Bank - Recommendations?

[Table 5]

Originally Posted by Bunk

You're back in Canada now, fool!

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

Dammit, it took me a good 5 years to consistently switch from cheque to check, and now I have to go through it all again?!

I've always spelled color without the u though. The less useless fluff letters, the better.

[rd_aaron]

Originally Posted by OilKiller

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.

Originally Posted by Ashartus

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.

I phoned a couple weeks ago and asked why I was getting charged so much. Turns out I only have so many "debits" per month (I forget how many). Everytime I pay a bill, transfer money from chequing to savings, put money in my TFSA, do an email money transfer, have a pre-authorized payment come out, use my debit card at an ABM (even if it's a CIBC one) or use my debit card to purchase something, it's a "debit" transaction and costs like $1.50.

As an example, I had automatic transfers going from my chequing account to my savings account on the 15th and last day of the month (when I got paid). I usually would let it build up for a couple months, and then decide whether to contribute it to my TFSA, RRSP, or put a lump sum on my student loan. However, the transfer on the 15th is one "debit", the one at the end of the month is another, the transfer to my TFSA or whatever leaves a transfer fee of -$1.50 in my savings account.

I pay cable/internet and power through online banking. Student loan payment, car insurance payment, and renter's insurance payment all come out of my account automatically. That's 5 debits without even doing any transfers, ABM withdrawals, or debit purchases. I primarily use my Mastercard and try to keep it at $0 balance but every time I pay it off, it's a "debit".

Obviously I could do the $12.95/month for unlimited transactions, but I don't really think I should have to pay $155.40 per year to do basic banking transactions that don't cost them any overhead (like a transfer from chequing to savings for example). Maybe they are better than a lot of banks (I haven't started looking yet) but I do know that at least with BMO, I can get 100 air miles a month just for having a $5000 balance in my account, so that's probably where I'll look first.

Maybe I just feel ripped off because growing up and through university I rarely paid any kind of fees. To date in 2012, I've paid $104.45 in fees.

[red sky]

Originally Posted by saskflames69

haven't had any issues with the canadian imperial bank of commerce.

Royal bank of canada really screwed me over, so i hold a grudge against them.

fyp

[albertGQ]

I don't know why people need so many debit transactions included in their account. Credit card is the way to go. You get points/rewards and you never have to pay for transactions.

[Cecil Terwilliger]

Originally Posted by albertGQ

I don't know why people need so many debit transactions included in their account. Credit card is the way to go. You get points/rewards and you never have to pay for transactions.

Haha. Until they get the statement at the end of the month and realize that not only have they racked up $5k in credit but they also spent that money in their account which they totally meant to pay onto their CC as soon as they got home.

What you do works but for most people they just don't have enough self control.

[OilKiller]

Originally Posted by albertGQ

I don't know why people need so many debit transactions included in their account. Credit card is the way to go. You get points/rewards and you never have to pay for transactions.

But what if your credit card is maxed out?

[MrMastodonFarm]

Originally Posted by albertGQ

I don't know why people need so many debit transactions included in their account. Credit card is the way to go. You get points/rewards and you never have to pay for transactions.

I've been trying to do that more but for some reason I always reach for the debit card.

[KeepCalmCarryOn]

I also have to put a shout out for the local guys - First Calgary Financial. Their personal account really is FREE and the service is amazing. Their online stuff is great too, can do a lot of what you're asking (go in and ask for a demo!). They are even on mint.com, which would be a great way for you to organize your financial picture for free!

Not often I can sit here and recommend something local, but they are darn good.

[edit] I sound like they gave me a BJ for that plug... I have no financial interest in FirstCalgary. I just really like their mojo - the fact that they are Calgarian gives me a fellow-Calgarian bro'ner.

[rd_aaron]

Originally Posted by albertGQ

I don't know why people need so many debit transactions included in their account. Credit card is the way to go. You get points/rewards and you never have to pay for transactions.

I use my debit card MAYBE once a month for a purchase. I use my credit card almost exclusively. However, like I said above, if I want to deposit money in my RRSP or TFSA, or if I want to pay bills, they are all debit transactions... as is every time I pay off my credit card.

[Cecil Terwilliger]

Originally Posted by KeepCalmCarryOn

I also have to put a shout out for the local guys - First Calgary Financial. Their personal account really is FREE and the service is amazing. Their online stuff is great too, can do a lot of what you're asking (go in and ask for a demo!). They are even on mint.com, which would be a great way for you to organize your financial picture for free!

Not often I can sit here and recommend something local, but they are darn good.

[edit] I sound like they gave me a BJ for that plug... I have no financial interest in FirstCalgary. I just really like their mojo - the fact that they are Calgarian gives me a fellow-Calgarian bro'ner.

It's a credit union so you do technically have some financial interest. They pay you every year based on your business with them and their profits.

[OilKiller]

Originally Posted by fotze

Oh Oilkiller, not again.

LOL...always dude, always.

Meh, I have fun...screw it.

[MrMastodonFarm]

Originally Posted by OilKiller

LOL...always dude, always.

Meh, I have fun...screw it.

[Ozy_Flame]

CIBC was ranked as one of the stable Canadian banks recently. I will continue to use them, although they are a bit pricey.

[OilKiller]

Originally Posted by MrMastodonFarm

Not sure why this reaction??

My wife and I enjoy life now and whatever happens, happens. Would hate to have a ton of savings and get hit by a bus. We pay our bills and enjoy our life.

Anyway, back to bank talk.

[calgaryrocks]

CIBC has a nice dividend on the stock side of things as well
I am transferring from TD to PC financial as I am tired of the fees and basically no interest from TD. PC may have less in-person options, but I don't really need that at this point anyways, I do most stuff online

[Table 5]

Originally Posted by OilKiller

My wife and I enjoy life now and whatever happens, happens. Would hate to have a ton of savings and get hit by a bus.

I'm no financial planner, but even I know that with that type of strategy, you better hope you DO get hit by that bus.

[OilKiller]

Originally Posted by Table 5

I'm no financial planner, but even I know that with that type of strategy, you better hope you DO get hit by that bus.

Thanks for the information pops. What would I do without you?

[Alberta_Beef]

I too am seeking a new bank. I am looking at leaving TD as I am not happy with how some things recently transpired. Without going into detail and trashing them, I would like to hear more about banks and their perks, disadvantages.... etc.

I have been with TD for like 8 years so I am a bit lost in this.

[OilKiller]

Originally Posted by Table 5

I'm no financial planner, but even I know that with that type of strategy, you better hope you DO get hit by that bus.

Since this post, I've managed to avoid all buses and have started several savings plans as well as RRSP's

[Table 5]

Excellent. I on the other hand, have yet to pick a new bank!