Bank fees

[flamingchina]

Originally Posted by Gravitykillr

It does keep getting delayed but it's getting pretty close to being ready. It'll be pretty sweet when it comes out. Still using Synergy for a few more months lol.

Don't think the fee's are going to change much when it comes out.

Ugh, will we actually be able to use Mint when it comes out?
I emailed them a while ago and they said
"We have no plans to support this"
Banking stuck in 1998 is making me want to leave.

[bc-chris]

my wife and i use cibc

i'm not sure how many transactions we do a month - not a lot... i'd guess 10 - 20. we keep the account above the minimum (which i think is $1500) so there is no monthly fee.

for my biz i also use cibc and i can only laugh... i do maybe 20 transactions/month and the stupid fees are $60+/month - no matter how much $ i have in the account. i find it a joke - business stuff always gets surcharged - whether it's at a bank, phone service, utilities, whatever - it always seems to be a lot more for the same service when it's billed to a business. sure it's a 'write-off'... but the bill still has to get paid.

it just doesn't make sense to me that our personal account is 'free' and my biz account (which has a lot more $$ in it than our personal account) costs me $750-$800/year in fees and both accounts get about the same number of transactions.

[temple5]

PC Financial for 99% of banking, I keep an ATB account to get US money.

[Gravitykillr]

Originally Posted by flamingchina

Ugh, will we actually be able to use Mint when it comes out?
I emailed them a while ago and they said
"We have no plans to support this"
Banking stuck in 1998 is making me want to leave.

Can't say for sure but I'll see if I can ask around see if anyone knows.

The main reason for all the delays is no bank or Financial Institution in the world has tried to completely overhaul their banking systems in such a fashion. Should be really good when it comes out.

[SeoulFire]

Tried PC Financial as I was a little disenchanted with what I was getting elsewhere. Works great for my wife and I as I use debit for almost everything.

[Deegee]

Originally Posted by bc-chris

my wife and i use cibc

i'm not sure how many transactions we do a month - not a lot... i'd guess 10 - 20. we keep the account above the minimum (which i think is $1500) so there is no monthly fee.

for my biz i also use cibc and i can only laugh... i do maybe 20 transactions/month and the stupid fees are $60+/month - no matter how much $ i have in the account. i find it a joke - business stuff always gets surcharged - whether it's at a bank, phone service, utilities, whatever - it always seems to be a lot more for the same service when it's billed to a business. sure it's a 'write-off'... but the bill still has to get paid.

it just doesn't make sense to me that our personal account is 'free' and my biz account (which has a lot more $$ in it than our personal account) costs me $750-$800/year in fees and both accounts get about the same number of transactions.

You are getting ripped off on the Business account.

CIBC also charges an "administration fee" for having an operating overdraft attached to a Business account (usually $35 - $75 a month). They also charge an itemized deposit fee for each cheque and count a deposit as a transaction, too.

You should look into a Credit Union, they are usually cheaper on Business services. I know we certainly are when I compared us to our competition.

[Suave]

Originally Posted by bc-chris

for my biz i also use cibc and i can only laugh... i do maybe 20 transactions/month and the stupid fees are $60+/month - no matter how much $ i have in the account. i find it a joke - business stuff always gets surcharged - whether it's at a bank, phone service, utilities, whatever - it always seems to be a lot more for the same service when it's billed to a business. sure it's a 'write-off'... but the bill still has to get paid.

it just doesn't make sense to me that our personal account is 'free' and my biz account (which has a lot more $$ in it than our personal account) costs me $750-$800/year in fees and both accounts get about the same number of transactions.

For the Biz account look up HSBC Business Direct. I have one for my company and pay no fees. With your small amount of transactions (especially if they are electronic) you might fall into the no fee category.

And to keep this on topic, my personal account is also with HSBC. I pay no fees with their Premier account.

[vtec260]

PC Financial for past 10 years for everyday banking. Use a credit union in Manitoba for saving from wife's account. Credit union charges small fees, but high interest rate more than makes up for little charge.

[Deegee]

Not all Credit Unions have high interest rates.

We currently have really low rates and interest rebates on top of the low fees.

Each Credit Union's balance sheet will play a part in their rates.

[Cecil Terwilliger]

Not to sound too cynical but this thread is just like my discussions with people in real life.

It really reminds me of the Chappelle skit about white people refusing to talk about who they voted for. Ask someone what they paid for their car, cell phone, cable, house etc and they will freely tell you. Ask about their bank fees and it is like i asked what your wifes lady parts smell like.

And just like in my discussions outside of CP the only people who are quick to answer are the people who pay don't pay any fees.

Thanks for the responses. I got about what I expected.

[BloodFetish]

Originally Posted by Cecil Terwilliger

Not to sound too cynical but this thread is just like my discussions with people in real life.

It really reminds me of the Chappelle skit about white people refusing to talk about who they voted for. Ask someone what they paid for their car, cell phone, cable, house etc and they will freely tell you. Ask about their bank fees and it is like i asked what your wifes lady parts smell like.

And just like in my discussions outside of CP the only people who are quick to answer are the people who pay don't pay any fees.

Thanks for the responses. I got about what I expected.

Well WTF?

You ask for personal information, don't say please, then have the audacity to bitch about the quality of the answers?

[Cecil Terwilliger]

Originally Posted by BloodFetish

Well WTF?

You ask for personal information, don't say please, then have the audacity to bitch about the quality of the answers?

Do you have reading comprehension problems? Did you even read my post? Do you know how to read?

I am just pointing out that it is kind of funny the stuff that people freely will give out versus the stuff they keep really private. It is exactly what I expected. I just wanted to see if the people I've spoken to are an anomoly or if everyone seems shy about sharing the $0-20 a month they pay in bank fees. Seems weird because every single person I asked freely told me what they pay for their cell phone but refused when I asked about bank fees.

I have no problems with the responses and I said thank you to those who responded.

And you've obviously never watched Dave Chapelle's stand-up.

[BloodFetish]

No, I don't have a reading comprehension problem. Do you have a problem being polite?

Go take you social experiments somewhere else.

White power.

[Cecil Terwilliger]

Oh. My bad. You're a crazy troll. I thought you were serious.

[psicodude]

Ok, I will play.

I have a Manulife One account and pay $14 per month. As everything I do financially goes in or out of the account, I would say there are easily 80 - 100 transactions per month. I pay ALL of my bills online and have my credit card setup to be automatically paid off at the end of the month.

The $14 sort of feels like a rip off because they are making interest off me every month (currently 3.5%), but I suppose there is a cost associated with having this type of flexibility. I have had to call them for assistance on a few occasions, and they have been nothing but quick and helpful....which is the complete opposite of my experience with Scotia.

Hope this helps.

[BloodFetish]

Oh. My bad. You're a crazy troll. I thought you were serious.

Yeah, okay. Whatever you say, Chief.

[Deegee]

You're not missing much, Cecil.

Consumer banking fees are pretty similar across the board (with the exception of free banking from places with no overhead)

Service dictates where most people deal over fees.

[Slava]

Originally Posted by psicodude

Ok, I will play.

I have a Manulife One account and pay $14 per month. As everything I do financially goes in or out of the account, I would say there are easily 80 - 100 transactions per month. I pay ALL of my bills online and have my credit card setup to be automatically paid off at the end of the month.

The $14 sort of feels like a rip off because they are making interest off me every month (currently 3.5%), but I suppose there is a cost associated with having this type of flexibility. I have had to call them for assistance on a few occasions, and they have been nothing but quick and helpful....which is the complete opposite of my experience with Scotia.

Hope this helps.

I have the same, and have no idea how many transactions per month....but alot. I guess 80-100 is probably accurate, although for all I know it could be much more.

I agree about the point on the fee and interest....this annoys me as well. I figure that all of the banks are about the same on that fee though, so it is what it is.

[Cecil Terwilliger]

Originally Posted by Deegee

You're not missing much, Cecil.

Consumer banking fees are pretty similar across the board (with the exception of free banking from places with no overhead)

Service dictates where most people deal over fees.

It wasn't the prices so much as the bolded part.

I can, and have, looked up all the fees for all the institutions in Calgary. What I'm curious about is who has what plan and who pays what.

Most banks have free options all the way up to $20-30/month fees. Some banks start at a much lower price or even free.

I was looking for some info on what people actually pay. If I was to believe this thread I'd say everyone gets free banking but that doesn't jive with what I've seen in the industry.

It has reinforced the notion that it is a touchy subject with people. Unlike their cell phone bills for example peoplel really don't like talking about their banking fees.

[bc-chris]

Originally Posted by Suave

For the Biz account look up HSBC Business Direct. I have one for my company and pay no fees. With your small amount of transactions (especially if they are electronic) you might fall into the no fee category.

And to keep this on topic, my personal account is also with HSBC. I pay no fees with their Premier account.

hey Suave

i will never deal with hsbc again.... we just (5 months ago) had brutal experience with them and they will never again see a single penny of mine. they treated my wife and i like absolute crap when our mortgage came up for renewal and we moved it to another bank.

worst customer service i've ever experienced.