You Know What Really Grinds My Gears? Now with 3x more gears...

[ResAlien]

Sometimes I forget the demographic here skews towards the upper end of the working age population and then a topic like this comes around. My bank doesn't even have a physical location in the state I live in, I really need to find more problems. I'm gonna be in trouble if in an emergency I ever need thousands of dollars cash

[Locke]

Originally Posted by lazypucker

Bank tellers are useless here. When I run up to the teller and ask a credit card question - hold up! You need to book an appointment with a credit card specialist! How about the GIC rates? No, you need to book with an investment specialist!

Why do they have so many different job functions like a credit card specialist, loan specialist, mortgage specialist, investments specialist, whatever specialist? Why can't the banks train their staff to do most if not all of these? Isn't that all the information is readily available in the same system?

Banks dont manage their own credit cards, they just slap their logos on them and then it's VISA's or MC's problem. The Bank doesnt approve people for credit cards, the secondary lenders do.

Mortgages? You're not getting a mortgage or loan 'from' the Bank, you're getting a morgage 'via' the Bank. Thats why when you apply they give you a laundry list of BS to provide because they have to submit that information to a secondary or tertiary lender.

[lazypucker]

Originally Posted by Locke

Banks dont manage their own credit cards, they just slap their logos on them and then it's VISA's or MC's problem. The Bank doesnt approve people for credit cards, the secondary lenders do.

Mortgages? You're not getting a mortgage or loan 'from' the Bank, you're getting a morgage 'via' the Bank. Thats why when you apply they give you a laundry list of BS to provide because they have to submit that information to a secondary or tertiary lender.

Mr. Know-it-all,

If the bank is selling third-party products, how come their employees know sh*t about them? And I have to jump through many hoops to get answers for a few simple questions?

[Shazam]

Bank drafts indeed have a hold on them now, due to fraud.

[Locke]

Originally Posted by lazypucker

Mr. Know-it-all,

If the bank is selling third-party products, how come their employees know sh*t about them? And I have to jump through many hoops to get answers for a few simple questions?

Well....

They're 3rd Party products. Its not their job to know.

The people you actually see and speak with at the Bank are here to sell you things, not know about them.

In my line of work, I consider Banks as 'Training Wheels.'

The moment anyone actually knows anything about they're doing at a Bank and how it works, they are gone.

Think about anyone you deal with at a Bank as equivalent to the guy trying to sell you a time-share in Florida. They're about the same.

He doesn't know anything about it. He doesn't care. His job is just to sell it to you and collect his commission.

[Locke]

Originally Posted by Shazam

Bank drafts indeed have a hold on them now, due to fraud.

I think its actually more due to outright incompetence.

Back in ye 'olden days' or 'the Before Times' as they're better known, if a Bank sold you a Draft, they had the authority to check if the funds were in the account and available, and then hold them for the receiver of the Draft.

Guaranteeing that the money was available and couldnt be moved by any condition other than the redemption of the Draft.

So now, the Banks aren't checking or certifying that funds are available and held. So what good are they?

If there are holds on Bank drafts than they're just any old cheque and I wouldnt pay a penny for them.

[Shazam]

No, the issue is that people are redeeming counterfeit bank drafts.

[Locke]

Originally Posted by Shazam

No, the issue is that people are redeeming counterfeit bank drafts.

Conversely then, the Banks aren't doing a good enough job making sure their Drafts are secure to prevent counterfeiting.

Like? We're basically talking 'cheque fraud' in this day and age?

Ain't nobody got time for that!

[brocoli]

Originally Posted by Shazam

Bank drafts indeed have a hold on them now, due to fraud.

This is 100% the fact. There has been a massive uprise in bank draft fraud. I can say that I work within the industry and it's no longer cheques that are the issue, but bank drafts. Fraudsters are very good at what they do and it is minute details that have gotten through in the past that have ruined the trust system for most.

We used to be good at connecting with other banks to verify bank draft information, however unless you have a phone number for your local bank, good luck trying to get in contact with any bank that isn't a call centre

[bizaro86]

Originally Posted by brocoli

This is 100% the fact. There has been a massive uprise in bank draft fraud. I can say that I work within the industry and it's no longer cheques that are the issue, but bank drafts. Fraudsters are very good at what they do and it is minute details that have gotten through in the past that have ruined the trust system for most.

We used to be good at connecting with other banks to verify bank draft information, however unless you have a phone number for your local bank, good luck trying to get in contact with any bank that isn't a call centre

I mean, there are like 6 banks. It seems like they could get together s d come up with a system where they verify drafts for each other.

Or as an alternative, increase the amount of money you can send by e-transfer to "buy a car" type levels.

[puffnstuff]

Or they could have enough cash on hand at a branch so they could just hand you a stack of money to use to buy a car.

And we have come full circle now.

[Barnet Flame]

I won't have any problems cashing a second-party out-of-state paycheck, will I? The reason I'm saying is, I've been so busy lately, I haven't been able to do my banking.

[Hemi-Cuda]

Originally Posted by Shazam

CIBC Visa annual fee is the only bank fee I pay.

Simplii for day-to-day chequing.
Investments at QT, WS or CIBC IE.
LOC at CIBC (no-fee)

I'll bite the bullet and pay for a bank draft, which happens maybe every 10 years or so.

I've got the Ultimate package with Scotia for my chequing account and the cashback Visa. As long as I keep the balance above $6000, there's no account fees, no credit card fees, free bank drafts, and free interac transfers. I've used every major Canadian bank in some fashion over the years, and they're the one I've had the least issues with

[CliffFletcher]

Originally Posted by ResAlien

Sometimes I forget the demographic here skews towards the upper end of the working age population and then a topic like this comes around. My bank doesn't even have a physical location in the state I live in, I really need to find more problems. I'm gonna be in trouble if in an emergency I ever need thousands of dollars cash

I don't think it's an age thing so much as people who buy and sell things used or engage in other under-the-table transactions thing. I've paid for stuff with cash maybe three times in the last two years.

[Shazam]

Originally Posted by Hemi-Cuda

I've got the Ultimate package with Scotia for my chequing account and the cashback Visa. As long as I keep the balance above $6000, there's no account fees, no credit card fees, free bank drafts, and free interac transfers. I've used every major Canadian bank in some fashion over the years, and they're the one I've had the least issues with

I mean either you have a ton of money to let $6k just sit there being eaten by inflation, or you simply don't care.

Like put the $6K into XBAL 10 years ago, it'd be worth 85% more today.

[Weitz]

Originally Posted by Shazam

I mean either you have a ton of money to let $6k just sit there being eaten by inflation, or you simply don't care.

Like put the $6K into XBAL 10 years ago, it'd be worth 85% more today.

It’s an easy emergency cash fund.

[Wormius]

Originally Posted by Shazam

I mean either you have a ton of money to let $6k just sit there being eaten by inflation, or you simply don't care.

Like put the $6K into XBAL 10 years ago, it'd be worth 85% more today.

Obviously in hindsight they should have put it in TSLA.

[Wormius]

Is there any worse sound than an air compressor kicking on and off? Roofing season makes me want to pierce my ear drums.

[GGG]

Originally Posted by Shazam

I mean either you have a ton of money to let $6k just sit there being eaten by inflation, or you simply don't care.

Like put the $6K into XBAL 10 years ago, it'd be worth 85% more today.

I think the comparison would be against a HYSA for you emerg fund so say 3% so $180 per year or say $100 after tax. So $8 per month.

[GGG]

Originally Posted by puffnstuff

Or they could have enough cash on hand at a branch so they could just hand you a stack of money to use to buy a car.

And we have come full circle now.

I felt like a drug dealer going around to 4 different banks to get 10k to buy a car.