Bank Fees...

[Larry Bevand]

Bob Gillanders, the CFC Executive Director, posted this on the CFC discussion board:
I really hate banks

I get some cash at the ATM (not my own bank) and they give you a warning that a service charge of $1.50 will apply. They make you confirm it, (as if you have a choice) all the while you are screaming inside your head.

Then 2 weeks later, you get your bank statement, and now my own bank charges another $1.50.

I really really really hate banks.

Thanks for listening. I feel better now.

Over the years, the Chess'n Math Association has gone from the Laurentian Bank (our sponsors way bank when), to the Bank of Montreal (that had free services for non-profits at the time) to the CIBC (which continued that service after the Bank of Montreal stopped)...and now at the TD Bank (after CIBC changed their policy).

Banks will tell you that all the banks are the same...although overall that is essentially true, there are differences from bank to bank depending on the service. You MUST negotiate...yep you can negotiate but you have to be able to offer something in return.

Our relationship with the TD branch that we deal with is GOLD. We have not paid bank fees with them for a very long time. but there are strings attached of course :).

I have been told that RBC is the best....can anyone enlighten me?

Full disclosure: I personally own stock in TD Bank and have made a fair sum on the stock price and dividends over the years...should I decide to cash in today.

Larry

[Sam Sharpe]

If you're upset at high back fees are (especially inter-bank ATM fees), the best thing you can do is buy their stock. Banks make money hand over fist in both good times and bad times.

[Ian Findlay]

Not sure if you are eligible, but having a Private Banker at TD is great. Most of the fees are gone, but there is a yearly fee. Of course if you are married, like me, it gets charged to your wife's account.

[Hans Jung]

The only thing better maybe the old fashioned credit unions. They still provide good service (if they are still around).

[Alex Starks]

No Fee Chequing Account

No monthly fee with no minimum balance
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Free daily banking: unlimited debit purchases, bill payments and withdrawals
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Free to send money using Interace-Transfer^®

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Free access to over 3,400 CIBC ATMs across Canada

[Sam Sharpe]

^^^^
Not until they get their act together and stop skimping on the data security protections.

[Alex Starks]

Do you mind to provide some reference about data security problems. Thank you.

[Kerry Liles]

Google "simplii data breach" - you will find plenty of information.

[Alex Starks]

I was not aware of that. Thank you Kerry and Sam.

[Kerry Liles]

I was not aware of that. Thank you Kerry and Sam.

No worries.. it made the news big time when it happened. By the way, most Canadian banks have poor overall security from a theoretical point of view.
Information about breaches is often suppressed (of course) to avoid publicity etc.
This is not to say that it isn't safe to use the banks online or mobile solutions (it generally is), but security and administration is a cat and mouse game that is ongoing.

I recently came across this site (the link is for Canadian banks... if you go to the main page you can also see assessments of US banks)

https://bankgradesecurity.com/ca

The site (I think) is the ongoing work of a student(?) who is researching online security... for what it is worth.
It is rather skimpy in regards to explanations, but interesting nevertheless.