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namaste faggots posted:And yet we still can't transfer money between banks for free because reasons I can get a better bank, scrub 
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Oct 23, 2017 07:16
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pokeyman posted:Is it just "please use debit instead of credit" or is there more to it? Some of the other marketing is pretty good https://youtu.be/csqgAz9fsEA Debt!
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Oct 24, 2017 15:53
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If I'm a bank which presumably offers credit cards why would I ever want to participate in debit card marketing? I'd want people racking up their credit cards so I can profit off the interest.
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Oct 24, 2017 15:57
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They still profit off of the debit card alliance
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Oct 24, 2017 16:08
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I'm half thinking about changing banks with TD outsourcing data and fraud investigations and what not to India, but the perks of the all-inclusive account and a 10-year old CC are hard to let go of. BMO/CIBC account perks/fees look pretty lame by comparison as well. Any goon banking recommendations, or is this all just an exercise in choosing the flavor of cock you're gonna get dicked with?
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Oct 24, 2017 20:38
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I like my TD e-series investments but their interface and total lack of reports that actually show how your funds are doing makes them a pain in the rear end. Is there a better alternative?
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Oct 24, 2017 20:41
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Baronjutter posted:I like my TD e-series investments but their interface and total lack of reports that actually show how your funds are doing makes them a pain in the rear end. Is there a better alternative? Get the direct investing account instead of just the e series mutual fund. The direct investing has all the bells and whistles you want, and you can hold the exact same funds plus you have access to a lot more if you decide to invest in other funds or individual stocks. I think there's a minimum balance across all your td accounts for them to waive the fee, $15k I think.
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Oct 24, 2017 21:03
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Bajaha posted:Get the direct investing account instead of just the e series mutual fund. But that's still with TD though, I was looking for a non-td alternative that had funds similar to TD's e-series, ie low low to no fees.
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Oct 24, 2017 21:13
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I thought you wanted a nicer interface, which direct investing provides. (Stolen from Google)  Let's you keep the same funds too if you don't have anything else against td other than the lack of a proper interface with reporting.
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Oct 24, 2017 21:20
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Baronjutter posted:But that's still with TD though, I was looking for a non-td alternative that had funds similar to TD's e-series, ie low low to no fees. What is it about TD that you’re looking to have be different?
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Oct 24, 2017 21:21
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Guest2553 posted:I'm half thinking about changing banks with TD outsourcing data and fraud investigations and what not to India, but the perks of the all-inclusive account and a 10-year old CC are hard to let go of. BMO/CIBC account perks/fees look pretty lame by comparison as well. Any goon banking recommendations, or is this all just an exercise in choosing the flavor of cock you're gonna get dicked with? Do you think the other major banks are not outsourcing?
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Oct 25, 2017 01:46
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Bajaha posted:I thought you wanted a nicer interface, which direct investing provides. This looks nice, who cares about outsourcing/privacy because I'd trust any of the other banks about as far as I can throw them and I've got a fairly bad back. Is this a thing I'd switch over at my bank or the TD Waterhouse office next door?
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Oct 25, 2017 01:59
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Cold on a Cob posted:Do you think the other major banks are not outsourcing? My heavens, a company outsourcing to India, why I never
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Oct 25, 2017 02:03
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Thank you mister *pause* Jordan7hm ahh I appreciate that the security of your account is of course very important to you and I should be able to help you with this problem
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Oct 25, 2017 02:19
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Bajaha posted:I thought you wanted a nicer interface, which direct investing provides. that's my interface for my e-series funds and i don't have 15k in them or pay any fees. i think you just have to set up a pre authorised purchase plan and they'll waive fees.
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Oct 25, 2017 03:27
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Yeah, I have that same interface with less than $15k in it, and I don't even have a pre-authorized purchase plan and I don't pay fees. I went into my local TD Bank branch to get it done, but I can't remember what I asked for.
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Oct 25, 2017 04:36
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I'm going to print that interface out and take it to the local branch and point.
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Oct 25, 2017 04:57
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I'm looking into my very first investment, looking at basic index funds via a TFSA. I've struggled with financial anxiety in the past (not for any real reason, never had issues with needing money but it just seems to give me anxiety) so I want to invest well but without necessary upkeep. I was looking at getting into a Tangerine index fund, but I also of course stumbled upon WealthSimple (what are these services called by the way?). Now of course the Fees / MERs on WealthSimple don't match up well against say, ETFs, but against some of the index funds on Tangerine they actually seem to be better. What's the pros/cons of something like WealthSimple? Other than obviously higher fees than say ETFs. I'm only looking at investing a few thousand right now to get started.
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Oct 25, 2017 05:22
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Oysters Autobio posted:I'm looking into my very first investment, looking at basic index funds via a TFSA. I've struggled with financial anxiety in the past (not for any real reason, never had issues with needing money but it just seems to give me anxiety) so I want to invest well but without necessary upkeep. They are called Robo-Advisors. And they are totally fine if you don't want to do it yourself and are just getting started. There are a bunch of them to choose from, so don't look at just wealthsimple. This is a handy guide to compare: http://www.moneysense.ca/save/investing/etfs/which-robo-advisor-is-right-for-you/ And this is a calculator that will tell you which one is the cheapest based on your inputs: https://autoinvest.ca/calculator/ And if you do decide on Wealthsimple, you can get your first 10K managed free: https://www.wealthsimple.com/en-ca/...campaign=415705 There are other promos for some of the other Robo-Advisors on the calculator site as well. Kal Torak fucked around with this message at 05:39 on Oct 25, 2017 |
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Oct 25, 2017 05:35
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I'd avoid Wealthsimple based on some posts I've seen here and elsewhere i.e.Rime posted:Wealthsimple has managed to lose $2000 worth of securities while transferring my TFSA. As in, don't know where they are.
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Oct 25, 2017 14:16
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It’s easy to get hung up on trying to make the “optimal” choice when it comes to fees. But don’t worry about it too much. All of the options you presented pass the test of “not eye-gougingly awful fees”. Choose one, get started, then see how you feel in a year.
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Oct 25, 2017 14:26
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I switched to Wealthsimple about 6 months ago and its been a good experience so far. Their support was really responsive as well to get transfer fees reimbursed etc. I like the idea of DIY but I know deep down that I won't  it hard enough. At least right now.
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Oct 25, 2017 17:14
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So the reason I started my TD e-series stuff was that people like manulife charge 2-3% fees for everything, which I calculated would end up costing me about 100k by the time I "retired". How's Wealthsimple for fees? The whole site looks reall slick and nice, but stuff like "put your home on airbnb and get $400! buy our gift cards! Look at our tattooed millennials giving you financial and life advice!" makes me really suspicious of the whole thing. So it looks like wealthsimple charges .5 to .3 percent management fees plus about $500 a month, with yearly fees going UP as your portfolio grows. With TD I can get the same but with no 500-1000 a year fee for a slick interface and mobile app. I guess the question is, is wealthsimple worth 500-1000 a month for all it's fancy features? Baronjutter fucked around with this message at 17:53 on Oct 25, 2017 |
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Oct 25, 2017 17:18
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Baronjutter posted:So it looks like wealthsimple charges .5 to .3 percent management fees plus about $500 a month, with yearly fees going UP as your portfolio grows. With TD I can get the same but with no 500-1000 a year fee for a slick interface and mobile app. I guess the question is, is wealthsimple worth 500-1000 a month for all it's fancy features? Where are you seeing this? I see percentages (0.5% and lower) only.
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Oct 25, 2017 18:40
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Wealthsimple Canada charges .5% as a management fee which goes down to .4% if you have over 100k with them. Then you also pay the fees for the specific funds inside it. Where do you see an annual fee mentioned I don't see it on their site. This page lays it out https://www.wealthsimple.com/en-ca/details. There is a pretty detailed fees breakdown in the faq at the bottom. quote:
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Oct 25, 2017 18:41
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I was reading here https://boomerandecho.com/nest-wealth-vs-wealthsimple-tale-two-robo-advisors/ But maybe this is out of date now? If it's just the .4 that's pretty competitive with TD's .33 Baronjutter fucked around with this message at 19:01 on Oct 25, 2017 |
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Oct 25, 2017 18:55
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Baronjutter posted:I was reading here That annual fee is just showing you an example of what it would cost you based on your portfolio size. It's not an additional fee. You would only pay the annual percentage plus the MER of any ETFs you hold.
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Oct 25, 2017 19:05
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This looks pretty good, should I pull the trigger? I'll get access to airport lounges!!
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Oct 25, 2017 19:07
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Baronjutter posted:This looks pretty good, should I pull the trigger? I'll get access to airport lounges!! Like I said in my earlier post, you should consider other Robo-advisors as well. Maybe you still choose Wealthsimple, but I would at least shop around a little bit.
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Oct 25, 2017 19:13
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If all you buy is ETFs and don't mind rebalancing a few times per year then a robo adviser is overkill and there are cheaper options. I do canadian couch potato with a discount broker and it costs me very little. But anything is better than nothing, I would even recommend a Tangerine index fund over nothing.
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Oct 25, 2017 19:32
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VelociBacon posted:If I'm a bank which presumably offers credit cards why would I ever want to participate in debit card marketing? I'd want people racking up their credit cards so I can profit off the interest. Interac was originally a bank clearing network - so you could use your bank card at another bank machine to take out cash. Competitors were like Cirrus and Plus (both very expensive and international), so interac was created to make a cheaper alternative. It was very good at that, so every bank type entity joined - this includes ATM operators/etc. Remember - credit cards were still manually processed at the time using carbon paper and signatures. Pre auth was done by calling various 1-800 numbers and spending 5 minutes on the phone. Per transaction. When credit cards started doing pre-authorization via automated terminals that could handle concepts like password/pin numbers, it was fairly easy for interac to add direct debit payments for commercial account owners (as in reality a vendor is the same as an ATM - money comes from account A and deposited to account B, and interac already could take money out of people's individual accounts live). So Interac debit payments basically arrived overnight to every vendor that had a card processing terminal device. Visa/Mastercard were still trying to figure out how to automatically take money from individual's bank accounts as each of their bazillion members banks had different systems. (Credit accounts are/were basically managed by Visa and backed by the individual banks for all intents and purposes) Interac had the right tech and was in place at the right time and being non-profit, had the lowest fees. All other debit networks had no chance. Why participate in marketing? Because they had to - interac is like a co-op, every member pays. If a member doesn't want to play nice, then it leaves Interac - but all it's customers will hate them and leave since they can't use their bank cards anywhere*. ie: Pay $5mil or lose $1billion. The only reason to join things like Visa debit is for international debit clearing and to tell ownership that you've got redundancy. * - cheaply. The transaction would go via another network and instead of being 10c, it'll clear for like $5 [eg: cirrus/plus] - so same result. (Edit: just looked it up - $0.50/interac, $1.50/visadebit, $3-5/other) unknown fucked around with this message at 19:38 on Oct 25, 2017 |
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Oct 25, 2017 19:32
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Cold on a Cob posted:If all you buy is ETFs and don't mind rebalancing a few times per year then a robo adviser is overkill and there are cheaper options. I do canadian couch potato with a discount broker and it costs me very little. We do joint accounts and sort of combine our TFSA limits to max those out as well (thanks harper) so it's sort of nice having someone to call for what is (to us) slightly trickier stuff like that. Also airport lounge access! Throw in some Keg gift cards and I'm sold.
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Oct 25, 2017 19:40
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Does the CRA have issues if I put money directly into my common-law's TFSA or do I have to give her the money first and she deposits it?
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Oct 25, 2017 19:43
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DariusLikewise posted:Does the CRA have issues if I put money directly into my common-law's TFSA or do I have to give her the money first and she deposits it? You have to give her the money and she makes the contribution. As the account holder you are the only person who can do the following with your TFSA: - make contributions; - make withdrawals; and - determine how the funds are invested. You can give your spouse or common-law partner money to contribute to their own TFSA without having that amount, or any earnings from that amount being attributed back to you, but the total contributions you each make to your own TFSAs cannot be more than your individual TFSA contribution room. For more information, see TFSA contribution room. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html
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Oct 25, 2017 19:46
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DariusLikewise posted:Does the CRA have issues if I put money directly into my common-law's TFSA or do I have to give her the money first and she deposits it? Rules are that no spousal contributions are allowed, spouses name has to be on the account making the transfer. I can't say that the CRA would care as such because I did it a couple times without issue, but I only learned the rule when my brokerage held a few grand in limbo for a month after flagging the contribution as improper. Open up a joint account or transfer the money over first to avoid that imo. Cold on a Cob posted:Do you think the other major banks are not outsourcing? Credit unions?  e. Crosspost from early retirement thread, but there's a kick-rear end link here about draw down and allocation strategies in retirement. It's geared towards the FIRE crowd and there are a couple things that don't apply to Canada (ie, mortgage interest deduction) but a lot of the ideas there are applicable to any retiree to help you buy all the avocado toast you want. Guest2553 fucked around with this message at 20:04 on Oct 25, 2017 |
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Oct 25, 2017 19:59
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pokeyman posted:It’s easy to get hung up on trying to make the “optimal” choice when it comes to fees. But don’t worry about it too much. All of the options you presented pass the test of “not eye-gougingly awful fees”. Choose one, get started, then see how you feel in a year. This is good advice. The key is to get started. I know Tangerine isn't the optimal solution, but it was the easiest way to start putting aside part of a paycheque. Maybe once I hit $50k I'll move elsewhere. Won't be any time soon.
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Oct 26, 2017 01:31
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Coincidentally 50k is the dollar level at which CCP recommends you move on from Tangerine funds. http://canadiancouchpotato.com/model-portfolios-2/
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Oct 26, 2017 01:40
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Guest2553 posted:e. Crosspost from early retirement thread, but there's a kick-rear end link here about draw down and allocation strategies in retirement. It's geared towards the FIRE crowd and there are a couple things that don't apply to Canada (ie, mortgage interest deduction) but a lot of the ideas there are applicable to any retiree to help you buy all the avocado toast you want. This is very cool, thanks for sharing.
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Oct 26, 2017 03:18
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Baronjutter posted:So the reason I started my TD e-series stuff was that people like manulife charge 2-3% fees for everything, which I calculated would end up costing me about 100k by the time I "retired". How's Wealthsimple for fees? Obviously I don’t know you at all (beyond seeing your posts) so please feel free to tell me to get hosed if I’m way off base here; I promise I mean well. Is there any chance that you’re hitting some kind of mental milestone (2 years invested, some round number of dollars across your investment accounts, etc.) and thinking you need to "level up" or "do more" or "look for the next step"? If so, it might be worth considering whether your current setup is actually humming along just fine and will continue to do so indefinitely. I’m worried that maybe you’re itching to shake things up in a game that’s won by sitting tight for a few decades.
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Oct 26, 2017 04:19
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pokeyman posted:Obviously I don’t know you at all (beyond seeing your posts) so please feel free to tell me to get hosed if I’m way off base here; I promise I mean well. I actually don't know how I'm doing because TD's basic interface is sort of trash and unless you do your own excel stuff tracking all your contributions it's hard to track your actual gains. I still have 90% of our money with a 3% manulife fund, part of the reason I started the TD thing was to prove to my wife we didn't need our "financial guy" and could do it on our own, but when she asks how the fund is doing or where the pretty graphs and nice understandable reports are I don't have much to show her. Something like Nest or Wealthsimple is almost on par with the fees TD charges except with a real nice interface and an app and pretty graphs and, when you need it, humans to walk you through things like how to most optimally split your TFSA's and all that. Personally I'm fine squirreling poo poo away behind some lovely interface and re balancing every couple quarters or year and not even knowing fully how things are going up and down because this poo poo is like a 25-30 year slow cooker and peeking at it doesn't make it grow faster. What isnt humming along fine is manulife taking 3%+, that can get hosed.
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Oct 26, 2017 04:37
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