The Incomplete BANKS review.
There are a variety of banks out there in the urban city of Canada. God knows how many there are in the united states. Let me list a few:
- RBC - Royal Bank Canada
- BMO - Bank of Montreal
- Scotia Bank (which absorbed the Greek Bank)
- National Bank
- Desjardins (which is a Caisse Populaire…but you despoit and withdraw money…so to me its a bank)
- TD Bank
- Laurentian Bank
Lets be clear about 2 things: I have LOTS experience in banking - in person/over the phone/online. I have by myself opened several accounts of various types and paid various fees. I have helped opened and managed various accounts and even business accounts. So despite being an individual - my experience with these banks is AT LEAST 1 years worth of banking and their customer service. The second thing I have to mention is - if your only store your money and tank your money out - this review is moot. This review is for those who would like to know Who has the best service if your going to shake hands with the bank manager and the teller actually say to you “hey i haven’t seen you around for a while Mr Buddha”. My opinion is from EVERY DAY BANKING experiencing.
Now Lets go:
I have held ONE credit card with this bank - from my perspective - its choice of “rewards” are only good for the overspender. If we take an average income and spending of an individual - its not worth it. Your better off with RBC’s Cash Back or Desjardins Modolo with a 1% bonusdollar towards airfare. TD Bank are one of the many few banks that are open during a saturday. They were actually the very few first to do so and to accommodate their clientel. Would I recommend them? Not with only my Credit Card interaction and I’ve canceled that card since.
No opinion yet. Except - why would i go with you when the others are more international that you.
I once tried to open a business account with them. I called in, and I required an appointment. Sure whats the problem? THE ONLY PERSON THAT CAN OPEN AN ACCOUNT IS ON VACATION. ….so no business account without him? FAIL SCOTIA….FAIL. That is all.
Lets get one thing straight - its not a bank - its a caisse populaire. The major difference is how the business is ran and where the funds are relocated in terms of the fees. HOWEVER to an average user - can you take my money? can you give me my money? Thats all what we care for. Here is whats good about them:
- Most Caisse Populaire have different operation of time including saturday service.
- If you bundle enough service with them it might cost you 10% less than elsewhere.
- Certain credit card packages offers decent amount of redeemable gifts which in terms are called BONUSDOLLARS which you can spend on your banking services or travel fares. (READ FINE PRINT FIRST). These dollars are accumulated from your credit card purchases. Minimum 1% upto 2% of you have the higher end card.
- You can opt to have a 9.9% interest rate for your credit card if you pay a yearly fee on certain cards.
- AccordD which is a financial purchase division of the bank allows you and several key stores (Staples, New Look, etc) finance your purchase in monthly payments. If you got approved once - you dont need to get approved again unless your rating dipped OR you want to up the limit.
Now whats so bad about them?
- Their phone lines are NOT 24hrs for credit cards unless you lost them. Their Banking over the phones are business hours only.
- Their catalogue for the BonusDollar and Gift Certificate are very limited. Unless you have a mortgage/creditline etc with desjardin the bonusdollar wont help you much.
- They have VERY poor POS systems for merchants.
- If you are a virtual merchant you should AVOID them at all cost. They have NO AVS OR FRAUD protection. (now if your a frauder and your looking at this…its like a kid at a candy store). You should pick a starter company that just opened over this place.
- Reports are only stored for 30 days - after that you lost it. (GREAT!)
If your an individual that would like to reunite major services - go with them but also expect some limitations. If your a business users - go for the big boys.
So far in terms of availability - they are on point with key locations. For business users they offer a very customer friendly service (you get every 2 months an assessment as to how the service are and if they can lower your rate if your not using all their service. (What really? you want to make less money? thats AWESOME!). When opening a business account they will give you a bank card and set you up as a pin. That bank card now becomes an interact card so you wont need to issue checks (added bonus here). If you have a BMO MASTERCARD it can act as your overdraft, another key thing for those who sometimes cannot control their float. Their online system is very percise and their logs of the transactions are accurate also. The response team to answer the questions are courteous and answers back in a timely fashion. As far as business accounts goes they are so far a very good bank to deal with.
The mother of all bank - Ill making it brief - they are the pioneer in most banking venues. They offer a lot of variety of services. I would recommend them to anyone who starts out or wants to expand. They have a very friendly service and they have alot of location so that you can bank easily. THERE IS ONE DRAWBACK: my personal file has gone rogue in terms of getting calls for their “extra” service. I’ve been offered LIFE/MEDICAL/OVERDRAFT/PREMIUMS every year at least once a month. When i decline over and over - they should take a hint. If your shopping for credit cards - RBC offers some very incentive cards from Points to 2% cashback. Obviously if you dont spend as much it wont help you..but wouldnt it feel great if after half a year you manage to get a free 50$ and your not limited to only home hardware? Sure why not.
So In perspective - RBC/BMO offers a clear winning combination of key services and ease of use. Again you dont need to take my word for it however as a person who opens and close the internet browser to do daily banking - i felt that people should know if they are in my shoes what they should expect.
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