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Switching banks (Retail) - RBC vs Scotiabank

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[OP]
Newbie
Jun 8, 2010
54 posts
5 upvotes

Switching banks (Retail) - RBC vs Scotiabank

I am a lifelong CIBC client and have all of my banking and related products with this bank (deposit, credit cards, PLOC). The only exception is mortgages in which case I go elsewhere for better rates/products. But the customer service level is quite bad and I am not at all happy with this bank.

I have discounted TD already, but I am stuck on the best choice between RBC and BNS. Recommendations? I am looking to establish a long-term relationship where clients are individually valued. I am also looking at service level, hours of operation, online tools and website ease-of-use/navigation, etc. What's your experience been with these two banks?

I have no prior relationship with Scotiabank and have a dormant old visa card with RBC (~$1,000). So, essentially starting from scratch with both.

Thoughts welcome!

R.
23 replies
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Dec 8, 2007
5264 posts
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Look at the branches in your area - I find the perfect zone to be women in their 40's who have been in the role 5+ years are serve more affluent clients (RBC may call this VIP service, or even their Financial Planners). I find they've been in role long enough to know what they're doing and know how to get stuff done (acting as an advocate of the client vs. the big bad bureaucracy of banks), they are straight-up and honest (never heard them say "whoops, we forgot about this fee!"), and they understand the value of relationships (the see the clients as "theirs" vs. the banks). They also don't move around much - and if they do it is often a promotion within the same branch - so you can be confident in knowing theyll be there for the next 5+ years.

If you go to old, you get a lot more experience, but they're on the way out with retirement around the corner. Go to young, and you will likely get some rookie hotshot who only cares about making sales to look good to management so they can move OUT of the branch asap. Building relationships with these types is often a waste because they'll be gone sooner than later. The 45yr old Senior Account Manager on the other hand .... she's doing this because its 35hrs a week, she's good at it, and people give her respect. Power to her.
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Deal Addict
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Jun 22, 2007
1278 posts
557 upvotes
London, ON
I ditched Scotiabank recently due to their bad hours of service, among the worst out of the major banks. Also tried to do a couple things via their telephone agents and was redirected to physically go into my branch to get it done. Things that you could do via phone with other banks. The lack of Scotia ITrade offering $9.95 trades without minimum was another negative for me. I don't know how personal big banks can be now a days with so many employees switching positions. I am looking to give RBC a try as my backup to my tangerine account. If TD didn't raise my LOC rate a couple years ago I would probably still be with them as they have great customer service. I can not personally recommend Scotia thou.
Penalty Box
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Jan 1, 2008
1431 posts
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Both banks are bs in terms of customer service. Look for another one. There are plenty.
My signature was deleted by RFD because my truth is inconvenient for them. Be aware!
Deal Addict
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Feb 25, 2014
2170 posts
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Mississauga
RBC, because they offer no minimum balance account.
Jr. Member
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Aug 26, 2014
130 posts
55 upvotes
Markham, ON
Rokko2 wrote: I am a lifelong CIBC client and have all of my banking and related products with this bank (deposit, credit cards, PLOC). The only exception is mortgages in which case I go elsewhere for better rates/products. But the customer service level is quite bad and I am not at all happy with this bank.

I have discounted TD already, but I am stuck on the best choice between RBC and BNS. Recommendations? I am looking to establish a long-term relationship where clients are individually valued. I am also looking at service level, hours of operation, online tools and website ease-of-use/navigation, etc. What's your experience been with these two banks?

I have no prior relationship with Scotiabank and have a dormant old visa card with RBC (~$1,000). So, essentially starting from scratch with both.

Thoughts welcome!

R.
I am currently banking with both RBC and Scotia. Used to have mortgage with RBC but now my mortgage is with Scotia. I established business relationship with the reps at both banks so whenever I need something done quick, I would go to the branch otherwise I do most bank activity with online banking.

Online banking: Both offer straight forward navigation interface but I tend to like Scotia better as it has a bit more account details
Tel service: I believe RBC is 24/7 for most of their personal banking services whereas Scotia has specific business hours (8-6, for example).
ATMs: I see a lot more RBC ATMs than Scotia around the GTA at least
Branch: Don't visit a lot so I am not sure how late they open until
Credit card products: Scotia has more that I like (used to have the Amex Gold, cancelled and now using Visa Momentum Infinite Cashback), RBC has some Visa and MC but one of them interests me.
Convenience: Scotia works with Rogers so I am using Rogers suretap SIM card to pay via my phone, RBC works with Bell but I am sure the list is growing.

Overall I would recommend RBC but if you want a choice for your credit card products I would go with Scotia.
Deal Addict
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Dec 31, 2011
2715 posts
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Yellowknife
OP, why loyal to only one bank? After all, they aren't loyal to their customers.
Plus, what about the online options? Brick and mortar banks don't seem to offer the same promo rates for TFSA, RRSP, savings etc.
Sr. Member
Mar 31, 2010
730 posts
106 upvotes
Cowgary
At the end of the day every big bank sees you as a source of revenue and nothing more. If you want to be treated as a valued client go with a credit union.
Deal Fanatic
Aug 3, 2014
5878 posts
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If you choose Scotia, just be ready to go to your home (must be home) branch every other week.
Member
User avatar
Aug 15, 2009
307 posts
82 upvotes
North America
Rokko2 please look into switching from your bank to a credit union. Credit unions are co-ops owned by the members. You can use ATMs for free (withdrawals and deposits) from coast to coast. Credit unions also have the power to make decisions at the branch level, unlike managers at the big Canadian banks. If you let us know what province you're in, we'll be able to tell you what credit union(s) to investigate.
Jr. Member
Jun 12, 2012
180 posts
56 upvotes
Toronto
bbbc wrote: Rokko2 please look into switching from your bank to a credit union. Credit unions are co-ops owned by the members. You can use ATMs for free (withdrawals and deposits) from coast to coast. Credit unions also have the power to make decisions at the branch level, unlike managers at the big Canadian banks. If you let us know what province you're in, we'll be able to tell you what credit union(s) to investigate.
What do you think of moving TFSA & RRSP from RBC to a credit Union ? Which one is good in GTA area?
Deal Expert
Oct 6, 2005
16731 posts
2409 upvotes
hvwozq wrote: If you choose Scotia, just be ready to go to your home (must be home) branch every other week.
Why? I do everything via Web, Email, and Phone. I only go into the branch to pick up money. In fact, I think Scotia has one of the better call centers / IVRs.

Make sure you meet your Personal Banking Officer at Scotia and get authorized for e-mail banking. Makes a lot of things much easier.


bbbc wrote: Rokko2 please look into switching from your bank to a credit union. Credit unions are co-ops owned by the members. You can use ATMs for free (withdrawals and deposits) from coast to coast. Credit unions also have the power to make decisions at the branch level, unlike managers at the big Canadian banks. If you let us know what province you're in, we'll be able to tell you what credit union(s) to investigate.
I don't recall ever seeing a Credit Union ATM ... can you withdraw cash from a major bank's ATM?
Member
User avatar
Aug 15, 2009
307 posts
82 upvotes
North America
coolspot wrote: I don't recall ever seeing a Credit Union ATM ... can you withdraw cash from a major bank's ATM?
This gave me my snicker of the day. Why couldn't you withdraw from a major bank's ATM? http://atlanticcreditunions.ca/products ... -networks/

Rokko2 quit drinking the big bank Kool-Aid. Yeah, such personal banking at the banks when they're beholden to the corporate office for every little decision. Again, empower yourself and own your financial institution (credit union).
Member
User avatar
Aug 15, 2009
307 posts
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North America
Firozfazeel wrote: What do you think of moving TFSA & RRSP from RBC to a credit Union ? Which one is good in GTA area?
Well, the two big credit unions in ON are Meridian and DUCA. I know DUCA is introducing ZenBanx - http://www.zenbanx.ca/about/ . As far as those instruments (TFSA & RRSP), I'd shop around the various credit unions. It's quite refreshing not having to deal with upselling at credit unions.
[OP]
Newbie
Jun 8, 2010
54 posts
5 upvotes
bbbc wrote: Rokko2 please look into switching from your bank to a credit union. Credit unions are co-ops owned by the members. You can use ATMs for free (withdrawals and deposits) from coast to coast. Credit unions also have the power to make decisions at the branch level, unlike managers at the big Canadian banks. If you let us know what province you're in, we'll be able to tell you what credit union(s) to investigate.
Ottawa. I am open to all options. Thanks
Deal Fanatic
Aug 3, 2014
5878 posts
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coolspot wrote: Why? I do everything via Web, Email, and Phone. I only go into the branch to pick up money. In fact, I think Scotia has one of the better call centers / IVRs.
Make sure you meet your Personal Banking Officer at Scotia and get authorized for e-mail banking. Makes a lot of things much easier.
There are many people you can read on RFD, including me, who are/were being told to go to their home branches for every single thing that can't be done through Scotia OnLine. I only have a credit card with them now, I haven't visited or called them in months.
Deal Addict
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Apr 15, 2011
1484 posts
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I don't like Scotiabank hours. But that said RBC is no TD. However I believe RBC is open Saturdays which is a bonus.

I bank with both institutions. If you are transferring a mortgage and tfsa or other investments I would go with RBC and get the premier banking plan. You will get like 8 dollar rebate a month on fees. And free premium credit card of choice. They always treat you really well with this product on your account.

They do treat you well at Scotia though. But as others have said some random things they require you to do at your home branch. It can get a little tedious and absurd at times
Deal Addict
Feb 10, 2013
4341 posts
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Richmond
daikman wrote: I don't like Scotiabank hours. But that said RBC is no TD. However I believe RBC is open Saturdays which is a bonus.

I bank with both institutions. If you are transferring a mortgage and tfsa or other investments I would go with RBC and get the premier banking plan. You will get like 8 dollar rebate a month on fees. And free premium credit card of choice. They always treat you really well with this product on your account.

They do treat you well at Scotia though. But as others have said some random things they require you to do at your home branch. It can get a little tedious and absurd at times
rbc open Sundays now too
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Jan 27, 2004
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T.O. Lotto Captain
TodayHello wrote: Look at the branches in your area - I find the perfect zone to be women in their 40's who have been in the role 5+ years are serve more affluent clients (RBC may call this VIP service, or even their Financial Planners). I find they've been in role long enough to know what they're doing and know how to get stuff done (acting as an advocate of the client vs. the big bad bureaucracy of banks), they are straight-up and honest (never heard them say "whoops, we forgot about this fee!"), and they understand the value of relationships (the see the clients as "theirs" vs. the banks). They also don't move around much - and if they do it is often a promotion within the same branch - so you can be confident in knowing theyll be there for the next 5+ years.

If you go to old, you get a lot more experience, but they're on the way out with retirement around the corner. Go to young, and you will likely get some rookie hotshot who only cares about making sales to look good to management so they can move OUT of the branch asap. Building relationships with these types is often a waste because they'll be gone sooner than later. The 45yr old Senior Account Manager on the other hand .... she's doing this because its 35hrs a week, she's good at it, and people give her respect. Power to her.
OF all my years working in retail banking for both RBC and BMO... I can say this is true!
Its more true @ RBC. They have very draconian internal hiring policies...

@ RBC...
If you accept a f/t position in the branch. You have a 3 year commitment before you can consider applying elsewhere internally.
If you accept a p/t perm. position in the branch. You have a 1.5 year commitment.

RBC also pays more then the other banks. So lifer CSR's can get a decent pay if they've been there long enough. Whereas other banks don't pay their CSR's much. So they have to move up to another role to get better pay.

They also hate promoting internally from my experience. They only really do it if the management really likes you. Luckily the time I was there... the br.mgr was a cougar. :lol: NO ITS NOT WHAT YOU THINK. She just liked hanging out with the younger tellers/acc.mgr's and trying to stay relevant to modern pop culture despite her late 40s.

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