Bank - Recommendations?

[OilKiller]

CIBC has been very good to us. Again, I highly recommend it.

[Alberta_Beef]

Originally Posted by OilKiller

CIBC has been very good to us. Again, I highly recommend it.

I was on their site and I am not sure why everyone was saying they are so expensive, their monthly fees on their unlimited chequing accounts seem to be on par with everyone else, maybe even a tiny bit cheaper per month

[OilKiller]

Yup, we have the unlimited chequing account for $12.95 a month. Same at ATB was $18.

[Cecil Terwilliger]

Originally Posted by 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.

Honestly most FIs in Canada are pretty similar, especially the big 5 banks.

With all of them (TD, Scotia, CIBC, BMO, RBC) you'll find they have an incredible amount of cross-selling and consolidation abilities. What do I mean? They can handle your mortgage, credit card, insurance, investing etc. They also have the widest reach. You'll find a branch or ATM on pretty much every corner in Canada. You'll also pay the highest fees out of all your options, and not just for monthly service charges for your account but also transfer out fees of registered products, NSF fees etc.

Major advantages to the big 5 are, well they're big. Lots of modern technology, easy to consolidate your business. Major disadvantages would be you're small fish to them (most likely) and you're just one of millions of customers to them. That and they tend to be more expensive.


There are also two main alternatives. Virtual banks (ING, PC and a few others) and Credit Unions/ATB.

Virtual banks tend to be cheaper than the big banks for your monthly banking and generally tend to offer better GIC rates. This is because they have no overhead. Your major disadvantage is customer service. You will never, ever see anyone face to face. If your debit card breaks there is no branch, you have to call them. They are more meant for self sufficient people who don't like to be bothered with the added costs just so that they can get that face to face experience.

Lastly Credit Unions and ATB. Alberta Treasury Branch isn't a CU, they're obviously a treasury but I'll include them here. Generally smaller (located only in AB or sometimes just a smaller region/city), generally rely more on building relationships with customers. They can pretty much offer all of your banking needs the same as the big 5 but they often aren't quite at the forefront of innovation. Some even do actual underwriting, as opposed to having their computer tell them if you are approved for a loan or not.

Credit Unions require you to apply to join though. They do a simple credit check and while that isn't an issue for most people if you've got terrible credit they may deny you. Sometimes though you get patronage from them, I've heard some CUs in BC don't do this anymore though. Essentially you're a shareholder when you join a CU and they pay a portion of their profits to shareholders.

As previously mentioned First Calgary (obviously in Calgary) offers completely free banking with no strings attached. This is not very common as monthly charges are a huge source of revenue for FIs.



As to who you should choose it is really up to you. IMO you'll find pretty much the exact same level and types of services across all 5 big banks. The virtual banks are a matter of taste and self sufficiency. CUs, although they usually offer all relevant services that a big bank does, are sometimes a little too mom and pop for some people. Although to others that smaller community owned CU is better than the evil big 5. Depends on your perspective.

One other thing to consider is your needs. Do you just want a chequing account? Do you want to consolidate all of your loans/mortgages/investments to the same FI? How much and what do you use your account for?

All things to consider. Hope that helps.

[Alberta_Beef]

Originally Posted by Cecil Terwilliger

Honestly most FIs in Canada are pretty similar, especially the big 5 banks.

With all of them (TD, Scotia, CIBC, BMO, RBC) you'll find they have an incredible amount of cross-selling and consolidation abilities. What do I mean? They can handle your mortgage, credit card, insurance, investing etc. They also have the widest reach. You'll find a branch or ATM on pretty much every corner in Canada. You'll also pay the highest fees out of all your options, and not just for monthly service charges for your account but also transfer out fees of registered products, NSF fees etc.

Major advantages to the big 5 are, well they're big. Lots of modern technology, easy to consolidate your business. Major disadvantages would be you're small fish to them (most likely) and you're just one of millions of customers to them. That and they tend to be more expensive.


There are also two main alternatives. Virtual banks (ING, PC and a few others) and Credit Unions/ATB.

Virtual banks tend to be cheaper than the big banks for your monthly banking and generally tend to offer better GIC rates. This is because they have no overhead. Your major disadvantage is customer service. You will never, ever see anyone face to face. If your debit card breaks there is no branch, you have to call them. They are more meant for self sufficient people who don't like to be bothered with the added costs just so that they can get that face to face experience.

Lastly Credit Unions and ATB. Alberta Treasury Branch isn't a CU, they're obviously a treasury but I'll include them here. Generally smaller (located only in AB or sometimes just a smaller region/city), generally rely more on building relationships with customers. They can pretty much offer all of your banking needs the same as the big 5 but they often aren't quite at the forefront of innovation. Some even do actual underwriting, as opposed to having their computer tell them if you are approved for a loan or not.

Credit Unions require you to apply to join though. They do a simple credit check and while that isn't an issue for most people if you've got terrible credit they may deny you. Sometimes though you get patronage from them, I've heard some CUs in BC don't do this anymore though. Essentially you're a shareholder when you join a CU and they pay a portion of their profits to shareholders.

As previously mentioned First Calgary (obviously in Calgary) offers completely free banking with no strings attached. This is not very common as monthly charges are a huge source of revenue for FIs.



As to who you should choose it is really up to you. IMO you'll find pretty much the exact same level and types of services across all 5 big banks. The virtual banks are a matter of taste and self sufficiency. CUs, although they usually offer all relevant services that a big bank does, are sometimes a little too mom and pop for some people. Although to others that smaller community owned CU is better than the evil big 5. Depends on your perspective.

One other thing to consider is your needs. Do you just want a chequing account? Do you want to consolidate all of your loans/mortgages/investments to the same FI? How much and what do you use your account for?

All things to consider. Hope that helps.

excellent info, its very much appreciated. I am thinking that maybe I will take my day off next week and try and make appointments at all the banks in town and see which might be right for me. I really don't need anything special so the fact some credit unions are offering no fee accounts is intriguing, as is a place like ING since I am in a position where I can finally start saving some and they offer a better interest rate. I really want to do my research and pick the right institution for me.

[albertGQ]

BNS bought ING Canada recently. That may or may not affect someone's decision to choose ING

[Rathji]

Got dinged with some fees at my bank this month that have me a bit choked.

Anyone ever try ING for chequing?

The website seems vague or cryptic about stuff like making a purchase with debit card, or what fees are charged when you use another ATM that is not in their network.

Is there a better option? PC financial?

[Cecil Terwilliger]

Originally Posted by Rathji

Got dinged with some fees at my bank this month that have me a bit choked.

Anyone ever try ING for chequing?

The website seems vague or cryptic about stuff like making a purchase with debit card, or what fees are charged when you use another ATM that is not in their network.

Is there a better option? PC financial?

As was discussed in Table 5's thread a few weeks back First Calgary has introduced a service charge free account that is unlimited everything with no strings attached.

[bizaro86]

Originally Posted by Rathji

Got dinged with some fees at my bank this month that have me a bit choked.

Anyone ever try ING for chequing?

The website seems vague or cryptic about stuff like making a purchase with debit card, or what fees are charged when you use another ATM that is not in their network.

Is there a better option? PC financial?

I've been using PC Financial for years, and have been pretty happy with them. Unlimited free debit transactions and withdrawals at PC or CIBC bank machines. There is a fee for withdrawals at non-CIBC machines, but they're pretty prevalent so I rarely pay it.

If you need things like a bank draft or certified cheque, it's a bit more inconvenient as you have to call and they'll either courier it to you, or you can pick it up at a CIBC branch. You can't just go into the branch and get one, so it took me an extra day when I was buying a new car. Otherwise, no inconvenience to me in the last 7 years.

[DownhillGoat]

Originally Posted by bizaro86

I've been using PC Financial for years, and have been pretty happy with them.

I used PC for over a decade, but switched to CIBC last year. PC was cheap, but a lot of little things bugged me:
- not being able to get a bank draft same day
- having to find a super store to get a replacement card, etc.
- turnaround time on loans/new accounts
- using an atm outside of PC/CIBC they charged you along with the atm you were using, so it was $3-4 a pop if you withdrew from other ATMs.
- 7-11/macs switched from CIBC to Scotiabank atms which severely limited the places to pull cash out from.
- they refused to increase my daily limit at the atm

If all you want is a basic chequing account and don't use it for much more than interac/online banking PC is fine.

CIBC offers no monthly fees if you maintain a balance of over $1000. And the fees for special transactions are lower than PC I find.

Talking with a person in-the-know, it sounds like ING isn't going to be that cheap/free for much longer.

[Jimmy Stang]

^ Didn't ING Canada just get snapped up by Scotiabank a few weeks ago? I have a couple of savings accounts there, but I haven't heard of any changes forthcoming. I haven't tried their chequing account though.

I use PC Financial for my daily banking and I like it. Kunkstyle's list is true, but for the amount of times I need a bank draft (hardly ever), or need a replacement card (not yet), or that I set up a new account (hardly ever), etc. it works well for me. So like he said, if you just use it for the basics, it'll be fine.

The biggest kicker is, as mentioned, the disappearance of a lot of bank machines from 7-11 and Mac's. I don't use cash unless I have to, so this hasn't been too bad for me, but it used to be that you could find a CIBC machine pretty much anywhere, which was a huge plus. Now they're getting scarce.

[DownhillGoat]

Originally Posted by Jimmy Stang

^ Didn't ING Canada just get snapped up by Scotiabank a few weeks ago? I have a couple of savings accounts there, but I haven't heard of any changes forthcoming.

Yes they did. No changes yet, but they don't have the trademark of IGN and will be forced to rebrand it within a year. Nothing certain, but I'd be surprised if they don't bring fee changes in when they do. Maybe not, but I've heard rumblings that it's just not a sustainable business model.

[cral12]

Was going to start a new thread, but found this one, hence the super old bump.

Looking to switch up banks. Been with HSBC for sometime, but some things are annoying with them (e.g. need this mini separate device they have just to setup eTransfers to people). Plus, some troubling articles about them and their activities world wide.

We have RBC for some stuff and overall, ok with their level of service.

Just looking for thoughts and experiences of fellow CPers. Thanks.

[Weitz]

You will get a wide range of opinions on all the banks, good or bad. I Have been with RBC for probably my whole life for day to day stuff and they have been great.

[CroFlames]

I was BMO for long time. My wife was RBC so when we got married it was a coin flip to choose one or the other; we are on RBC now.

All the Big 5 are relatively the same IMO. I choose to bank with one of the Big 5 because I like having all my investments, registered accounts, cc, checking etc in one place. Commissions for trades are higher (9.95) but I'm not really a day trader and so I can stomach those fees for the handful of trades I make per quarter. RBC has a very wide selection of Series D MFs, so that's nice too.

[Boblobla]

I have my personal and business banking through RBC. No complaints.

[afc wimbledon]

anyone but Scotiabank, they are scum

[Northendzone]

i have been with TD my whole life. they have let me have access to my money when i needed it and borrowed me some moeny when i asked.

my wife and i have our mortgage and investments with RBC - similar story as above.

[RichieRich]

now with some sleuthing I can figure out your bank and name and start down the path of identity theft. but first please answer the following questions...
Is your bank password... password? password1 2 or 3?
MWHAHAHAHAAaaaaaaa.... (hack hack, cough, splutter)

For banks you need to consider the value of consolidating as many services as possible under one umbrella. sometimes makes life easier, or are you ok with the cost of such. Having your personal accounts at same place as business, or mortgage/HELOC/LOC, or credit cards, investments (reg & non reg), etc... helps hugely. Proximity to house, does access to money become an issue out of province, does monthly price matter if you always maintain minimum balances, etc...

[brocoli]

So I have worked for a few different banks and there is plenty of good information on this page. As most have said, for basic banking almost all offer the same. There are always ways for discounted or free accounts. Minimum balances are the main way that banks will "waive" account fees. I've always had it that I want a phone number to be able to talk to someone in a branch near me when I need it and not a call centre (cough...RBC...cough).