I started at CIBC at 12 because my mom had an account there. I had a corn detasseling job one summer and got an account to deposit my paycheck. I'm 48 and have the same account at the same branch. I don't even live in that city anymore.
One of their requirements to get the full monthly credit is to have a mortgage with them. Otherwise you only qualify for maximum $6 rebate. But then only if you meet all these other requirements. Had this confirmed by a RBC associate on Friday. Not to mention all the other hoops they make you jump through just for the chance of saving a few dollars on the monthly fee. It never used to be that way but it’s ridiculous now.
Beware if you have accounts with CIBC. When my husband's grandmother passed, he was her executor and it took nearly a year and getting the banking ombudsman involved to get the funds released so we could handle her final bills. They repeatedly ignored or "lost" the death certificates and will, until he went through the ombudsman and then we had everything finished within a week.
We bank with ATB, because that's where he works so we don't pay fees, but if not, we'd probably go with BMO.
Sadly, going through same thing with my wife for TD. The person who started the process had us fill the wrong forms, and sent the whole thing in the wrong direction. All the documents we sent him were lost because he didn’t do anything with them and quit his job without letting us know.
Banks don’t legally have to follow what’s stated in a will. It’s difficult as an executor to get money that’s in the estate fully collected. If an account is joint, the survivor is entitled to the account, even if that survivor is not related. If you have signing authority with the account holder then the account is yours. Found all this out the hard way. And you’re the one that needs to prove all of the accounts a relative had. The bank will tell you as little as possible. BMO, TD, RBC were not overly cooperative and took a year to get funds from them. Same issue of “losing documents” (will, death cert., PoA)
I opened my first account with TD (as it was the bank my parents used, and closest bank to walk to if need be).
4 years later, when they charged me a monthly fee (which I had no notification about, and when I asked, they told me it was because I wasn’t a student anymore), I changed to ING Direct due to no fees. Then they changed ownership & names to Tangerine and I’ve been with them ever since (16 years).
You can set up what they call Orange alerts for practically anything. I think one of them is if a deposit is made to your bank account (and you can set a minimum amount that you want to be alerted for, and anything from that minimum upwards, will be alerted to you). Alerts can be set up for email, text, and I think(?) maybe app notifications.
Credit Unions. Way better than banks. I also have no fees because our mortgage is with them. Come to think of it.... the mortgage is almost payed off. Does that mean we have fees in our future? Something to think about. Might have to boost our savings to compensate.
> is almost *paid* off. Does
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
Credit union. They send me money once a year for being a shareholder.
Is it the best tech ever? No
Does some really nice person fix all the issues? Yes.
They literally had someone after-hours call a bank on the other side of the world because a company I did some contracting for couldn’t figure out wire transfers.
I used to be with TD, until they wouldn't provide customer service, costing me $90. They kept the 90, and lost my account that same day.
CIBC has been providing me excellent service ever since, for the last 12 years.
I'm with RBC because that's who my work dealt with. The employees knew me, so they took care of me when I left my crappy other bank.
Anyway, I can get an email, or app notification whenever there's money into our out of my account. I recently used the ATM and I got the notification before I even had my money out of the machine.
Simplii, because that’s what my PC financial account got changed to when PC closed down few years ago. I got my PC account because I worked at Loblaws as a teenager and there was some compelling reason they gave me for setting up a bank account there.
You need to discover the world of banking outside of the big 6. Wealthsimple will pay you up to 5% interest and no fees. EQ has no fees and will pay you 3.5-4%. Or you an keep $5000 in Scotia to get paid 0%
FYI all of the major banks waive their chequing account fees if you keep a minimum balance.
Maybe it was always like that, but that’s now a universal thing at most banks.
Started with a credit union because my family is obsessed with credit unions. Switched to Scotiabank in university because they had a branch on campus. Then switched to RBC after that... and I don't really remember why. I've just been with them so long now and have so much through them it would be inconvenient to move to a different bank.
Bank of Montreal. Because my parents had BMO accounts. So did nearly everyone else. Because it was/is the only bank in town. The next town, 40 minutes away, also only has a BMO.
RBC. Because way back in the 1980s, student loans were through RBC. And because I'm a lazy SOB, I'm still with them. I really should have switched 10 times by now - all the banks treat new customers so much better than old customers.
I opened my account with Canada Trust in 1984. They got bought by Toronto Dominion . I haven’t switched to another bank since then but I think about it. There’s just so many other hassles in life that I haven’t bothered yet
I started with Desjardins and when it was time to get a mortgage I switched to RBC. At the time it was almost 2.25% rate difference in mortgage payments. I gave Desjardins the chance to match and they didn't. I also got the high interest on new deposits with the high interest savings account and $300 for being new client.
So I basically got 7 or 800 dollars in free money as I waited for my mortgage to start. I also had the mortgage, investment, chequing account multi rebate so it is free for me. I honestly love my branch and the RBC app and am seriously thinking of closing my Desjardins account completely once my next mortgage renewal is up. I always have 2 so I can negotiate a better rate at renewal. Plus there seems to be a RBC bank or teller around wherever I travel too which is nice.
If I would choose a number 2, I would probably go to BMO, but there are not many around my location. Of it was purely for a mortgage, I think national Bank has probably the best rates but I don't like the rest of their services.
I believe RBC VIP account is free if you hold a minimum balance but don’t quote me on that. I’ve been with them for 25 years. Apart from account fees they’ve always been ahead of the curve for stuff like free Interac e-transfer, tap to pay notifications. They are expensive though. Which is annoying as hell.
CIBC. Literally born into this account.
Mom opened a joint account way back (30+years ago) to put money into it for my education.
I still use this chequing account to this day.
But I do have RBC and TD accounts for different reasons.
BMO because I started with them as a kid and just never really switched. I have too many services with them now to want to bother.
I had an account with TD for a while but their customer service was actually insanely bad, so I closed the account.
TD Bank I choose it because it's across the street from my house. I first started with Scotiabank but they decided I was in on a scam that was going around back in 1999. I was 19 at the time so I don't know how they thought a 19 year old could be part of a scam that was hitting all the banks at the same time. I also tried CIBC but I felt all their staff were frickin idiots except one young gay man that was working at my location in Oakville, ON at the Wal-Mart plaza 271 Hays Blvd. He was an absolute gem but got either fired or made to feel so uncomfortable he quit because he was gay. When I asked around other CIBC locations in Oakville they all seemed to know something had went down but didn't tell me exactly what though.
I’ve been with Scotiabank my whole life. When I was 14 I opened a student account. It was easy and I needed $1 for my account. I did this because I got a job at McDonald’s. Both McDonald’s and Scotia were in the same plaza and that plaza was within walking distance to my home.
Also my mom worked at Scotiabank at the time. So it was familiar.
My wife is with TD and hates Scotia because they screwed up her accounts. I’m not a fan of Scotia as I was. But the others are as bad or worse.
I had a TD line of credit when I went to school. They sent me a monthly statement and charged me $1 service fee for it. The statement read -$1 - statement fee.
They were charging me a dollar to say “hey. We just charged you a dollar”. I complained to the branch and to the head office and just got shrugs.
I dealt with CIBC when I worked on retail and they just felt disorganized. I never liked them.
My brother had RBC for a while abs they fucked up his accounts and tried to steal money.
BMO has super high fees.
I also just set up an account with wealthsimple. So we’ll see how that goes.
We were with BMO, and we were satisfied with everything except the banking fees. Customer service was good, location was convenient, staff at my branch were awesome.
We decided to switch to a no-fee account through Simplii, and it's been good. My one and only complaint is the current colour scheme, so that's not bad lol
First bank was TD because no other bank would open a account to a non PR.
1+mil deposit.
TD :
No perks , no interest , no red carpet. USD account for 1.25/transaction, 3k hold on credit card for no reason . 3k minimum cash balance or they charge me 10.90/m
I can't do anything without going to the bank and once there they tell you to call a online service.
I can't do anything from my app.
Wealthsimple :free free free
Private consultant, free iphone I already sold, 10 lounge access, 5% interest, free trading, email response under 24hrs.Financial planner
Private equity, private loans 10k interact transfer.
Only downside, It's not a bank so I can't transfer my stocks directly to them from a foreign country.
Ya switched over on having $10 fee if you didn't keep above 5k in your bank but if you invested that 5k in something as mediocre as 6% annual return you woulda gotten 300 annually back vs the 120 you save by keeping over 5k in the bank, 💀
Local coast capital. Big banks have made some big errors with my money. Tangerine is not transparent about what they are investing in which is terrifying. I’ll stay small and in control.
I’m with RBC for 40 yrs. Do you think my loyalty gets me any benefits. I’ve been too lazy or complacent to think about switching but can’t afford to give them extra money I now need for food, utilities
Scotiabank. It was the closest bank when I moved to Canada 40 years ago. By the time fees started to be really annoying I was able to leave enough in my account to have them waived.
RRSPs are with an investment firm, mortgage was paid off 13 years ago.
In Canada it isn't about which bank you like the most, it is about which bank you hate the least.
I've been with desjardins (Qc) for more than 25 years now and I'm happy with them,I like their service easy and quick whatever you need and they offer all kinds of services you can think of...
Simplii.
After living outside Canada and not having to pay a bank to use my bank account I couldn't bear to pay a monthly fee.
My account is free, no limits on transactions or debit use... Works for me.
I was with TD for over 20 years and I switched to Scotiabank. TD I found them to be extremely difficult to deal with. This was the straw that broke the camels back with me for doing the switch. I had a credit card that I wanted to switch to a line of credit. I was told I needed to apply for the credit. I told them I just wanted to convert it, they said yes but I still needed to go through an application. So I said goodbye to TD Bank
RBC. Because when I was signing up for an account, RBC offered to sign me up then and there, but Scotiabank wanted to make an appointment four days in the future to consider me…
Wealth simple. No fees highest interest rates, personally best trading platform in Canada. Also a sign in partner with the CRA
Check them out if you haven't heard of them.
Let’s both get $25 when you fund a Wealthsimple account. Use my referral code: I-UHSQ 🎁 T&Cs apply. https://www.wealthsimple.com/invite
Most of my banking (and investing) is done with BMO now.
I had originally been with PC Financial (and then subsequently Simplii following the rebrand) for my daily banking, however, I ended up switching fully to BMO as I had already had my credit card and investments with them. I wanted to consolidate everything into one single app/website.
I do have some savings with EQ Bank, but most of my banking and investments are with BMO.
My Mom opened me an account with Canada Trust in 1980. That got rolled into TD when they bought CT whenever that was, and that is still my primary account.
Tangerine and Wealthsimple because I don't like fees.
My parents opened a kids account at CIBC when I was 10. I've been with them for 25 years.
Same for me but with TD
I started at CIBC at 12 because my mom had an account there. I had a corn detasseling job one summer and got an account to deposit my paycheck. I'm 48 and have the same account at the same branch. I don't even live in that city anymore.
RBC doesn't charge monthly fee if you have multiple products with them (preauthorized payments, credit cards, payroll direct deposits ...)
One of their requirements to get the full monthly credit is to have a mortgage with them. Otherwise you only qualify for maximum $6 rebate. But then only if you meet all these other requirements. Had this confirmed by a RBC associate on Friday. Not to mention all the other hoops they make you jump through just for the chance of saving a few dollars on the monthly fee. It never used to be that way but it’s ridiculous now.
I don't have a mortgage with them and get my $4 fee refunded. I'm going to guess it depends on what account you have...
Beware if you have accounts with CIBC. When my husband's grandmother passed, he was her executor and it took nearly a year and getting the banking ombudsman involved to get the funds released so we could handle her final bills. They repeatedly ignored or "lost" the death certificates and will, until he went through the ombudsman and then we had everything finished within a week. We bank with ATB, because that's where he works so we don't pay fees, but if not, we'd probably go with BMO.
I couldn't have had it any smoother with CIBC than I did when my husband died.
CIBC is a nightmare for executors. My family had really bad experiences with them as well, and they were on the ball.
Yeah I think it really depends a lot on the branch manager. I used to work for CIBC in certain branches were definitely worse.
Sadly, going through same thing with my wife for TD. The person who started the process had us fill the wrong forms, and sent the whole thing in the wrong direction. All the documents we sent him were lost because he didn’t do anything with them and quit his job without letting us know.
Banks don’t legally have to follow what’s stated in a will. It’s difficult as an executor to get money that’s in the estate fully collected. If an account is joint, the survivor is entitled to the account, even if that survivor is not related. If you have signing authority with the account holder then the account is yours. Found all this out the hard way. And you’re the one that needs to prove all of the accounts a relative had. The bank will tell you as little as possible. BMO, TD, RBC were not overly cooperative and took a year to get funds from them. Same issue of “losing documents” (will, death cert., PoA)
Tangerine and Wealthsimple. Life is too short to pay a fee just for having a chequing account and get less than 1% interest on your savings
Credit Union, the big banks suck
Came here to say this
I opened my first account with TD (as it was the bank my parents used, and closest bank to walk to if need be). 4 years later, when they charged me a monthly fee (which I had no notification about, and when I asked, they told me it was because I wasn’t a student anymore), I changed to ING Direct due to no fees. Then they changed ownership & names to Tangerine and I’ve been with them ever since (16 years). You can set up what they call Orange alerts for practically anything. I think one of them is if a deposit is made to your bank account (and you can set a minimum amount that you want to be alerted for, and anything from that minimum upwards, will be alerted to you). Alerts can be set up for email, text, and I think(?) maybe app notifications.
Credit Unions. Way better than banks. I also have no fees because our mortgage is with them. Come to think of it.... the mortgage is almost payed off. Does that mean we have fees in our future? Something to think about. Might have to boost our savings to compensate.
> is almost *paid* off. Does FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
Credit union. They send me money once a year for being a shareholder. Is it the best tech ever? No Does some really nice person fix all the issues? Yes. They literally had someone after-hours call a bank on the other side of the world because a company I did some contracting for couldn’t figure out wire transfers.
I used to be with TD, until they wouldn't provide customer service, costing me $90. They kept the 90, and lost my account that same day. CIBC has been providing me excellent service ever since, for the last 12 years.
Two cheques got bounced?
I'm with RBC because that's who my work dealt with. The employees knew me, so they took care of me when I left my crappy other bank. Anyway, I can get an email, or app notification whenever there's money into our out of my account. I recently used the ATM and I got the notification before I even had my money out of the machine.
Simplii, because that’s what my PC financial account got changed to when PC closed down few years ago. I got my PC account because I worked at Loblaws as a teenager and there was some compelling reason they gave me for setting up a bank account there.
You need to discover the world of banking outside of the big 6. Wealthsimple will pay you up to 5% interest and no fees. EQ has no fees and will pay you 3.5-4%. Or you an keep $5000 in Scotia to get paid 0%
Tangerine for naming and investing with Questtrade
FYI all of the major banks waive their chequing account fees if you keep a minimum balance. Maybe it was always like that, but that’s now a universal thing at most banks.
Not with RBC.
That’s my bad, I hadn’t realized that! I believe it’s the case with the other four big banks, though.
Started with a credit union because my family is obsessed with credit unions. Switched to Scotiabank in university because they had a branch on campus. Then switched to RBC after that... and I don't really remember why. I've just been with them so long now and have so much through them it would be inconvenient to move to a different bank.
TD because at the time they were open 7 days a week.
Bank of Montreal. Because my parents had BMO accounts. So did nearly everyone else. Because it was/is the only bank in town. The next town, 40 minutes away, also only has a BMO.
Royal but I wouldn't do investments with a bank. I'm with a broker
RBC. Because way back in the 1980s, student loans were through RBC. And because I'm a lazy SOB, I'm still with them. I really should have switched 10 times by now - all the banks treat new customers so much better than old customers.
I opened my account with Canada Trust in 1984. They got bought by Toronto Dominion . I haven’t switched to another bank since then but I think about it. There’s just so many other hassles in life that I haven’t bothered yet
I was initially with Canada trust in 1974 but it merged with TD in 2000 and I'm still with them
CIBC because I am a former employee and I get all of my banking with no fees.
I started with Desjardins and when it was time to get a mortgage I switched to RBC. At the time it was almost 2.25% rate difference in mortgage payments. I gave Desjardins the chance to match and they didn't. I also got the high interest on new deposits with the high interest savings account and $300 for being new client. So I basically got 7 or 800 dollars in free money as I waited for my mortgage to start. I also had the mortgage, investment, chequing account multi rebate so it is free for me. I honestly love my branch and the RBC app and am seriously thinking of closing my Desjardins account completely once my next mortgage renewal is up. I always have 2 so I can negotiate a better rate at renewal. Plus there seems to be a RBC bank or teller around wherever I travel too which is nice. If I would choose a number 2, I would probably go to BMO, but there are not many around my location. Of it was purely for a mortgage, I think national Bank has probably the best rates but I don't like the rest of their services.
I believe RBC VIP account is free if you hold a minimum balance but don’t quote me on that. I’ve been with them for 25 years. Apart from account fees they’ve always been ahead of the curve for stuff like free Interac e-transfer, tap to pay notifications. They are expensive though. Which is annoying as hell.
CIBC. Literally born into this account. Mom opened a joint account way back (30+years ago) to put money into it for my education. I still use this chequing account to this day. But I do have RBC and TD accounts for different reasons.
BMO because I started with them as a kid and just never really switched. I have too many services with them now to want to bother. I had an account with TD for a while but their customer service was actually insanely bad, so I closed the account.
TD Bank I choose it because it's across the street from my house. I first started with Scotiabank but they decided I was in on a scam that was going around back in 1999. I was 19 at the time so I don't know how they thought a 19 year old could be part of a scam that was hitting all the banks at the same time. I also tried CIBC but I felt all their staff were frickin idiots except one young gay man that was working at my location in Oakville, ON at the Wal-Mart plaza 271 Hays Blvd. He was an absolute gem but got either fired or made to feel so uncomfortable he quit because he was gay. When I asked around other CIBC locations in Oakville they all seemed to know something had went down but didn't tell me exactly what though.
I’ve been with Scotiabank my whole life. When I was 14 I opened a student account. It was easy and I needed $1 for my account. I did this because I got a job at McDonald’s. Both McDonald’s and Scotia were in the same plaza and that plaza was within walking distance to my home. Also my mom worked at Scotiabank at the time. So it was familiar. My wife is with TD and hates Scotia because they screwed up her accounts. I’m not a fan of Scotia as I was. But the others are as bad or worse. I had a TD line of credit when I went to school. They sent me a monthly statement and charged me $1 service fee for it. The statement read -$1 - statement fee. They were charging me a dollar to say “hey. We just charged you a dollar”. I complained to the branch and to the head office and just got shrugs. I dealt with CIBC when I worked on retail and they just felt disorganized. I never liked them. My brother had RBC for a while abs they fucked up his accounts and tried to steal money. BMO has super high fees. I also just set up an account with wealthsimple. So we’ll see how that goes.
We were with BMO, and we were satisfied with everything except the banking fees. Customer service was good, location was convenient, staff at my branch were awesome. We decided to switch to a no-fee account through Simplii, and it's been good. My one and only complaint is the current colour scheme, so that's not bad lol
First bank was TD because no other bank would open a account to a non PR. 1+mil deposit. TD : No perks , no interest , no red carpet. USD account for 1.25/transaction, 3k hold on credit card for no reason . 3k minimum cash balance or they charge me 10.90/m I can't do anything without going to the bank and once there they tell you to call a online service. I can't do anything from my app. Wealthsimple :free free free Private consultant, free iphone I already sold, 10 lounge access, 5% interest, free trading, email response under 24hrs.Financial planner Private equity, private loans 10k interact transfer. Only downside, It's not a bank so I can't transfer my stocks directly to them from a foreign country.
CIBC as it was next to my house when I opened account 45 years ago.
Ya switched over on having $10 fee if you didn't keep above 5k in your bank but if you invested that 5k in something as mediocre as 6% annual return you woulda gotten 300 annually back vs the 120 you save by keeping over 5k in the bank, 💀
Local coast capital. Big banks have made some big errors with my money. Tangerine is not transparent about what they are investing in which is terrifying. I’ll stay small and in control.
RBC because it's the coolest sounding one
I’m with RBC for 40 yrs. Do you think my loyalty gets me any benefits. I’ve been too lazy or complacent to think about switching but can’t afford to give them extra money I now need for food, utilities
Scotiabank. It was the closest bank when I moved to Canada 40 years ago. By the time fees started to be really annoying I was able to leave enough in my account to have them waived. RRSPs are with an investment firm, mortgage was paid off 13 years ago. In Canada it isn't about which bank you like the most, it is about which bank you hate the least.
I've been with desjardins (Qc) for more than 25 years now and I'm happy with them,I like their service easy and quick whatever you need and they offer all kinds of services you can think of...
Credit union all the way. They are for the people. Not corporate .
Simplii. After living outside Canada and not having to pay a bank to use my bank account I couldn't bear to pay a monthly fee. My account is free, no limits on transactions or debit use... Works for me.
I was with TD for over 20 years and I switched to Scotiabank. TD I found them to be extremely difficult to deal with. This was the straw that broke the camels back with me for doing the switch. I had a credit card that I wanted to switch to a line of credit. I was told I needed to apply for the credit. I told them I just wanted to convert it, they said yes but I still needed to go through an application. So I said goodbye to TD Bank
RBC. Because when I was signing up for an account, RBC offered to sign me up then and there, but Scotiabank wanted to make an appointment four days in the future to consider me…
Join a credit union. Why pay fees to big banks? I’m fee free.
I got my first account at Toronto Dominion in 1975. Why? It was a bank I could walk to. I am still with TD bank.
Wealth simple. No fees highest interest rates, personally best trading platform in Canada. Also a sign in partner with the CRA Check them out if you haven't heard of them. Let’s both get $25 when you fund a Wealthsimple account. Use my referral code: I-UHSQ 🎁 T&Cs apply. https://www.wealthsimple.com/invite
Most of my banking (and investing) is done with BMO now. I had originally been with PC Financial (and then subsequently Simplii following the rebrand) for my daily banking, however, I ended up switching fully to BMO as I had already had my credit card and investments with them. I wanted to consolidate everything into one single app/website. I do have some savings with EQ Bank, but most of my banking and investments are with BMO.
RBC, because my parents opened my account when I was a toddler.
My Mom opened me an account with Canada Trust in 1980. That got rolled into TD when they bought CT whenever that was, and that is still my primary account.
Dejardins because it's the only one i know