Personal Finance

Looking for a better financial institution

  • Last Updated:
  • Jul 29th, 2009 5:46 pm
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Poll: Which best overall

  • Total votes: 80. You have voted on this poll.
RBC
 
12
15%
BN
 
3
4%
TD
 
36
45%
BMO
 
9
11%
Desjardins
 
2
3%
LBC
 
1
1%
Other
 
17
21%
Member
Nov 14, 2007
332 posts
2 upvotes
Piro21 wrote: Of which one of the products has to be a mortgage with RBC, another has to be an investment account, and another usually a credit card with fees as well, and you'll need all 4. Hardly as easy as just maintaining a minimum balance. RBC will find a way to take your money however they can while giving you 'discounts'.
All I have with RBC is two no fee Visa cards and one chequing account, the fees are waived
Deal Addict
Aug 28, 2007
2167 posts
539 upvotes
Calgary
hagbard wrote: I've tried most, and not really happy with any. They range from incompetent to criminal.
+1 I've been screwed by all of them at one time or another; none are perfect. So I wouldn't transfer all my affairs to just one bank. In fact, that's the problem you're experiencing right now. So why would you expect another bank to be any better?

Just don't put all your eggs in one basket. Diversify your holdings across several institutions.
Deal Expert
User avatar
Dec 19, 2001
31347 posts
2025 upvotes
Fernando Poo
Just Confused wrote: +1 I've been screwed by all of them at one time or another; none are perfect. So I wouldn't transfer all my affairs to just one bank. In fact, that's the problem you're experiencing right now. So why would you expect another bank to be any better?

Just don't put all your eggs in one basket. Diversify your holdings across several institutions.
That's what I am doing now. I'm hoping one will eventually shine and do all our business there. I've taken the advice of a RFD's poster who contacted me via email and went into my local TD and had a talk with the Manager. We're going to deal with one person from now on and see if things go smoother.
Deal Expert
User avatar
Dec 11, 2005
20134 posts
2962 upvotes
How come you left CIBC off the list but put in other smaller banks? Just curious.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Jr. Member
User avatar
Jul 10, 2005
138 posts
2 upvotes
albatman wrote: All I have with RBC is two no fee Visa cards and one chequing account, the fees are waived
Waived because you have a minimum balance into your check account or because they did you a favor ?
Jr. Member
User avatar
Jul 10, 2005
138 posts
2 upvotes
brunes wrote: How come you left CIBC off the list but put in other smaller banks? Just curious.
Distraction..

You like CIBC ? Why ?
Jr. Member
User avatar
Jul 10, 2005
138 posts
2 upvotes
What do you guys think of citizen's bank and their unlimited checking account.

I am not sure if it's a risk or not to make affairs with a bank this small.

Is there anything I should about them before opening a checking account with free unlimited transactions ? Any sort of rules written i tiny character in the contract ? A free unlimited transaction account seems to good to be true..
Moderator
User avatar
Mar 23, 2004
47725 posts
13890 upvotes
Markham
cyberderf wrote: What do you guys think of citizen's bank and their unlimited checking account.

I am not sure if it's a risk or not to make affairs with a bank this small.

Is there anything I should about them before opening a checking account with free unlimited transactions ? Any sort of rules written i tiny character in the contract ? A free unlimited transaction account seems to good to be true..
not really, pcf already has a no fee chequing account.
Sr. Member
User avatar
Sep 9, 2005
842 posts
166 upvotes
Toronto
cyberderf wrote: What do you guys think of citizen's bank and their unlimited checking account.

I am not sure if it's a risk or not to make affairs with a bank this small.

Is there anything I should about them before opening a checking account with free unlimited transactions ? Any sort of rules written i tiny character in the contract ? A free unlimited transaction account seems to good to be true..
At the risk of repeating myself, I love Citizens Bank. They are backed by VanCity, so while they may not be huge, they have a very solid backbone infrastructure.

I have Global Chequing Account, Ultimate Savings and an unsecured LOC with them.

Citizens doesn't charge fees on their end for cheques or any transactions; Period. If you use Exchange or no fee ATM's, that means no fees at all for cash withdrawals on the chequing account.

Where Citizens really excels (aside from ace customer service) is you can make 4 free ATM withdrawals from their Ultimate Savings Account per month. That is totally free. If you use another banks' ATM, they not only don't charge you a fee from Citizens, but will reimburse the $1.50 Interac fee 4 times a month. Absolutely unheard of for a free account with no strings (minimum balance, multiple product requirements etc). Essentially, you have free access to any bank machine in Canada (up to 4 times a month at least).
Jr. Member
Oct 31, 2006
182 posts
1 upvote
Salinger wrote: Where Citizens really excels (aside from ace customer service) is you can make 4 free ATM withdrawals from their Ultimate Savings Account per month. That is totally free. If you use another banks' ATM, they not only don't charge you a fee from Citizens, but will reimburse the $1.50 Interac fee 4 times a month.
Are you certain that it really is absolutely free? I haven't tried with my account, but I was under the impression that they do not reimburse the "convenience fee" that is charged by the atm owner. For example, you use an atm at a bank, there is a $1.50 INTERAC network access fee, plus the bank charges a $1.50 convenience fee. Are you saying that Citizens cover both fees? Thanks for any clarification! :)
Sr. Member
User avatar
Sep 9, 2005
842 posts
166 upvotes
Toronto
Good point. I'm not 100% sure as I haven't been with Citizens through a complete cycle yet. I assumed the $1.50 fee was the fee they were talking about but you could be right.

So, I don't understand what Citizens means by reimbursing the Interac fee. They don't charge one to begin with. Strange. Maybe I'll check with them to clarify exactly what is charged and what is refunded. Since it sounded too good to be true, it probably is. :)
Jr. Member
User avatar
Jul 10, 2005
138 posts
2 upvotes
Oups..

I just realized I didn't have access to any of the banks with free unlimited transaction, because i'm in Quebec. Grrrr....

So far TD is interesting, but some of the fees appears to be higher than National Bank and RBC for my transaction range. National Bank really seems serious but nothing particulary interesting for me..

Since I do about 15-20 transactions a month, I think my best bet so far is RBC Day to Day Banking
Deal Addict
Nov 18, 2008
3271 posts
81 upvotes
Salinger wrote: Good point. I'm not 100% sure as I haven't been with Citizens through a complete cycle yet. I assumed the $1.50 fee was the fee they were talking about but you could be right.

So, I don't understand what Citizens means by reimbursing the Interac fee. They don't charge one to begin with. Strange. Maybe I'll check with them to clarify exactly what is charged and what is refunded. Since it sounded too good to be true, it probably is. :)
They don't reimburse the ATM surcharge. I called in to ask if this was the case and they said that since ATM surcharges were out of their control, therefore it was not free. It is worded poorly on the website, it just means you can have 4 free withdrawals at any ATM you like in Canada and they won't charge you. The Chequing account has unlimited Interac/Plus withdrawals. The amount of free withdrawals on the Savings account to me is moot, because if I need money from Savings I just transfer money over the Chequing and withdraw it from there. The big upside is I can do it at the ATM and no need to do it online.
Moderator
User avatar
Mar 23, 2004
47725 posts
13890 upvotes
Markham
[quote="cyberderf" post_id="9135572" time="1248664538" user_id="26222"]Since I do about 15-20 transactions a month, I think my best bet so far is RBC Day to Day Banking
Deal Expert
User avatar
Nov 15, 2004
21783 posts
4903 upvotes
Toronto
[quote="cyberderf" post_id="9135572" time="1248664538" user_id="26222"]Oups..

I just realized I didn't have access to any of the banks with free unlimited transaction, because i'm in Quebec. Grrrr....

So far TD is interesting, but some of the fees appears to be higher than National Bank and RBC for my transaction range. National Bank really seems serious but nothing particulary interesting for me..

Since I do about 15-20 transactions a month, I think my best bet so far is RBC Day to Day Banking

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