# Which bank should I go with??



## mcu (Dec 6, 2009)

Debating weather to go with BMO, RBC, NBC or CIBC. I have been strictly dealing with TD for past 20 years and I am starting to think it was a bad idea. They seem less and less motivated to win my business lately, so maybe opening elsewhere would be a good thing. 

I am looking to open both personal and business accounts, RESP, TFSA and investment/trading accounts. Any others offer to waive the fees with a minimum balance like TD? If not, then maybe i can keep my daily accounts at TD while using the rest for RESP and trading accounts.

What are your thoughts/experience on the ones I mentioned?


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## birdman (Feb 12, 2013)

One is probably as good as the other. I would go with the one who you think you can have the best relationship with. I recently went through the same thing and approached 5 different financial institutions including 3 credit unions. I have a reasonable size portfolio and plenty of business for them and the ones that came out on top were a credit union and the BNS. Both of these were very anxious for my business and offerred me great rates and seemed very sincere. The CIBC was the worst. I guess thats why I quit working for them after 18 yrs of a good career. I think it is more the branch, its leadership, and the staff that makes the difference. I eventually went to the CU and also moved my brokerage, cr. card, direct deposits, and 90% of my business to them. Now my old F/I is trying to get me back.


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## OhGreatGuru (May 24, 2009)

From similar threads, it appears they are all pretty much of a muchness. If you are with any bank long enough you are likely to run into a bad customer service experience eventually. What seems to be more important is how they they deal with your subsequent complaints. I thought TD had a fairly good customer service reputation.

If your branch has gotten complacent about "winning your business" after you have been a loyal customer for 20 years it's not unusual in today's dog-eat-dog world. You hear the same complaints about Rogers, Bell, etc. who offer discounts to new customers to grab market share, but don't offer the same rates to their existing customers. 

Your better move might be to ask for a meeting with the branch or account manager and tell him/her you're considering going elsewhere and why. But "seem less and less motivated to win my business lately" is rather a vague complaint. You are going to have to come up with some specifics as to what you think they could/should be doing better for you.


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## mcu (Dec 6, 2009)

When I say don't want to win my business is for example...I have a mortgage up for renewal in March. I have tried contacting the branch a couple times back in December in order to lock in a new rate since TD allows 120 days early renewal. They didn't get back to me. In the meantime I started shopping around. I called monday as a last attempt and they finally returned my call Tuesday. The rep was not willing to match the best rate I got and when I mentioned to her that I missed out on 90+ days at the new rate vs existing 3.79%, she ignored it. I insisted on matching my best rate and she said she would get back to me in a few days because manager was out for 2 days. A few years ago, I would have them giving me the best rate and if I found better they would match it on the spot.


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## indexxx (Oct 31, 2011)

Have you looked into credit unions? Their service is usually good and sometimes have benefits that the big banks don't offer.


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## Cal (Jun 17, 2009)

or a mortgage broker like http://www.monstermortgage.ca/ for that matter...


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## Ag Driver (Dec 13, 2012)

I prefer my credit union. It offers 1-2% profit sharing on debts and credits. I am dumping CIBC this week and consolidating everything. I have not used my CIBC account for over a decade, so I might as well dump it.


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## Mortgage u/w (Feb 6, 2014)

No bank is better than the other. Bottom line, you're dealing with salaried employees. Whether your happy or not, they still get paid. These employees are heavily pushed to bring in new business that they omit to continue servicing their clients (or simply choose the ones they wish to service).

My advice is to go online. Banking online has become extremely easy. You will get a quicker response by calling their centers rather than calling their branch. And the sense that they do not seem to win your business - normal for all banks....they have your business already, no need to win it again. Easier to get a new client than squeeze more money form you. Path of least resistance!

Save yourself the hassle and stick with your current bank.


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## gibor365 (Apr 1, 2011)

I like CIBC


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## Oldroe (Sep 18, 2009)

The one thing TD has is you can adjust your amortization period any time. So you sign for 25 year and immediately move it to 12.5 years go along for a bit . Oppps a strike back to 25 year cutting payment in half. Strike over yeppy back to 12.5 and the overtime shows up. Make that 8 year and so on.

Very powerful stuff.


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## NorthernRaven (Aug 4, 2010)

BMO has balance waivers, and Scotiabank on a couple of their mid-range accounts. Which package do you have with TD? Their All-Inclusive is pretty much unbeatable if you value its goodies (premium credit card, safe-deposit box, Borderless US account/Visa). BMO's Premium package doesn't include the premium Visa card fee waiver. For someone where that $5000 minimum balance would otherwise be in a HISA, interest taxable at marginal rate, the "cost" is effectively something like $5/month or $60/year. For people in that situation, TD is actually paying you to take that account!

The nice thing about All-Inclusive is that it is strictly based on that $5000 - you don't have to "show" mortgage or brokerage or anything else to get it. I'd shop around and find where you get the best terms and rate for your needs - you could pack up your mortgage business to the most attractive offer. I suspect branch managers have some sort of discretion budget, and some sort of overall regional aggressiveness factor, and you may just be at the wrong point in their biorhythms. Is there anything institutional about TD you dislike, or just current circumstances. I suspect you can get good/bad pot luck from any of the Big5; whether one is superior on a significant basis would take an organized survey, not just random anecdotes.

Where did you get your best rate? I'd think that for an existing customer with multiple accounts that was making walking noises, they'd match general market rates, at least for major banks, but if you got some sort of crazy-good loss leader price that might be different.


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## newfoundlander61 (Feb 6, 2011)

I have been with CIBC for years and have never had an issue at all. Have had lines of credit; mortgages; investments (Investor's Edge); credit cards, and general banking needs. Over all I am happy with the way they conduct my business, my only con is when I do banking at the bank the teller always ask me if I am interesting in a product that I already have. Thinking it is upselling without looking, it does annoy me for sure.


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## gibor365 (Apr 1, 2011)

newfoundlander61 said:


> I have been with CIBC for years and have never had an issue at all. Have had lines of credit; mortgages; investments (Investor's Edge); credit cards, and general banking needs. Over all I am happy with the way they conduct my business, my only con is when I do banking at the bank the teller always ask me if I am interesting in a product that I already have. Thinking it is upselling without looking, it does annoy me for sure.


Tellers never ask me such questions 

I like in CIBC:
- low trading fees at 6.95
- the best FX rate in registered accounts
- ability to buy GIC online
- constant HISA and IE promotions 
- very good interface for both banking and trading


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## Beaver101 (Nov 14, 2011)

gibor said:


> Tellers never ask me such questions
> 
> ...


 ... and how many times do you actually see a human-teller? in a year? 

I would find these mandated make-a-sales-question not to be annoying only if the teller can do their "primary" job effectively first. Otherwise, let me think about it later, much much later.


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## gibor365 (Apr 1, 2011)

Beaver101 said:


> ... and how many times do you actually see a human-teller? in a year?
> 
> .


maybe 8-10 times per year... if I need to deposit cheque or get any foreign currency....


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## Beaver101 (Nov 14, 2011)

^ And why would you need to "go" to a branch to deposit a cheque, can't it be done via ATM? To get foreign currency, yes... and zero out of 8 or 10 times, your branch teller never upsold you on anything? Hmmm .. your branch obviously must have lots of business ... and does the branch manager ever change?


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## gibor365 (Apr 1, 2011)

just don't like to use ATM to deposit cheques.... and yes, I don't recall branch teller never upsold me on anything  
Also, I'm going to 3 different branches... 1 close to work, 2 close to home ... have no idea if manager changed or not .... and don't care


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## NorthernRaven (Aug 4, 2010)

I'm in a weird situation working for a company is absolutely reliant on high-tech computer software and hardware, but issues paper cheque payroll. Weekly! TD's handy evening/weekend hours (and locations near work and home paths) let me deposit the cheques (and take a little cash, when rarely needed), since I too tend away from ATM deposit unless necessary. I could probably do phone image deposit nowadays, but prefer not to have banking or other critical stuff on my phone, and haven't looked into what sort of credentials are stored by the mobile app, etc.


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## fraser (May 15, 2010)

Some financial institutions will allow you to add extra repayment conditioned in a mortgage agreement.

We had CIBC a increase their standard ten percent mortgage pay down once per year to twice per year ten percent pay downs. We also had something in there that enabled us to move payment intervals as well, ie monthly to weekly.

You just have to ask and stand your ground.  These bank mortgage officers are goaled. on how much money they float.
same with those phoney renewal admin fees.....don't get suckered into paying the bank to do their own due diligence paperwork!


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## Mortgage u/w (Feb 6, 2014)

This thread can go on forever......its like asking who's your favorite actor/actress and why.

All banks offer similar products and services. All comes down to convinience. So have fun choosing your favorite 'actor'!


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## CrashTestSnoopy (Jan 21, 2015)

mcu said:


> When I say don't want to win my business is for example...I have a mortgage up for renewal in March. I have tried contacting the branch a couple times back in December in order to lock in a new rate since TD allows 120 days early renewal. They didn't get back to me. In the meantime I started shopping around. I called monday as a last attempt and they finally returned my call Tuesday. The rep was not willing to match the best rate I got and when I mentioned to her that I missed out on 90+ days at the new rate vs existing 3.79%, she ignored it. I insisted on matching my best rate and she said she would get back to me in a few days because manager was out for 2 days. A few years ago, I would have them giving me the best rate and if I found better they would match it on the spot.


Same thing happened to me with TD so I moved it elsewhere. I still bank with them but don't consolidate anymore cause as mentioned in an earlier post, once they have your money, they don't make an effort to offer the best deals for you anymore. It's better to keep dangling carrots and maintain your leverage with several F/I.


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## edarte (Jan 28, 2014)

I have been with CIBC since at least 1989 and have no problem with their service. CIBC has an App where you don't even need to go to an ATM to deposit a cheque (CAD only). You can just take a picture of you cheque.


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## edarte (Jan 28, 2014)

gibor said:


> just don't like to use ATM to deposit cheques.... and yes, I don't recall branch teller never upsold me on anything
> Also, I'm going to 3 different branches... 1 close to work, 2 close to home ... have no idea if manager changed or not .... and don't care


I have been with CIBC since at least 1989 and have no problem with their service. CIBC has an App where you don't even need to go to an ATM to deposit a cheque (CAD only). You can just take a picture of you cheque.


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## MrMatt (Dec 21, 2011)

I like TD, their "branchless" ness is pretty well done, I love their extended hours, they're my first choice.

Scotiabank has been okay, but if you have to deal with the actual staff for anything, they're incompetent.
I'm a shareholder in both.

CIBC I've personally had serious problems with them. Also many of my friends and family have too. I'd stay away.

I've found BMO to be okay for my RRSP, I had a group plan, I just kept it.
RBC, never dealt with them, but people seem satisfied.


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