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[Solved] Non-fucking-awful Canadian bank?
Doc
Registered User, ClubPA regular
Registered User, ClubPA regular
When I moved to Vancouver, BC in November, I signed up with HSBC. They are fucking awful in every respect I can imagine.
Who doesn't blow as much ass as HSBC? I've heard not-so-hot things about BMO, I think it was.
Who doesn't blow as much ass as HSBC? I've heard not-so-hot things about BMO, I think it was.
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2. Hours are terrible, they close all their branches at 4.
3. Continue to get checking account fees despite having my balance above the threshold where they are supposedly waived. I have to call the bank every month so far.
4. Their reps never return phone calls
5. Most recently, they charged me a $12 fee when they explicitly said that there would not be one for writing a check to a US bank. As of now, they've continued to refuse to reverse it.
6. Their phone banking people are totally useless - to get anything done customer-service related, you have to call your account manager, who is the guy that you talked to when you opened your account. He seems to be in the office about once a week and never returns my calls.
7. I get treated like a criminal every time I walk into the bank to do anything. If I'm depositing a check from the US, it takes like 15 minutes with a teller, because they ask me all sorts of questions and try to stare me down.
This is all in a 3-month period.
My credit card is with BMO (although I have also heard bad things) however, from one of those silly geese in the malls. Took maybe a month to get it in the mail, and have had no problems with it. I'm not sure it would be available to you without 'canadian' credit (I didnt know it mattered?), but mine was also a student card without fees.
I've never tried any other bank but really I haven't had any reason to.
If I recall correctly you worked by Metrotown, so you could always swing by the Superstore there and see what they can tell you. I've never had a problem with them, and we have a credit card, line of credit, checking, and savings account with them.
But to be honest, I've heard shitty things about every bank. It comes down to your own experience I guess.
I work down off of Marine View Drive, but I do go through Metrotown daily; it's my skytrain stop. I was thinking about stopping by there after work today to get some light bulbs, actually.
Sounds like a good idea.
Go in and see what they can tell you. Sometimes they're pretty helpful, sometimes not. In any case you can pick up a brochure at least. The kiosk will be just inside the store on the left, if I recall correctly. It's been a bit since I've been there.
PC Financial in particular have waived bounced cheque fee's twice for me.
I switched to RBC (Royal Bank of Canada) a year and a bit ago, largely because their account and other associated fees were slightly better than TD and they had better "perks" I could get in with--I'm largely referring to their line of credit cards (and that probably just comes down to the fact that I found them more attractive than similar options with TD). Also, since I have RRSPs, the chequing account, and the free savings account, I receive a monthly multi-service rebate that makes my chequing account free regardless of the balance (so, I pay nothing in the way of account fees). I doubt you'd end up with RRSPs Doc, but you may be able to have some other service instead of RRSP to get the multi-service discount.
Recap: I've always found RBC and TD representatives to be helpful and kind. TD will definitely have the best hours but little else putting it above the others. RBC had more attractive perks for my day-to-day banking, so I switched there (but the hours are really annoying).
You also may want to try to see where another branch of HSBC is, as branches set their own hours. A lot of your problems I've never heard of anyone coming across, so it's a shame you've had such a uniquely horrible banking experience up here.
They have a sense of humour, they're extremely helpful and some branches are open Saturdays downtown.
I got tired of being dicked around by BMO so I switched to RBC 5 years ago and haven't seen reason to switch since. RBC doesn't have good hours though.
Where do you live now?
Coast Capital Savings is pretty great. They're a credit union and they've never charged me a time in fees, they don't hold my deposits and I got a visa with them with a great limit and it took 3 days to arrive in the mail after I applied in person at a branch. The hours are decent, some branches are open til 7, and on Saturdays.
They cast a shadow like a sundial in the morning light. It was half past 10.
That said, I've banked at TD my whole life with no real problems, and they have good Saturday hours. There's one just outside Metrotown at Station Square. It's where I go when I need cash while I'm at work.
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I always hear good things about PCFinancial, but they dont have real branches. If i was going to switch, i would go with them, everyone i know who has an account with them always raves about it. ING online only accounts are also good, but again, no branches and im not sure they have any ATM deal with anyone, so cashing checks might be difficult (They probably do, im just not sure). Personally i dont want to have to wait even 15 minutes to get a new debit card if mine happens to be "compromised" or something, not to mention the other random crap i always seem to end up having to go into a branch for, so online accounts are not for me.
CIBC and Scotia i only hear bad things, though ive never used them personally. BMO is ok, dunno how it is out west but even here in toronto branches are limited and ive heard the online banking leaves something to be desired. Again, never used them.
TLDR: If i had to pick a major bank, id go with TD (I use them), and if i didnt need to use the branches, id go with PC Financial or ING.
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Coast Capital Savings is what I switched to since to from Envision Financial. My previous bank charged me every time I used an my savings account from an ATM. Their hours are nonsensical rubbish.
I switched to Coast Capital because of the high interest savings, multiple branches across canada, no surcharge on using my savings account from ATMs. They also have cheap checks, the ATMs take deposits, online banking, friendly service that has always worked for me and not against me, and some branches stay open till like 7 or 8pm.
Vancouver BMOs actually score higher than the Canadian BMO average with their NPS scores, so if you did try them, you'd theoretically be getting better service than most BMO customers across the country. My experience with BMO might be positively skewed, but I have never been frustrated with them to a point where I thought that they would not help me. The few problems I have had with them have been worked out either over the phone (always get an in-bank teller to help you if you do phone with a problem, no matter what bank you go with- skip Direct Banking services) or in person.
How many transactions per month do you do with your account now? Are you the type that withdraws a large amount of cash to carry and use, or do you use your debit card for most transactions? Would you be willing to transfer over any investments to BMO that you currently have with HSBC? Would you be willing to open a BMO Mastercard? If you speak with the person who would open your account, there is a strong chance that you could ask them to waive banking fees for the first three or six months on your account. Try and play up the fact that you're looking for a new bank, and are trying to find one that will help you with your banking needs. The FSM that opens your account for you has a lot of leeway when it comes to reversing fees for a period of time, so if you ask for it, they can provide it.
Since you have multiple US cheques to deposit or cash, I would also suggest opening up a US Chequings or Savings account. There is no additional monthly fee attached, but any US Cheques deposited to the US account and then exchanged over to your Canadian account would receive a better exchange rate and would not be hit with US Cheque fees either. Again, by opening up a US account, you become a multi-product client, and the FSM helping you should be bending over backwards to make sure you are a satisfied customer.
As far as hours go, BMO does not stay open as late as TD does, which means you might have to make deposits through the ATM. Speaking only for Canadian Currency deposits, BMO dictates what size of deposits can be made without holds based on Levels of debit cards. The standard is anything over $1,000 is held for one business day. New accounts can have holds placed on all deposits made for the first 30 days - it is important to talk to the FSM opening your account and make sure you understand what restrictions will be placed on your account during the first month, as most complaints are made over misunderstandings about debit card conditions. The intermediate level, between new account and standard, is that anything over $300 is held for 5 business days. Most times, your account will be upgraded to this intermediate level rather than the standard. Asking to be changed to the standard level should be no problem, especially if you have a direct deposit such as paycheques being put into the account and a good record as far as not having any NSF charges marked against you.
If you have any specific complaints about BMO that you've heard, either post here or PM me, and hopefully I can help refute or explain them.
If the selection of services and interfaces available from the budget line banks are adequate to meet someone's needs, there is no reason to spend the frankly exorbitant amounts of money Canada's major banks require you pay them in return for the privilege of them using your money.
The couple problems I've had with them have been no more severe than just minor annoyances that could have happened at any bank.
i like both of em.
i like the way it works out.
Currently using TD because I moved to where there are no CC anymore. Could have gone with another local credit union but TD is not bad.
TD has pretty good (as in, easily to navigate and use) web services (I believe they won an award for their online webbanking a couple years ago) and RBC has great online service as well. I personally have come to prefer RBC's layout and functions, but that's just personal preference (and they're updating their online banking in a short while here, so who knows what the change will bring). All in all, I don't think I've heard of any problems with any of the "big banks'" online services.
CIBC I've heard has chequing fees and they withdraw at the worst times usually (like...right before your rent comes out). Would not recommend.
Heard good things about TD.
RBC has been good to me as well. They're not especially friendly all the time but the online banking is good, depositing through ATM is easy and rates are pretty standard.
The only thing I hate is they seem to have a pretty shitty selction of "reward" credit cards if you're into that kind of thing.
Edit: Also payments in and out through online banking always seem to be faster than when my friends do it with other banks *cough* BMO *cough*.