Bank fees

[Cecil Terwilliger]

Just curious about who CP deals with and what they pay. Answer all, answer none it is up to you. Or just share who you like dealing with and who you don't. Not sure what is even common.

What FI (financial institution) do you bank with?

How many transactions do you do a month? (point of sale ie debit, ATM withdrawls, in branch trx's, bill payments, AFTs, cheques written etc) If you would be so kind as to tell me how many of each you perform it would be handy. If not that is fine but it would be nice if you specified what your total number includes.

How much do you pay for your banking package?

How many FI's do you use? ie do you have your mortgage/loan/dealer finance at one place and your deposit accounts at another place.

[To Be Quite Honest]

You first.

[Cecil Terwilliger]

Originally Posted by To Be Quite Honest

You first.

I work for a FI. I'm fairly new and trying to get an idea of what is the norm.

It wouldn't be appropriate for me to say who I work for so I won't say who I bank with.

I pay $0 a month and have for my whole life (lots of family in the industry).

I have never kept track but I'd say I do 10-20 trx's a month. I frequently use internet banking. I love my banks mobile site/app. I have never used telephone banking.

All my business is with one FI.

To be clear I am not here to solicit business. If anyone has any questions I may try and help answer them but to be extra clear I am not here to solicit business. I just want to know what most people are used to paying for service and what kind of business they do. Having always had free everything with banking it is tough for me to get an idea on my own.

Yes I'm aware I can find prices for accounts and stuff online but that doesn't give me a clear picture of what the average person uses. CP is usually a pretty good indication of such things.

[BlackArcher101]

Do about 30-40 transactions, don't pay a fee as I maintain a level in my account which nullifies it.

[Cecil Terwilliger]

Originally Posted by BlackArcher101

Do about 30-40 transactions, don't pay a fee as I maintain a level in my account which nullifies it.

Would you be so kind as to share what the minimum is? You don't have to say what you keep, just the minimum. Also, how is it calculated? It can never dip below a certain amount? Or a monthly average balance?

[BlackArcher101]

Originally Posted by Cecil Terwilliger

Would you be so kind as to share what the minimum is? You don't have to say what you keep, just the minimum. Also, how is it calculated? It can never dip below a certain amount? Or a monthly average balance?

All visible on the front page of my major canadian bank

[Cecil Terwilliger]

Originally Posted by BlackArcher101

All visible on the front page of my major canadian bank

If you don't mind my prying. Is that why you chose that bank? Or is it a coincidence?

[Temporary_User]

Any bank but ATB.

[Nammer403]

umm ive been with scotia forever now and my account type gave me unlimited transactions for about 11 dollars a month and id say id use quite a few transactions a month 30+

along im with first calgary and i dont pay fees for that

[billybob123]

PC Financial and I pay $0 for everything. Pay 6 or 7 bills a month, 3-4 ATM hits a month, no min balance (that I know of), cheques free.

It cheeses me off that banks charge for transactions. They should be happy you bank with them. If my bank tried charging me, I'd move to one that doesn't. That's what I did about 8 years ago when TD decided to arbitrarily change my banking profile, without my consent or even letting me know. Their charge for one ATM withdrawl ended my 20-year association with them.

[Ashartus]

CIBC. Have piles of automatic withdrawals plus a couple of cheques, cash withdrawals and the odd debit purchase. Don't pay any fees so long as I keep the minimum balance (don't remember exactly what it is but I've never dropped below it so it's not much).

Also have a couple of savings accounts - one has one free transaction per month and the other has unlimited online transactions; again no fees. I'd never take a personal account where I was going to have to pay fees unless there was something impressive to offset it.

[gottabekd]

Originally Posted by Cecil Terwilliger

If you don't mind my prying. Is that why you chose that bank? Or is it a coincidence?

For myself, I still bank at the same bank where my parents opened an account for me. I maintain the minimum balance, so don't get charged any fees. I imagine I would switch banks if they wanted me to pay fees (yes, I know there is opportunity cost to maintain the minimum balance).

[Art Vandelay]

PC Financial. Havent paid a monthly fee in 5 years.

[Champion]

I bank with Royal and TD. Have had a personal chequing and savings account with Royal for 12 years. Also have a Royal bank credit card I collect points with and use for my business (That Platinum Avion). If anybody knows of a better card let me know.

Have a TD business account and also a chequing account with TD. I probably do maybe 10-15 transactions with my Royal account per month and I barely ever use my TD personal account. I just use that one more to save.

[4X4]

Originally Posted by Temporary_User

Any bank but ATB.

When are those slackers going to join the 21st century and accept email money transfers?

[Gravitykillr]

Originally Posted by 4X4

When are those slackers going to join the 21st century and accept email money transfers?

you can accept email money transfers with ATB....it's just not as convenient or instant as all the other banks. ATB is developing a new banking system and should hopefully be able to do everything everyone else can do plus more when it's out.

[Finny61]

[albertGQ]

Originally Posted by Gravitykillr

you can accept email money transfers with ATB....it's just not as convenient or instant as all the other banks. ATB is developing a new banking system and should hopefully be able to do everything everyone else can do plus more when it's out.

Core? That thing keeps getting delayed.
At least you guys don't use Synergy anymore. Lol

[Gravitykillr]

Originally Posted by albertGQ

Core? That thing keeps getting delayed.
At least you guys don't use Synergy anymore. Lol

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.

[THE SCUD]

I am with CIBC's Imperial Service and don't pay any fees. They have great personal service, but I only use them for banking. Obviously trading, etc happens with brokerage houses (Self-managed: Questtrade - Manged: Canaccord as well as Pyotr & friends ).

CIBC is a terrible bank, but my personal banker @ CIBC's Imperial Service keeps me there, as well as them comping my fees.