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Banks...how do you choose? >.< Help please!

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Guest M****ella's C****s (retire

This may seem silly, or make me look like a idiot, but I don't don't give a hoot.

I have been with the same bank for quite some time, but I have been considering opening a new account with another bank. I have done some reading and compared, but I would like any additional info, insight, or thoughts on some of the banks that are out there...So please feel free to share what you like and dislike about the banks you have chosen. As I said I've only ever been with one bank, so I'm a little wet behind the ears in terms of bank jargon and what they all have to offer. Your help would be great so that I could reach a decision :)

 

Hope you all have a good weekend!!

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Guest R**3*9

I'm an accountant and I can say that there is very little difference between the services and products that different banks offer...it's really a matter of comfort and cost...

 

For everyday banking PC financial is free, everything debit, cheques no monthly fees...I do all of my regular everyday banking, bill paying etc from this account...I hate paying fees to banks or credit card companies. It's also really easy to open an account...they also pay a small amount of interest on funds in your checking account...which most other banks will not....unfortunately you need to live or work near a loblaws for deposits or withdrawals.

 

For investing...they are all pretty much the same. They fill out a risk assessment with you and recommend a group of mutual funds. This is trickier because at least in my experience with TD and RBC they do not recommend the best rated or best performing funds they have and you could be stuck in an investment dead zone until you do your own research and see where the best rated funds are. RBC does well with Canadian Equity and fixed income funds...not very good US or international. TD funds generally seem to perform better but you need to do a lot of research...check out this website it's really good if you have the patience to spend the time figuring it out. But, hey it's your money and noone else is going to care more about how it's handled than you...so it may be worth the effort.

 

http://www.theglobeandmail.com/globe-investor/funds-and-etfs/fund-lookup/

 

 

I hope this is helpful. :)

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Rob369 made some good points, but if you are looking to start doing some investing, then you should find a good investment advisor. There are lots that will be glad to work with someone just starting out.

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Guest N***he**Ont**y

PC bank is a good choice if you have payroll deposited directly into your account because of the no fee services provided. Didn't work out for me very well because sometimes I make cash deposits into my account and the delay of posting to my account was to long.All other services are offered there but the idea of talking on the phone to a call centre if someone or something screws up doesn't appeal to me.

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If it is customer service you are looking for (regular banking), I have never heard anything bad about TD or BMO. Have heard plenty of horror stories dealing with RBC.

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I think you will find that the big five are quite competitive and have a full menu of services. One may be higher in one area and lower in others so that it evens out in the end. I have used the same bank for forty years, and in that time my needs have evolved. I think it makes a lot of sense to build a relationship with one and maintain it. My first credit card account, several car loans, and mortgage were all with that bank. As far as the mortgage went I was able to change the terms when I needed to, to my advantage with great savings. Last year they were very helpful with some estate planning issues and with investment advice.

 

These are very safe institutions. There are other alternatives, such as the regional banks and credit unions. I think you first have to decide on what you need from them and what they can offer you in the long term. We all go through phases in our lives with changing needs, career, family, maybe purchasing a home, and saving for retirement, so you can shop for each individually or use one for one stop shopping.

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It's also worth pointing out that it is worth shopping around when it comes to getting or renewing a mortgage or a large loan. Your banker has more leeway than they tend to let on when it comes to bargaining to get or keep your business. (They always look at the computer screen and say "this is your rate for today" as if they have no ability to maneuver.) The only time I ever changed banks in my life was on a mortgage renewal, as I was offered a better deal to switch. This saved me a lot of money in the end. Even if you don't plan on switching, (which is a pain) get the quotes and bring them back to your own banker. They will likely match it to keep your business.

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I used to go to Caisse Populaire( it's a financial institution) but then they started to charge me for paying my bills and using my credit card etc... although I still have investments with them I do not step foot in there anymore.

BMO is my place of choice because its easy for me to get at and because I have had an account there since I was a kid they have the grand father clause that they don't charge anything for banking there.

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You have received some very good advice here already. Most banks are pretty much the same providing very similar services.

 

Personally, the important things for me are the convenience of the bank's location and the good relationship with the management such as the bank manager, the assistant manager, the investment or loan officers.

 

I have dealings with CIBC for many many years since I have a good rapport with one manager. Because of the need for convenience, I also have an account with BMO, and I am quite satisfied with it. Two other banks that I stay away are TD and Scotia since I had had some bad experience dealing with them.

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For everyday banking PC financial is free, everything debit, cheques no monthly fees...I do all of my regular everyday banking, bill paying etc from this account...I hate paying fees to banks or credit card companies. It's also really easy to open an account...they also pay a small amount of interest on funds in your checking account...which most other banks will not....unfortunately you need to live or work near a loblaws for deposits or withdrawals.

 

PC Financial members can also use CIBC machines for their banking needs, at no charge :)

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I think I have been with every major bank out there at one time or another. (RBC; CIBC; TD; BMO; Scotiabank). Some were just OK, some were really bad.

 

 

Do your homework - Check to see what the stores and restaurants (you frequent) use for their debit machines. That might save you on some banking fees depending on the bank you choose. Then choose a bank that is convenient for both work, play and home.

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