Red Squirrel
No Lifer
I have everything with RBC right now, and due to the outsourcing fiasco and overall corruption going on at their corporate level I want to switch. There's a whole campaign going on right now to boycott them. Basically they fired Canadian staff to replace with foreign. I'm even considering a local credit union given the other big banks are probably just as evil. Never used one before, is it good, bad? Are they basically the same as a bank as far as services go? What about things like using ATMs, direct withdrawal etc, all the same? I have a mortgage, RRSPs, credit card, credit line, TFSA and several regular "savings" bank accounts where my pay check goes to and all payments come out of.
What is involved in transferring things like a mortgage and RRSPs? When you take out RRSPs you get dinged with like half it's worth in taxes, is there a way to transfer them without that happening? I have about 10k.
Obviously I'd have to change where my pay check goes as well, then call all utility companies to switch bank info etc... That's the easy part, just tedious. I'd have both accounts running at once for a while till everything is transfered over and that I confirmed I did not miss anything. Last thing I'd want is a payment to not go through because it's still setup with the old bank.
For credit line and credit card is it as simple as just opening them up at the new bank then just canceling them at the old bank, or is there a specific way of doing it so it does not affect my credit? They are both at 0 balance, so I imagine it's going to be easier.
Come to think of it, once I find a bank to move to, do they do most of the leg work to get stuff transfered? Maybe I'm over thinking this.
What is involved in transferring things like a mortgage and RRSPs? When you take out RRSPs you get dinged with like half it's worth in taxes, is there a way to transfer them without that happening? I have about 10k.
Obviously I'd have to change where my pay check goes as well, then call all utility companies to switch bank info etc... That's the easy part, just tedious. I'd have both accounts running at once for a while till everything is transfered over and that I confirmed I did not miss anything. Last thing I'd want is a payment to not go through because it's still setup with the old bank.
For credit line and credit card is it as simple as just opening them up at the new bank then just canceling them at the old bank, or is there a specific way of doing it so it does not affect my credit? They are both at 0 balance, so I imagine it's going to be easier.
Come to think of it, once I find a bank to move to, do they do most of the leg work to get stuff transfered? Maybe I'm over thinking this.
