Musings —01.10.2011 12:31 PM
—Bank advice
Corporately, we deal with a bank that is making us very unhappy.
Anyone have advice about a banker in the GTA who would be interested in dealing with a healthy, debt-free company’s business?
Boy oh boy, am I ever going to have a story to tell. Thanks, folks.
Have you considered a credit union?
Agreed: is there a credit union that you have access to? We managed to switch a few years ago and we haven’t looked back. Far fewer service fees and far better person-on-person service. They manage our checking and saving accounts as well as our RSP investments, and we’ve had no complaints whatsoever.
Having done IT consulting for banks and credit unions alike, I would say generally that if you value security you want to go with a bank. Not that credit unions can’t run securely, or that all credit unions are bad at managing customer data – some are excellent – but I have seen problems in some cases. Credit unions typically have smaller, more stretched IT teams and there is a higher likelihood that some detail is going to slip through the cracks. Banks are quite the opposite. I would use the term “bloated” to describe most bank IT departments.
What Dan said.
me too. In fact a credit union is the only business that a government should emulate, member owned, elected boards, cooperative ethical staff.
When you say “we”, I assume you mean Daisy, i.e. a bank for your business needs and not personal?
Near the beginning of my post comm-college career, a large employer would only direct deposit to one of two banks (cheaper for them). And even those I have needed to restore a silently lowered credit card limit a couple of times, ordered an automated branch transfer out of Chinatown after my first branch had been closed, and was refused any ’90s era low entry priced townhouse’ mortgage per a computerized by-the-books 30% limit response – 12 years on, still no joint spousal income or 2.5 kids to feed and clothe – I still use the very same properly government-regulated chartered bank 🙂
Before all of that I had dealt with two Trust companies but they’ve all been long taken over.
Near the beginning of my post comm-college career, a large employer would only direct deposit to one of two banks (cheaper for them). And even though I have needed to restore a silently lowered credit card limit a couple of times, ordered an automated branch transfer out of Chinatown after my first branch had been closed, and was refused any ’90s era low entry priced townhouse’ mortgage per a computerized by-the-books 30% limit response – 12 years on, still no joint spousal income or 2.5 kids to feed and clothe – I still use the very same properly government-regulated chartered bank 🙂
Before all of that I had dealt with two Trust companies but they’ve all been long taken over.
Credit union, all the way. Better rates (for borrowing and lending), lower fees, great customer service, and perfectly fine online banking.
Yes. Go for it, Warren!
Here in Atlantic Canada, I’m dealing with one of the major banks that has jerked me around a bit regarding RRSPs. I’m thinking of moving to TD Canada Trust for my personal banking. Dunno what they’d be like for a commercial account but they seem pretty progressive, their hours are great and, hey, Frank McKenna is the Vice Chair…plus I love their TV ads with the two old dudes. On the other hand, if it’s a TD branch that’s causing you problems, give Frank a call…he’ll straighten them out, lol.
Warren: Is is possible the treatment is due to your politics or outspokenness? I ask because in my experience the treatment I get from a bank is mostly influenced by the personality and style of the manager of the branch in question. I deal with Scotiabank for daily stuff, with TD Canada Trust for mortgage and investments, and a credit union for the household accounts. I’ve had a few rocky moments with all, but nothing that couldn’t be sorted out without a frank exchange of views with the branch manager, and/or a move to another branch. If necessary, I’ve always been prepared to escalate to head office.
Sorry WK, but “healthy and debt-free” isn’t something that banks care about. They do not make money with company’s that are “healthy and debt-free’. If you need a loan, you need trade-lines (meaning you have a record of paying interest to other folks)
All the banks are the same. If you are not happy with one, you are more than likely not going to be happy with the others. I have learned that is life.
I am sure that many of us have stories to share as well, but the big banks are all the same.
I have considered a credit union, but have never taken the plunge since there are so few of them in Ontario.
Don’t get me started!
I deal begrudginlgy with Scotia but my heart is at TD. Customer service is miles ahead, at least around here.
Private banking is where it’s at, mon.
We deal with TD corporately and personally, and we love it.
What about the National Bank? Have dealt with them since
’04, no problems whatsoever. Can’t say the same regarding my other
account — at a bigger bank for various reasons.
In the past I have had my mortgage and RRSP with NB, and they are the same as the other banks.
It’s BMO you’re leaving right? I hear nothing but bad things about their customer service. I bank at TD and they’re great.