Financial Services

[nfotxn]

So tomorrow I'm getting a new bank. RBC really royally stinks in a way only a commercial bank can. Am I mistaken to believe that me and my money are better treated in a credit union? I am looking at First Ontario because they are within walking distance of my home and use k-r4d typograph!cal effects in their logo (ok, not really).

Anyhow I'd like it a lot if people could lend their experiences with credit unions and national banks, if you could. Most importantly would probably be experiences with online Canadian banks that offer chequing (not just savings) accounts. My present online banking works fine but I hate the customer service. I don't want a bank that I feel good about or has seasonally appropriate ad-mat with words of inspiration written boldly in sans serif type. No fields of sunflowers or wheat, red maples in autumn or green spring grass freshly 'cut' in photoshop to show your great mortgage rates please. No confusing seperate 'banking' and 'teller' hours. And I'd rather drag myself behind a truck than waste another second of my life doing my banking in a phone labyrinth. I'll save the phone for problems.

What I do want is convenience, reliability and good rates. Maybe that is too much to ask?

Comments

[http://users.livejournal.com/_janie_jones_/]

i'm going to recommend president's choice financial (www.pcfinancial.ca)) to you. they don't have actual locations, but since it's connected to CIBC you can go into any CIBC bank and get service. their interest rates are higher since they don't really pay to have banks and tellers and stuff. they give free cheques and there are no interac charges. i have been a member of Hamilton Teacher's Credit Union, RBC, CIBC and Bank of Montreal and president's choice is by far the best bank i've used.
(Reply to this)

[jawnbc]

I've banked (mostly) with VanCity for years, Canada's largest credit union. Their "no frills" accounts have lower fees, they're very nice and they actually invest in the community--every year they give a $1,000,000.00 grant to a community group. Last year it was a program for sex trade workers; the year before the Vancouver East Cultural Centre. So they do more than gouge profits. And their web banking is 100% free.

I stick with CIBC and RBC for my credit cards, because I want to earn frequent flyer points with my card--I use the card to pay nearly everything and get enough points every 2 years for a free ticket.

[gusmacroy.livejournal.com]

I am all credit union all the time. You can let a bank that wants to make money off of you hold your money, or a not-for-profit corporation that exists solely to care for the money of its members hold your money.

That said, because credit unions have to be responsible, sometimes you can get better promotional deals from a large commercial bank in the short term. But they seem to find a way to make you pay for eventually anyways.

[detailbear.livejournal.com]

Having recently asked around recently about the same subject, some thoughts:
Bank of Montreal has a history of error problems. One friend showed me there bank statement. There were 4 error corrections in one month.
CIBC/President's Choice was recommended by a number of people. If I shopped at Loblaws, I'd consider it.
RBC is arrogant. They didn't seem to want our mortgage, even though I had banked with them for over 15 years. In the end, they lost the loan and the credit card I had with them. They are also the most "head-office" oriented. I only use them now because they allow me 5+ accounts on my bank card.
TD/Canada Trust wanted our mortgage. Mother has banked there for 30 years, which helped, but they also do a good job on being customer-oriented.

I looked at Credit Unions, which offer member services, good rates, etc., and 5 years ago I would have gone with one, but if you use your card in other bank machines, that bank will charge you $1.50+/- for the transaction. If you can do most of your transactions at the Credit Union, then this wouldn't affect you.

I find TD online easier to use than RBC, but not by much. You can do more online at RBC, though.

[etherlad.livejournal.com]

I switched from RBC to (TD) Canada Trust years back, after RBC kept screwing with my accout (without telling me). I think I made the switch when Iw as 17, 18. Something like that. I got my RBC account (or at least starting involving myself with the account my mom had set up) when I was 13.

TD hasn't let me down since I switched.

[abbazabba.livejournal.com]

Not a Canadian banking customer, so I imagine the experiences are different. I wouldn't trade my credit union for anything. Banks in the US have consolidated to the point that they've grown big enough not to care about you. My credit union is tiny, but they treat me like a person, don't charge me annoying fees, have no minimum balances (other than 5 bucks on the "share" account that makes you a member), and I get all the ATMs I want through CU24, an ATM network for credit unions where most memebers don't charge ATM fees to other credit union customers. I really don't understand why anyone would bank with a huge multinational.

[antnycub.livejournal.com]

I've been with BMO for 20 years or so now. When I went to university I got a student account and negotiated a better monthly plan (benefits, etc.) They've only once made a mistake but were quick to correct it retroactively, no less. Their online portion is free and they also do chequing online.

That said, BMO is guilty of all those marketing cliches.

My Dad uses the Credit Union at home and he brought his mortgage to them. From what I've heard they are more likely to negotiate something that works for you whether it be a loan, credit card or what have you. You'd probably get much more satisfaction checking out the credit union. It's good karma all around.

[haenck.livejournal.com]

I loves the credit unions. But this is based on my experiences on US credit unions, for all I know "credit union" in Canada might mean "place where you get your teeth pulled", no wait- that is a "building society". If for no other reason, than they tend to be smaller and the folks there are very accessible.

The only possible fly in the ointment is that they tend to have fewer ATM's than the behemoth bankcorptrustsavings.

[plaidninja.livejournal.com]

Four years aga when I switched from the credit union I had used for all my life to CIBC they treated me like a suspicious street urchin, slapped unnecesarily long holds on my checks, and stringent minimum daily withdrawls.
Shortly after, for some reason, they offered me an exceptionally large line of credit, despite this, they refuse to take the holds off my checks or raise my daily minimum. Whatever.

[schillerium.livejournal.com]

When I first moved to Toronto, I opened an account with Metro Credit Union. However, it proved highly inconvenient: the nearest CU bank machine was over half an hour away from either my home or my workplace, and not on a natural route between the two, and I had to pay Interac fees when using any other institution's ATMs.

So I eventually got fed up. Wanting to avoid Big Five banks, I moved my money to Canada Trust. Then look what happened.

I'd move back to Metro CU (who have a location much more convenient to where I'm living now), if it weren't for the fact that my bank account is almost consistently floating in overdraft protection these days -- moving it right now would crystallize debt I can't afford to incur.

I don't want a bank that I feel good about or has seasonally appropriate ad-mat with words of inspiration written boldly in sans serif type. No fields of sunflowers or wheat, red maples in autumn or green spring grass freshly 'cut' in photoshop to show your great mortgage rates please.

Well, I hate to break it to you, but you're gonna get that crap from credit unions, too.

A CU is still, after all, a financial institution -- the difference, as with co-ops, is that as a member, you have a democratic right to be involved in the decision-making process. CUs do tend to be more people-friendly and community-oriented as well. But make no mistake, going to a CU isn't going to liberate you from all the marketing clichés.