagree with some of what you say...I'm not THAT biased towards PCF banking...I work in their mortgage dept...so I could honestly care less where everyone actually banks ;)
| quote: | Originally posted by Chinaman
You're not going to get away from services charges from any bank... Well, I guess PC has the no fee thing but I think the inconvenience of no real branches can be a problem... Also, I believe you can only withdrawl a very limited amount of cash at one time...For instance, if you needed to certify a cheque, or obtain a money order, you would usually have to go to a branch for that. |
No, there are not ridiculously low limits on cash withdrawls with PCF...there are limits though...besides, every bank has daily cash limits...PCF does have rather strict guidelines though, moreso than other major banks in many cases...but each bank has different policies...essentially, the longer you're with a bank, and the better your credit rating, the less restrictions you'll have on your accounts.
PCF cardholders enjoy no annual or monthly account fees, unlimited free cheques, free telephone and online banking, and pay no fees at both PCF and CIBC bank machines. Not bad! Bank drafts? Call PCF telephone banking and a bank draft can be made available at any CIBC branch across the country within 24 to 48 hours...it's not that inconvenient at all for the very few times anyone should actually need to do so.
| quote: | Originally posted by Chinaman
So, out of the big five, you may want to consider TDCT. And since you're 18, don't expect to get a credit card, you may be a little to young for that... Plus, credit cards aren't the best things to have.
If you plan to get one, use it responsibly and DO NOT carry a balance. The goal is to establish a good credit history, so you'll be able to get a mortgage or personal loan in the future. This also implies you don't write bad cheques or have numerous cheques returned on your account. Also, pay all your bills on time too. |
Credit cards are not that bad, IF used properly (as you suggest). You can control your limit too...if you're bank raises it, you can ask that the limit be reduced back to a level with which you're comfortable. They're proabably the easiest way to establish credit, you can make large purchases without carrying cash (debit is fine for that too), many places require a credit card (video store accounts, online shopping, etc), and (like debit cards) most credit card issuers have purchase protection of some sort. Most banks also have a no annual fee card as well. With PCF, no fees + PC Points = better value than many other cards. Even if you "can't" get a conventional credit card, there are issuers of secured credit cards who take a deposit that is a portion of, or the whole, credit limit they will grant...it guarantees you a way of building credit and eventually you'll get it back.
NSF cheques do not affect your credit rating *at all*...your branch may (and probably does) keep such records, but it's completely irrelevant with regard to your credit rating.
Off the top of my head, the only thing you can really do with a regular bank account that would end up on your bureau report would be to default on your overdraft...banks can post OD accounts to your bureau. The single worst thing you can do for your credit rating is to declare bankruptcy...2nd is having collections on your bureau...3rd are late payments beyond 30 days.
Lines of credit are great...qualification requirements are more strict than credit cards, but they carry much lower interest rates and demonstrate a more "mature" use of credit vs. having credit cards alone.
Just some of my thoughts on banking and credit...before anyone signs on ANYWHERE...think about what you NEED and what you'll be doing with your accounts and products...then decide what bank is best for you. |
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| dEsidEL |
i dun feel like gettin all DigiNut on his topic .. but i will as soon as my exams are done ! :D
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| Elmo-On-XTC |
From what I hear, FFXI is perhaps the worst online rpg ...others say it's second only to starwars galaxies...
Never played it myself, but if you have a lot of time to play games, try Lineage 2. Insane lvl grind but an excellent game, I'd give you my old account if I didn't sell it on ebay for $200 :)
If you're just looking to play for a couple hours a day, maybe wait for world of warcraft. But i've heard only bad things about FFXI. |
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| Chinaman |
dEsidEL,
Sorry about the delay, exams have gotten in my way (hey, it rhymes!):toothless
My logon ID is Chongp, Branch# 375.
Which branch do you work at? I guess you could PM+ now but I NEVER read my PMs at work... :haha:
Lates,
PC |
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| maxtuh |
| quote: | Originally posted by MarkT
Why? The competency of the agent/teller is far more relevant than whether they are serving you in person or over the phone. Honestly, who cares how late a branch is open? What exactly do you go there for that you can't do at an ATM or online? How often do you need to certify a cheque or get a bank draft? Not often enough to pick a financial institution JUST because they are open late, in my opinion. I do 99% of my banking online or at an ATM...no lineups, no finding a branch somewhere...THAT is true convenience.
sorry...I don't mean to single you out...but I have to disagree with some of what you say...I'm not THAT biased towards PCF banking...I work in their mortgage dept...so I could honestly care less where everyone actually banks ;)
No, there are not ridiculously low limits on cash withdrawls with PCF...there are limits though...besides, every bank has daily cash limits...PCF does have rather strict guidelines though, moreso than other major banks in many cases...but each bank has different policies...essentially, the longer you're with a bank, and the better your credit rating, the less restrictions you'll have on your accounts.
PCF cardholders enjoy no annual or monthly account fees, unlimited free cheques, free telephone and online banking, and pay no fees at both PCF and CIBC bank machines. Not bad! Bank drafts? Call PCF telephone banking and a bank draft can be made available at any CIBC branch across the country within 24 to 48 hours...it's not that inconvenient at all for the very few times anyone should actually need to do so.
Credit cards are not that bad, IF used properly (as you suggest). You can control your limit too...if you're bank raises it, you can ask that the limit be reduced back to a level with which you're comfortable. They're proabably the easiest way to establish credit, you can make large purchases without carrying cash (debit is fine for that too), many places require a credit card (video store accounts, online shopping, etc), and (like debit cards) most credit card issuers have purchase protection of some sort. Most banks also have a no annual fee card as well. With PCF, no fees + PC Points = better value than many other cards. Even if you "can't" get a conventional credit card, there are issuers of secured credit cards who take a deposit that is a portion of, or the whole, credit limit they will grant...it guarantees you a way of building credit and eventually you'll get it back.
NSF cheques do not affect your credit rating *at all*...your branch may (and probably does) keep such records, but it's completely irrelevant with regard to your credit rating.
Off the top of my head, the only thing you can really do with a regular bank account that would end up on your bureau report would be to default on your overdraft...banks can post OD accounts to your bureau. The single worst thing you can do for your credit rating is to declare bankruptcy...2nd is having collections on your bureau...3rd are late payments beyond 30 days.
Lines of credit are great...qualification requirements are more strict than credit cards, but they carry much lower interest rates and demonstrate a more "mature" use of credit vs. having credit cards alone.
Just some of my thoughts on banking and credit...before anyone signs on ANYWHERE...think about what you NEED and what you'll be doing with your accounts and products...then decide what bank is best for you. |
After how many days do you default with overdraft? |
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| Skipper |
I have been with BMO since I was a wee child and enjoy banking with them.
I have a mastercard and student line of credit with them also. Both have been great.
I don't use the branch that much though - all my banking is done online. If branch hours are important to you, I also suggest TD. very good hours.
I recently moved my RRSP to TD from BMO because of the poor personalized service at BMO...with my banking, I don't need much attention. I do things on my own. But with investments I need a bit more guidance from someone I trust.
Consider what your needs for direct guidance or interaction are before choosing a bank - some offer more than others. |
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| rabbitjoker |
| I love the royal bank. |
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| maxtuh |
I have dealt with TD, BMO ,Royal & CIBC, personally i dont see much diffrences in their banking services, each company has its own diffrent policys and regulations
I do most of stuff online, i have my cheqing acc with TD, i like their online service but sometimes takes forever for the payment to reach the other end. but no complaints with them at all.
My RRSP is done through work at amex. so i dont need to go with a bank.
If you live downtown, i find TD atms and branches to frequent more anywhere else in the GTA. That is the primary reason i skipped to bank with Royal and BMO.
Royal and BMO online services are still difficult for a non computer user to navigate and get lost. |
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| drgoodvibe |
it's all about staff accounts ;)
p.s CIBC is the greatest!:D
by the way, someone said something about how NSF chargest don't effect your credit rating?
thats actually wrong.
I work in the Mortgages dpmt @ CIBC.. and basically too many NSF's can get you sent to legal action, eventually cibc will not want to work with you and you get sent to collections and then they take your house.
Also if your credit history has a lot of NSF's you can still be considered highrisk, the bank may still give you a loan, however at a higher interest rate. |
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| rabbitjoker |
As a customer - I don't like dealing w/ employees, etc. I'd rather interface w/ the machine. At least that way GIGO principle comes into play.
The internet is my savior in this respect - I buy EVERYTHING online (and more).
Now that this intertac email transfer thing exists - I other than my annual meetings w/ acc. managers/advisors I haven't stepped into a branch in probably a year (at least!).
I do get the odd phone call or whatever, but RBC knows damn well that I dislike going into a branch. |
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| rabbitjoker |
| quote: | Originally posted by Skipper
But with investments I need a bit more guidance from someone I trust. |
Here's the some best investment advice you'll get - and it's free:
Take 30% (or the current foreign ownership max) and put it into IWV(iShares Trust Russell 3000 Index Fund).
Take the rest and put it into XIU (IUnits S&P/TSX 60 Index Fund).
Forget about even looking at your statements until your 60.
See you in Margaritaville in 30 years.. :) |
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