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Banks suck!

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1Banks suck! Empty Banks suck! on Fri Sep 09, 2011 1:31 pm

wprager

wprager
Administrator
Administrator
We have two bank accounts. Back when we first started one was supposed to be the checking, the other the savings (hah, savings, what a joke). The idea was to deposit the paychecks into one, do a bulk transfer (based on our budget) into the other, and pay the bills from the second one. The first one would have few transactions in it so it was a low or no fees account. The second one we paid a monthly fee to get a certain number of "free" transactions, and anything in excess was extra.

Flash forward a few years, Canada Trust is now TD-Canada Trust, both accounts have hefty monthly fees (one just went up from $8.95 to $10.95). I added up the account fees, extra transfer fees and overdraft protection fees (the only reason for that is because we transfer from one to the other -- wouldn't need it if we only had the one) -- over the last 5 months, and extrapolated to a full year: nearly $540.

Vertigo Ahhhhh! Vertigo Ahhhhh! Vertigo Ahhhhh! Vertigo Ahhhhh!

We have our (considerable) mortgage with them, plus our house insurance and a TD Visa card.

Meanwhile, President's Choice offers no bank fees, competitive mortgage and insurance rates, and no checking *or* check fees. I have to order checks from the bank and the cheapest worst out to around 50 cents each!, and they no-longer give you "emergency" checks when you run out. I've now started holding on to those checks that credit card companies send me for "balance transfers" and use those when I run out of bank checks.

We're definitely going to drop down to one account. I feel like running into the branch screaming "YOU F***ING CROOKS!" at the top of my lungs and demand that they drop all fees immediately or the next opportunity I get I'm transferring *everything* to PC. In fact, pay me back those fees you sucked out of me, you crooks! And *then* I'll switch to PC.

So, anyone here with PC? Is their grass really greener?


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2Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 1:44 pm

SeawaySensFan

SeawaySensFan
Franchise Player
Franchise Player
I'm switching to TD because my existing bank is actually worse.

3Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 1:51 pm

shabbs

shabbs
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Hall of Famer
Have you called in to ask if the fees can be waived or reduced or if there are better types of accounts that would suit your needs? The offerings have changed considerably over the years. If you don't call in and ask and complain, you won't get anything.

4Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 1:53 pm

tim1_2

tim1_2
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Wow, a subject right up my alley. I am so pro-PC that I might as well be on their "bank"roll…harhar, get it?

Anyways, I have all my banking with PC. The wife and I have a chequing account, a savings account, and an "Interest First" savings account (just takes a day to get your money out of it, but it's somewhat useless). We also have our mortgage with them. Anyways, I do tons of online banking, use my debit card tons, we do lots of depositing money in their bank machines, etc etc. And we pay ZERO dollars. There are absolutely no fees (well, outside my mortgage interest). Oh, and you get all the cheques you want for free. It really is great…I can't believe that people tolerate paying bank fees. Oh, another pro? Well all the bank machines and kiosks are conveniently located inside the grocery store! What could be better? You can also use any CIBC bank machine without getting dinged with fees. For example, I can go to the CIBC in the centrum (near Future Shop and Best Buy) and use the bank machine take out American cash and there are no extra fees, other than the exchange rate.

Negatives? Well, it takes longer to get a money order/certified cheque. That's about it.

So yeah, go PC. Why WOULDN'T you?

5Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 2:01 pm

SeawaySensFan

SeawaySensFan
Franchise Player
Franchise Player
tim1_2 wrote: So yeah, go PC. Why WOULDN'T you?

Because Galen Weston is the devil.

6Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 2:33 pm

shabbs

shabbs
Hall of Famer
Hall of Famer
SeawaySensFan wrote:
tim1_2 wrote: So yeah, go PC. Why WOULDN'T you?

Because Galen Weston is the devil.
A damn rich devil at that.

7Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 3:26 pm

Riprock

Riprock
All-Star
All-Star
I am with PC for banking and MasterCard.

8Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 3:44 pm

Hobiesens

Hobiesens
Sophomore
Sophomore
shabbs wrote:
SeawaySensFan wrote:
tim1_2 wrote: So yeah, go PC. Why WOULDN'T you?

Because Galen Weston is the devil.
A damn rich devil at that.

I met Galen Weston a few months ago, nice guy. Strange to see that billionaire getting out of his chauffeured Honda Odyssey.

I have a PC mastercard, well worth it.

9Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 3:46 pm

SeawaySensFan

SeawaySensFan
Franchise Player
Franchise Player
Hobiesens wrote:
shabbs wrote:
SeawaySensFan wrote:
tim1_2 wrote: So yeah, go PC. Why WOULDN'T you?

Because Galen Weston is the devil.
A damn rich devil at that.

I met Galen Weston a few months ago, nice guy. Strange to see that billionaire getting out of his chauffeured Honda Odyssey.

I have a PC mastercard, well worth it.

Won't even buy Canadian. I rest my case.

10Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 3:56 pm

Hoags

Hoags
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All-Star
I've been with PC pretty much since they started. Have chequing/savings and MasterCard.

It's great and they're super helpful when I call them.

11Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 5:38 pm

spader

spader
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If you use the "balance transfer" checks that credit card "banks" send out, be warned that they charge you considerably more for the service than for a normal transaction. The charge is the same as it is for a cash advance (since that's effectively what it is), often plus a "processing fee." Bank of America/MBNA charged $7.50 per check when I worked for them a couple of years ago. Also, when you do a cash advance/use a cheque, you pay the maximum APR, usually just shy of 30%. I'd strongly advise against using them whenever possible.

When I worked for MBNA, it was amazing how many people used the "cheques" all the time. I've seen people use the cheques for less than the fee and multiple cheques in a day. It gets incredibly expensive incredibly quickly.

12Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 7:07 pm

rooneypoo

rooneypoo
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All-Star
Best banks:

Daily / chequing

-PC Financial (free / no charges; can get cash from any CIBC ATM for free)
-ING Direct (free / no charges; don't know the ATM situation)

Savings:

-ING Direct (free, good interest)
-Ally (free, slightly better interest)

In general, I use a PC account for all day-to-day dealings, and ING for savings of all kinds (regular, tax-free, GICs, RRSP accounts). I have not paid a cent for bank charges for 8 years, when I switched from CIBC -- except for when I'm on the town and need immediate cash but can't find a CIBC teller.

Paying for banking is stupid and archaic nowadays -- you do all the work yourself anyway!

13Banks suck! Empty Re: Banks suck! on Fri Sep 09, 2011 9:45 pm

Ev

Ev
Franchise Player
Franchise Player
Not by choice, but I am with Alterna and I have no problems. Not one that people are all that familiar with, though.

14Banks suck! Empty Re: Banks suck! on Sat Sep 10, 2011 12:13 am

rooneypoo

rooneypoo
All-Star
All-Star
My opinion on this matter is, I will never pay a single cent to bank. $12 a month for nothing? F U !

15Banks suck! Empty Re: Banks suck! on Sat Sep 10, 2011 8:14 am

22_4_ever

22_4_ever
Sophomore
Sophomore
I worked my way through college and university by working at the TD bank. Back when I was there some 20 years ago, they had just started down the road of the one price service plan.

There was a time where it didn't cost you to take money out from a bank machine. It was teller withdrawals that cost (and in a way made sense as they had to staff a person). The issue is that banks are a publicly traded stock and as a result have to generate profits. I was disgusted and ended my banking career when we were reprimanded during our annual performance review if we didn't hit certain targets for service plan enrollments, opening certain accounts (which happened to be the service fee generating) and investments.


They turned the bank into a sales job and forced their employees to peddle their useless trinkets. I know several people who have a safe bolted onto the floor in a hidden location in their basement and most keep their money there. They only use the bank for mortgage.

After working there I think I hate them more than anyone....

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