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Email this3:17 am
April 7, 2016
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Just wondering if anyone is going with only online bank account.
Views, pro and con.
If so, what is the best choice.
5:38 am
March 30, 2017
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You should always have at least 1 account at the big 6 banks to facilitate easy transfer from online only bank accounts back to a "physical location" for bank draft type transactions etc in my mind.
5:46 am
October 21, 2013
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I too think it's premature to totally get rid of Big Five accounts, although I expect this to make good sense eventually. As an interim measure, if you want to get rid of the big banks, you can probably do everything you need through a bricks and mortar credit union.
Increasingly, the primary role of local branches is to sell you investment products and process loans.
I think all the online-only financial institutions have limitations as full service companies, but these vary from one to another. I would wait to see what Coast Capital's new federal credit union or Meridian's upcoming online bank will offer, for instance. There are changes happening all the itme
6:05 am
July 10, 2011
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I keep only 0 cost accounts at the big bricks - No chequing etc. Only have LOC accounts etc. The big banks have em because my Tangerine/CUs/MB locations don't. It's still cheaper to borrow a shiteload and not pay the chequing account fee / month lol
8:40 am
April 7, 2016
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Thanks for everyone's replies.
10:37 am
February 17, 2013
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I keep an account at CC as a clearing type of account for deposits from PayPal, medical insurance, kid loans etc. Kind of a cushion between the world and accounts I don't want every online business to have access to. Came in handy when they offered the 33 month 4% GIC, but that was just lucky. I've also found it necessary every once in a blue moon when I need a money order or certified cheque for a purchase from somewhere that doesn't take EFT's. They're also on the Exchange network, which my main online FI uses.
3:32 pm
January 3, 2013
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I only have 1 account / credit card with a big 5 bank and that is an RESP e-series account with TD.
Not sure who is considered the 6th or 7th big but I do have accounts in both Simplii and Tangerine which I am using daily. Mostly Tangerine. Simplii once in a while just when I need to write a cheque as I have their free cheques from the PC Financial times.
I am happy with everything. No cons so far. I love the online banks technology. I love the convenient of getting things done using Online chat to also keep records and also not waste time waiting on the phone.
I have been without a big bank account since Dec 2010 and no issues so far.
8:41 pm
February 17, 2013
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Save2Retire@55 said
Not sure who is considered the 6th or 7th big
I've always considered HSBC #6.
9:49 pm
October 21, 2013
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I always thought it was National Bank, FWIW.
11:07 pm
October 29, 2017
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12:30 am
February 17, 2013
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Rick said
Save2Retire@55 said
Not sure who is considered the 6th or 7th bigI've always considered HSBC #6.
Hmm...#8 . Never would have thought Desjardin was #6. Not very familiar with them.
8:28 am
October 29, 2017
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Desjardins is a financial co-op. Largest in North America I believe.
11:49 am
February 17, 2013
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Vatox said
Desjardins is a financial co-op. Largest in North America I believe.
Apparently, not a very big presence on the wet coast.
12:17 pm
December 20, 2016
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Rick said
Apparently, not a very big presence on the wet coast.
Much greater presence out here on the dry coast..
Stephen
2:47 pm
October 29, 2017
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They are mostly situated in Quebec and well established in Ontario, but the name isn't always apparent elsewhere, because they are a federation of many credit unions.
3:01 pm
October 29, 2017
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5:54 pm
January 3, 2013
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Desjardins - I hate them LOL. They started as an insurance company and kept growing on people's fear.
9:26 pm
April 6, 2013
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Save2Retire@55 said
…
Not sure who is considered the 6th or 7th big but I do have accounts in both Simplii and Tangerine which I am using daily. …
That depends on how one ranks the banks.
By number of branches in Canada, this is the ranking from Wikipedia: Big Five (banks):
- Royal Bank of Canada, 1,355
- Toronto–Dominion Bank, 1,165
- Canadian Imperial Bank of Commerce, 1,100
- Bank of Nova Scotia, 1,040
- Bank of Montreal, 939
- National Bank of Canada, 448
- Laurentian Bank of Canada, 158
- HSBC Bank Canada, 145
- Canadian Western Bank, 40
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