Bank - Recommendations?

[Flacker]

I would avoid Scotia, if you ever lose money to fraudulent activity chances are you are going to eat it. I was so happy about that, I closed my accounts and moved on.

I had the same experience with RBC and they took care of everything. It cost me the time to make a phone call.

[OilKiller]

What is funny about this thread is there will be every bank mentioned as being good and bad at the same time from different posters.

[Jbo]

Originally Posted by Cecil Terwilliger

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

On a "free" account you will usually have a number of limitations. If you go in and use a teller, there might be a fee. The number of free transactions you get a month are likely lower. You are probably getting no interest paid on any deposits. If you require some of the other services, you will pay a higher premium. Also, when you are a member of the 0 fee accounts, you usually have to deal with a call centre, opposed to a named account manager, for most issues you may have with the account.

The type of people that would benefit the most from these type of accounts would be a consultant. Pay themselves a couple times a month and do everything on-line kinda deal.

Anyone that has more complicated banking requirements is likely to lose the benefit.

[Bill Bumface]

Originally Posted by 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.

Owning your own business, absolutely do not go with BMO. I did because I'm too lazy to switch, but I couldn't even make a transfer between business and personal accounts without going into a branch, and several other annoyances.

[rd_aaron]

CIBC has a great mobile app. Easily pay bills, transfer money, or do an email money transfer in a couple minutes.

However, I'm growing sick of CIBC fees so I'm switching soon.

[OilKiller]

Originally Posted by rd_aaron

CIBC has a great mobile app. Easily pay bills, transfer money, or do an email money transfer in a couple minutes.

However, I'm growing sick of CIBC fees so I'm switching soon.

Fees? We signed up for an unlimited chequing account and pay $12.95 a month. Includes unlimited transactions. I would say that's a good value.

[Nammer403]

+1 for First Calgary

[BlackRedGold25]

Originally Posted by hulkrogan

Owning your own business, absolutely do not go with BMO. I did because I'm too lazy to switch, but I couldn't even make a transfer between business and personal accounts without going into a branch, and several other annoyances.

This is very true. BMO online services for corporate accounts are horrible. RBC provides vastly superior online service for their corporate accounts.

[Ashartus]

Originally Posted by rd_aaron

CIBC has a great mobile app. Easily pay bills, transfer money, or do an email money transfer in a couple minutes.

However, I'm growing sick of CIBC fees so I'm switching soon.

I don't remember the last time I actually paid a fee in my CIBC accounts - you might want to look at what accounts you have. My chequing account has no fees so long as I keep a minimum balance (fairly low - I think it's $600). My savings account has no monthly fee and one free transaction per month, which is all I need.

When you decide on a bank, make sure you have a good idea how you are going to be using the account and talk to someone there about your options. Also, I found that by consolidating my accounts as well as mortgage and some investments at one bank they were willing to pretty much bend over backwards to keep me happy, though that would presumably only happen if you have a good credit rating.

[sun]

Originally Posted by hulkrogan

Owning your own business, absolutely do not go with BMO. I did because I'm too lazy to switch, but I couldn't even make a transfer between business and personal accounts without going into a branch, and several other annoyances.

That's strange, I have no problem doing that. I've definitely had my issues with BMO in the past, but they seem alright now. Not that I've done any business banking elsewhere.

[Cecil Terwilliger]

Originally Posted by J-bo09

On a "free" account you will usually have a number of limitations. If you go in and use a teller, there might be a fee. The number of free transactions you get a month are likely lower. You are probably getting no interest paid on any deposits. If you require some of the other services, you will pay a higher premium. Also, when you are a member of the 0 fee accounts, you usually have to deal with a call centre, opposed to a named account manager, for most issues you may have with the account.

The type of people that would benefit the most from these type of accounts would be a consultant. Pay themselves a couple times a month and do everything on-line kinda deal.

Anyone that has more complicated banking requirements is likely to lose the benefit.

Except that isn't the case for all financial institutions, some have none of those limitations. And it is not a virtual bank either.

[Jbo]

Originally Posted by Cecil Terwilliger

Except that isn't the case for all financial institutions, some have none of those limitations. And it is not a virtual bank either.

Would be happy to look into some of the free accounts you talk about

[Cecil Terwilliger]

Originally Posted by J-bo09

Would be happy to look into some of the free accounts you talk about

I pay nothing and there are no strings attached.

However it is a Credit Union and didn't really fit what the OP was looking for in terms of the most technologically advanced. I do still have to actually see a person from time to time but I don't mind that, I prefer meeting in person on occasion. However they do have an app and email money transfers so it isn't like I'm banking in the stone ages.

https://www.firstcalgary.com/Accounts/NoFeesForMe/


EDIT: Sorry I wasn't trying to be coy, I just didn't want to derail the thread and get into a service charge discussion. Several people mentioned it before me anyway.

[First Lady]

Originally Posted by Cecil Terwilliger

I pay nothing and there are no strings attached.

However it is a Credit Union and didn't really fit what the OP was looking for in terms of the most technologically advanced. I do still have to actually see a person from time to time but I don't mind that, I prefer meeting in person on occasion. However they do have an app and email money transfers so it isn't like I'm banking in the stone ages.

https://www.firstcalgary.com/Accounts/NoFeesForMe/

Works for me too. Signed up 3 months ago. I haven't changed my banking habits at all and estimate I've saved close to $100.00 on my personal account. Business account has a very reasonable rate and I have all the same great features.

When I go into branch there is rarely a line up, no extra fee for this and they know my name.

[Senator Clay Davis]

I actually use TD online and I like it. The only thing I can't do that you mentioned was deposit checks via electronic method (only in branch), but I can pay bills, transfer money between accounts, Interact transfers, purchase bonds and mutual funds, order foreign currency. Not a whole lot I can't do really.

[Boblobla]

I am with RBC for both my personal and business accounts and I am pretty happy.

[Northendzone]

so it seems that you have supporters and detractors for almost every bank......

[mykalberta]

I am not into mobile banking, but at the football game on Friday my buddy was able to transfer money from his savings to his checquing account on his phone and 5 minutes later used his debit card with his Scota app.

[Bunk]

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).

You're back in Canada now, fool!

Repeat after me: Cheque! Do you spell Colour with no u now as well!?!

[saskflames69]

Haven't had any issues with the Canadian Imperial Bank of Commerce.

RBC really screwed me over, so I hold a grudge against them.