Banks need your money

As the credit crunch expands, some banks are now finding themselves in short supply of their primary asset – money!

Expect more offers like the one I received from RBC today:

“As an RBC Direct Investing client, you’re probably already enjoying lower commissions on trades and top-notch research and investing tools. Now we’re offering a 1% cash bonus as well.

Transfer $25,000 or more into an existing or new RBC Direct Investing account from an account held at an investment dealer outside of RBC by November 28, 2008, and you may be eligible for a cash bonus worth 1% of the transfer, to a maximum of $2,500 per account type. As an added incentive, we’ll also cover up to $125 in transfer fees.”