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Lexicon posted:Has anyone tried cashing in Airmiles recently? Holy gently caress that place has become a graveyard of awful poo poo that you wouldn't take for free. I couldn't find a single thing worth ordering (my usual strategy is to order gift cards, e.g. Costco, that I'd be spending anyway). There's not even skiing tickets anymore. Change over to Airmiles cash. I unfortunately have a bunch of miles left over in "dream rewards" that I can't move over. There is nothing there I actually want. I guess I'll get some aquarium passes or something.
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Oct 11, 2014 19:53
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beepo posted:Change over to Airmiles cash. They seem to have forgotten that the purpose of an incentive program is that it's actually an incentive. Right now it's pretty much the online equivalent of those video game arcade ticket redemption booths - nothing but a pile of poo poo on offer.
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Oct 11, 2014 20:34
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Can anyone detail the process of closing out a bank account? I have a Scotiabank account I opened to obtain a promo reward, switched direct deposit and so on into it. I've since obtained the reward and now my direct deposit is going elsewhere, but I have about 5k in the account still. I've passed the 90 days during which I would have to pay for early account closure. If I walk into a branch and ask to close the account, will they draw up a cheque for me, which I can deposit wherever I please? Or would they charge for that, or can I get them to honor a form to deposit everything upon closing in another account? My direct deposit is actually going to CIBC right now for that $400 promo they have going, so I'll need to do this for CIBC in a few months as well . I'm a Tangerine loyalist.
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Oct 13, 2014 05:07
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I used to have a BMO chequing account that I closed after switching to Tangerine. I just transferred the funds to my Tangerine account by writing myself a cheque (you could just do a bill pay or an e-transfer as well), and left $20 in the account. Then I walked into the branch, said I wanted to close my account, and they made me sign a form and gave me cash. They'll probably try to charge you for a bank draft or certified cheque.
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Oct 13, 2014 05:24
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Grouco posted:I used to have a BMO chequing account that I closed after switching to Tangerine. I just transferred the funds to my Tangerine account by writing myself a cheque (you could just do a bill pay or an e-transfer as well), and left $20 in the account. Then I walked into the branch, said I wanted to close my account, and they made me sign a form and gave me cash. They'll probably try to charge you for a bank draft or certified cheque. I'm a cheap bastard and I'll get charged $12.95 for the monthly fee if I dip below the min balance of $3000 and I was hoping to be able to do it free- any ideas?
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Oct 13, 2014 06:12
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rhazes posted:I'm a cheap bastard and I'll get charged $12.95 for the monthly fee if I dip below the min balance of $3000 and I was hoping to be able to do it free- any ideas? Yes, I was worried about that too-- my BMO account had the fee kick in at anything under $1000, but it was only applied at the end of the month, and they didn't give me any hassle at the branch.
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Oct 13, 2014 07:23
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Grouco posted:Yes, I was worried about that too-- my BMO account had the fee kick in at anything under $1000, but it was only applied at the end of the month, and they didn't give me any hassle at the branch. Oh awesome. I'll walk into a branch, confirm that with them, then billpay it to my brokerage account (and then withdraw it with a free EFT to my Tangerine) and close the account 5 minutes later.
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Oct 13, 2014 08:03
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I love to see people fighting back against the banks in this way. It's like taking a chisel to Mount Everest, but we'll widdle them away, one BFC goon at a time.  As for me, I'm in the midst of credit card churning several credit cards for the sign-up rewards, and I also only write cheques out of my line of credit because the cheques are free to order, unlike my chequing account. I just pay the debit off immediately, usually automatically if it's a monthly expense. I also of course maintain the minimum balance for no-fee banking.
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Oct 13, 2014 17:06
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This is starting to look like a good week to test your resolve in not only staying invested, but in buying in while things are cheap if possible. I was midway through a rebalancing effort, and just bought a whack of VTI this afternoon.
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Oct 13, 2014 21:36
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I'll have an influx of cash in the high four figures coming my way within the next week. Hoping the market continues to crater until then!
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Oct 13, 2014 23:10
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Rick Rickshaw posted:I'll have an influx of cash in the high four figures coming my way within the next week. Hoping the market continues to crater until then! Ditto. I have 5k to spend tomorrow. If the slide holds up til the end of the month I can double it and then some (once the bank finds my money, anyways) 
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Oct 14, 2014 00:50
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Work is offering payroll deduction purchases of Canada Savings Bonds until November 1. Is this a thing I should get in on? I'm having trouble finding info on how they work exactly...
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Oct 14, 2014 16:29
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Ashley Madison posted:Work is offering payroll deduction purchases of Canada Savings Bonds until November 1. Is this a thing I should get in on? I'm having trouble finding info on how they work exactly... Don't waste your time, unless you lack self control to the point that it's advantageous to have your money taken away at source. Otherwise, just split your direct deposit into a Tangerine savings account - far higher rate of return.
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Oct 14, 2014 16:35
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Lexicon posted:Don't waste your time, unless you lack self control to the point that it's advantageous to have your money taken away at source. Otherwise, just split your direct deposit into a Tangerine savings account - far higher rate of return. I have 2 TFSAs and one high-interest savings with PC Financial so I'll skip the bonds. Thanks!
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Oct 14, 2014 16:46
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I've got my $8500~ to invest now. Anyone think we've hit bottom yet? Oil is apparently at $82.
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Oct 15, 2014 11:15
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Lexicon posted:This is starting to look like a good week to test your resolve in not only staying invested, but in buying in while things are cheap if possible. I'm feeling pretty smug because I moved at least 75% of my investments to cash at the start of August- this correction has been in the mail for a while, it was inevitable. I am taking a beating on the remaining 25%, but am quite comfortable with that. As for when it's time to buy back in, who knows, but I think this thing still has some legs, probably another 5%. XIU has lost 10% since I sold. So have the major banks and energy stocks. When it comes to buying in these conditions, don't spend all your dry powder in one day, obviously. You want to ease back in. It'll cost you a bit more in fees, but it's worth it and can help you catch any cheaper situations that may arise. Saltin fucked around with this message at 14:12 on Oct 15, 2014 |
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Oct 15, 2014 14:09
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I have to say I am pretty pleased with the advice this thread gave me way back about not shorting the housing bubble as I had planned. Instead to take the safer route of buying a fund like HXD. Well, I did, in August. My only question now is whether or not this current correction will kick off the run on housing. I've definitely noticed that fringe properties are already showing weakness in good economic areas (so many REDUCED signs) and I wonder if this sort of fear could kickstart something.
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Oct 15, 2014 14:29
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I have a (maybe) stupid question. I've maxed out my RRSP and TFSA contributions, and opened a margin account with Questrade to get some of my reserve savings working for me. I'm not really well-versed on margin accounts, but would assume that if I only make purchases that I have funds available for, that the whole "borrowing money" aspect of a margin account won't come into play. Is this correct? Also, the market dip makes me sad - see above where I indicate I've already maxed out my RRSP and TFSA contributions, and now have to stare at red numbers instead of green for the first time ever.
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Oct 15, 2014 17:07
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Spadoink posted:I have a (maybe) stupid question. I've maxed out my RRSP and TFSA contributions, and opened a margin account with Questrade to get some of my reserve savings working for me. I'm not really well-versed on margin accounts, but would assume that if I only make purchases that I have funds available for, that the whole "borrowing money" aspect of a margin account won't come into play. Is this correct? Yes, that's correct.
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Oct 15, 2014 17:09
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Spadoink posted:I have a (maybe) stupid question. I've maxed out my RRSP and TFSA contributions, and opened a margin account with Questrade to get some of my reserve savings working for me. I'm not really well-versed on margin accounts, but would assume that if I only make purchases that I have funds available for, that the whole "borrowing money" aspect of a margin account won't come into play. Is this correct? Correct. Spadoink posted:Also, the market dip makes me sad - see above where I indicate I've already maxed out my RRSP and TFSA contributions, and now have to stare at red numbers instead of green for the first time ever. Seriously - just ignore it, and hope it persists until you have new contribution room/cash available 
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Oct 15, 2014 17:10
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Hold on tight folks.
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Oct 15, 2014 18:43
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Kal Torak posted:Hold on tight folks. "It'll do fine over the long haul, it'll do fine over the long haul, it'll do fine over the long haul..." This has been my mantra at my desk today.
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Oct 15, 2014 19:14
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I'm looking to invest in payday loan companies publicly traded in Canada. Any suggestions? All I'm finding are scrubs who are also involved with mortgage lending. e: found a nice list of them here http://www.cpla-acps.ca/english/aboutmembers.php e2: sweeeeet http://www.parl.gc.ca/content/lop/researchpublications/prb0581-e.html namaste friends fucked around with this message at 21:08 on Oct 15, 2014 |
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Oct 15, 2014 21:03
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Aagar posted:"It'll do fine over the long haul, it'll do fine over the long haul, it'll do fine over the long haul..."
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Oct 15, 2014 21:53
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Olive Branch posted:Indeed, this is my fifth month investing ever and seeing my numbers in parentheses (is that how Questrade indicates negatives?) for the past few weeks has been an exercise in remembering not to touch my stuff! selling when it's low to save what they can, but when it's my actual money, a little bit of self preservation does kick in.
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Oct 15, 2014 22:04
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Olive Branch posted:Indeed, this is my fifth month investing ever and seeing my numbers in parentheses (is that how Questrade indicates negatives?) for the past few weeks has been an exercise in remembering not to touch my stuff! It's common accounting notation to specify negative numbers in parentheses.
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Oct 15, 2014 22:05
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Saltin posted:I'm feeling pretty smug because I moved at least 75% of my investments to cash at the start of August- this correction has been in the mail for a while, it was inevitable. I am taking a beating on the remaining 25%, but am quite comfortable with that. As for when it's time to buy back in, who knows, but I think this thing still has some legs, probably another 5%. XIU has lost 10% since I sold. So have the major banks and energy stocks. I actually thought about doing this but didn't, and now I'm looking at my net non-housing investments down ~10% in three weeks. 
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Oct 15, 2014 22:21
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Having just opened a TFSA e-series account last week, I am now in the very interesting position of wanting to move the vast majority of my current TFSA savings into mutual funds. I could move as much as $10,000 in this calendar year, and then as much as another 22,000 next year. With the current market activity, I have no idea if I should be trickling it in, or moving in as much as possible to try to take advantage of the market correction.
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Oct 15, 2014 22:36
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/\/\ I hope you mean index funds when you write mutual funds.  I'm super pissed. Between clutch repair, tuition, and plane tickets for the holidays, I could have invested nearly 8k if we'd just let all that stuff slide.
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Oct 15, 2014 22:39
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tuyop posted:/\/\ I hope you mean index funds when you write mutual funds. Yes yes, e-series index funds!
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Oct 15, 2014 22:42
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^ Argh, the terminology is so annoying. I think I'm going to start referring to e-series solely as index mutual funds.
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Oct 15, 2014 22:43
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Bucswabe posted:Having just opened a TFSA e-series account last week, I am now in the very interesting position of wanting to move the vast majority of my current TFSA savings into mutual funds. I could move as much as $10,000 in this calendar year, and then as much as another 22,000 next year. With the current market activity, I have no idea if I should be trickling it in, or moving in as much as possible to try to take advantage of the market correction. "You can't time the market." --The Four Pillars of Investing If you look at the long game, you might game a few percent getting in now, but the whole strategy is to make ca. 5-7% year over year, at which point those few percent shouldn't make a huge difference in the long run. You could buy today and the market could go down another 10%, and you'll twist yourself (as I have, as everyone does) thinking you should have waited and how you lost out on all that money. But it's pointless to get caught up in the day-to-day - if I could shove a pencil up my nose and delete the part of my memory that recalls I bought ETFs I'd do it (then just set reminders in my calendar to rebalance before the poking). Olive Branch posted:Indeed, this is my fifth month investing ever and seeing my numbers in parentheses (is that how Questrade indicates negatives?) for the past few weeks has been an exercise in remembering not to touch my stuff! I'm in the same boat (actively investing that is, after getting my money out of crappy wrap mutual funds and getting ETF Index Funds) - I just keep reminding myself I don't need to cash out for another 25-30 years, and in 30 years it will probably be up (or the markets will have ceased to exist and we'll all be slaves eating Soylent Green, at which point it won't matter much if I had any money to begin with). Bucswabe posted:Having just opened a TFSA e-series account last week, I am now in the very interesting position of wanting to move the vast majority of my current TFSA savings into mutual funds. I could move as much as $10,000 in this calendar year, and then as much as another 22,000 next year. With the current market activity, I have no idea if I should be trickling it in, or moving in as much as possible to try to take advantage of the market correction. I agree with Lex - the terminology is confusing and annoying. Correct me if I'm wrong someone, but I've gathered you're best off with either index mutual funds through TD or RBC (very low MERs for index funds relative to the rest of the big 5) or ETF index funds (preferably purchased through Questerade where trades are free).
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Oct 15, 2014 23:37
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tuyop posted:Yeah, the infamous spontaneous pulling of credit by the bank. Has that ever happened to anyone here? This is from a billion pages ago I know but I'm just catching up on the thread. In 2008 when the GFC hit Australia my husband and his business partner both had their (completely separate, personal) credit cards closed by Amex. The card had a balance on it at the time, but nothing enormous (like maybe $1k or something) that was being paid regularly, and when he called to ask why they closed the card they told him that he made a payment one day late eight months earlier so because it was in the last year they could close the card whenever. It seems like Amex decided they wanted to lower their risk/number of credit cards they had or something, and so just cancelled the card. I've never heard of it happen in Canada, but if something big did happen to the economy I would expect things like that to maybe happen here as well from time to time.
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Oct 16, 2014 05:15
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HookShot posted:This is from a billion pages ago I know but I'm just catching up on the thread. Thanks, I'm not sure what that does for my point which is that credit closures are very rare and dividends and compounding returns are regular so it's preferable to leverage all of your mid-long term (aka emergency) savings and bet against the very rare from happening.
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Oct 16, 2014 14:13
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Looks like another rough day. Hang tight all. Also, looks like Netflix is on sale (down 24%). Though I'm all index, thinking maybe Netflix would be a bad term medium-term investment, as I don't see them going anywhere anytime soon.
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Oct 16, 2014 14:55
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Aagar posted:Looks like another rough day. Hang tight all. It's still trading at 100x earnings. Sure they might not be going anywhere, but what will the stock price be when they start trading at 20x earnings?
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Oct 16, 2014 15:00
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Kal Torak posted:It's still trading at 100x earnings. Sure they might not be going anywhere, but what will the stock price be when they start trading at 20x earnings? Excellent point. This is probably why I should stick to index funds.
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Oct 16, 2014 15:09
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I wouldn't even consider this decline a bad thing. The nasdaq is still way above itself since january. e: https://twitter.com/M_C_Klein/status/522757177506029568 quote:
Matthew C. Klein writes for FT Alphaville. It's gonna be fine. Just chillax. namaste friends fucked around with this message at 15:46 on Oct 16, 2014 |
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Oct 16, 2014 15:37
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I've got an appointment set up today to open up a mutual fund account at a TD so I can try to get this coveted eSeries account. When I made the appointment the lady asked me if I wanted to open a RRSP or TFSA account and I wasn't sure. If this is for retirement, would I want to make it RRSP? Do I want to 'save' my TFSA space for shorter-term savings in GICs or something? God I have no idea what I'm doing.
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Oct 16, 2014 16:39
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The short answer is that unless you are making six figures you probably want a TFSA. And no, TFSAs are not just for short-term poo poo, in fact they are best stuffed full of long-term growth stocks (like eSeries funds!)
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Oct 16, 2014 16:54
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