3) CC- is the most responsive to changes in my life. Service changes, get quotes, move- whatever. They just seems to handle it all in stride. No delays in account. Great phone hours, not rushed. Fantastic hours in person, always full staff of tellers. Have travelled with no problem (or fees) using other CU bank machine. The only thing they mail me is my voting card for the board of directors. How cool is it to pick your FI directors?

4) CIBC was going to put us through loops to prove our financial standing to get a small car loan/ line of credit. Would have had to wait weeks until our T1s came in, multiple visits, etc (including providing statements proving we paid off our student loans. Really! What are the loan officers doing to earn their keep?)- and we were two professionals. Said they use their “own” credit scoring and when I explained I knew about FICO, and Beacon, etc, and checked my own credit report annually they were not impressed. Ended up buying off the dealership and paying for a snazzier car because we didn’t have the liquidity for more purchase options. Had to prove my identity to Scotiabank (been with them 20 years) when I noticed a name typo on one of my loan documents. Their fault, my grief. Luckily, it was at least handled at the local office after I got the phone run-around.

5)Have the bank hours and the bank attitude.

6) Offer lots of good products together so I wouldn’t have to have so many different FI. I know when I’m being nickel-and-dimed and being offered terrible products within a shiny “package” deal. I’m doing a crazy amount of research trying to figure out where to park my RRSP because the trust isn’t there. Ditto for our explorations into home ownership.

7) 0% They are first, and only, salespersons. Banks are business. No financial training is required for many of the staff positions that present pricey financial decisions. Internal training only teaches what is in the bank’s interest. Find the most experienced staff member, be super nice, and bombard them with question. Figure out what they know and don’t know so you can make an informed decision. My trust goes up if the staff have worked at other FI and can compare products from an insider’s perspective.

Price and convenience.

9) The CC insisted I take the no fee account. Hard sell.

10) Yes. ING has great goal-setting service. It feels really supportive and positive. CC lets you have unlimited sub-accounts (you can name ‘em too) for whatever. Create, delete, do what you want online. Great for the micro-manager.

11) I have to be pro-actively self defensive with my money. Local matters, community support matters. Buying stocks in banks is a better idea than from them!

12) for the busy mobile community-loving crowd

13) If my local CU offered no fees.

14) Canada

- Presidents Choice Financial. 95% satisfied

What service(s) do you use at your primary FI? (mortgage, bank accounts, overdraft protection, line of credit, credit card,, etc.) List them all, or list them by FI if you deal with more than one.

- Presidents Choice Financial: chequing acct, savings account, special interest savings account, rrsp, credit line
- ScotiaBank – Mortgage
- Royal Bank – Visa credit card

Of the different FIs you deal with (if more than one) who do you like the best and why?

- LOVE president’s Choice Financial – love the lack of service fees, 24 hour phone service, great rates, grocery points come in handy for christmas, great advice, not overly hard sell. will be happily taking my mortgage from Scotia Bank to Presidents choice this year when it needs to be renewed.

If you are not happy with your primary FI, give an example of what transpired to make you unhappy, angry, sad.

- Wish their credit card rate was lower so I could get it at decent rate. will keep my royal bank visa until Presidents choice interest rate is better.

What does your FI do that you wish they didn’t?
- nothing

What don’t they do that you wish they did?
- nothing

On a scale of 1-100, how much do you trust your FI representative(s)?
- 70%

If you’ve thought about switching, what’s stopped you?
- haven’t thought about it. very happy with them

When was the last time you felt your FI did something for YOU? (as opposed to for themselves)
- never?

How has your FI helped you achieve a goal?
- they independently suggested I roll my independent credit line into a secured credit line to reduce my interest rate. hadn’t thought of that.

What have you learned from your FI?
- call back repeatedly to ensure you get the same answer from different people

What seven words would you use to describe your primary FI?
- low fees, approachable, available

What would it take to make you switch to another FI?
- really low interest rates is about it

In what country are you banking?
- canada

Who do you have your primary account with.

PC Financial

On a scale of 1-100 (100 being I’m thrilled with my service) how would you rank this FI?

95

What service(s) do you use at your primary FI? (mortgage, bank accounts, overdraft protection, line of credit, credit card,, etc.) List them all, or list them by FI if you deal with more than one.

PC Financial – Checking, savings, and a couple of very small GICs, credit card
ING Direct – Savings and a couple of registered Streetwise accounts
TD – an RRSP plan connected to my employer, credit card
Questrade – online trading

Of the different FIs you deal with (if more than one) who do you like the best and why?

ING because they have a very user friendly, cutting edge product. They cut out the BS and make my life easier. Love the subdivided savings accounts and the ability to easily transfer money around between cash and investments in registered accounts.

If you are not happy with your primary FI, give an example of what transpired to make you unhappy, angry, sad.

Am very happy with PC Financial.

I will mention though that I’m a little annoyed with Questrade. They don’t send me my remittance forms and they try to charge me to send “copies” becaus they say that they’ve sent them. I’d close down the accounts but they are registered so it’s a pain in the ass.

What does your FI do that you wish they didn’t?

Nothing in particular. PC Financial is great.

What don’t they do that you wish they did?

I wish that PC offered some of the enhancements that ING Direct offers. These include easily and quickly offering multipul savings accounts, the ability to create custom names for savings accounts, the cute goal setting program, and the general awesomeness of the user interface.

On a scale of 1-100, how much do you trust your FI representative(s)?

90. They’ve always been great. I’m just a little bit of an un-trusting person!

If you’ve thought about switching, what’s stopped you?

I don’t beleive there is a better bank account out there for someone with my needs. I have no intenion of changing chequing accounts. I recomend this account to others when they ask.

When was the last time you felt your FI did something for YOU? (as opposed to for themselves)

Well, they have not charged me one single fee in the 7 years I’ve had the account. That’s all they really need to do to make me happy. It’s mutually beneficial, just the way I like it.

How has your FI helped you achieve a goal?

The goal of having a good bank account? Yes. What other goal would they help me achieve?

What have you learned from your FI?

That online banks are better than brick and mortar. I wondered if I’d have some problems because I didn’t have access to tellers (everyone who uses a brick and mortar bank warned me that this would happen) but I’ve never had one. I’d WAY rather do everything by phone or internet than haul my cookies to a branch. I’ve never had a problem.

What seven words would you use to describe your primary FI?

Great value. No bullsh*t. Convenient. Simple. Made for smart people. (And rule breakers who put more than 7 words!)

What would it take to make you switch to another FI?

They’d have to offer a better product and service package. My loyalty is based solely on the value I’m recieving, nothing more. At this point I find it very unlikely that another bank is going to satisfy my needs better than PC Financial does. And really, it’d have to a signifigantly better package, because I have no intention of jumping around from account to account. Too complicated.

Although I will say, when I go on extended trips (several months) I usually open an at a different institution in order to have access to international cash withdrawls at no fee. But that’s temporary.

In what country are you banking?

Canada

CIBC – 40
RBC – 70

2. What service(s) do you use at your primary FI? (mortgage, bank accounts, overdraft protection, line of credit, credit card,, etc.) List them all, or list them by FI if you deal with more than one.

CIBC – chequing account with O/D; LOC, car loan, Visa, Student loans (now paid off)
RBC – RRSP
BMO – used to have student LOC, now paid off

3. Of the different FIs you deal with (if more than one) who do you like the best and why?

hard to compare b/c only use RBC for my RRSP, CIBC is only one where I tend to do real banking.

4. If you are not happy with your primary FI, give an example of what transpired to make you unhappy, angry, sad.

CIBC – recently raised LOC rates even though I’m a good long-standing customer; I got quoted one rate for my car loan, then when I sat down to do paperwork (with same person), it was a higher rate (I made a fuss & they changed it); problems with VISA tend to take multiple calls over multiple months to work out; Every time I call CIBC VISA they try to get me to change to a card with fees; My credit line statements got lost in a move and it took 4 months of me calling each month before somone figured out what the problem was

5. What does your FI do that you wish they didn’t?

Ask me if I want to change credit cards every time I’m on the phone with them. Charge fees for normal, low-volume banking.

6.What don’t they do that you wish they did?

I travel a lot, and have had my bank-issued credit card “caught” a couple of times, where the company flags it during a transaction, and the salespeople have to check ID, fill out forms,etc. for fraud prevention & to prove it is me. Once, before a trip, I called them to clear the trip ahead of time so as to prevent that occurrence, and they said there was nothing they could do… I wish there was a way to do that.
I also wish they had a real high-interest savings account.

When I was a student, I got my student LOC from BMO instead of CIBC b/c at the time, they said they “just don’t do that”. Not sure about now… Wished they allowed the “savings sub-categories” on the accounts,

7. On a scale of 1-100, how much do you trust your FI representative(s)?

CIBC – 40
RBC – 80

8. If you’ve thought about switching, what’s stopped you?

The hassel of changing all the direct deposits and direct payments. I have looked around and don’t see any other options in a brick-and-morta institutions that are really all that better. Thus far I have been nervous about using a strictly on-line bank.

9. When was the last time you felt your FI did something for YOU? (as opposed to for themselves)

CIBC – Can’t think of anything. RBC- the account Mgr. I deal with for my RRSPs is quite good. I realize she is trying to sell something, but she doesn’t push too hard, does listen well, and has been very flexible with me and has helped me do dollar cost averaging on my MFs, even through 5 years of inconsistent contract work.

10. How has your FI helped you achieve a goal?

I don’t think that has happened.

11. What have you learned from your FI?

Need to be diligent about what is in my own best interest, b/c they will nickel & dime you all they can.

12. What seven words would you use to describe your primary FI? Monolithic, impersonal, reliable, out to make money

13. What would it take to make you switch to another FI?
I would switch if a) they really peeved me off or b) there was a streamlined way to change everything over AND there was an option worth switching to (that actually ahd a branch, or at least an ATM in a convenient location

14. In what country are you banking? Canada

1. Who do you have your primary account with. On a scale of 1-100 (100 being I’m thrilled with my service) how would you rank this FI?

Primary Account is with TD Canada Trust. I rank them around 80.

2. What service(s) do you use at your primary FI? (mortgage, bank accounts, overdraft protection, line of credit, credit card,, etc.) List them all, or list them by FI if you deal with more than one.

TD Canada Trust – savings/chequing account

ING Direct – savings account

Investors Group Solutions Banking – investment loan, line of credit (no balance owing)

PC Financial – a credit card

3. Of the different FIs you deal with (if more than one) who do you like the best and why?

TD Canada Trust — It’s convenient for me. They have banks and banking machines everywhere, online banking, and telephone banking. The tellers are quick and efficient with services that I need like currency exchange or money transfers.

4. If you are not happy with your primary FI, give an example of what transpired to make you unhappy, angry, sad.

I am not unhappy with my primary FI.

5. What does your FI do that you wish they didn’t?

I wish they didn’t charge such expensive bank fees on the rare occassions that I incur them. It would be nice if they responded favourably to my loyalty (I’ve been with TD Canada Trust for about 20 years) with lower bank fees.

6. What don’t they do that you wish they did?

I wish they’d pay a higher interest on the savings account. Again, it would be nice if they had some sort of loyalty program either lower bank fees and/or higher interest for savings accounts for people who have been customers for over say 5 years.

7. On a scale of 1-100, how much do you trust your FI representative(s)?

It depends on the reps. Usually with tellers, around 90 (if 100 means very trustworthy). But with “financial advisors” it’s about 25.

8. If you’ve thought about switching, what’s stopped you?

I haven’t thought of switching FIs.

9. When was the last time you felt your FI did something for YOU? (as opposed to for themselves)

A rep told me not to close my savings account because my primary FI no longer offered the services and perks I had since it’s such an old account. The rep seemed pretty sincere about the value of keeping my savings account with my primary FI since I didn’t even bring up the topic of closing my account.

10. How has your FI helped you achieve a goal?

They helped me to begin understanding savings but not so much about understanding investing and how an overall financial plan can help me. So I wouldn’t say they helped me to achieve a goal, rather they helped me get started on my way.

11. What have you learned from your FI?

Trust but verify. Particulary when it came to savings options like GICs.

12. What seven words would you use to describe your primary FI?

Ubiquitous! Convenient. Easy. Straight-forward. Friendly people.

13. What would it take to make you switch to another FI?

Serious customer loyalty perks. Lots of convenience. Brick and mortar banks where I can actually talk to a person face-to-face.

14. In what country are you banking?

Canada

My only gripe with them is that last time our mortage was up for renewal I got the reminder letter in the mail, along with the rate they were offering if we renewed for the same term (5yrs). They claimed it was a special rate for great customers or something along those lines. It was a bit below their advertised rate at the time. I spent 5 minutes on the phone and 3/3 other lenders offered a better rate. I called to find out the procedure for closing our mortage and moving it and then they suddenly became interested in finding a better rate. They matched the best of the lower rates I had found so we ultimately stayed. When we get close to our next renewal in Sept 2012 I plan to contact them and let them know they’re getting one chance to quote us a renewal rate. If I get a better quote elsewhere I won’t be staying this time. Not sure it will have any effect on their policies but it can’t hurt to let them know as least this customer won’t accept there claims of a great rate at face value.

How has your FI helped you achieve a goal? Never.

What have you learned from your FI? That you’d better do the research yoursef and know your stuff; they’re not tehere to educate.

What country are you banking in?
I’m banking in Canada.

I bank mostly with President’s Choice Financial. For everyday banking, they’re the best I’ve found: no fees, good interest rates, free cheques, no limit on how many transactions you can do, and you can call someone 24/7 to resolve your issues over the telephone. They’re also the company I have a credit card with.

However, you pay for this convenience in the fact that you cannot deal with a person face-to-face, and if you want anything done (like replacing your debit card), you have to call them, ask for it, and then wait for it to arrive in the mail (as opposed to walking into the bank and walking out with a new card.)

Out of 100, I’d give them a 90, because every once in a while I’d like to go in and talk to a real, live person and be able to take money from a teller as opposed to an ATM. I’d also like the option to discuss finances and investments with a real live person and not be married to talking only about the products that particular bank has. However, this seems to be a problem with every bank I’ve dealt with.

With PC, I have my chequing, multiple savings accounts, an RRSP, and my only credit card. With Bank of Montreal, I have an RDSP. I’m not as satisfied with BMO (while they are a real bank where you can talk with a real person, they will not talk about RDSP or investment stuff. You have to talk to someone over the phone about that, which annoys me, but not as much as the fact that their investment line advisors are very much married only to the products they sell, and don’t want to talk in generalities or answer my questions unless they know they’re going to sell me something.) Out of 100, I’d give BMO a 10.

For everyday banking, I like PC the best. For my RDSP, I wish I could change banks, but at the time BMO was the only one who offered it and (as far as I know) you’re not allowed to transfer an RDSP from one FI to another.

As for how much I trust the reps at BMO, the answer is “as far as I can throw them.” Because I’m stuck with a telephone, I can’t talk to the same person twice (I’ve tried asking for the name and extension of the person I was talking with last time; it doesn’t work) and I don’t feel like I have a real relationship with anyone. Like I said, I’d switch if I could. Please let me know if you have information that I don’t about RDSPs – they’re so new that most banks (and the reps I talk to) don’t even know the rules yet. I feel like I have to blindly trust that they are taking care of my money, as I don’t have the option to view my balance online nor keep track of my investments with them myself. Plus, with the government, no one knows when their contributions kick in, how often, or by what date I’ll get them. I have to blindly trust on that one too, and I don’t like it.

That said, when it comes to saving accounts, PC is one of the bets banks I’ve found. I feel like they are doing something for me, in terms of giving me one of the best rates around. Since I know I can’t talk with someone in person (if you go into their “branches” you can talk to a person, but they have no power to do anything to your account and will put you on the phone with someone to get anything done), I don’t keep investments with them other than a very small RRSP which, once it gets big enough, I plan on moving to another FI (shopping around) to take care of it.

As for the seven words I’d use for PC, they are: reliable, (mostly) convenient, dependable, accessible, rewarding (PC points are great) and, while slightly inconvenient as well, does an overall good job for everyday banking needs.

To switch to another FI for everyday banking, I’d have to have all the perks of PC (listed above) plus great interest and the ability to walk into a bank and deal with a real, live person. To switch from BMO, I’d need to feel like I could have a real relationship with the reps there (not just switching to another FI that’s exactly like the previous one) and of course, I’d have to have the ability to switch. Right now, you can’t hold more than one RDSP at any time, which means I can’t open up another one and transfer the balance, even if I were going to close the first one right after. Plus, there are rules that say if I take any money out of the RDSP, including transfers, before the age of 60, I have to give back all government contributions for the last ten years. Definitely not worth it. Lastly, I don’t want to make it too complicated for the government to find me and give me my contributions – they might send it to the wrong institution and, due to the lack of information I get, I may not even know about it for a long time. That would leave me with a big mess to sort out, and could conceivably happen with each contribution (this IS the government, after all) from here anon.

PC Financial – 100% – NO SERVICE CHARGES
CIBC – 30% – won’t waive any service charges even if you have multiple products with them.
ING – 100% – great savings vehicle.

2.What service(s) do you use at your primary FI? (mortgage, bank accounts, overdraft protection, line of credit, credit card,, etc.) List them all, or list them by FI if you deal with more than one.

PC Financial – chequing, savings, LOC, credit card
CIBC – mortgage, LOC, credit card, mutual funds (would move mortgage if I could I am so disappointed with them)
ING – savings

3.Of the different FIs you deal with (if more than one) who do you like the best and why?

PC Financial – no service charges and access from any CIBC instant teller.

4.If you are not happy with your primary FI, give an example of what transpired to make you unhappy, angry, sad.

CIBC – at my local branch the customer service sucks, their fees are high, they have no discretion (which I would expect from one of the big 5) and they only call you when THEY want to see you something.

5.What does your FI do that you wish they didn’t?

PC – no problems
CIBC – take forever to deal with requests

6.What don’t they do that you wish they did?

CIBC – care about their customers, not their bonus or sales targets.

7.On a scale of 1-100, how much do you trust your FI representative(s)?

about 10 – I have been batter so many times that I don’t trust any bank rep anymore.

8.If you’ve thought about switching, what’s stopped you?

We can’t switch our mortgage because my husband cannot get life insurance (currently in place with CIBC) with any other institution or insurance company because he has just been cancer free for a year and 1/2.

9.When was the last time you felt your FI did something for YOU? (as opposed to for themselves)

can’t even remember

10.How has your FI helped you achieve a goal?

helped to move RRSP’s from London Life to CIBC to start consolidate our holdings.

11.What have you learned from your FI?

That customers need to look out for themselves and never fully trust them.

12.What seven words would you use to describe your primary FI?

PC Financial – convenient, inexpensive, straight-forward, helpful
CIBC – rigid, slow, inconvient.

13.What would it take to make you switch to another FI?

similar service on the chequing side – but higher saving account interest

14.In what country are you banking?

Canada

It took a couple of months of research to decide on a new FI. I picked a local credit union, and they have been superb, even advising me to take some of my business elsewhere to get better rates!

Switching all the preauthorized deposits and withdrawls took a long time. The banks must know this, and figure they can do a lot to you before you’ll switch.

The good news out of this is that I pointed out to CIBC the costs I had incurred because they wouldn’t switch my accounts and they gave me back $200.

I also cancelled an MBNA credit card that I was collecting points with. I was disgusted by their “cheques” that you could use to pay off other cards with. I didn’t use them but I felt they were smarmy as they would advertise at one rate for these cheques one month, like 1.99% +fees, and the next month they wouldn’t which meant their rate was 20% +fees. I am sure many people were duped by that. Also, I was scared about id theft with these stupid cheques.

5. Nothing
6. I wish their brokerage was better affiliated so I didn’t have to do all their difficult forms. Also, they didn’t use to charge me for US drafts and now they do $6.
7.80
8.see #4
9. See below.
10. Saved my money by recommending I take some business elsewhere
11. How to research different facets of business banking.
12. Local, helpful, relationship developing, respectful, efficient online.
13. Not going to happen, I have never been treated so nicely by any other FI.
14. Canada

Scotiabank. 80% satisfied with my service. Very happy with their online banking system.

2. What service(s) do you use at your primary FI? (mortgage, bank accounts, overdraft protection, line of credit, credit card,, etc.) List them all, or list them by FI if you deal with more than one.

At Scotiabank: Mortgage, Chequing Account, Lines of Credit

At ING: Savings Account, RRSPs, Mutual Funds

At CIBC: VISA

At BMO: Mastercard

3. Of the different FIs you deal with (if more than one) who do you like the best and why?

I like ING best because of their ease of use and friendly communication. And lower fees.

4. If you are not happy with your primary FI, give an example of what transpired to make you unhappy, angry, sad.

I’m reasonably happy, but the customer service level has been decreasing lately. My primary banking officer had someone else call me back when I left her a message and the person who returned my call couldn’t answer any of my questions.

5. What does your FI do that you wish they didn’t?

Have telemarketers call on their behalf to offer me more credit or insurance.

6. What don’t they do that you wish they did?

Have lower interest rates.

7. On a scale of 1-100, how much do you trust your FI representative(s)?

60%

8. If you’ve thought about switching, what’s stopped you?

The thought of all the paperwork, and lack of a guarantee that another financial institution will do a better job.

9. When was the last time you felt your FI did something for YOU? (as opposed to for themselves)

N/A – though ING is better at making me feel like they did something for me (maybe it’s the little things like a note about my ’savings anniversary’.

10. How has your FI helped you achieve a goal?

Yes – my automatic savings program has helped me achieve a savings goal.

11. What have you learned from your FI?

To negotiate whenever possible, and do my research. Comparison shop.

12. What seven words would you use to describe your primary FI?

Convenient. Familiar. Somewhat bureaucratic.

13. What would it take to make you switch to another FI?

Better rates, lower fees.

14. In what country are you banking?

Canada