Personal Finance

Thinking of switching from BMO to PC Banking?

  • Last Updated:
  • Feb 23rd, 2010 1:33 am
Deal Expert
User avatar
Dec 11, 2005
18930 posts
1365 upvotes
octapuss wrote:
Feb 20th, 2010 10:03 am
Why i just dont do it, is I have been with BMO since i was 16. It started in a small town with small town serivce but now im in toronto, it doesnt feel the same. I have my RRSP & RESP with them as well. I not sure if I switch how i would contriubute to the RRSP and RESP's?

o
Just because you are moving your chequning account to PCF does not mean you need to move RRSP or RESP. Just tell BMO you are switching to PCF because they are no fee and give them the new account number to sithdraw from. It is a pretty common thing to do.
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
Sr. Member
Jan 16, 2010
629 posts
21 upvotes
just remember that pcf isn't a full service bank, you can't withdraw large amounts of cash, no safety deposit box, and if they mess up you can't get angry at them cause they have no tellers.

if i were you, i would stick with the big 5, but get my fees reduced to zero or keep a min balance..be smart about how you do the transactions and you won't go over the 25 transactions most banks let you do per month in there min banking package.
Deal Fanatic
Apr 15, 2004
5434 posts
78 upvotes
Toronto
No one is limited to just one bank account. Get a free minimum balance account with one of the Big 5, the open your PCF ones for day-to-day banking. You get the best of both worlds.
Deal Addict
Dec 5, 2003
1318 posts
74 upvotes
brunes wrote:
Feb 20th, 2010 8:23 am
A bank is a corporation. You can't (or at least shouldn't) develop a relationship with a corporation - it's not a person.

End of the day banks have no loyalty to you and you should have no loyalty to them. You go to the company that offers the best combination of service and price, screw loyalty.
Usually these 'corporations' have people that work in them... so I unsure what you are trying to say. I don't have any F2F interactions with a corporate entity.

If PCF works for you then Kudos, I'm just saying that they are free for a reason and might not be the best idea for everyone. You definately get what you pay for. My service fees my banks are always waived, I do not hold minimum balances and I get to talk to one person about my financial affairs. Not sure what PCF has - OP needs to see if he can get his fees waved since they do it quite often for clients.
[OP]
Member
Dec 23, 2007
334 posts
3 upvotes
Phoenix88 wrote:
Feb 21st, 2010 2:20 am
Usually these 'corporations' have people that work in them... so I unsure what you are trying to say. I don't have any F2F interactions with a corporate entity.

If PCF works for you then Kudos, I'm just saying that they are free for a reason and might not be the best idea for everyone. You definately get what you pay for. My service fees my banks are always waived, I do not hold minimum balances and I get to talk to one person about my financial affairs. Not sure what PCF has - OP needs to see if he can get his fees waved since they do it quite often for clients.
I am going to get my fees waived on monday. Im not sure if im such a high rolling client that they will get to worried that im leaving. What were some of your strategies to get the fees waived?
Deal Addict
Jul 23, 2007
3599 posts
1419 upvotes
octapuss wrote:
Feb 21st, 2010 6:52 am
What were some of your strategies to get the fees waived?
One strategy is not to go jumping from bank to bank. I've kept my account with BMO at the same branch since the early 80's. The account's been "grandfathered" and I pay no monthly fees. I can of course access this account at any branch across Canada. I use the ATM's to withdraw money, but other than that I like to deal with the bank staff. The branch I normally go to, (not the one where I originally opened the account) doesn't have long lineups, and the staff there are all very friendly and helpful.
Deal Addict
Dec 5, 2003
1318 posts
74 upvotes
octapuss wrote:
Feb 21st, 2010 6:52 am
I am going to get my fees waived on monday. Im not sure if im such a high rolling client that they will get to worried that im leaving. What were some of your strategies to get the fees waived?
Well all you can do is ask right? Remember, clients are valued for two reasons. One client has tonns of assets and therefore lots of investments. The other has a lots of debt. Both clients are worth quite a bit to the bank. Either way cost of retaining customers is always far less then finding new ones (in most situations).

Hopefully you know someone at the branch and they can try to find a solution for you. Unless BMO has done something to upset you don't leave unless you have to.

We get treated well because of our potential and can get extras (not many) because I see one account manager for all my matters. He is able to do things in a rush for us if we ever need it.

I hope you can find a solution with BMO because I feel you will be happier there. I know my friend that banks with BMO gets a lot of free stuff from his banker but I don't bank with them so I can't speak from experience. Lots of people like PCF as did I when I banked with them - but I happy to have left them.
Deal Expert
User avatar
Dec 11, 2005
18930 posts
1365 upvotes
Phoenix88 wrote:
Feb 21st, 2010 2:20 am
Usually these 'corporations' have people that work in them... so I unsure what you are trying to say. I don't have any F2F interactions with a corporate entity.

If PCF works for you then Kudos, I'm just saying that they are free for a reason and might not be the best idea for everyone. You definately get what you pay for.
I left PCF simply because I have outgrown it, not because they ever did anything poorly. I was always happy with PCF, they always had great customer service. You just have to understand from the get-go that they are a no-frills bank and that is why they have no fees. For most people in most situations, PCF is the perfect choice.

I now bank mainly with TD due to the select service offering. While I do enjoy the great customer service at TD, I am under no delusions whatsoever that I have any kind of "relationship" with them, and really, you should not either. At the end of the day, all you are to a bank is a account number with a profit stream attached.

The powers of branch managers and other employees to actually have any say whatsoever in what fees you do or do not pay get less and less every year. So building up "personal relationships" with bank employees is just a waste of time IMO. And as a shareholder of some of these banks, that is exactly how I want it. I want customers to have great service, but I also don't want a customer getting a price break just because he is golf buddies with a branch manager.
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
Deal Expert
User avatar
Dec 11, 2005
18930 posts
1365 upvotes
jewville wrote:
Feb 20th, 2010 3:25 pm
just remember that pcf isn't a full service bank, you can't withdraw large amounts of cash, no safety deposit box, and if they mess up you can't get angry at them cause they have no tellers.
Does the OP have or want a safe deposit box though? And I can withdraw 1K at a time from my PCF account, or 10K with interac, I don't consider that much of a limitation.
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
Deal Addict
Dec 5, 2003
1318 posts
74 upvotes
brunes wrote:
Feb 21st, 2010 4:01 pm
I left PCF simply because I have outgrown it, not because they ever did anything poorly. I was always happy with PCF, they always had great customer service. You just have to understand from the get-go that they are a no-frills bank and that is why they have no fees. For most people in most situations, PCF is the perfect choice.

I now bank mainly with TD due to the select service offering. While I do enjoy the great customer service at TD, I am under no delusions whatsoever that I have any kind of "relationship" with them, and really, you should not either. At the end of the day, all you are to a bank is a account number with a profit stream attached.

The powers of branch managers and other employees to actually have any say whatsoever in what fees you do or do not pay get less and less every year. So building up "personal relationships" with bank employees is just a waste of time IMO. And as a shareholder of some of these banks, that is exactly how I want it. I want customers to have great service, but I also don't want a customer getting a price break just because he is golf buddies with a branch manager.
That is good you moved on Free TD > Free PCF. I also outgrew them, they were only good when I only needed a simple account and when looking back I should have just kept banking at RBC paying $4 for a student account. I am just cautioning OP since saving $240 per year might cost him more in the future - and do not just think of dollars because there are always other factors. PCF can not service somoene with complicated financial needs and I am assuming he is an establish individual but has come to some financial troubles like many people have during this recession.

Relationship building is not golfing or having coffee, it is talking with one person about financial matters when I go to the bank. I don't really enjoy talking with multiple reps. Banker knows what I am doing in my life and what I want to accomplish. Businesses are all about relationships. Technically they shouldn't matter, but they do. "Not what you know but who you know". So I would argue they absolutely matter. Not sure where you thought I golfing or drinking with these bank guys. And part of relationship building is being loyal to the people are you doing business with - if you can live life with no loyalty to people you associate with then not sure what to say... but you have a strong opinion of things so it doesn't really matter what people say to you.

I am not sure if you are a large SH or even a significant SH but I think the majority of canadians own shares of big banks in some shape or form. Waiving fees for more bigger business is a very easy choice. Bank fees only account for a tiny portion fo bank's profits, why would they care if they can get the clients investments or loans. I personally would like the bank to do what they can business wise to keep all customers banking there. If that means waiving $20 a month ... that is pretty small amounts of cash but makes client's happier. Everyone loves free stuff.
Sr. Member
Dec 20, 2006
522 posts
43 upvotes
brunes wrote:
Feb 21st, 2010 4:03 pm
Does the OP have or want a safe deposit box though? And I can withdraw 1K at a time from my PCF account, or 10K with interac, I don't consider that much of a limitation.
+1 Exactly.

Also, you can phone PCF and ask for temporary increase of your daily withdraw limit.
Deal Addict
User avatar
Oct 15, 2007
4036 posts
1361 upvotes
Phoenix88 wrote:
Feb 21st, 2010 5:04 pm
That is good you moved on Free TD > Free PCF. I also outgrew them, they were only good when I only needed a simple account and when looking back I should have just kept banking at RBC paying $4 for a student account. I am just cautioning OP since saving $240 per year might cost him more in the future - and do not just think of dollars because there are always other factors. PCF can not service somoene with complicated financial needs and I am assuming he is an establish individual but has come to some financial troubles like many people have during this recession.

Relationship building is not golfing or having coffee, it is talking with one person about financial matters when I go to the bank. I don't really enjoy talking with multiple reps. Banker knows what I am doing in my life and what I want to accomplish. Businesses are all about relationships. Technically they shouldn't matter, but they do. "Not what you know but who you know". So I would argue they absolutely matter. Not sure where you thought I golfing or drinking with these bank guys. And part of relationship building is being loyal to the people are you doing business with - if you can live life with no loyalty to people you associate with then not sure what to say... but you have a strong opinion of things so it doesn't really matter what people say to you.

I am not sure if you are a large SH or even a significant SH but I think the majority of canadians own shares of big banks in some shape or form. Waiving fees for more bigger business is a very easy choice. Bank fees only account for a tiny portion fo bank's profits, why would they care if they can get the clients investments or loans. I personally would like the bank to do what they can business wise to keep all customers banking there. If that means waiving $20 a month ... that is pretty small amounts of cash but makes client's happier. Everyone loves free stuff.
i have come to find that most banks ive dealt with have a high turnaround rate with staff, so even if you wanted to, you cant always speak to the same person all the time
Everything has been said before, but since nobody listens we have to keep going back and beginning all over again. - Andre Gide
Deal Expert
User avatar
Jun 14, 2003
23140 posts
187 upvotes
octapuss wrote:
Feb 21st, 2010 6:52 am
I am going to get my fees waived on monday. Im not sure if im such a high rolling client that they will get to worried that im leaving. What were some of your strategies to get the fees waived?

Should I say the 3 magic letters again? :D





LOC

I have one CIBC grandfather account which costs me $0.95 per month. I could have even saved that $0.95 but I prefer to keep that account. Using LOC, I have:

free transaction
free cheque (carbon copy cheque)
full teller service
better overdraft rate
no overdraft service charge

I have been doing this for 20 years now.
Too many people spend money they haven't earned to buy things they don't want, to impress people they don't like. -- Will Smith
Growing older is mandatory. Growing up is optional.
Stay hungry, stay foolish.
Member
Nov 13, 2008
416 posts
33 upvotes
It takes 10 mins to open No Fee Cheqing account with PCF & save yourself $20 month.
Deal Addict
User avatar
Apr 4, 2002
2330 posts
7 upvotes
My big beef with PC is that they won't raise my deposit holds over $400. I've had an account with them for 6 years and I had to tear shreds off of them.

I switched over to BMO and was given a "high profile" account that had a $5000 deposit hold.

I ended up closing the BMO account because:
1) I couldn't get any account changes done unless I did them at the branch I opened the account at...as a college student I moved back and forth a lot and this was inconvenient.
2) I could phone up BMO, get redirected to a call centre, and then after convincing them I needed to talk to the branch they would finally patch me through. Of course the phone people couldn't help me.

I don't use my PC financial account much anymore because I have switched to Coast Capital Savings. No deposit holds, amazing customer service, and when I call a branch, I get a branch. They have a phone number for telephone banking, and they have a phone number for customer service which connects directly to a person who is in Canada... I can't say enough good things about them. Only available in BC however.

Top