Personal Finance

Rate your FI's response to financial support during the pandemic

  • Last Updated:
  • Apr 27th, 2020 9:03 pm

Poll: Did they

  • Total votes: 22. You have voted on this poll.
Work hard to find creative solutions.
 
2
9%
Only provided government backed incentives (e.g. payment deferral).
 
3
14%
Responded and did not completely follow up.
 
1
5%
Failed.
 
5
23%
Don't need/want any, did not try.
 
11
50%

Poll ended at Jun 1st, 2020 10:23 am

[OP]
Deal Addict
Dec 12, 2009
4573 posts
2197 upvotes
Toronto

Rate your FI's response to financial support during the pandemic

If you reached out to a creditor during the pandemic to seek financial solutions please rate their response.
Feel free to name the institution & your experience in the thread.

Allowed 2 votes as many people deal with more than 1 FI
Last edited by ROYinTO on Apr 26th, 2020 11:21 am, edited 2 times in total.
Following the advice of the Health Experts - I will consider voting for Dougie @ 12:01 AM, five days after the next provincial election.
12 replies
[OP]
Deal Addict
Dec 12, 2009
4573 posts
2197 upvotes
Toronto
CIBC
Reached out to my regular contact via email, they passed me onto a lower person.
Lower person responded to email & never called for scheduled appointment.
Reached out again & asked about lowering CC rate or uLOC rate.
They offered to convert everything into a new mortgage. We have no mortgage & the rate was marginally better than our HELOC.
Asked again about lowering the ULOC rate - they replied a Hard Check would be required - gave them permission.
1 week later, still no response & no credit checks on either bureau.
Following the advice of the Health Experts - I will consider voting for Dougie @ 12:01 AM, five days after the next provincial election.
Member
Aug 20, 2014
223 posts
89 upvotes
Toronto, ON
I haven't read anything other than the following
- deferred payment for mortgages without interest reduction i.e. more interest earned by them over the long term,
- some reduction in CC rates for missed payments (good),
- no extension in grace periods for CC payments
- re-branding government's relief packages to make it look like the banks are doing something
- a stream of "we are here to help" emails and text messages which is nothing but annoyance
- longer wait times on calls which is entirely understandable.

Are banks supposed to do something for you? I wouldn't expect a profit motivated industry to help out with social causes while asking for government bailouts at the same time.

Very curious to hear other experiences.
Deal Addict
Nov 8, 2017
1527 posts
850 upvotes
When I sign in , a big window always appears "enroll in direct deposit cra" , and I have to click the square away

Other than that, it's business as usual
Deal Expert
Aug 22, 2011
35542 posts
21598 upvotes
Center of Universe
Forget about trying to get financial relief, I couldn't even get through for support with login issues.
5 calls to TD and was disconnected each time.
2 calls to RBC, disconnected the first try after 2hrs and finally got through after 1.5hr the second try
Deal Fanatic
User avatar
Jan 6, 2002
5928 posts
6125 upvotes
Toronto
Option 5: don't give a crap, don't care, haven't bothered or needed to solicit or anticipate a particular "response".
As someone long prepared for the occasion, in full command of every plan you wrecked---
Do not choose a coward's explanation, that hides behind the cause and the effect...
[OP]
Deal Addict
Dec 12, 2009
4573 posts
2197 upvotes
Toronto
hoob wrote: Option 5: don't give a crap, don't care, haven't bothered or needed to solicit or anticipate a particular "response".
Added to poll.
Personally, I don't need it. But hey, if I can save a few bucks, why not. Isn't that what RFD is based on?
Following the advice of the Health Experts - I will consider voting for Dougie @ 12:01 AM, five days after the next provincial election.
Member
User avatar
Jan 7, 2019
320 posts
306 upvotes
RBC:

Quite amazing. My financial planner keeps me updated on all of the bank's assistance programs and release of new information. She called me to tell me that the mortgage deferral program is up and running the day it came out and asked if i wished to defer.

I also got my second investment property re-financed at RBC (moved from BMO) without any troubles and got the original rate locked in from March 2nd when I started the application. Prime - 0.8 baby!

Investment side was also quite good with immediate responses to how the economy is and how the markets are doing. I don't have too much with the branch level since I do a lot of self direct investments but they still gave me the advice i needed.

The only "negative" would be the long wait time when i needed to call in for my mortgage insurance (lost the statement and needed it). Had to wait 2 hours on the line...but with what's going on...pretty "normal".

I'm going to say this is going to be hit or miss for many people. For us who maintain solid relationships with our bankers, we'll get responses and answers a lot faster and require less jumping through hoops.
Remember to always Thumbs Up good responses! Spread positively.
Deal Fanatic
Apr 5, 2016
5197 posts
3702 upvotes
Calgary/Vancouver
BrokeMillennial wrote: RBC:

Quite amazing. My financial planner keeps me updated on all of the bank's assistance programs and release of new information. She called me to tell me that the mortgage deferral program is up and running the day it came out and asked if i wished to defer.

I also got my second investment property re-financed at RBC (moved from BMO) without any troubles and got the original rate locked in from March 2nd when I started the application. Prime - 0.8 baby!

Investment side was also quite good with immediate responses to how the economy is and how the markets are doing. I don't have too much with the branch level since I do a lot of self direct investments but they still gave me the advice i needed.

The only "negative" would be the long wait time when i needed to call in for my mortgage insurance (lost the statement and needed it). Had to wait 2 hours on the line...but with what's going on...pretty "normal".

I'm going to say this is going to be hit or miss for many people. For us who maintain solid relationships with our bankers, we'll get responses and answers a lot faster and require less jumping through hoops.
Yes, always good to have a good relationship with a banker. In times like these, you can get a lot of things expedited and get better rates/discounts. Bankers are more inclined to help you even if it means no profit to them simply because they know who you are and what you're like. If someone comes in and demands the world but never comes to the branch or any communication at all, you bet they are going to force you through the standard channels just to verify you and you may not even get what you wanted as there's no history.
Deal Fanatic
User avatar
Jan 6, 2002
5928 posts
6125 upvotes
Toronto
ROYinTO wrote: Added to poll.
Personally, I don't need it. But hey, if I can save a few bucks, why not. Isn't that what RFD is based on?
I have a feeling that banks' CRM systems are making careful note of which customers are doing what, and this will form a long tail of knowledge in the years to come. Similar to Amex taking advantage of the now to cull all their churners and manufactured spenders.

So my advice is if you don't need it, don't go around stirring the pot for giggles to save a few bucks, it might just earn you a "harmless" reputation that may come back top haunt you (to some perhaps small extent) in the next years.
As someone long prepared for the occasion, in full command of every plan you wrecked---
Do not choose a coward's explanation, that hides behind the cause and the effect...
Deal Addict
Nov 18, 2015
1886 posts
1708 upvotes
ROYinTO wrote: Added to poll.
Personally, I don't need it. But hey, if I can save a few bucks, why not. Isn't that what RFD is based on?
Na its totally not worth the hassle. If im getting buy and paying my bills I dont want to have added stress
[OP]
Deal Addict
Dec 12, 2009
4573 posts
2197 upvotes
Toronto
hoob wrote: I have a feeling that banks' CRM systems are making careful note of which customers are doing what, and this will form a long tail of knowledge in the years to come. Similar to Amex taking advantage of the now to cull all their churners and manufactured spenders.

So my advice is if you don't need it, don't go around stirring the pot for giggles to save a few bucks, it might just earn you a "harmless" reputation that may come back top haunt you (to some perhaps small extent) in the next years.
I get your point. I had initially emailed them about the rate on an unsolicited so-so uLOC offer that I had accepted a while back. Since then the mortgage has been paid off and other debts paid down. I thought it might be a good time to try for a lower rate before I used it. With the prime down now, it makes sense to use it.
Following the advice of the Health Experts - I will consider voting for Dougie @ 12:01 AM, five days after the next provincial election.
Newbie
Oct 3, 2009
97 posts
39 upvotes
I just got my CRA MyAccount setup and went through TD's side of CRA Direct Deposit enrollment. Anyone who setup direct deposit through TD, how long did it take for your enrollment submission to be approved?

Top