Nehpets said To my knowledge, DUCA has not discontinued no fee services, at least for clients +60; as well as their No Fee Banking Bundle requiring a minimum deposit of $1000 in checking acct. What are you referring to about DUCA? Stephen   Duca previously did not require a minimum balance for non-senior accounts. It was free banking even if you kept $1 in account ..read more

Saver-Mom said Why glad to be rid of it, Loonie? Is it not better to keep funds longer in registered account to avoid taxes on interest?   One does not avoid taxes - rather I think one is postponing or delaying taxes - however, I think the RIF is still useful as a source of income if one lives a long life and can draw down on it gradually. Perhaps if one has pensions and significant non registered investments generating sufficient income, the RIF may not be as important for that person - and ultimately the RIF will be fully taxed on the owner's death. No doubt tax rates will keep i ..read more

I'm not trying to suggest what this person ought to have as a goal. I'm just suggesting options and how to assess the outcomes. The rest is up to him. The financial industry puts a lot more emphasis on encouraging you to contribute to RSPs than on explaining the range of long term outcomes. Then, later, when people find out, they are angry at the government, but the rules have never fundamentally changed. For spouse and I, it makes good sense to whittle down our RIFs with extra withdrawals, but we have particular circumstances, and one of those is probably uncommon. I stopped contributing when ..read more

I wonder how long the other CU's that offer no-fee banking can keep this offering going as we're slowly started to see these accounts disappear Meridian CU used to have Senior Chequing Account for 60+, with no fee, no minimum balance, free chequebook annually, 4 free bank drafts, free monthly paper statements, free certified cheques. They discontinued it as of September 1, 2023. New Senior account fee structure includes either monthly fee or minimum $2,000 balance. It might also have different set of features. Aging population forces FIs to cut free services tailored for seniors. It is inevi ..read more

Just different priorities, I'm not one of them either but to some folks it's a priority to leave max dough to beneficiaries. I can understand it if you aren't denying yourself anything, maybe your retirement needs and wants are fully met and one of your remaining pleasures is thinking you'll be remembered more fondly thanks to your bequests. Though I do think the financial industry kinda pushes the idea too, just like they push a lot of ideas that results in them managing pools of money for long periods of time ..read more

here2day2 said .................... I wonder how long the other CU's that offer no-fee banking can keep this offering going as we're slowly started to see these accounts disappear (first Duca, not FirstOntario).   To my knowledge, DUCA has not discontinued no fee services, at least for clients +60; as well as their No Fee Banking Bundle requiring a minimum deposit of $1000 in checking acct. What are you referring to about DUCA? Stephen ..read more

Human behavior resistance to change is just amazing. Need to accept the fact that digital banking is the way to go, it just bring along a different set of security concern that one need to learn and adapt. If you refuse, dont use a bank.... As for the lady who "alert" BMO that something may be wrong with her account, its obvious to me she 'believed" she did something wrong to begin with, Be it provide security info thru a phishing site, or phone call, or somthing similar. And for those who claim the bank's not protecting their account when its logged in using a trusted IP of the person, its ju ..read more

Wow, this is definitely a change in direction from what FirstOntario was known for which was offering a no-fee bank account with branch access. I am sure they will have a lot upset members who will no doubt probably look for an alternative option. I wonder how long the other CU's that offer no-fee banking can keep this offering going as we're slowly started to see these accounts disappear (first Duca, not FirstOntario ..read more

Loonie said None of the money sitting in your RIF at death of both of you will ever be any use to either.   I believe far too many people worry about taxes upon death. It is important to understand what the impacts could be in order to potentially mitigate some of it when and if practical, but to potentially compromise one's enjoyment of retirement life with one's own assets due to taxes upon death is a classic tale of the tax tail wagging the dog. My beneficiaries will get what they get when I go out boots first, taxes be damned ..read more

Sure but at the risk of talking past each other yet again, customers are responsible for their own security measures. Banks cannot block/flag what they cannot see due to compromised customer access. Still, I agree they need better computer algorithms to spot irregular patterns of activity ..read more