Personal Bank Accounts

Well, it’s taken about a week and a half from when I first posted about it, but I finally got my finances organized the way I want them. Basically I wanted to move most of my money into my PC Financial high interest savings account. It was just stupid to have it sitting in a TD Bank savings account where it was making a lousy 0.05% interest. I still left some money in the TD account though because I’m not so sure I want to close it outright. PC is a great bank for day to day banking, but sometimes if you need some extra service, like currency exchange or traveler’s cheques, it’s handy to be able to walk into a branch.

I also kind of like the idea of being able to access money from different banks, especially in this day and age where identity theft is so common. A while back one of my friends was a victim of debit card fraud, his bank card number and pin had been compromised and his bank account was drained. The bank was really good about it when he called them, and he did get all his money back. But, the bank did have to freeze his account for a few days while they were doing their investigation. I often carry very little cash on me (I find it helps me control my spending on little things a la latte factor), so I would be in a tough situation if my bank account was frozen on me for a week while I only had $5 in my wallet. I suppose if I didn’t have an account with a different bank I could access, the only way to get some cash would be to do a cash advance withdrawal on my credit card and get slapped with the high interest.

Anyway, those are my reasons why I’m reluctant to close my TD Bank account. I guess I just need to decide if it’s worth foregoing interest on the $500 I have to park there to avoid a monthly fee. I guess I’m losing out on $20 a year for some peace of mind.


2 Responses to “Personal Bank Accounts”

  1. 1 Esme October 17, 2007 at 8:07 am

    Welcome to PC financial! But I agree with you, don’t close your TD account. There are services that a PC financial savings plus doesn’t offer, like paying bills online. It’s always good to have a back up account

  1. 1 TD e-Series Funds « centsprout Trackback on October 28, 2007 at 11:07 am

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