Survey Says…
Posted by Gail | Filed under This & That
The votes are in and so are the stories. This post is long enough so I’ll let it speak for itself.
Whether you were ranking your FIs with numbers, or commenting on who you like best the results were pretty consistent.
Credit Unions, PC Financial and ING came out on top in terms of customer service. These were the institutions most often mentioned as “favorites” but not often ranked as “primary FI,” except for the credit unions which averaged out at 98 out of 100.
Scotiabank came next. Consistently ranked between 75 and 95 out of 100, the only surprise for me was how few people seemed consider Scotiabank their primary FI relative to some of the other FIs… just under 14%.
RBC was the next loved and there are a lot of people who think of RBC as their #1 bank…25% or so.
Next TD Bank, which got service rankings as low as 40 and 50% and as high as 85%. That, too, was a bit of surprise since TD has got those ads up all over the place showing their customer satisfaction awards. It seemed their biggest advantage was the fact that they’re open for more hours.
CIBC tied with RBC in terms of the number of people who considered it their primary FI, but got way lower scores when it came to customer ranking, averaging about 66 out of 100.
BMO customers don’t come to my site much. I had only 2 rankings for BMO as primary FI, which averaged out at 67 out of 100.
National Bank got one mention too with a 70 out of 100.
There’s a split between the “trust” numbers and the “customer satisfaction” numbers that I can’t explain. While people routinely gave a low ranking to their FI in terms of how happy they were, when it came to “trust,” the numbers were much higher. It may be that we Canadians have a high level of confidence in our banking system. And while many people declared a high level of trust, they also said they often took the extra step of verifying before taking action. Hmm.
I only had one response from the U.S.
We seem to have pretty low expectations when it comes to our FIs going above and beyond. In answer to the question, “When was the last time you felt your FI did something for YOU? (as opposed to for themselves)” many, many of the responses related to providing their products and services. Many more gave the response “never.” Here are a few that were the exception:
Last year when Bell Canada took the phone bill for the company I worked for out of my personal bank account (hard to believe, isn’t it), Bell said they needed up to 4 weeks to return, while Royal Bank told me they would put it right back into my account and deal with Bell themselves, which they did successfully. I was most impressed.
They (TD Bank) did offer sound advice about mortgages several years ago…honest enough to advise us to wait a couple more years before purchase so we wouldn’t be overextended and experience financial stress.
Every year they (PC Financial) offer a 20% discount on users who use QuickTax to file their tax return online. I think this is a great partnership and like to wait for the offer before doing my taxes.
Last year my advisor at CIBC waived by service fees for the account for the entire year – but was unable to do so again this year.
She helped us to bundle some (Royal Bank) accounts etc to lower our monthly bank fees. We now pay no more than $3.00/month! Love it.
I had a car accident two weeks ago where I was injured and missed several days of work. My sick days were exhausted and my pay was shortened a great deal. I did not have enough money to cover my mortgage 4 days before my next paycheque. However, my personal banking officer did extend special courtesy to me and covered the difference without fees for 4 days.
They phoned me one day when I had forgotten to transfer some funds to cover a bill payment. They gave me enough notice to get it done so I wouldn’t get NSF charges!!!! How nice is that?!
When the RDSP became available for my husband, they let us know. They adjust their hours to make sure we (hubby and I) get to see the advisor I like. When I went to talk to them about a car loan, they helped me come up with the best plan that paid less interest than what I was asking for.
When I asked for seven words would you use to describe your primary FI I got an eyeful. Some of you really like your FIs and spoke quite highly. Others are a little ticked. I’ve given you some examples to show you the range:
Comfortable, Efficient, Helpful, Friendly
Trustworthy, easy to deal with, no pressure
Loyal, appreciative, sellers, Big, Customer-focused, convenient, accessible
Greedy, professional, Greedy, variety, Greedy, fast, Greedy.
Professional, Competant, Knowledgeable, Friendly, Helpful, Polite, Courteous
Responsible Aggressive, Global, Professional, unhelpful.
Professional, knowledgeable, friendly, progressive, aggressive, technologically advanced, sales driven
Helpful, competent, respectful, community oriented
Convenient, friendly, accommodating, less-than-helpful,
Unavailable
Bad communicator, no customer service, sneaky and self-serving
Unorganized? Reactive (vs Proactive)?Deceptive ?Pleasant Employees ?Untrustworthy
Big, impersonal, money hungry, cold, risk adverse, convenient, accessible
Dependable, approachable,trustworthy like a good neighbour.
Traditional, safe, impersonal, available, money-grubbing, old-fashioned
Convenient, competent, but still a cold, heartless, big bank.
Simple; friendly; direct; young; innovative.
Conservative, trustworthy, convenient, global, accessible, stable, dependable.
Accessible, convenient, stable
Big, annoying, unsympathetic, expensive, over-priced, profit-oriented,
Pain-in-the-ass.
Greedy, Large, Green (colour, not environmentally), Inconsistent, Faceless, Tutonic
Here are some very witty responses using 7 words in a sentence: Clearly some of you really enjoyed putting this twist on the exercise. As one person said, “This question took me the longest to answer but was the most fun too!”
RBC = My advisor is helpful, personable, and competent.
CIBC polite version = What have they messed up this time?
ING = Our stash is growing without any effort.
RBC, your facade is not fooling anyone!
I wanted to know how likely you were to switch your loyalties. When I asked what it would take to make you switch, almost everyone who responded to this question said some version of “higher rates of return.” Yet the majority of people deal with the Big 6 Banks, which are paying you little or nothing on your accounts, so switching to a PC or ING would almost guarantee you a higher rate of return. Perhaps you are loath to switch because of the hassle. So say many. There are also concerns about costs. And since there’s a whack of people that believe “all the FIs are basically the same”, there’s no point in switching. Here are what some other people said:
Having loans at another bank is a big reason. I don’t like to apply for credit (if I were to transfer the loans) because it takes a hit to my credit by them checking (or so I’ve been told) and having good credit is of primary importance to me.
A switch is a lot of work and I am not confident that we will be satisfied anywhere.
The thought of changing all my preauthorized debits, mine and my husband’s payroll etc.
Cost of breaking a mortgage commitment, also knowing that the service is not much better elsewhere
I thought it was going to be hard, it was not. I should have done it a long time ago. They Td have been making me angry for years.
Hate to admit it but a combination of laziness and fear. Laziness because all my bill payments are by internet and I just know that payments will be missed or taken double because CIBC is involved. Second, if I take my line of credit somewhere else, I’ll have to go through the home appraisal thing again and whatever other hoops they can think of, unless they don’t do that anymore – I guess I should check that out – and I just don’t want to. I also fear that all the big banks are pretty much the same. I ask around work and no one I know is happy with their bank.
I wanted to get a sense of how much you were learning from your FIs/advisors. Most people didn’t feel there were learning much. Some said:
Debt is good.
How to be wary of their advice. I don’t go to my FI for financial education. The internet has been amazingly helpful with this respect. In my mind, going to my FI for education would be akin to going to a drug dealer to ask whether it would be a good idea to start taking drugs.
That they are never to be trusted and will only “sweet talk” until you invest with them, then you are just another client.
Of course, no survey would be complete without an opportunity to share your gripes. When I asked you, “What does your FI do that you wish they didn’t?” many of you complained about the incessant telephone marketing with which we’re bombarded. Many people also felt banks were “selling” too hard. And lots of people complained about high staff turnover and the inconsistencies in service that follow:
Call me over 6 times in a month! Honestly, I had a woman call me wanting to talk about my accounts (I have one with this FI)… I asked if there was something wrong, and she said no… so I told her we had nothing to discuss.
Call me and suggest that I invest the cash I’m holding in my RRSP and TFSA savings deposit accounts into RBC mutual funds with MERs ranging from 1.3% to 2.0%! And, when they sent me a letter informing me of the 1% hike on my LOC, I called and asked to speak to a manager. The employee said they couldn’t and was very dismissive of my concerns. Luckliy I don’t carry a balance, but I still did not appreciate their dismissive tact.
PCF – pretend to be more than they are. With no branches, and limited people, it’s hard for me to believe they’re a full service bank. They do have great banking features, but pale as a full bank in comparison to RBC in my opinion.
Call with that “urgent you call us back” cr*p that is really a sales call. Grrr.
High staff turnover with their mortgage specialists – always seems like they are in training mode. Also, they’re getting more into insurance sales and I would rather see a them stay more focused on the financial, rather than learning a whole other industry, no wonder they’re always in “training mode”.
Mortgage passed on from our regular rep to inexperienced rep (due to vacation schedule) who made serious errors – thank goodness we had an excellent lawyer!!
I don’t understand why electronic transactions between different institutions take 3 days. The money is taken out of my account on day one, but doesn’t appear in the other account until 3-4 business days later. I don’t earn interest on it anywhere during those missing days, but I bet the bank does.
Really wish that they would stop hassling me to switch to paperless banking to “help the environment,” as I think they are being disingenuous. I know they want to stop mailing me statements so that they can save the postage for themselves, and if they said that they would reward me somehow, like by reducing the cost of the account, or increasing the number of included transactions, I might consider it.
Send me un-solicited “Visa cheques” in the mail! It creeps me out that someone could steal those and use them against my account. I have asked the bank many times to stop sending me that stuff, but it seems like they have multiple “marketing lists” and you can’t get off all of them.
Calling me with a “special offer” on some product I’ve declined multiple times (i.e. insurance, insurance, and some other kind of insurance), is also annoying.
Encourage us to put our debt on our mortgage.
Increase my credit limits in an attempt to get me to spend more (I have $20,000 available credit at TD and only $4000 of it is used.. the fact that I can go from $4000 to $20,000 in debt tomorrow is.. well, scary.
I was unemployed for a year, and living off of money that I received from inheritance. I was living from one cheque to another, and Canada Trust would periodically put a 10 day hold on the cheque. I didn’t have a credit card, line or credit or overdraft protection at the time, so this meant that I went without money for those 10 days. I tried to explain to them that the money came from the same source every time – and that it always went through, every month – but they wouldn’t budge.
Some people are downright sad. Some are angry. Here’s what you said:
Every time I go to the teller, after my transaction I am asked why I do not have a visa card with their bank and why don’t I apply for one. Even though RBC has declined me for their visa. This not only is upsetting but annoying.
I left TD last year because they didn’t make any effort to help me. If I asked a question I got a canned answer and when I needed help with my mortgage they didn’t offer any advice, just ‘this is the best we can do’. Not to mention they forced me to open an account with them from which to pay the mortgage (with a monthly fee of course) or charge a fee to pay the mortgage from another FI.
I will likely try to not renew our mortgage with TD, due to the extremely bad experience we had when signing where, despite our insistnce on not needing their mortgage insurance, we were bullied into buying it. Yes, it was only one employee who created the situation, but it was enough for me to not bother with them anymore.
CIBC– I pay my credit card off in full every month, transferring the money from the primary account. Three times they have taken a double payment and then taken 3-5 days to give the money back.
They (PC) cancelled our MC, didn’t tell us, and took two months to get it back to us while leading us on a run-around as to why they did it. Eventually, a manager called us and apologized for the terrible service we got, admitted it was their fault, and had our card replaced within a week. Finally!
Just last week, I went into my (BMO) branch to get some more information on banking plans and their associated fees because I want to switch to a lower fee account. The girl who helped me (I had seen her there numerous times before so she wasn’t brand new to the job) couldn’t answer simple questions I had about the plans, including what is considered a “transaction” (online vs. ATM, etc).
DH has many reasons for being unhappy with CIBC, from the way he was treated when dealing with his uncle’s estate (who also banked with CIBC), to the way they have set up his LOC. However I think inertia has set in.
Not thrilled could not get a loan last year, gave me line of credit and I wanted to change it to a loan – they wouldn’t (even though I hadn’t used the line of credit)
We went to speak to someone who called herself a “financial advisor” when we wanted to set up an RESP for our children. In the process of all that, SHE wanted to review all our assets and liabilities under the guise of wanting to meet our needs well. In the end, she recommended that we switch our “unsecured line of credit” to a “secured line of credit” against the equity in our home. She ignored me when I explained to her that we were aggressively and actively paying down our LOC and did not wish to continue using it (balance was about $6000). She went on to explain that a secure LOC against our home equity would increase our credit limit from our current $20,000 all the way up to $80,000. She said that people often use this to do renovations or take a trip… you never know when you’ll need the extra money!
I had called my account manager for some mortgage rates because our mortgage was coming up for renewal, we talked about the rates and then I said that I would get back to her. A few days later I received a letter from her letting me know that I had been approved for a $5000 RRSP loan, paying $ 420 a month for 1 year. I am not sure what she was smoking and if she had looked at our financial picture she would have known that we couldn’t afford that.
CIBC hasn’t done anything that’s been blatantly awful, but I do find their customer service is generally lacking. It’s frustrating to call their 1-800 number only to be redirected a few times, only to end up back where you started. That happens about every other time I call.
I’m not happy with the bank fees for TD and the fact that the bigger banks always seem to have the worse savings or interest rates…and the bank fees – BANK FEES, BANK FEES, BANK FEES – I hate ‘em.
Usually a non-english speaking person answered 800 number, hours were bad and people in branch couldn’t/wouldn’t ever help. To make matters worse, they started holding my paycheck for 5 days waiting for it to clear and wouldn’t offer overdraft to prevent bouncing cheques and payments when they were creating the problem! I never once defaulted a payment before or during (despite them!!!)
There have been more than one occasion when the (CIBC) account has been wrongly debited i.e. two mortgage payments ($800.00 each) taken out on the same day; in spite of asking that the RRSP and RESP installments be taken out on certain days to coincide with the payroll deposits, they are not followed through and some months I am debited with 3 payments. Luckily there is always money to cover these instances and I have never had to go into overdraft.
I felt like I was getting poor attention because of my low net value. Surely, they wouldn’t treat a “better” client that way. A low moment with Scotiabank was when they raised interest rates on lines of credit, despite the even rate at the Bank of Canada. It felt like they only cared about themselves; and not their customers.
They cut my partners availble credit in half, yet did not touch mine. Could get no reason why. Nothing had changed and neither of us spent near the limit and paid off each month. Why one and not the other. Can’t get answers out of them either – they feed you a bullshit line.
Your wish list for things FIs should do included some stuff you’re entitled to, like high interest on your savings accounts and clear information for investments. But there were some other things that were quite sophisticated. People, I wouldn’t hold my breath on some of these:
I wish RBC had low expense index funds. How hard would that be — like the TD E-Series? I just don’t want to move my accounts to TD so I wait. Perhaps I’ll have to talk with my feet.
RBC – don’t but should enable online RESP contributions (can do RRSPs so why not RESPs??)
CIBC doesn’t list the “book value” for the cash account. Only the RRSPs. It’s like they really don’t want you to know if you’re losing money unless they are mandated to inform you by the government.
Understand our whole financial situation.
I would like for our rep to call us when they leave and discuss who they will be passing our file to.
I wish they had a personal connection with their banking people like the credit union. The credit union is more helpful and personable. I don’t want to be just a number.
I wish RBC would show pending transactions on my online banking (like ING does) so it’s perfectly clear how much is actually available in my account.
When I asked how your FI has helped you achieve a goal, many of you responded with things that they’re in the business of doing, like “gave us a mortgage so we could buy a home,” or “helped us set up an RESP”. People, raise your standards. Here are some examples of ways in which FIs really did help:
Our FI has helped us see the best way to pay down our mortgage and take advantage of doubling up so that when we have full retirement, we are ready to enjoy life without the financial worries.
I went into the bank (BNS) to inquire about mortgage rates for the house I’m presently living in. My goal is to own 4 rental properties in addition to my home. The rep spent 2 1/2 hours with me working out numbers and various scenarios with me. He suggested I also speak with my accountant to go over the figures with respect to tax brackets and RRSP contributions/benefits. We were trying to get the biggest bang for my buck. I wasn’t pushed into making a decision right away. When all was said and done my banking rep was able to give me my mortgage for the same rate as my mortgage broker and I was able to keep my old home as a rental. Only 1 more to go.
When I first opened my account (at the credit union) years and years ago, my credit was not so good, now it’s great! They helped me with ideas on how to increase my credit rating, I’ve always been able to call and ask many questions.
I don’t trust my FI(s) enough to tell them my actual goals. Even if I did, the FI(s) wouldn’t really care enough to give me a proper plan; just sell a couple products and turn me loose. They wouldn’t really analyze how competing priorities (must finish my articling term; not much vacation time; massive student loan and cc debt; ~60% chance I’ll be out of a job at the end of July) affect the goals. In short, I can tell they don’t care because they won’t ask after the details.
Perhaps the thing that I found most disconcerting were the number of comments related to misinformation from an FI source. Comments like this one:
While everyone I’ve ever dealt with has been incredibly friendly, I’ve found that sometimes they can be uninformed. The other day, I called for clarification on one of their policies and the rep told me that this policy did not exist. I told him that I was quite sure that it did so he checked and sure enough it does exist. He was quite helpful after checking it out, but if I didn’t correct him in the first place, I would have walked away with wrong information.
I have my own horror stories and words of praise for the various institutions with which I’ve dealt over the years. I figure if a regular retail store can make me feel special, so too should a “money retail store” which is what a bank is. And I’m appalled at what their representatives don’t know that they should. When those telephone calls come in – and they are incessant – I just hang up. I don’t even say goodbye anymore. I’ve had as many as three in one night. Lord love a duck.
Like many other Canadians, I don’t have high expectations of my FI. I’m aiming for “absence of negatives”. If they can swing that, they can keep my business. As soon as they make the relationship painful, I’ll walk. I do have one piece of advice that I think the FIs should take to heart: Under-promise and Over-deliver. If you stop tooting your own horns long enough to make your customer service speak for you, I expect everyone – including your staff – would be a lot happier.
February 16, 2010 at 7:44 am
Hmmm…interesting results…yes, any and all of those negatives could have happened and may still happen…(can’t think of any perfect industry)…some of those instances though need to be taken with a grain of salt…remember even the F.I. has a “side to the story” and is not ALWAYS in the wrong…and although we can’t always change what happened we can always improve going forward…sometimes it’s too late to be about the mistake and it has to be about the recovery…all I can say is that each and every one of my clients gets 100% of my attention focused on their needs 100% of the time…but let’s face it, sometimes those “needs” of a client are not what they “want” and then it’s the big bad banks fault once again…lol…and I DO indeed under-promise and over deliver whenever I can:)…Cheers y’all…can’t wait for the rest of the replies…and make notes on some of the advice so I can continue to improve my customer service!:)
February 16, 2010 at 7:59 am
That is a nice collection of results from your survey Gail. I completely agree with the person who commented “I wish RBC had low expense index funds. How hard would that be — like the TD E-Series? I just don’t want to move my accounts to TD so I wait. Perhaps I’ll have to talk with my feet.” I’d love to see all banks offer this type of fund. just a simple and plain index fund.
regards
Jason
February 16, 2010 at 8:48 am
Thank you for taking the time to gather & report the results of this survey.
Very interesting.
February 16, 2010 at 9:16 am
I am a volunteer with our public school on the School Advisory Council. We deal with Scotiabank – because that’s the only bank in our small town. Now, we raise money for the students, and being a small town, the bank people know this. However, we are charged EVERY MONTH for administrative fees ($2.50), Service Fees ($2.50) (you would think these two were the same, but no), they charge us for cashing in coins (which is what we use a lot when you are fundraising), and they are now charging for deposit books once we run out. We pay for cheques on top of all that. There have been other charges, but I can’t think of them all right now, but GIVE ME A BREAK! As a group trying to help out their kids at their school, you would think they would cut the fees (they have been asked). But no, better make the money off the kids. It is very pathetic.
February 16, 2010 at 9:30 am
The more big business advertises its all about you, what is being done for you etc and such puffing the less it is likely to be true ….the more likely it is the opposite!!
February 16, 2010 at 10:23 am
thank you for putting this together Gail! my boyfriend and I are planning on switching banks (so flippin’ tired of CIBC and outragous bank fees).
I do beleive we’re heading to PC Financial.
..the biggest joke here is that CIBC would rather lose a customer to ITSELF – than retain us…who will be mortgage hunting in a hear and a half.
February 16, 2010 at 10:23 am
Wow. That’s quite a bit of info. I was also amazed at how little people expect from their FIs. My favourite sentiment was the very last person who expressed a simple key to the success of any business: under-promise and over-deliver. When people see ads on T.V. for warm, caring, knowledgeable customer service reps and then experience the opposite, I think they are twice as disappointed.
February 16, 2010 at 10:37 am
@Sparky Hmmm, actually the FI is always in the wrong – because the customer is always right! LOL
I had a large cheque I was depositing, which would require a supervisor signature. And he refused to sign it. He actually told me that I should deposit it through the instabank because then I could access the money. That he couldn’t “confirm” that I the cheque would be good (I was doing a balance transfer) — but that the instabank would not put a hold or anything on the cheque.
Hmmm, if I was someone who was planning on defrauding the bank… wouldn’t that be like him helping me?
I was in a particulary mean mood, as I had to wait for the supervisor, and then he was “explaining” his position, and there was a small line up. So I stood and “discussed” it with him — how could a machine trust me the client more… than the actual person? And if the machine trusts me… why would it be a problem for him??
Sadly, the big banks have a semi-monopoly in Canada… and that is good and that is bad. It’s good, because the fact that we don’t have a 100 banks in which to bank, is the reason why Canada has faired so well during the crisis. And it’s bad because in return, they gouge us with fees.
Speak up! Don’t let them raise your rates — threaten to switch to another bank, and if that doesn’t work — SWITCH!
February 16, 2010 at 10:49 am
I guess I’m surprised by Scotiabank being so high up there. Don’t know anyone in my inner circle who banks with them . . . interesting. I’m with PCF and TD (originally with Canada Trust before they were swallowed by TD) – loved the Trust company – had innovative banking products, great hours and knowledgeable staff. Stayed with them when they merged but noticed the Big Bank influence with service charges, tiered accounts, etc. etc. – just too lazy to switch all pre-authorized debits, payroll deposit and related accounts. As my TD account is paper-less, it has the feel of an online account so I’m not bothered with too many telemarketing calls (they offer these products online when you sign into your account – you can simply bypass if not interested). I did recently have an encounter with and FI at TD with respect to opening a TD e-series TFSA – he did try to ‘upsell’ me – he was pushing the managed account (which has higher MERs and related fees). I can appreciate his position (it’s his job) but want my money to work for me (not him).
February 16, 2010 at 10:53 am
I find it interesting that so many people had complaints about the information they were provided and advice offered. It seems as consumers we need to walk into the bank better informed and learn to not rely on the person selling something to us to give the best advice.
I personally have never had any problems with any of the institutions I have dealt with. I also have no problem switching at the first sign of headaches. Since I do 99% of my banking online or at an ABM, I think it forces me to be more self reliant so I am not dependant on the bank staff’s ability to understand my situation.
To the people that have problems with staff turnover, one thing you should understand is that frontline bank staff is an entry level position and most people who work it are just trying to get their foot in the door at the bank so that they can then work in the department/ field that they really want (usually things like accounting, finance or trading). That is the nature of the position and that is why if you look at most bank career sites they have a constant opening for tellers / call center staff etc and the people you get are always “in training”.
February 16, 2010 at 10:59 am
I am one of the two at BMO. I was surprised by how few there were from that FI. perhaps because I am small town-ish?
PS bought your book yesterday Gail. Very excited to read it!!!
February 16, 2010 at 11:07 am
“I wish RBC had low expense index funds. How hard would that be — like the TD E-Series? I just don’t want to move my accounts to TD so I wait. Perhaps I’ll have to talk with my feet.”
I’ve called RBC and asked about this and hung up incredibly frustrated. They admittedly never recommend index funds and only sell them to people who specifically ask for them. Why then do we have to pay for advice if you admit that the only people who buy these funds specifically ask for them and don’t want advice? They tried to say that index funds are already as discounted as they can be, yet TD offers 2 series of index funds (one self-directed, one regular) with different MERs. Hmm……
February 16, 2010 at 11:11 am
Love reading these interesting results, Gail. Thanks!
My two fi’s are Scotiabank and BMO. Finally, I’ve found a BMO branch that provides a high level of service. My Scotiabank branch is ok but lately, both Scotiabank VISA and tfsa’s have been pushed every single time I visit a teller. It’s incredibly annoying!! No matter which bank or branch one is using, regular monitoring of accounts and investment statements is a MUST. We have to perform our own due diligence.
Brenda, hearing about bank fees being charged against the school advisory council account really ‘gets my goat’! I don’t know how much money the account holds, but is there a way that the MINIMUM amount could be boosted to $3500? If so, there IS a ScotiaOne account that must be managed online, but that offers unlimited transactions as long as the minimum DOES NOT DIP below that amount. (There may be other accounts that require a minimum, too, but that offer reduced fees.) No interest is earned and you must pay to have cheques printed but not to cash them. Also, if you switch account types, ask to maintain the same account number. There might be logistical problems with deciding who accesses the account online. Just a suggestion.
Too bad that you have to use a bank, at all, but there needs to be tracking and accountability, that’s for sure. Do any of your community leaders have suggestions?
This, in my opinion, is simply a branch not wanting to provide service. How far have you excalated the issue?
1)Write to the local newspaper.
2)Have you talked to the bank manager? Have you mentioned to the branch manager that his/her branch is being discussed on the web?
3)The approach should be that of problem solving; you need a viable solution to reduce costs so that you’re not spending money slated for the children on exorbitant bank fees. If you check the Scotiabank website, click on the tab ABOUT SCOTIABANK, then, INSIDE SCOTIABANK, then CUSTOMER CARE, then HOW TO RESOLVE YOUR COMPLAINTS. You’ll see contact info. for the bank Presdient.
4) Can any of you use leverage?
Good luck, Brenda.
February 16, 2010 at 11:22 am
@ Jay and others – there’s no need to switch banks to setup a TD efunds account . You have to jump through some hoops and for me it took two separate visits, but you can definitely just link your non-TD chequing account to your efunds account. They’ll mail you out a client card and you setup your web access and away you go. Once it’s setup, it’s set it and forget it. I have done this personally and did not have to open up a TD savings or chequing account. Just be adamant on what you want, and bring in a void cheque to help the process the along.
February 16, 2010 at 11:29 am
Wow…lots to think about! Perhaps I shouldn’t be using one FI for EVERYTING! Thanks!
February 16, 2010 at 11:52 am
With all the frustration that people are having with all of the FI’s out there, I wish I could just keep my money under my bed and have it collect some high interest savings!
Thanks Gail for collecting the survey – it was nice to see who else out there is having issues, and who is on the positive side of banking!
February 16, 2010 at 11:54 am
Very interesting, it’s good to know what the customers REALLY feel before choosing a FI. Thanks for compiling this.
February 16, 2010 at 1:03 pm
No surprises with any of that. It’s kind of like choosing who to vote for these days…. call me a synic but I just vote for who I think will do the least damage in their term (or who is dishing up the least blatantly empty promises or digs at the other guys). I feel the same way about the FI’s I chose the one with the simple options I felt more comfortable with and not too much bad press.
February 16, 2010 at 1:04 pm
I’m surprised more people don’t bank at credit unions. They’re not perfect, but they answer to members — the people banking there — rather than to shareholders — the people who own bank stock. It’s important to remember that all human beings make mistakes at one time or another and the stakes are higher for FI because they’re dealing with our money!
Last year I was not impressed with my credit union, VanCity (BC), when I was informed that the interest rates on all LOCs (not just the new ones) were going up because of the financial crisis. I had a number of rather heated phone exchanges with VanCity reps about this. “You mean you get to break a contract because you need to? If I couldn’t afford your new rates, would I unilaterally be allowed to break the contract with you?” I said more than once. Ultimately, the response was “you don’t have to sign the agreement, but we might call the loan.” Very scary and frustrating. I was not reticent about voicing my displeasure at this behaviour: “if I wanted this kind of cash-grab I would bank with one of the big 5. I expected more from a member-driven institution that gives back to the community than threats. If this is how you behave, why should I not go with one of the big banks?” Apparently VanCity got many responses of this kind, because there was a public apology from the CEO, the interest rates for existing contracts were changed back to the original (although rates for new LOCs increased), and the extra interest paid was credited back to the accounts. I was not very impressed with the original situation, but I was impressed that they had the integrity to do the right thing, eventually, and I made sure to tell customer service so.
February 16, 2010 at 2:16 pm
Brenda, have you ever approached your Scotiabank about helping you fundraise? If there is a fundraising event in which 2 or more Scotiabankers volunteer, the bank will match funds raised to a certain point. I encourage you to approach your branch manager and ask if there is anything the branch can do to help your community group. As long as it’s not for profit, Scotiabank is very big on helping the community.
Good luck!
February 16, 2010 at 2:23 pm
JoanK, your suggestion of the ScotiaOne is good, the problem is it’s only for personal accounts. It can’t be used for organizations or businesses. These accounts have to be organized in a certain manner for audit purposes.
February 16, 2010 at 2:37 pm
Our group has a community account at the Bank of Montreal and there are no monthly banking fees and the cheques are free. We had to have minutes from our meeting to set up the account with 2 signatures. Down side is that we are charged $2 to make a deposit at any other branch.
February 16, 2010 at 2:51 pm
JoanK and Melaniesd: Thanks for the feedback. M is right – we need a organizational type account, and we’ve tried changing but the account we have it “the best” they have. Yeah, right. Our minimum is always over $5,000 – but that never seems to make a difference. The one problem I see with the bank helping fundraise is that we aren’t the only school in the town – the other is the Catholic school, and seems like they don’t want to play favourites. They just informed us of the deposit book payments, and they gave us one as a “freebie” before being billed for the next. I think we will start contacting head office Scotiabank. Others here in town are not happy with the service either, but with a lot of seniors, that’s where they bank because it’s close.
February 16, 2010 at 2:59 pm
Thought provoking results!!
I’m not surprised that people are satisfied with their credit unions. I love mine, Vancity. They believe in the same things I do. They were first on the “green” train, and they support community events and minority groups.
Also, I think the reason they are so succesful is because they really invest and support their employees. I remember once being at a Vancity on a Monday morning, when there was a huge teller lineup. The Financial advisors took people from the lineup to their offices to help out and even the branch manager was helping. The best part was when the Manager came out to take another member from the lineup, a rude and belligerent man in the lineup complained about the wait. He was cursing, and making it awkward. The managers responsed that they were all working together to make it move more quickly. When the man said they should get more staff on, the manager responded (word for word) “We have less people on a Monday because we like to give our employees 2 days off in a row. We value their personal time and think it is important to our success.” It shut the rude man up.
The only drawback with Vancity is for when I travel overseas (1-3 times a year) I like to purchase on my Visa overseas so I can get a good exchange rate and not pay hefty currency exchange fees. My vancity Visa never works. I have to call in long distance (there go the savings!) to speak to them to get them to clear the transaction. The explanation is always that it is a security feature, even though I always call before leaving to let them know that I will be away and which countires I might have transactions in. So whenever I travel I have to use my RBC visa, which is pretty much the only reason I keep the card.
February 16, 2010 at 3:48 pm
Jolie – I’m with BMO too but I didn’t do the survey because I haven’t had really any problems or need to think about changing banks. I also have a cu.
When we are Debt free we will probably think about getting a Superstore cc and maybe the Scene cc for the free stuff and maybe an ING direct account for savings. Right now we are just focusing on getting financially responsible and sticking with bmo seems right for us at the moment.
February 16, 2010 at 4:27 pm
Jolie/Stephanie,
I too am with BMO and have been for 36 yrs. I find that sometimes it’s not the FI per se that’s the problem but rather finding a good branch with good customer service. I absolutely trust and value the service I get at my BMO branch only, and really only from 3 particular staff that have been there for years. When I have a problem or a question about my money, I only go to one of these three ladies. They have helped me tremendously with my mortgage issues (especially when I was out on strike), they have reversed charges even when the error(s) was mine, they have helped me out when I started to have credit problems when my husband was off work for a year…etc. After dealing with them for so many years they get to know my money habits and I really think that helps. They give me sound options and they encourage me to enjoy my money while still paying off any debt. They always return my call or e-mails immediately and alaways squeeze me in when I show up without an appointment. Anyhow, that’s my 2 cents about BMO and why I would be reluctant to change my FI. That being said, ING does offer a better interest rate on the TFSA !! I haven’t quite decided what to do.
February 16, 2010 at 4:58 pm
Thanks for the info, Brenda and Melaniesd! I’ve learned from your responses. Gosh, there’s always a ‘catch’, isn’t there!?
I think that contacting Scotiabank corporate might be a good idea. I hear you Brenda, when you say the the only bank in town is Scotiabank. Maybe it’s time to make some noise!? How far away is the next Scotiabank branch?
I was handling investments for a senior family member at a small town BMO branch until I’d had ENOUGH! I contacted the main BMO branch in my city and ended up dealing with the investment manager who has provided superlative customer service. As someone else said, the service culture varies between branches as well as between banks.
Sorry….don’t mean to belabour this because it sounds as if you’ve exercised lots of options. I’m just empathetic and wish you a satisfactory solution!.
February 16, 2010 at 7:32 pm
FYI You dont need a TD bank account to open a TD Series account. Go online to open an account or just download the paperwork, fill it out and mail it out.
February 16, 2010 at 8:15 pm
Last year TD offered the Quick Tax discount as well. I’ve always been happy with the service at my local branch so no complaints. My favourite part of it though is the convience.
February 16, 2010 at 8:49 pm
The only suggestion I would add having dealt with CIBC on different and very frustrating issues to keep notes when getting a problem dealt with. Names, dates and times of conversations and brief note what was said. I ended up doing this for an issue which was effecting my credit, which I could not accept being co-owner of a small business (and principal gaurantor of all sources of credit for business). After almost months I gathered up my notes and saw the branch manager who happen to know the CIBC obudsman. He said my notes made his job much easier – especially since I had been turned away unceremoniously from the obudsman’s office a week prior. I made sure he knew my parents had both business and personal accounts with CIBC for over 50 years and myself combined about 40 AND I had my partner switch his accounts from RBC BUT we would not hesitate to move back to RBC. The issue was cleared up by the next day with paper proof I still keep to this day just in case. As the Dog Whisperer says…stay calm and assertive. Always cover your butt and keep good notes.
February 16, 2010 at 11:10 pm
I have been working like crazy so I didn’t have a chance to post on the survey last week (not that I am complaining). I have been so unhappy with the service at my bank (WAMU before Chase) since it was taken over I am actually in the process of changing banks. I opened accounts at a credit union. When I went to close my savings account at Chase the bank manager mentioned he could believe how low the interest rate was on the account. As I have gotten away from brick and mortar banks I have been much happier. When I am done with the move I will have a checking and savings account at both ING (Long term savings and home expense/bill checking) and Navy Federal Credit Union (vehicle savings and everyday checking). It blow my mind that so many of you have to have accounts at the institution your mortgage is with just to pay the bill without a fee. I have all of my accounts electronically linked. As other have mentioned it is rediculous that there is a 2-3 float between when I transfer money from one account to when it shows up in the other. Especially since I can use my debit card or a check and it is already deducted from the account before I get home from the store.
February 16, 2010 at 11:42 pm
Well my very first bank account was a CU, but I moved from BC to AB, and since there was not agreement between their credit unions, I had to switch to CIBC. They were good, I never was a high demand customer, but they started me off with a $650 overdraft line of credit. Since I was quite naieve, I usually ended up using that overdraft each month. I also ended up getting a credit card with them as well as a loan for a used truck. (The truck ended up being a lemon, but that’s my fault.) Then, I moved to Ontario. In an effort to simplify our finances, I moved to BMO, (my biyfriend had a bad experience with CIBC years ago) but since they have no agreement between them for funds transfer, I had to keep my CIBC account, take money from my BMO account, walk accross the street, and deposit in my CIBC account. A pain in the ass, but I haven’t missed payments. Now, I no longer have the CIBC Visa, but I have a BMO Mastercard and a student line of credit.
I find that I am happy with BMO in general because of the excellent customer service in one branch in specific, and especially with one advisor. Of the brick-and-mortar banks, they are tops. They are not perfect, their fees are outrageous, but the others very similar that way.
If I was certain that I was through moving around this country, I would consider moving to a CU, but then I would likely have to still deal with both BMO and CIBC separately for the loans I have with them, and that would not make anything simpler. The online-only banks, PC and ING etc., are tempting, too, but as well as that issue, I very much prefer to deal with my FI’s in person.
February 17, 2010 at 8:22 am
I am surprised by the number of people that are actually happy with their FI. I am happy if they don’t bug me. I have gone to a FA outside of a main stream bank because I wanted someone to work more flexible hours/schedule.
I don’t go into a branch – on line or ATM only for me. Which potentially is why I have had some issues with them. They don’t know me but I don’t know them either.
I have my mortgage with ING and will be opening some GIC’s and maybe a high interest savings account. Who knows, if it works really well I might make it my regular account.
Generally I find banks to be like your annual visit to the dentist – not enjoyable but suffer through anyway.
February 17, 2010 at 8:23 am
On a completely other note….WHY will banks not take an overseas contact number? I was living overseas for three years. Kept calling collect to speak to the bank. Had to leave a canadian contact number even though I wasn’t really there. Ended up using my Mom as an answering service.
February 17, 2010 at 11:25 am
Thanks Stephanie and JJ
Ironically, I went to my Credit Union yesterday as that is where I keep the ’savings’ portion of my meagre world. I needed an appt for RRSPs. The confused teller, after getting my name wrong three times, booked me in for two that afternoon. I get there at two to have the RRSP agent annoyed that I wasn’t there at ONE for my meeting. I blinked, looked over the agent to the teller who i dealt with and said nicely “I wasn’t here at one because she booked my appointment for two”. The teller ducked her head and knew she’d messed up, but once in the agent’s office she mentions again that she had to reschedule things because I missed me appointment. I gently re-explain the error was not mine but the girl at the front. After saying that it is unlikely the girl made a mistake (meaning “I” did??) she goes to her computer appt book and we learn that the teller still had a mistake on my name. Rather a validation for me I thought. “Well she’s new”, the agent says.
All that to find out that my smaller local branch no longer writes up those policies and I have to go to the main branch to do so, and make yet another appointment to get there.
A wasted day; I got blamed for something not my fault. LOL Hopefully it goes better at the main branch today. BMO is looking better in comparison
February 18, 2010 at 12:47 pm
Our FI, unfortunately, is Scotiabank. I say unfortunately because the ONLY thing that has kept us afloat is watching your show and working diligently to keep up. We both have good incomes, but our problem came when we decided to build our home back in 2005. We sold our previous home for a profit (no debt & money to spare). We asked our “so-called” mortgage specialist, as this was not our area of profession, if it was more beneficial to purchase the land with the money we had & borrow to build OR if it was better to borrow for the land and use the money in the bank to build. Well…the advice was (obviously we now know it was wrong) to purchase our land & borrow against it to build…BAD ADVICE for us, but has made the bank thousands in intrest. The problem?…with all the hold backs, etc. there was not enough money to get the house complete enough for the “2nd draw” of the mortgage…SO…they got us into their “Total Equity Plan” and there still wasn’t enough to finish due to the amount of the equity in the home (not much in an incomplete house)…SO, THEN…they were more than willing to offer a visa, & line of credit to “help” us get to where we needed to be for our final mortgage. As you noticed I said this all started in 2005…we are just now in a position to get a final, after having a private second as well. We realized going along that we were just getting in deeper, but this was our home and where would we live if we didn’t see it through? So, after the initial “help” from the bank of a line of credit & visa, then having to get outside help with a private 2nd, we decided to cut our losses and finish the house as we had the money, paying the “extra costs” we had incurred from listening to Scotiabank & slowly but surely finishing as we could afford it. We moved in…the two of us, our two children (5 & 8yrs.), and grandpa,in 2007 without a kitchen (tables for the counters, new laundry tub for a sink, microwave & Bar-B-Q) no trim, no siding, one bathroom. We have worked HARD over the last 2 years to be able to finally have this nightmare over and we now see the light at the end of the tunnel. We still have a lot of debt that we are working hard to pay down…but none the less we have hope for the first time in 5 years. One thing I should also mention is that 85% of the work was done by my husband (who is a good do-it-yourselfer, THANK GOODNESS!) and myself to help save money…I’d would hate to see where a couple/family would be, that had received the same advice, if they had to hire out more than the basement walls, framing, roof shingles, well, concrete floors (basement & garage) & installation of utilities.
One more example of Scotiabanks greed, and another reason to get finalcial advice from someone who doesn’t stand to gain at your expense. Hard lesson learned for us!
February 22, 2010 at 12:57 am
I bank at RBC. I’ve been with them for almost 10yrs now. My first bank was small town credit union. I have to admit, that I’ve never had problems with them both. Not yet anyways…(knock on wood)…
March 26, 2010 at 10:24 pm
The Ten Commandments Of Employment… 1. If it rings, put it on hold. 2. If it clunks, call the repairman. 3. If it whistles, ignore it. 4. If it’s a friend, stop work and chat. 5. If it’s the boss, look busy. 6. If it talks, take notes. 7. If it’s handwritten, type it. 8. if it’s typed, copy it. 9. If it’s copied, file it. 10. If it’s Friday, forget it!
Work is too serious joke a little!