Banking in the CF!

[lennoj]

My bias opinion is to pick Scotia Bank. Great online tools that do not have hidden/ridiculas fees attached to them and currently they have the best interest rates for savings accounts. TD/RBC are great insitutions aswell but I have heard some bad reviews concerning their security practices and general account handling...

Does anyone use Alterna Savings onlien suite? If so, any reviews or comments?

Cheeers,

 

[Occam]

It most certainly is.

My account with the TD is technically in NB but i have moved 3 times since and its never made any difference. I go to the local branch when i need something and use the ATMs anywhere i go. Where your account actually is, has no effect on day to day life. I just change my address and voila ! we're complete.

I'm happy that you're able to carry on business with TD from a distance of multiple provinces away from your "home" branch.  Nevertheless, there are banks that don't provide that luxury (at least one of the big three), and that is a valid concern for someone that is looking at opening their bank account after joining the CF.

It might come as a shock to you but there are military people who dont know what that is like either.

Now why would it come as a shock to me?  I'm one of them. 

You have a knack for stating the obvious yet irrelevant in some strange effort to be condescending, and it's mildly annoying.

 

[Redeye]

I'm happy that you're able to carry on business with TD from a distance of multiple provinces away from your "home" branch.  Nevertheless, there are banks that don't provide that luxury (at least one of the big three), and that is a valid concern for someone that is looking at opening their bank account after joining the CF.

Now why would it come as a shock to me?  I'm one of them. 

You have a knack for stating the obvious yet irrelevant in some strange effort to be condescending, and it's mildly annoying.

RBC has three "regions" but that system is being done away with - and it's not really all that difficult to combine profiles.  It happens all the time.  TD doesn't have any such restrictions - in fact I used to work there and "home branch" was an obsolete term even three years ago - every branch can do everything any other branch does.

 

[stryte]

When I moved from Ontario to Saskatchewan I was with RBC. I did not experience any issues with daily banks needs however I did experienced problems with my student credit line as they were unwilling to give me proper help since it was through a branch in Ontario.

So I paid it off and have since changed over to BMO and am very pleased with their staff and services.

I've also utilized PC banking for their savings account. An issue you may experience with PC is in regard to them being 3rd party lender through CIBC. When purchasing my first home my lawyer and Realtor informed me that PC was often more difficult and slow to deal with. Luckily BMO easily beat PC's mortgage rates so I never experienced whether it is true or not.

 

[Redeye]

When I moved from Ontario to Saskatchewan I was with RBC. I did not experience any issues with daily banks needs however I did experienced problems with my student credit line as they were unwilling to give me proper help since it was through a branch in Ontario.

So I paid it off and have since changed over to BMO and am very pleased with their staff and services.

I've also utilized PC banking for their savings account. An issue you may experience with PC is in regard to them being 3rd party lender through CIBC. When purchasing my first home my lawyer and Realtor informed me that PC was often more difficult and slow to deal with. Luckily BMO easily beat PC's mortgage rates so I never experienced whether it is true or not.

PC is a disaster to deal with for anything but very basic stuff - I have seen and heard disaster stories galore involving them (and a lot of other places - but they come up a lot) missing closings, sending incorrect documents, etc.  And there's no one to deal with personally to get the matter sorted out.  And a little perserverance their rates are really no better than what other banks offer good clients.

 

[Bzzliteyr]

One thing to remember, and I only learned after a few years of life.. you don't HAVE to get a mortgage/loan through the bank you use.. you are allowed to shop around.  If I were to be doing any big money spending, it would be in person with a banker for sure.

PC banking = NO FEES.

I have never been charged for any transactions.

 

[Occam]

One thing to remember, and I only learned after a few years of life.. you don't HAVE to get a mortgage/loan through the bank you use.. you are allowed to shop around.  If I were to be doing any big money spending, it would be in person with a banker for sure.

PC banking = NO FEES.

I have never been charged for any transactions.

I agree - we have our mortgage through CIBC, and our day-to-day banking through PCF.  My wife has retained her RBC account for a few reasons, the least of which is that PCF does not allow you to send (or instantly receive) e-mail money transfers.  We also ran into a wrinkle on a home sale where the lawyer was unable to deposit the proceeds of the sale of our house to our PCF bank account, even with the institution/transit/account numbers.  A virtual bank like PCF is useless if one wants to buy US funds for travelling.

Otherwise, I'm a huge fan of PCF.  You've got to have a fallback branch account for those rare occasions that PCF doesn't provide a particular service.

 

[Redeye]

As we say in the business - they have no service charges because they have no service.  They're fine for a chequing account but they offer no real services beyond that - many of which you end up paying for in the long run.  Besides, all of the Big Five have easy ways to get around paying fees.  An average family who's got RRSPs, a mortgage, and a credit card can get free banking at RBC easily - CIBC and TD have similar programs if you keep some minimum balance, it's pretty easy to find a deal - but the best things in life are not necessarily free anyhow.

One thing to remember, and I only learned after a few years of life.. you don't HAVE to get a mortgage/loan through the bank you use.. you are allowed to shop around.  If I were to be doing any big money spending, it would be in person with a banker for sure.

PC banking = NO FEES.

I have never been charged for any transactions.

 

[geo]

Desjardin in Quebec.... Credit unions in other provinces... same thing

So long as your pay is deposited in an account and you have access to it via ATMs - why bother closing & moving your bank account eleswhere.  I still have the same bank account I had back in 1970....

Once you are posted to a base and you are settling down, think about opening an account at a local bank  - until then - why bother ???

 

[aesop081]

So long as your pay is deposited in an account and you have access to it via ATMs - why bother closing & moving your bank account eleswhere.  I still have the same bank account I had back in 1970....

Exactly. I may have a nack for pointing out the obvious and being condescending but it pales in comparaison to the nack people have of overthinking and overcomplicating things just because of a misguided notion that everything must be different once you are in the CF. But what do i know, 6 bases in 16 years..........

 

[geo]

Gawd... 16 yrs ???

You,re just a young'un

CHIMO!

 

[Armymedic]

overthinking and overcomplicating things just because of a misguided notion that everything must be different once you are in the CF

Aw come on...that NEVER happens.

 

[Occam]

Exactly. I may have a nack for pointing out the obvious and being condescending but it pales in comparaison to the nack people have of overthinking and overcomplicating things just because of a misguided notion that everything must be different once you are in the CF.

I have a question for you.

Are there banks that would be unsuitable for a person in the CF?

If you answer the question as "no", then you haven't been following along.

If you answer the question as "yes", then you're merely lowering the signal-to-noise ratio of the discussion because the original question was a completely valid one.

Not everything is different once you are in the CF - but some things are.  Banking is one of them.

But what do i know, 6 bases in 16 years..........

More than some, but not as much as others?

 

[SupersonicMax]

Desjardin in Quebec.... Credit unions in other provinces... same thing

So long as your pay is deposited in an account and you have access to it via ATMs - why bother closing & moving your bank account eleswhere.  I still have the same bank account I had back in 1970....

Once you are posted to a base and you are settling down, think about opening an account at a local bank  - until then - why bother ???

Paying 1.50$ per ATM transaction because there is no ATM from my bank where I live is an issue for me.  For that reason, I went with RBC.

 

[geo]

...instead of paying ATM fees ask for an additional 40 or 60 $ when you are doing your shopping
That way you do your shopping with your debit card AND avoid ATM fees

 

[SupersonicMax]

Thanks kind of inconvenient when you need cash and you don't need to buy anything.  I'd rather have the liberty to get cash when I want.

 

[aesop081]

Paying 1.50$ per ATM transaction because there is no ATM from my bank where I live is an issue for me.  For that reason, I went with RBC.

So what happens when you move somewhere that has no RBC ?

Are there banks that would be unsuitable for a person in the CF?

ANY of them........from one location to the next,  banks may or may not have branches. I've been around enough to know that from one base to the next, it doesnt matter, your bank may very well not be represented.

Not everything is different once you are in the CF - but some things are.  Banking is one of them.

Its no different than for anyone else, military or not. You move to a new area, the bank you deal with may or may not be there.

I moved to Gagetown from Edmonton. Was banking with BMO. No branch in Gagetown. Any civilian moving to Oromocto would have had the same issue. Civillian, military, same problem. I switched to TD after getting pissed off at BMO service in Fredricton.

I moved from Gagetown to Greenwood. Greenwood has no TD, no RBC, no BMO. I stayed with TD because i hardly have any need for a branch anymore since i can just do everything online. Military or civilian, a person dealing with the TD, BMO or RBC would have the same problem. To get one of those you have to drive 30 minutes to Kentville.

Makes no damned difference if you are in the CF or not. Civillians move around....we dont have a monopoly on that.

 

[SupersonicMax]

There are more RBC branches around then there are Desjardins Branches (or any regional credit unions/banks).  That's a fact.  Plus, in my 8 years and 5 postings, I've always had quick access to an RBC branch.

 

[aesop081]

There are more RBC branches around then there are Desjardins Branches (or any regional credit unions/banks).  That's a fact.  Plus, in my 8 years and 5 postings, I've always had quick access to an RBC branch.

I know Max but my point was that no matter what bank you go with, you always have the possibility that when you move, there wont be a branch in the new location.

 

[SupersonicMax]

Yup, it's just the odds are better for you to have a branch available where you go with a larger bank that operates at the national level...