Rate your FI's response to financial support during the pandemic
Feel free to name the institution & your experience in the thread.
Allowed 2 votes as many people deal with more than 1 FI
Apr 25th, 2020 10:23 am
Apr 25th, 2020 10:42 am
Apr 25th, 2020 11:57 am
Apr 25th, 2020 8:31 pm
Apr 25th, 2020 8:44 pm
Apr 26th, 2020 11:14 am
Apr 26th, 2020 11:23 am
Added to poll.
Apr 26th, 2020 2:34 pm
Apr 26th, 2020 2:59 pm
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.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.
Apr 26th, 2020 4:16 pm
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.
Apr 26th, 2020 4:52 pm
Apr 26th, 2020 5:08 pm
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.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.
Apr 27th, 2020 9:03 pm