A question of loyalty: WHO DO YOU BANK WITH? AND WHY?

[jsixone]

...or is it a question of loyalty?

With many factors, including customer transactional experience, convenience, internet high interest savings accounts, quality of service, and problem resolution, thrown into the mix, the average customer experiences a very different brand of personal banking today (in contrast to a banking system that existed during a much simpler time.)

Some will say that it has to do with bank loyalty. Most will say that bank loyalty is a thing of the past and a smart consumer will bank with the institution that offers the lowest rates and highest interest. And of course, others just don't care.

So, I can't help but wonder: Who do you bank with? And why?

Thank you in advance for your inputs.

[sunnybono]

TD Canada Trust!!!!

Their online banking is the best in North America, and the fact that their hours are a lot longer than most other banks, in case I need a bank draft or US or CDN currency.

sk

[Justin C]

ditto ... plus I like their business packages / services.

[lofidelity]

Thirding TD. Most branches in my area, and the cheapest (or free) service.

[notanexpert]

President's Choice for chequing (very happily since 1998), because I'm a cheap bastard, and BNS Total Equity Plan for Mortgage/HELOC, again because I'm a cheap bastard and they gave me the best deal on the combined interest rates.

[Diamondog]

President's Choice for chequing (very happily since 1998), because I'm a cheap bastard, and BNS Total Equity Plan for Mortgage/HELOC, again because I'm a cheap bastard and they gave me the best deal on the combined interest rates.

Has nothing to do with being cheap screw these banks raking in record profits year after year!

I bank with Presidents Financial as well have a mortgage through them, mortgage was as simple to get as could possibly be. I used just about every other bank and got sick of all the charges, lack of ability to see a teller without paying for it....waits in line to see a teller...I said to hell with it...I opened several PC accounts got a mastercard through them and a mortgage....the have just as much ability as any other bank.....any bank will give me what I want anyways within reason in terms of line of credit/loans so I don't need to be loyal to a bank to get these....love the free banking, between PC stores and CIBC no problems getting or depositing cash. Getting a bank draft was inconveinient but those are far and few in between. Also using the credit card I get a lot of free groceries and yes they are free I never carry a balance so no interest.

[Tofu Drift Shinji]

TD Canada Trust for proximity and service hours.

[siriuskao]

TD. Best web interface IMO (compare to scotia and hsbc)

[PuppyB]

LOL, :lol: :lol: :lol: u r too modest.


President's Choice for chequing (very happily since 1998), because I'm a cheap bastard, and BNS Total Equity Plan for Mortgage/HELOC, again because I'm a cheap bastard and they gave me the best deal on the combined interest rates.

[sibermage]

CIBC

I personally prefer CIBC web interface over TD's. Plus, I have one of the old accounts where I get unlimited transactions :)

[esq05]

TD here. I use PC for savings and thats it. Just need a teller sometimes when need to pay off bills and cant wait their holding days... like where they hold your money for 3-5 business days... so TD!!! (but PC for savings and credit card)!

[nerd]

A local credit union. great interest rates and unlimited FREE transactions

[jsixone]

TD here. I use PC for savings and thats it. Just need a teller sometimes when need to pay off bills and cant wait their holding days... like where they hold your money for 3-5 business days... so TD!!! (but PC for savings and credit card)!

Does TD offer a "CashBack type service" (a service that I currently receive at Scotiabank) where your first $200 deposited at an ABM (cash or cheque) is not held and automatically becomes available funds?


Also, for those of you who care for what J.D. Power and Associates have to say: http://www.jdpower.com/corporate/news/releases/pdf/2006223.pdf

I think the majority of you who've posted thus far will be pleased with this 2006 report.

[Krox]

I personally use RBC and I have tried to do most of my banking with them. I know when I was looking for a mortgage they gave me the best competitive rate and were even willing to beat the best offer of a mortgage broker after the fact. They seem quite willing to do things to keep me happy. The offered me a preapproved LOC at prime +1 which is quite competitive.

My g/f used to bank with CIBC and left them b/c they were useless. She is now using TD canada trust. I have to say I their customer service is excellent. The only thing, I find their staff do not know a lot and don't have a lot of authority. My g/f applied for a LOC with them and the best they could do was prime +3% ( which is bad compared to RBC). My g/f makes double what I make and has a better credit score. Their CSR seemed a little embarrassed by the offer and said she didn't have the authority to change it. Also, my g/f bought some mutual funds for her RRSP and I was a little shocked that when the TD person couldn't give answers to some basic questions about MERs and such.


Also, personally I don't mind if the banks make huge profits ( i have stocks in most of them).

[notanexpert]

[QUOTE=jsixone;4870037]Does TD offer a "CashBack type service" (a service that I currently receive at Scotiabank) where your first $200 deposited at an ABM (cash or cheque) is not held and automatically becomes available funds?
QUOTE]

On my PC account, I have up to $20k available immediately, no holds. I got that when I first got the account, with a $2k overdraft limit. I thought they were being very generous with me considering that my income was not high, although my credit was spotless I believe.

Martin

[sunnybono]

Does TD offer a "CashBack type service" (a service that I currently receive at Scotiabank) where your first $200 deposited at an ABM (cash or cheque) is not held and automatically becomes available funds?


Also, for those of you who care for what J.D. Power and Associates have to say: http://www.jdpower.com/corporate/news/releases/pdf/2006223.pdf

I think the majority of you who've posted thus far will be pleased with this 2006 report.

Yes, its called a partial hold on all deposits starting as low as $0 (full hold) to $500 (partial hold). This hold is determined by your credit rating. The poorer the rating, the larger the hold. Obviously, if you had direct deposit that would not be held!!!!

sk

[don242]

Does TD offer a "CashBack type service" (a service that I currently receive at Scotiabank) where your first $200 deposited at an ABM (cash or cheque) is not held and automatically becomes available funds?




I think this depends on other factors than just what bank you go to. I use PCF and $2000 on any atm deposit is available immediatly whereas others using PCF, this isn't the case.

As for the OP's question, I generally don't consider loyalty as a factor for choosing a bank. I chose PCF because it had what I needed and doesn't charge any fees. Loyalty really didn't have anything to do with it. If I need a product from another bank, I haven't had any problems getting it and getting a competitive rate or features. I shop around like I do for anything, and those that offer the best deal, get my business. Simple as that. In my experience with banks that I had accounts with for more than 10 years in the past, I didn't gain any sort of advantage by staying with them. A few times they have claimed to offer me a deal because I was a loyal customer, only to find that I could get the same deal across the street from a bank I never had dealings with. Loyalty is a two-way thing, if the bank wants my loyalty they have to earn it and raising fees and lowering interest rates on bank accounts just doesn't impress me.

[89fan]

I bank with Scotiabank.
Mainly because my fiance banks with them.
But they seem ok, not great but not bad.
I like the fact that I can link my account to their Money Master Account and get real time transfers as opposed to 2 day transfers with ING.

Their banking officers do suck though, they have no knowledge, and they do not seem to get it when I tell them their MER's are too high, and that their mutual funds suck compared to TDCT and RBC. Their hours leave alot to be desired too.

I will NEVER EVER deal with CIBC, PC Financial (the bank not cc), and BMO.

However when it comes time for my mortgage they better beat the broker or I am walking to either TD or RBC.

[wheel]

Gosh, does it matter? They're all equally useless, bloated beauracracies with little or no real difference between them. Really, rates are basicaly vanilla across the board. As are services. Sure, there's small idiosyncracies amongst them, but that's all they are. There's certainly no competition in the marketplace.

I dislike them all equally. Which is a lot.

[lint]

TD Canada Trust for proximity and service hours.

Same with me. I like being able to walk to my branch on a saturday when need be.

[atforum]

TD. Their ATM machines seem to be everywhere and they offer free bank statements when I need them to extend my visa :cheesygri Plus it is so near..

i hate the fact taht they offer so low free transactions though

[aznfoos]

TD is probably the best in terms of proximity, customer service, branch hours, and web interface (very easy to navigate, unlike CIBC). I have a select acct with TD for the free dep box, no fees, and free american traveller checks.

I was with CIBC for 20 years until their incompetent, unfriendly staff, crappy hours, and extra fees just turned me over to TD. Plus, I got a free promotional Ipod out of it!

[Chookman]

TD because of service hours, multiple locations, web banking and the Select Service account/Gold Elite Visa combo that makes all bank services free along with free auto club, safety deposit box, etc. (Except for the interest you give up for keeping a minimum balance.) No other bank has a reward package to fit my lifestyle like TD. For knowledge/loyalty they are really sub-par and I'd leave them in an instant if there was another option that had the same benefits.

[bembol]

Scotiabank because of location and seem to have the most Drive Thru's in th GTA.

[adamtheman]

A few years back I would have said PC Financial.

But after 3 years of backing with them, I got very, VERY tired of calling in and asking for simple things (like limit increases, loans, mortgages, etc.) and being turned down for unknown reasons and then told "I'm sorry, the system decides who gets what, there is nothing I can do". Well, I quickly decided I don't want my money with a bank that lets a system decide what is what. I want real people.

So now I do my banking with a local speciality credit union. Need a $300,000 mortgage? No problem - approved over the phone with just a simple credit check. I was shocked. What about the rate? Her exact words, "Adam, just find me the lowest documented price you can and give it to me and I'll match it". They don't make a lot of profits, it's a service provided to exclusive members. I am in heaven and this is what banking SHOULD BE.

I won't mention the credit union because it's not public. I'm sure some can figure it out though.

[thesnowfox]

Used to bank with CIBC as that is where my parents did. They were the only bank, 26 years ago, to provide my parents with the funds for the family farm.

Then, a couple years ago, they began basically forcing out our business. Our bank manager was so pissed off about what some senior department at CIBC was doing that he took early retirement. I don't know all the details, all I know is that it caused my parents a LOT of grief that they didn't need or deserve. We have a successful farm. We make money for the bank.

So they moved to a local credit union. I moved my accounts over as well. We're all much happier now!

[edited to add the following]
I started using PC last year for the great savings rates. Last night I couldn't log into my online banking. Called them up, wasn't on the phone for a minute when a friendly person let me know that my account had been frozen because PC thought that someone had somehow made a copy of my card. 2 minutes later she tells me that I'll have a new card in my hands in 5-7 days. Love the service. They've earned my loyalty.

[bluedcfive]

I started using PC last year for the great savings rates. Last night I couldn't log into my online banking. Called them up, wasn't on the phone for a minute when a friendly person let me know that my account had been frozen because PC thought that someone had somehow made a copy of my card. 2 minutes later she tells me that I'll have a new card in my hands in 5-7 days. Love the service. They've earned my loyalty.

What if that was your primary cheq account? You would have no access for 5-7 days (business days BTW) which is unacceptable to me.

RBC all the way

[B40]

TD Bank... just because I've been with them since I was 12. My parents were with Canada Trust for the longest time too... until TD bought them.

[trusoulja2g]

Use PC Financial for chequing account to save on fees and RBC for LOC because they were the easiest to get.

I am opposed to the idea of paying service charges to lend a bank my money. Also, I dislike dealing with the incompetant staff at bank branches.

[boyoflondon]

Main account is with TD Canada trust
- been with them since grade 9 ... Almost 10 years now
- easy to use online banking system
- longer working hours when I need to go to a branch


Back-up account is with RBC
- dont use them ever ... just keep my extra $$ there ..

[thesnowfox]

What if that was your primary cheq account? You would have no access for 5-7 days (business days BTW) which is unacceptable to me.

RBC all the way

They gave me an option. I could get the new card right away by visiting one of their in-store pavilions, or have it mailed.

Since I don't think that I'll be in a RCSS in the next week, I told them to mail it to me.

[John_In_Vancouver]

...or is it a question of loyalty?

With many factors, including customer transactional experience, convenience, internet high interest savings accounts, quality of service, and problem resolution, thrown into the mix, the average customer experiences a very different brand of personal banking today (in contrast to a banking system that existed during a much simpler time.)

Some will say that it has to do with bank loyalty. Most will say that bank loyalty is a thing of the past and a smart consumer will bank with the institution that offers the lowest rates and highest interest. And of course, others just don't care.

So, I can't help but wonder: Who do you bank with? And why?

Thank you in advance for your inputs.

I have had RBC since I was a kid.

RBC has the convenience factor as they have the most branches, have ATMS in Chevrons and Essos as well as London Drugs. Their web access for online banking is pretty good to. I have a gold ATM card which means I also get free money orders.

I also use RBC for VISA and for years used the Classic II. Each year I would redeem about points good for $100 in Future Shop gift cards to go buy things.

Typically unless you are looking for the cheapest package/fees, people will stick with the bank they started with or the one that is closest to their home.

[matradley]

I use TD for my chequing account. Simply, TD has great service and is easily accessible in my area. I also have a PC Financial Chequing/Savings account for convenience purposes - I can use CIBC machines.

[konfusion666]

CIBC and BMO.

PCF and ING only for savings accounts.

[jsixone]

I have had RBC since I was a kid.

RBC has the convenience factor as they have the most branches, have ATMS in Chevrons and Essos as well as London Drugs. Their web access for online banking is pretty good to. I have a gold ATM card which means I also get free money orders.

I also use RBC for VISA and for years used the Classic II. Each year I would redeem about points good for $100 in Future Shop gift cards to go buy things.

Typically unless you are looking for the cheapest package/fees, people will stick with the bank they started with or the one that is closest to their home. Are BMO and RBC the only banks that offer decent reward credit cards for College students?

[gq_fuzion]

i've had a TD chq account all my life
but i've also got a fairly new PCF savings account and i'm thinking about opening a savings account at HSBC for that $25 bonus

for TD, they've always offered me great service... and never had any fee's

PC i've got for the 4% interest rate
and HSBC i'm thinking about for the bonus

[162]

BMO - handshake agreement - They gave me the best mortgage rate around and I gave them all my business.

[dmxlite]

I have had RBC since I was a kid.

RBC has the convenience factor as they have the most branches ...

I also use RBC for VISA and for years used the Classic II. Each year I would redeem about points good for $100 in Future Shop gift cards to go buy things.

Typically unless you are looking for the cheapest package/fees, people will stick with the bank they started with or the one that is closest to their home.

Yep, that's me too. I started with RBC because my friend was using it, and it was nearby. I guess it got more exposure since our elementry school got to visit the local branch (to learn about money and banking).

I also have an joint account at Coast Capital Savings (credit union), and a savings account at PCF.

[scottyb]

I use RBC, I gave BMO a shot but was dissapointed with the service level there. I've heard many people say TD has the best online interface, I'm wondering how great could it be? I can do anything online with Royal, and I think it's pretty easy to do anything.

[gman]

RBC was my first bank. I hate it.

Bank of Montreal has that funny bank book and lousy service. I hate it.

I used to bank in TD when I was a student and like their Green Machine. However, I switched to CIBC because there was a branch close to me, right in the lobby of the office building I worked.

After that I stayed with CIBC because of their excellent service and personal touch. It appears there are more CIBC bank machines around me. I feel more comfortable to red than green. :) I feel more comfortable to CIBC branch design than TD, more warm feeling in CIBC.

Anything is a phone call or email away. I need an extra cheque book, no problem. Send my banker an email. There is something I don't understand. Email. I can also phone my banker but I just prefer email (because I usually think of something in the middle of the night).

I have not visited my current home branch in my life. The branch I opened the account was closed and my account was moved to another branch which I never visited. I don't work in that building anymore.

Renew mortgage, no problem. Did the negotiation in phone. The branch is in downtown and I am in Markham. No problem. The banker went to my home and did all the paper work. Okay, that only happened once. After that, they just courier me the paper work and I drop the envelope to one of their branches up here.

I want a better line of credit and don't want the pay any fee. No problem. The banker marked my name in her calender. When there is a promotion, she call me.

[konfusion666]

I use RBC, I gave BMO a shot but was dissapointed with the service level there. I've heard many people say TD has the best online interface, I'm wondering how great could it be? I can do anything online with Royal, and I think it's pretty easy to do anything.

There's definitely a difference in the online banking interface/functionality between the Banks. I have both BMO and CIBC, and although BMO has some nifty features, from an overall perspective CIBC's online banking is better - at least the regular banking part (not Investors Edge). CIBC's is also more secure, with the PVQs that BMO doesn't have.
I'd like to try TD's interface as everyone is always raving about them.

[libby43]

Over the years, I've had dealings with most banks, and RBC is by far my LEAST favourite. The credit union I was with from the time I was a kid was no longer allowed to deal with my student loans for some reason, so I switched the loan account over to RBC without switching my bank account, and you wouldn't believe their incompetence at processing the payments.

EVERY SINGLE MONTH, they added my cheque for the provincial payment to the federal and counted the provincial as in arrears and the federal as overpaid. It was unbelievably frustrating. I had to conclude that it was an elaborate scheme to get me to move my bank account to them! I paid off that loan and couldn't run away from them fast enough. To top it off, the branch manager was curt and rude when I finally closed the account. I will never have any dealings with them as a result of that student loan experience.

I've liked Canada Trust and my credit union (Westminster Savings, to which I did have some loyalty, but they were just too inconvenient when I moved out of the burbs - no ATMs), but now I'm with PC and wouldn't go back to a big bank for love or money. PC has my "loyalty" now.

[matradley]

RBC was my first bank. I hate it.

Bank of Montreal has that funny bank book and lousy service. I hate it.

I used to bank in TD when I was a student and like their Green Machine. However, I switched to CIBC because there was a branch close to me, right in the lobby of the office building I worked.

After that I stayed with CIBC because of their excellent service and personal touch. It appears there are more CIBC bank machines around me. I feel more comfortable to red than green. :) I feel more comfortable to CIBC branch design than TD, more warm feeling in CIBC.

Anything is a phone call or email away. I need an extra cheque book, no problem. Send my banker an email. There is something I don't understand. Email. I can also phone my banker but I just prefer email (because I usually think of something in the middle of the night).

I have not visited my current home branch in my life. The branch I opened the account was closed and my account was moved to another branch which I never visited. I don't work in that building anymore.

Renew mortgage, no problem. Did the negotiation in phone. The branch is in downtown and I am in Markham. No problem. The banker went to my home and did all the paper work. Okay, that only happened once. After that, they just courier me the paper work and I drop the envelope to one of their branches up here.

I want a better line of credit and don't want the pay any fee. No problem. The banker marked my name in her calender. When there is a promotion, she call me.

That is some impressive track record there. I assume you are one of those "black" card carrying members?

[gman]

That is some impressive track record there. I assume you are one of those "black" card carrying members?

The only black card I have is the Imperial Service card but I don't think you mean that.

[d_jedi]

President's choice. Not 100% satisfied with their customer service (once I got screwed over by them when they held a cheque, of which I needed the funds immediately to avoid an interest charge on a debt..), but I very rarely have to deal with them (only a handful of times I have ever spoken with anyone from there..).

Unlimited Interac chequing, and high interest savings account.. can't beat that.

I think, though, for more "hands on" type dealings, like loans, or RRSPs, I'll go somewhere else..

TD was my first bank, and I was with them for ~15 years.. but when they started racking up service charges on my account, I was gone.

[Spray]

CIBC.

Been very good to me with car loan rates, and lines of credit. Plus I like how there ATM's are spread out.

[Spazmogen]

RBC for day to day banking.
RBC Dominion Securities for RRSP's & RESP & investments for The Smith Manoeuvre (http://www.smithman.net/home.html)

[straysheepie]

Vancity credit union for free banking for youth under 25, and to support their environmental / social initiatives :cheesygri

I also have a TD Canada Trust account as backup and for eFunds/TD Waterhouse, and may upgrade to the select account that includes everything (SDB, auto club) after graduation.

RBC account I have to keep open for remittances but will close as soon as possible... the staff I've encountered there are pretty incompetent :cry:

[matradley]

The only black card I have is the Imperial Service card but I don't think you mean that.
That was, actually, what I meant. Imperial Service Card members get better service than standard members - at least that is from what I have heard.

[gman]

That was, actually, what I meant. Imperial Service Card members get better service than standard members - at least that is from what I have heard.

I was confused because it is not exactly a "membership". :cheesygri

Anyway, I got good service before I got the Imperial Service. I got that when the girl came to my house to do the mortgage. She suggested me to get it. I said okay. I did not have any investment with CIBC. I have not used the full potential of the service either.

[MWM]

PCF - For high interest.

TD - I work there, need for direct deposit and teller service.