So, I'm fairly new to the industry, but wondering if this is normal (legal?)
I'm transferring to a new bank (Big 5 Canada), and they want me to transfer all of my existing bank accounts over to them. IE, direct deposit of paycheque to their retail branch, transfer of my existing GICs, RRSPs stocks and other holdings to their platform.
Is this normal? Can I get around this somehow?
I have no desire to do this at all as I have a 20+ year relationship with my existing primary bank, great service, accounts with "grandfathered" fees and terms, and good service reps who give me freebies and preferential rates. I've also got multiple accounts at 3 other banks as well, so executing all these transfers will be a pain in the ass. Plus I dont' want to have all my holdings at a single bank in case something happens - better to be diversified and covered by CDIC (Canadian FDIC equivalent).
Currently, I just haveaccount statements sent to my existing employer from each of the accounts I hold, and these are reviewed for compliance purposes, without needing to actually transfer holdings.