Deposit Rates: ING etc. (2009)

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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Joni
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Post by Joni »

My and I thought the last few roll overs of my laddered RRSP TDs were bad. Still, glad they weren't in stocks.

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Arby
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Post by Arby »

thegov wrote:Could anyone point me to a prospectus for DYN500?
Want to know what the trailer fees are.
Thx.
DYN500 is a high interest savings account. I don't think a prospectus is required for a savings account.
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Post by thegov »

Arby wrote:
thegov wrote:Could anyone point me to a prospectus for DYN500?
Want to know what the trailer fees are.
Thx.
DYN500 is a high interest savings account. I don't think a prospectus is required for a savings account.
OK.. Was trying to figure out the trailer fees for this fund.

Here's a quote from 2006 referring to DYN500 and 550.

The product comes in two versions: an A-series, which currently pays daily interest of 3.85% to the client and a 0.25% trailer fee to the commissioned-based advisor, and a F-series for fee-based advisors, which pays 4.1% to the client. The account has no minimum and no fees.

Update: OK ignore the question -- just confirmed DYN500 still has 0.25% trailer.

Cheers
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Post by Clock Watcher »

People's Trust savings account 3.6%. Has anyone had experience with them?
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Arby
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Post by Arby »

Clock Watcher wrote:People's Trust savings account 3.6%. Has anyone had experience with them?
The key factor to consider is whether they are insured by CDIC, and People Trust is insured according to the CDIC website.
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Post by otl »

People Trust saving accounts terms and conditions seem to waive all liabilities for any of its negligence or forged checks.

"You agree to indemnify us against any claims, costs or liabilities incurred by us in any services provided to you, including any liability resulting from our endorsement on any instrument, arising out of a forged or unauthorized signature on that instrument"

"We reserve the right to contact you to get confirmation of any verbal instructions before processing any transaction, but we will not be liable due to our inability or failure to contact you to confirm such instructions" !!

"If we have made a transfer from another financial institution that you believe has not been authorized by you, go to your financial institution and ....." How is it possible for them to make such unauthorized transfer in the first place?

"If we make an error in your account, we will return the amount of the transaction to you, along with any service charges" !!!

"You must notify us within 30 days of the last date of the statement period. We are not liable to you for any loss due to errors in account statement, even if your monthly statement is delayed or never received for any reason." We have to rely on monthly statements mailed to us as it has no online banking.

I do not find such unfavorable terms in other banks. Is there any consumer or regulatory agency we can go to pressure People Trust to adopt terms fair to customers?

Any of you have experience with them? Is its 3.6% saving rate worth the risk ? CDIC only covers bank failure, not negligence or fraud.
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Post by Webber22 »

President's Choice savings and TFSA down to 1.85 % :cry: :cry:
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Post by otl »

Where did you see People Trust savings rate being halved? Websites still show 3.6% savings rate.
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Post by squash500 »

As of March 10/2009 DYN 500 and MIP 510 both now paying only 1.55% through tdw discount brokerage :( .

Gic rates are even lower than the 1.55% anywhere up to a year.

Best rate for a 1yr gic at tdw as of march 10/09 is only 2.05% :shock: .


Therefore I'm starting to buy a few more ishares and some horizon beta pro etfs as well.

I hope I won't lose anymore money :) .
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Post by banker »

squash500 wrote:As of March 10/2009 DYN 500 and MIP 510 both now paying only 1.55% through tdw discount brokerage :( .

Gic rates are even lower than the 1.55% anywhere up to a year.

Best rate for a 1yr gic at tdw as of march 10/09 is only 2.05% :shock: .


Therefore I'm starting to buy a few more ishares and some horizon beta pro etfs as well.

I hope I won't lose anymore money :) .
Has TDW always charged a commision on DYN500 sales? Just went to sell some and its saying the commision is $33.75...

I think thats pretty uncool if it was recently changed. However, if I overlooked this fact then completely my fault.
Last edited by banker on 11 Mar 2009 12:50, edited 1 time in total.
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Post by squash500 »

banker wrote:
squash500 wrote:As of March 10/2009 DYN 500 and MIP 510 both now paying only 1.55% through tdw discount brokerage :( .

Gic rates are even lower than the 1.55% anywhere up to a year.

Best rate for a 1yr gic at tdw as of march 10/09 is only 2.05% :shock: .


Therefore I'm starting to buy a few more ishares and some horizon beta pro etfs as well.

I hope I won't lose anymore money :) .
Has TDW always charged a commision on DYN500 sales? Just went to sell some and its saying the commision is $33.75...

I think thats pretty uncool if it was recently changed. However, if I overlook this fact then completely my fault.
IMHO, the DYN500 is a commission free transaction at TDW. I don't think you should be paying a $33.75 commission each time you want to sell some of the fund.
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Post by Bylo Selhi »

According to TDW, Dynamic is a No Transaction Fee fund family. You should challenge them about this $33.75 redemption fee.

Bear in mind that while DYN500 pays TDW a 25bp trailer, you have to hold the fund for at least one quarter before they get it. Perhaps they imposed the $33.75 fee because you sold within 90 days? Even so, that contradicts the NTF status.
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Post by Arby »

DYN500 is a product of Dundee Bank, not Dynamic. I'm not sure why TDWH uses the symbol prefix DYN for Dundee Bank ISA, since TDWH indicates DYN is the symbol prefix for Dynamic funds.

I suspect the symbol DYN500 for Dundee Bank ISA is similar to the symbol MIP510 for Manulife Bank ISA - i.e. TDWH uses a mutual fund symbol to simplify their back-office systems. According to a letter from TDWH, even though MIP510 uses a mutual fund symbol, it is not a mutual fund, and is considered a deposit in a Canadian bank. So perhaps TDWH's back-office system has erroneously considered DYN500 as a mutual fund, and has charged a short term redemption fee as if it was a mutual fund .
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Post by Bylo Selhi »

Arby wrote:DYN500 is a product of Dundee Bank, not Dynamic.
Good point :oops:
perhaps TDWH's back-office system has erroneously considered DYN500 as a mutual fund, and has charged a short term redemption fee as if it was a mutual fund
Again, banker should call TDW and challenge that $33.75 fee. (And please report back for the rest of us who might want to buy DYN500.)
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Post by Dennis »

It would also appear as if there is a minimum of $1000 to add to an existing DYN500 account. The TD rep suggested I sell it all and rebuy it the next day to get around this. One day's interest would be the sacrifice.
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Post by squash500 »

Bylo Selhi wrote:According to TDW, Dynamic is a No Transaction Fee fund family. You should challenge them about this $33.75 redemption fee.

Bear in mind that while DYN500 pays TDW a 25bp trailer, you have to hold the fund for at least one quarter before they get it. Perhaps they imposed the $33.75 fee because you sold within 90 days? Even so, that contradicts the NTF status.
Bylo, IMHO you're right about the 25bp trailer fee. I spoke to tdw again today :) . No $33.75 fee should ever be imposed. You can keep buying the DYN500 everyday and then selling it right after. TDW doesn't seem to care. NTF fees on this DYN500 fund!
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Post by banker »

Thanks Guys,

I've been off with the cold/flu today and yesterday, which is why I havent called them. Not in the mood for it! :) But I will call them later tonight. I havent actually sold it but put in the sell order and it comes up with est. commision. So it havent completed the order yet, worst case I will get them to sell it over the phone. Must be some weird glitch.

Hasnt anyone else sold it before and seen that estimated commision come up??

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Post by Icarus »

banker wrote:Hasnt anyone else sold it before and seen that estimated commision come up??
I had this exact same thing happen recently. When I saw the "estimated commission" I called TDWH about it before I sold. As you'd expect, I wasted about 30 minutes (waiting, talking to a rep, talking to a superior, etc.). Ultimately, I was assured that there would be no transaction fee, and that there was no short term trading fee. I made the trade and no transaction fee was charged when the trade settled.
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Post by Jaunty »

E*Trade (now iTrade) CashPerformer has been at 1.25 for a few days now.
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Post by banker »

Icarus wrote:
banker wrote:Hasnt anyone else sold it before and seen that estimated commision come up??
I had this exact same thing happen recently. When I saw the "estimated commission" I called TDWH about it before I sold. As you'd expect, I wasted about 30 minutes (waiting, talking to a rep, talking to a superior, etc.). Ultimately, I was assured that there would be no transaction fee, and that there was no short term trading fee. I made the trade and no transaction fee was charged when the trade settled.
Thanks Icarus, I didnt bother calling but put the order through anyways. I will let everyone know the outcome.
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Post by banker »

Bylo Selhi wrote:
Arby wrote:DYN500 is a product of Dundee Bank, not Dynamic.
Good point :oops:
perhaps TDWH's back-office system has erroneously considered DYN500 as a mutual fund, and has charged a short term redemption fee as if it was a mutual fund
Again, banker should call TDW and challenge that $33.75 fee. (And please report back for the rest of us who might want to buy DYN500.)
Hi Bylo and All,

Just wanted to report back that I was NOT charged a commission or fee.

Cheers!
Jay
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Bank eSavings accounts

Post by MFlo »

Bank eSavings accounts online are there any pitfalls.
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Post by Pickles »

Welcome Mflo. Check out the thread on Deposit Rates: Ing etc.
Regards,
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Post by MFlo »

Have there been any structural issues with eSavings accounts, what could go wrong.
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Post by banker »

Wanted to report back for Bylo and others that now a week has passed there was never a fee charged for the DYN500 sale despite the warning.

Cheers,
Jay
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