Personal Finance

Changing banks - does anyone take notice?

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  • Sep 20th, 2017 5:00 pm
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Member
Jun 28, 2011
463 posts
140 upvotes
VANCOUVER

Changing banks - does anyone take notice?

I've been making the moves to change banks these past few months and while I haven't said that I'm leaving the bank, no one has taken notice of the changes to my accounts. (I haven't said anything about leaving, except to an investment person on the phone who apologized but he's not involved in the day to day banking)

I realize I'm just a number to these big banks and a friend at work who worked for one of the Big 5 said that the CSR's were trained to take notice of this sort of thing and to try and retain the client's business.

Has anyone else experienced this? I haven't changed banks in years so I'm out of the loop.
7 replies
Sr. Member
Jun 5, 2016
608 posts
804 upvotes
Very unlikely they'll notice until you call or go into the bank to ask them to close your account.

Why do you care if they notice?
Member
Mar 5, 2013
497 posts
118 upvotes
Ottawa
As long as they have a phone number to call you to sell you something, I don't think they give a hoot. I've closed all my personal accounts at a major bank except for the joint account with my husband, and I never heard a peep from them. I may be wrong, but I don't think they need deposits anymore to calculate how much they can lend out, which is why closing accounts isn't as big a deal.
Member
Mar 10, 2009
317 posts
281 upvotes
Toronto
Unless you're flagged as a HVC (High Value Customer), when you go to close your account they will let you walk. If you're a HVC, depending on the reason why you're leaving (for example if it's because of bank fees or annual fees on a credit card then they may waive/reimburse it for a period of time) they will try to retain you.
Member
Jun 28, 2011
463 posts
140 upvotes
VANCOUVER
imperial1 wrote: Unless you're flagged as a HVC (High Value Customer), when you go to close your account they will let you walk. If you're a HVC, depending on the reason why you're leaving (for example if it's because of bank fees or annual fees on a credit card then they may waive/reimburse it for a period of time) they will try to retain you.
Yeah, as I figured. Although a friend had five mortgages with TD and moved them all to another bank as she wasn't happy with the customer service . These mortgages were worth about $1 million and no one asked why she was leaving nor did the bank attempt to retain her business. In the end, it was better for her because she got a better rate and better customer service.
I guess $1 million in mortgages (with considerable equity) isn't considered HVC by TD.
Member
Jul 2, 2015
262 posts
146 upvotes
OTTAWA,ON
travelandshoppingwoman77 wrote: I've been making the moves to change banks these past few months and while I haven't said that I'm leaving the bank, no one has taken notice of the changes to my accounts. (I haven't said anything about leaving, except to an investment person on the phone who apologized but he's not involved in the day to day banking)

I realize I'm just a number to these big banks and a friend at work who worked for one of the Big 5 said that the CSR's were trained to take notice of this sort of thing and to try and retain the client's business.

Has anyone else experienced this? I haven't changed banks in years so I'm out of the loop.
My experience has been that they do care and will always ask if there is something they can do to help you change your mind.

The only anomaly that I have encountered is Tangerine that seem intent on pissing you off at every turn with their annoying targeted offers and the need to phone in and beg for an offer every 90 days.
And even then, after being offered something that you know is less than they have been handing out to others with less money in the account than you have,when you finally say, "Ok, move my funds out" the CSR asks if you wish to close the account as well. :twisted:
Deal Addict
Sep 7, 2004
1599 posts
631 upvotes
Toronto
I think we'd all like to think of ourselves as HVC's but the reality is that when you're dealing with these billion dollar organizations we are all (most of us) very small fish to them. When you're talking about Personal and Commercial Banking unless the business is seeing a bank run no one is really going to bat an eye that a $1MM mortgage account is being closed.

Consider that TD itself made $2.77 billion in pure profit in Q3 which roughly translates to $30MM in pure profit per day, a singular account here or there being closed isn't going to raise any eyebrows.
Deal Fanatic
User avatar
May 9, 2009
7135 posts
3737 upvotes
Montreal
travelandshoppingwoman77 wrote: I guess $1 million in mortgages (with considerable equity) isn't considered HVC by TD.
Why would it be? If there's considerable equity, she's no longer paying a whole lot of interest. And if she's not paying a lot interest, the bank isn't making much money off of her.

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