Bank - Recommendations?

[Table 5]

I used to do all my banking online with Chase back in the States and it was pretty awesome in terms of all the records I could keep track off, deposit checks via my phone, and other things that I could accomplish without setting foot in a brick and mortar branch. I hate paperwork.

I'm kind of disappointed in what my current Canadian bank (TD) offers in terms of this though, so am looking to make a switch. What's the most tech savvy bank in Canada? Curious if anyone has any good experiences?

[JD]

I'm with RBC and I'm generally happy with them. But after banking in the UAE and seeing what is possible, Canadian banks are way behind the curve. Automatic SMS every time you do a transaction, the ability to buy phone credit or even pay for government services through your online banking, dozens of options for transferring and moving your money around, on and on it goes. The only thing that seems difficult over there is that they you a personal visit every time you need to open an account of any kind. That's supposedly because of all the fraudsters in the UAE though. At least they come to you at your office though!

I'm not sure if any one of the Canadian banks is ahead of another, but I think in general, the bigger you go, the more technology they're likely to offer. That's why I'd put a plug in for RBC. I know lots of people hate them and have had issues with them, but I never have. They offer most of what I would expect. I don't think they have the cheapest fees, but I firmly believe you get what you pay for!

[kevman]

I'm a huge fan of ING Direct. Not quite as advanced as Chase but a way better experience than the brick and mortar Canadian banks. As a bonus they'll give you $25 to sign up if you use someone's orange key...

edit: Oh yeah, and they're free!

[Table 5]

Thanks, good to know. Honestly, I'm ok with paying a few more fees if it saves me time. Every dinky think I have to go in to the bank for is basically taking time away from when I could be working.

Hmm I have an ING account in the US already....maybe I can port it over here.

[jamoro]

Originally Posted by kevman

I'm a huge fan of ING Direct. Not quite as advanced as Chase but a way better experience than the brick and mortar Canadian banks. As a bonus they'll give you $25 to sign up if you use someone's orange key...

edit: Oh yeah, and they're free!

ING Direct Canada May Be Up For Sale

http://www.ratesupermarket.ca/blog/i...e-up-for-sale/

So depending on if, and/or who buys them they may not be free for long

[ken0042]

I'm about to look into BMO. It looks like they have a chequing account tied to your Club Sobey's card that is a zero fee account. From what I can see, they are the first of the major banks to offer a zero fee account.

[OilKiller]

Just switched from ATB to CIBC. Pretty happy so far. CIBC actually allows email interac transfers and each debit card is actually a Visa debit card so purchases can be made online with your account and it can act like a Visa (without the credit which is cool). So far my wife and I have received excellent service from them. The Android app as well as the iPad app I'm using are both very good as well. Don't think they offer deposit cheques via your phone technology though.

[Regular_John]

I've been using CIBC for pretty much everything for the last 8 years or so, and generally I'm pretty satisfied with the service I receive.

They're probably not the cheapest out there, but they tend to be on the forefront of technology (mobile apps/online banking) and I just generally find they do exactly what I expect of a bank, they give me easy access to my money without getting in my way. Plus they generally honour my request to not contact me with marketing stuff.

[ah123]

We use both CIBC and ING. Really happy with ING, we have had a few issues, and customer service dealt with them really quickly. I am not too fond of CIBC, the only reason we haven't switched (yet) is because the (grandfathered) chequing account we have is better (read: cheaper) than similar plans offered by TD, BMO etc. We have been tempted to switch to TD, but didn't want to deal with the hassle...

[sclitheroe]

I like Scotia - they seem like a pretty conservative bank; I never felt like they were encouraging us to overextend ourselves with credit and loans.

[Fobulous]

Originally Posted by fotze

I'd be wary of RBC. Call centre in india and they tell you yes no matter what you ask for even when they can't. So basically lie to you. Maybe they are all like that though.

By "all like that" do you mean all Indian people are "all like that" and lie or that all banks lie?

As an east Indian male I am offended that you would think that all banks lie.

-FoB.

[Table 5]

Originally Posted by fotze

Curious, why do you need all these records? Do you get a lot of checks? I get like one per year and write 3.

Yes, basically I (my business) mostly get paid via checks from clients, so I handle my share of them and want to make it as easy as possible. The great thing about Chase was that they would take a photo snapshot of every check, so it was easy to go back and see what was deposited (which can be a pain if you do many checks at once).

My biggest beef with TD is that I can't go back far enough to look at my records, and can only view things in piddly 30 day increments. I need to be able to filter things out for a whole year. I basically need something that will be smooth and easy for me business wise, and thus need to be able to have access to as many detailed records as possible online.

In terms of taxes, having access to all this stuff easily is great for going back at the end of the year to find deductions and/or issues with the books.

And speaking of which, I also need an accountant, if anyone can recommend somebody. Someone who has experience dealing with US/Canada intermingling.

[macker]

http://business.financialpost.com/20...anada-analyst/

ING will likely become part of BNS or TD. Same thing happened with the Canadian insurance assets of ING a couple years back resulting in Intact Insurance. ING still trying to sell weaker assets and need $$$ ING : "Save your money"

[Nyah]

I use CIBC and I've never had any problems with them. They have a great iPhone app as well for online banking - it's really easy to use.

[trumpethead]

Originally Posted by Fobulous

By "all like that" do you mean all Indian people are "all like that" and lie or that all banks lie?

As an east Indian male I am offended that you would think that all banks lie.

-FoB.

why are you offended?

[Jbo]

There are a number of questions you need to ask yourself when choosing both a bank and type of account.

1) What is my account going to be used for? Is it a personal account, that will be linked to credit cards, mortagages? Line of Credit? business accounts? etc. Is it a commercial account, that you will use?

2) What is the volume of transactions going through the account? Will you get paid a couple times a month? Or do you get multiple payments a month? How much do you use a bank card? Do you make most payments on-line? Debit Card? Credit Card? What kind of balance do you hold in the account?

3) Do you have any banking requirements in the US? or other countries?

In Canada, none of the big five banks has a real advantage or disadvantage on each other. It usually comes down to which bank is the most convenient and you are most comfortable with. If it is a personal account this is even more true.

In Commercial Banking, which I will admit is where I work, it is more about the the larger relationship. Having a good Account Manager and good working relationship makes all the difference in the world.

Now for the a quick fact check. No Banking Account is truly "Free" or no service fees. They are getting you somewhere else. The best thing you can do is sit down and get an account that makes the most sense. Some accounts will give you a free transaction for every x amount of $ you have in the account per month. Some pay better interest. Some have more free transactions etc.

Most people skip over the account and fees and just say "give me a chequing account and on-line banking" Educating yourself before going in is crucial.

[MrMastodonFarm]

Originally Posted by fotze

I'd be wary of RBC. Call centre in india and they tell you yes no matter what you ask for even when they can't. So basically lie to you. Maybe they are all like that though.

Cibc just also lost all the debit machines in 7-11 to Scotia. Annoying.

[Table 5]

Originally Posted by trumpethead

why are you offended?

Pretty sure the guy was just making a joke....

[First Lady]

Going to put in my plug for First Calgary. I've dealt with them for nearly 30, less about 5 when I was ticked off at them.

Originally Posted by Table 5

Yes, basically I (my business) mostly get paid via checks from clients, so I handle my share of them and want to make it as easy as possible. The great thing about Chase was that they would take a photo snapshot of every check, so it was easy to go back and see what was deposited (which can be a pain if you do many checks at once).

I'm pretty sure all banks do this now. Some you would have to request the copy of cheques deposited from other parties, others have them online.

All the major banks and credit unions have images of the cheques YOU write online. Some, like TD, charge to view them ($1.50) others, like First Calgary, you can view for free.

My biggest beef with TD is that I can't go back far enough to look at my records, and can only view things in piddly 30 day increments. I need to be able to filter things out for a whole year. I basically need something that will be smooth and easy for me business wise, and thus need to be able to have access to as many detailed records as possible online.

In terms of taxes, having access to all this stuff easily is great for going back at the end of the year to find deductions and/or issues with the books.

And speaking of which, I also need an accountant, if anyone can recommend somebody. Someone who has experience dealing with US/Canada intermingling.

First Calgary online records go back 2 years and offer many ways to search.

Personal bank accounts are zero fee accounts (no strings like minimum balance, etc) and you can get an all inclusive business account for a flat monthly rate of $25.95. ( At least this is what I have)

First Calgary has made HUGE strides in the last 3 to 5 years in terms of online banking. Email transfers are easy, all government payments (GST, Payroll & Tax) can be done.

With my online banking I can see all of the accounts I have access to in one place. IE: my personal, my business and the businesses that I do the books for.

[Cecil Terwilliger]

Originally Posted by J-bo09

There are a number of questions you need to ask yourself when choosing both a bank and type of account.

1) What is my account going to be used for? Is it a personal account, that will be linked to credit cards, mortagages? Line of Credit? business accounts? etc. Is it a commercial account, that you will use?

2) What is the volume of transactions going through the account? Will you get paid a couple times a month? Or do you get multiple payments a month? How much do you use a bank card? Do you make most payments on-line? Debit Card? Credit Card? What kind of balance do you hold in the account?

3) Do you have any banking requirements in the US? or other countries?

In Canada, none of the big five banks has a real advantage or disadvantage on each other. It usually comes down to which bank is the most convenient and you are most comfortable with. If it is a personal account this is even more true.

In Commercial Banking, which I will admit is where I work, it is more about the the larger relationship. Having a good Account Manager and good working relationship makes all the difference in the world.

Now for the a quick fact check. No Banking Account is truly "Free" or no service fees. They are getting you somewhere else. The best thing you can do is sit down and get an account that makes the most sense. Some accounts will give you a free transaction for every x amount of $ you have in the account per month. Some pay better interest. Some have more free transactions etc.

Most people skip over the account and fees and just say "give me a chequing account and on-line banking" Educating yourself before going in is crucial.

That's not really true. There is no strings free banking around.