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NUMBER OF ONLINE ACCOUNTS
September 15, 2017
11:13 am
CHUCK21
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HELLO,
I AND MY WIFE HAVE 18 ONLINE ACCOUNTS OF WHICH I GENERALLY USE 6. I ALSO HAVE 15 GICs, 2 TFSAs AND ROMSPEN. I AM CURIOUS TO KNOW IF ANYONE ELSE HAS THESE NUMBERS OR IF I'VE GONE OVERBOARD.
P.S. PLEASE EXCUSE CAPS AS I'VE GOT A VISION PROBLEM.

September 15, 2017
12:49 pm
Nehpets
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Chuck,

In my view, the number of accounts depends on your ability to manage the required record keeping of that number of transactions, while ensuring you have a way to manage the various maturity dates.

I do this by using an ongoing spreadsheet with formulas that indicate the running accrued interest as well as the number of days to maturity of GIC's. In addition I use a digital calendar set to alert me one week in advance of maturity date.

So, if you diversify your investments, it can succeed, if you put in place management strategies to stay on top of your transactions.

Stephen

September 15, 2017
4:14 pm
AltaRed
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FI#1 - 3 discount brokerage accounts (non-reg, RRSP, TFSA), one chequing acct
FI#2 - 1 discount brokerage account (non-reg), one e-savings account
FI#3 - one HISA savings
FI#4 - one HISA savings

No paper from any of them via CP.

Does not count credit card accounts which are also all managed online. No paper via CP.

I would not have #3 or #4 if #2 paid about as much as #3 and #4. One of #3 or #4 will likely be gone next year. Unlike some folk, I prefer to be kind to my eventual executor (or POA) by keeping things appropriately packaged.

Added: Spouse
FI#1 - 2 discount brokerage accounts (RRSP, TFSA), 1 chequing acct, 1 e-savings

September 18, 2017
12:32 am
Loonie
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HOW WOULD YOU KNOW IF YOU'D GONE OVERBOARD?
THESE ARE INDIVIDUAL DECISIONS BASED ON PERSONAL CIRCUMSTANCES, FINANCIAL PLANS, AND ONE'S OWN JUDGMENT ABOUT MANY THINGS. I DON'T THINK THERE IS A "BEST" NUMBER THAT FITS EVERYONE.
IF YOU'RE NOT USING THEM ALL, THOUGH, THERE IS A QUESTION AS TO WHY YOU ARE KEEPING THEM. THERE MAY BE A GOOD REASON.

HOWEVER, WITH POOR AND PERHAPS DIMINISHING VISION, DON'T YOU FIND IT DIFFICULT TO KEEP TRACK OF ALL THIS? I KNOW I DO. I AM MANAGING, FOR NOW, BUT AM TRYING TO THINK ABOUT WHAT TO DO TO PLAN FOR WHEN I CANNOT.

ACCORDINGLY, I AM TRYING TO REDUCE THE NUMBER OF FI'S THAT I USE, SO FAR WITH SOME LIMITED SUCCESS. I LIKE OAKEN FOR THIS BECAUSE THEY HAVE TWICE AS MUCH INSURANCE COVERAGE AS THE OTHER HIGHER-INTEREST BANKS. AFTER MUCH THOUGHT, I INCREASED MY DEPOSITS THERE DURING THEIR FINANCIAL CRISIS, CONTRARY TO MY PREVIOUS PLAN. ALSO, ONTARIO CREDIT UNIONS WILL BE SUBSTANTIALLY INCREASING THEIR COVERAGE IN A FEW MONTHS. THIS MAY ENABLE ME TO REDUCE THE NUMBER OF FI'S I DEAL WITH.

IN MY VIEW, IT'S NOT SO MUCH THE NUMBER OF ACCOUNTS AS THE NUMBER OF INSTITUTIONS. WHEN THE TIME COMES THAT A POA OR EXECUTOR HAS TO FUNCTION, IT WILL BE THE NUMBER OF INSTITUTIONS THAT CAUSES THE MOST HEADACHES, I EXPECT. THEY WILL HAVE TO FAMILIARIZE THEMSELVES WITH, AND MEET THE REQUIREMENTS OF, EACH INSTITUTION, AND HAVE DIFFERENT PEOPLE TO DEAL WITH AT EACH ONE. I WILL PUT THE EMPHASIS ON THE FI'S THAT HAVE SO FAR SHOWN THEMSELVES TO BE RESPONSIVE TO ME AS A CUSTOMER/MEMBER.

I ALSO INCREASINGLY WOULD PREFER TO KEEP MY MONEY IN FI'S WHICH ARE RESIDENT IN MY OWN PROVINCE. FORTUNATELY FOR ME, THAT IS ONTARIO, WHERE MANY ARE SITUATED. I AM GETTING NERVOUS ABOUT BEING SUBJECT TO LAWS IN OTHER PROVINCES WHICH MAY AFFECT MY ACCOUNTS, POA AND EXECUTOR AS IT'S MORE DIFFICULT FOR ME TO BE AWARE OF THEM AND I HAVE NO VOICE IN THEM; NOR CAN I SHOW UP AT CREDIT UNION ANNUAL MEETINGS OR HAVE ANY INFLUENCE THERE.

ONE THAT I WOULD LIKE TO DROP IS EQ, BUT I AM HOOKED ON THE RATE - FOR NOW! THEY ONLY OFFER ONE TYPE OF ACCOUNT, DON'T ALLOW JOINT ACCOUNTS, AND MY CUSTOMER SERVICE EXPERIENCES HAVE NOT BEEN GOOD ENOUGH TO MAKE ME WANT TO KEEP THEM. I EXPECT THEM TO BE DIFFICULT FOR A POA OR EXECUTOR TO DEAL WITH. I'M KIND OF HOPING THEY GET BOUGHT OUT BY AN FI THAT I PREFER, ALTHOUGH THAT WOULD PROBABLY CHANGE THE RATE. HOWEVER, ANOTHER MEMBER OF THIS FORUM REPORTED A WHILE AGO THAT, AFTER HAVING CLOSED THEIR EQ ACCOUNT, THEY WERE NOT PERMITTED TO OPEN ONE LATER, SO THAT IS ALSO SOMETHING FOR YOU TO CONSIDER.

September 19, 2017
10:09 am
CHUCK21
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THANKS ALL FOR THE RESPONSES.

LOONIE, I'M ALSO IN ONT. BUT DON'T FIND ANY DIFFERENCES BECAUSE I DON'T INTEND TO LEAVE MY POA WITH THE HEADACHE OF ALL MY ACCOUNTS.

WHEN I THINK THE END IS CLOSE OR MY BRAIN ISN'T UP TO PAR I WILL CONSOLIDATE. MOST LIKELY I'LL KEEP MY TFSA, ROMSPEN, ONE ONLINE ACCOUNT AND MY BANK ACCOUNT.

I'VE OPENED JOINT ACCOUNTS WHERE POSSIBLE SO THAT MY WIFE CAN HAVE ACCESS TO AS MUCH AS POSSIBLE AND FOR TAX PURPOSE.

September 19, 2017
2:46 pm
AltaRed
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CHUCK21 said
WHEN I THINK THE END IS CLOSE OR MY BRAIN ISN'T UP TO PAR I WILL CONSOLIDATE. MOST LIKELY I'LL KEEP MY TFSA, ROMSPEN, ONE ONLINE ACCOUNT AND MY BANK ACCOUNT.

I'VE OPENED JOINT ACCOUNTS WHERE POSSIBLE SO THAT MY WIFE CAN HAVE ACCESS TO AS MUCH AS POSSIBLE AND FOR TAX PURPOSE.  

You don't know when you will have a heart attack, stroke, or inadvertently get hit by a bus. IOW, you mostly don't get to pick the time when you are going to be incompetent. My mantra is to keep my affairs in order at all times. I have documents I have provided to my Attorneys (meaning POA) and to my Executors that outline all that I have and where it is. I update and re-issue as/when needed when things change. I could die before I finish this sentence and they would have most of what they need. Be at least 'reasonably' prepared at all times.

JTWROS accounts with spouses (where possible/prudent) are good things, depending on course on the relationships, e.g. blended families/late in life relationships, etc. may preclude JTWROS in many cases.

September 19, 2017
4:13 pm
Bill
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I agree, AltaRed. From the really old folks I've seen they still think their brain is "up to par" when it really isn't plus by the time it's obvious to them it's then too late to make rational decisions. Plus if it's obvious you're incapable any directions you've made at that time can be challenged (e.g. I believe our new assisted suicide provisions say you can't consent any more when you're incapable, the decision has to be made before then).

September 19, 2017
7:03 pm
Loonie
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Bill said
I agree, AltaRed. From the really old folks I've seen they still think their brain is "up to par" when it really isn't plus by the time it's obvious to them it's then too late to make rational decisions. Plus if it's obvious you're incapable any directions you've made at that time can be challenged (e.g. I believe our new assisted suicide provisions say you can't consent any more when you're incapable, the decision has to be made before then).  

My understanding of the assisted suicide law is that if you are not mentally competent to make the decision at the time it would be carried out, then you can't make it and nobody else can either. You are SOL at that point as this decision can't be delegated.

September 19, 2017
7:46 pm
Bill
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Loonie, that's true.

An acquaintance told me of a situation where someone he knew with a terminal disease (but not facing imminent death) was considering it for some time in the future, so his lawyer daughter, against his wishes, arranged mental competency tests for him in the hope he would be declared incompetent so he couldn't make those arrangements. In defiance and in order to maintain control of his fate, he made arrangements and did the deed immediately (before the tests results came back). Her interference resulted in her father's premature death and deprived his family, including distraught grandchildren, of more time with him. As far as I'm concerned, a good example of why it's a good idea to mind your own business.

September 19, 2017
8:09 pm
Norman1
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That seems consistent with the safeguards in the Criminal Code subsection 241.2(3), particularly (3)(g) and (3)(h):

Safeguards

(3) Before a medical practitioner or nurse practitioner provides a person with medical assistance in dying, the medical practitioner or nurse practitioner must

(a) be of the opinion that the person meets all of the criteria set out in subsection (1);

(b) ensure that the person’s request for medical assist­ance in dying was

(i) made in writing and signed and dated by the person or by another person under subsection (4), and

(ii) signed and dated after the person was informed by a medical practitioner or nurse practitioner that the person has a grievous and irremediable medical condition;

(c) be satisfied that the request was signed and dated by the person — or by another person under subsection (4) — before two independent witnesses who then also signed and dated the request;

(d) ensure that the person has been informed that they may, at any time and in any manner, withdraw their request;

(e) ensure that another medical practitioner or nurse practitioner has provided a written opinion confirming that the person meets all of the criteria set out in subsection (1);

(f) be satisfied that they and the other medical practitioner or nurse practitioner referred to in paragraph (e) are independent;

(g) ensure that there are at least 10 clear days between the day on which the request was signed by or on behalf of the person and the day on which the medical assistance in dying is provided or — if they and the other medical practitioner or nurse practitioner referred to in paragraph (e) are both of the opinion that the person’s death, or the loss of their capacity to provide informed consent, is imminent — any shorter period that the first medical practitioner or nurse practitioner considers appropriate in the circumstances;

(h) immediately before providing the medical assist­ance in dying, give the person an opportunity to withdraw their request and ensure that the person gives express consent to receive medical assistance in dying; and

(i) if the person has difficulty communicating, take all necessary measures to provide a reliable means by which the person may understand the information that is provided to them and communicate their decision.

September 20, 2017
10:39 am
CHUCK21
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CAN'T BELIEVE THE ROUTE MY TOPIC TOOK. FROM A QUESTION ABOUT HOW MANY ONLINE ACCOUNTS PEOPLE HAD TO ASSISTED DYING IN 2 DAYS. GOOD THING I DIDN'T ASK A COMPLICATED QUESTION.
THANKS ALL

September 20, 2017
1:18 pm
AltaRed
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Agreed that discussion on assisted dying is a tangent from the topic BUT it is relevant that people should not assume they will know when they will become incompetent and legally unable to make/implement decisions.

IOW, be considerate of their Attorneys and Executors with respect to the construction and operation of their financial affairs, including the number of financial accounts, or as was suggested, at least the number of financial institutions one is involved with.

Since there was not much of a response to the OP's original question, it seems this subject is either of little interest or some might be embarassed to disclose the (large) size of their footprint in the financial space.

September 20, 2017
7:32 pm
User230
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I have 2-3 main accounts. I usually also have 2 experimental accounts. They have to be no fee or very low fees for me even to consider them for a experimental account. So, my choices are a bit low.

I've tried or have:

Implicity - Like the cheques for a savings account (only bank I think that does)
EQ Bank - Has payee option for a savings account (which is rare)
Vancity - No fee in person stuff
Peoples Trust - It's okay
Motive - Customer Service is lacking from my experiences.
Tangerine - Is mainly fueled by promo code/referral codes. Nothing much good there besides occasional promo. Even the CC became a disappointment after the teaser rates of return vanished. Probably the most over-rated bank.
PC Financial - Wasn't good in anyway to me. Nothing they did was better or unique from any other bank. Free cheques maybe but that wasn't of interest to me.

I like to try and keep it simple if possible.

September 21, 2017
6:36 am
Bill
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As I've indicated before I've got tons of online HISA accounts (I'm not including brokerage or registered accounts for long-term investments) that I've opened over the years at various fi's but all my HISA money is in the top 2 or 3 interest rate payers at any point in time. There's no time or maintenance required for all those I don't use except an annual transfer of $10 or so in or out to keep them active and a once a year password change. I use none of the HISA accounts or related fi's for daily banking, using a TD chequing account (linked to all the HISA accounts) I've had for decades for that. I have a sheet of paper showing which 2 or 3 accounts my HISA money is in at any point in time. If my heirs want to track down the other $800 or so that I've got sprinkled in all the other HISA accounts I'm not using they're welcome to do so.

September 21, 2017
6:56 am
AltaRed
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Its not just a case of tracking down the accounts but the effort required by the Executor* to close them.. such as submitting a notarized, or true copy, of the Will (at cost), LODs (Letters of Direction), and probably a proprietary form or two, etc. It will take months to accomplish all that.

Best for YOU to close the accounts you don't use any more. Transfer out all monies for a zero balance and then use the Contact Us feature on most online sites to ask them to close the account. I've done that a number of times and it works effortlessly.

* Has nothing to do with your heirs. It is your Executor who is burdened with that AND to be sure that all extraneous interest on these accounts is reported on tax returns.

September 21, 2017
9:24 am
Bill
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Thanks for the advice about what's best for me, AltaRed, but not going to do that (though true, it's about the executor's work, not the heirs - though in my case they're the same):

1. Example: Didn't use our PC Financial accounts for many years but last couple of years they've occasionally offered my wife promo rates we've taken advantage of. Wouldn't have happened if the accounts were closed.

2. Estate/executor can ignore the small amounts, fi's will eventually grab the dough and close the accounts. Interest will be reported via T5's issued (small amounts of interest not triggering a T5 will not be known to CRA, nor would they care about trivial interest amounts) so everything material will be reported when the estate is dissolved. CRA clearance certificate will ensure CRA won't later reassess, especially for trivial amounts. But, as I said, if executor wants to spend the time and money chasing down every last dollar, go for it - I'm a fan of not spending my finite time on this planet on trivial amounts of Canadian dollars and if that means others get a few of my bucks, fine.

3. When I'm dead I believe for me it'll be as if I never existed, no consciousness, so what any living humans think of me or do/don't do won't matter to "me" (there won't be a "me" to consider any legacy, memories, etc).

My heirs/executors can be grateful I even made a Will plus included them as beneficiaries, that's good enough for me.

September 21, 2017
11:08 am
AltaRed
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Agree it is a personal choice on how one wishes to be remembered.

September 21, 2017
12:48 pm
Bill
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I agree, AltaRed, all this stuff is a personal choice we are free to make - and maybe I'm kind of hoping all the other things I did in my life instead of the difficulty of finding every one of my dollars when I die will determine how I'm remembered by those who knew me. Guess we (not me though) will see!sf-smile

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