jedimaster Posted February 1, 2012 Report Share Posted February 1, 2012 Well, I made a decision to stop feeding the monkeys at the bank my 15 dollars a month. I have switch to ING. They have a free chequing account, even get free cheques, unlimited debit transactions. Any bank drafts or money orders... yep they courier them to you. No need for a normal bank account... They even give you interest on your balance, and no fees for anything. So I go in to BMO today to cancel my account, and yep they couldn't do it because its the end of the month and the monthly fee hasn't been fully processed yet. Nice, so I gotta go back in tomorow Anyway ING has a deal on if a freind opens a chequing account with 100 dollars deposit you both get 25 bucks free. You need to submit the "friend" code. If you want it message me and I'll send it to you. Anyway I just hate banks in general. the whole thought of them charging me money for them to take my money and lend it out to other people and make money off of it just feels like such a scam... In fishing terms its like. Hey can I borrow your boat, and btw you need to pay me for me to borrow it, and I am not gonna use it, I am gonna rent it to my friend. how is that even legal? Link to comment Share on other sites More sharing options...
mercman Posted February 1, 2012 Report Share Posted February 1, 2012 ya, and when you need to borrow, they say Do you have any money? No, thats why i need to borrow some Well sir, if you dont have any money, we cant give you any. Link to comment Share on other sites More sharing options...
Roy Posted February 1, 2012 Report Share Posted February 1, 2012 So ING is not a bank? Neither is PC Financial who incidentally has better rates than ING? Here's a little secret, they're all after the same thing and they're getting it, whether you like it or not. Link to comment Share on other sites More sharing options...
John Bacon Posted February 1, 2012 Report Share Posted February 1, 2012 Yeah, I had Royal Bank charge for insurance on my loan even though the paper work specifically said no-insurance. They didn't even want to give the money back after I pointed it out. Link to comment Share on other sites More sharing options...
shoemaker Posted February 1, 2012 Report Share Posted February 1, 2012 Reminds me of a TV commercial "hands in your pocket". Instead of fighting them, buy their stocks and hedge expenses....Banks have done well in Canada. Link to comment Share on other sites More sharing options...
bigbuck Posted February 1, 2012 Report Share Posted February 1, 2012 They've got too much power and control over our lives. The worst thing the feds did was take down the '3 Pillars' of financial services in the 90's. Banking, Brokerage and Insurance were all kept separate from each other and for good reason. Now banking and brokerage are done in branches and the insurance is next door. Thankfully, Chretien and Martin didn't let them merge, if that happened, it would pretty much be a monopoly here and there would be too much power in one single company. We need to keep tight gov't control over the banks lest we have a situation like the US where they control pretty much everything. So, good for you with going to ING. Link to comment Share on other sites More sharing options...
Lip-ripper Posted February 1, 2012 Report Share Posted February 1, 2012 ING and PC are still banks, in fact PC is owned by CIBC. The main difference is that they are branchless banks, which allow them to keep costs down by outsourcing everything via telemarketing and not paying a staff of employees. The benefits? You save on fees. The negatives? Lost local jobs, and having to deal with someone over the phone when you have a problem with your account/bank card/etc. Link to comment Share on other sites More sharing options...
torco Posted February 1, 2012 Report Share Posted February 1, 2012 No fee banking has been around for so long now I am still surprised people pay fees for regular banking transactions. I have been with PC financial for everyday banking for about 10 years now and it is great. Link to comment Share on other sites More sharing options...
craigdritchie Posted February 1, 2012 Report Share Posted February 1, 2012 The negatives? Lost local jobs, and having to deal with someone over the phone when you have a problem with your account/bank card/etc. That "someone over the phone" will inevitably be located in the Philippines or India, since these 'virtual banks' need to do everything possible keep their labour costs down. With so much fraud and identity theft problems these days, I prefer to at least have an actual branch I can walk into and have a problem corrected in just a few minutes. That's especially comforting when you travel out of town. Link to comment Share on other sites More sharing options...
SirCranksalot Posted February 1, 2012 Report Share Posted February 1, 2012 Banking With an 86 Year Old Woman Shown below, is an actual letter that was sent to a bank by an 86 year old woman. The bank manager thought it amusing enough to have it published in the New York Times. Dear Sir: I am writing to thank you for bouncing my check with which I endeavored to pay my plumber last month. By my calculations, three nanoseconds must have elapsed between his presenting the check and the arrival in my account of the funds needed to honor it. I refer, of course, to the automatic monthly deposit of my entire pension, an arrangement which, I admit, has been in place for only eight years. You are to be commended for seizing that brief window of opportunity, and also for debiting my account $30 by way of penalty for the inconvenience caused to your bank. My thankfulness springs from the manner in which this incident has caused me to rethink my errant financial ways. I noticed that whereas I personally answer your telephone calls and letters, when I try to contact you, I am confronted by the impersonal, overcharging, pre-recorded, faceless entity which your bank has become. From now on, I, like you, choose only to deal with a flesh-and-blood person. My mortgage and loan repayments will therefore and hereafter no longer be automatic, but will arrive at your bank, by check, addressed personally and confidentially to an employee at your bank whom you must nominate. Be aware that it is an OFFENSE under the Postal Act for any other person to open such an envelope. Please find attached an Application Contract which I require your chosen employee to complete. I am sorry it runs to eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative. Please note that all copies of his or her medical history must be countersigned by a Notary Public, and the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof. In due course, at MY convenience, I will issue your employee with a PIN number which he/she must quote in dealings with me. I regret that it cannot be shorter than 28 digits but, again, I have modeled it on the number of button presses required of me to access my account balance on your phone bank service. As they say, imitation is the sincerest form of flattery. Let me level the playing field even further. When you call me, press buttons as follows: IMMEDIATELY AFTER DIALING, PRESS THE STAR (*) BUTTON FOR ENGLISH #1. To make an appointment to see me #2. To query a missing payment. # 3. To transfer the call to my living room in case I am there. #4 To transfer the call to my bedroom in case I am sleeping #5. To transfer the call to my toilet in case I am attending to nature. #6. To transfer the call to my mobile phone if I am not at home. #7. To leave a message on my computer, a password to access my computer is required. Password will be communicated to you at a later date to that Authorized Contact mentioned earlier. #8. To return to the main menu and to listen to options 1 through 7. #9. To make a general complaint or inquiry The contact will then be put on hold, pending the attention of my automated answering service. #10. This is a second reminder to press* for English. While this may, on occasion, involve a lengthy wait, uplifting music will play for the duration of the call. Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement. May I wish you a happy, if ever so slightly less prosperous New Year? Your Humble Client And remember: Don't make old People mad. We don't like being old in the first place, so it doesn't take much to piss us off. Link to comment Share on other sites More sharing options...
Billy Bob Posted February 1, 2012 Report Share Posted February 1, 2012 Was at my bank "Bank of America" the other day....my sister in-law works there...I said to her "boy it's quite in here"... as there is no one in the bank except me and the workers....she said "it's been like that for a while now" and I responded "well the banks already have everyone's money, now what you gonna do".....I thought she was going to fall off her chair... BTW...I also use ALLY BANK...it's a online bank only and has the BEST rates out there as far as interest paid and NO FEES for ATM machines and a like....Don't know if it's available in Canada, but if it is Google them and take a hard long look at ALLY BANK....I can't see a downside of them. Bob Link to comment Share on other sites More sharing options...
Lip-ripper Posted February 1, 2012 Report Share Posted February 1, 2012 Ally is owned by GMAC, or rather, is the new GMAC. Do you remember what happened to GM and GMAC bonds a few years back? The US government now owns most of it - part of the bailout. I wouldn't feel safe having my life savings with them, but if you like them, knock yourself out. Link to comment Share on other sites More sharing options...
Billy Bob Posted February 1, 2012 Report Share Posted February 1, 2012 Ally is owned by GMAC, or rather, is the new GMAC. Do you remember what happened to GM and GMAC bonds a few years back? The US government now owns most of it - part of the bailout. I wouldn't feel safe having my life savings with them, but if you like them, knock yourself out. YES, I knew that right from the get go or is that Geico...LOL Bottom line ALLY Bank just like any chartered bank in the USA is FDIC insured....so all your deposits whatever they may be are fully insured....and ALLY BANK pays in most cases 2X or more in interest then other banks and more then all three of our credit unions are now paying form money on deposit... But if you like less interest, knock yourself out... Link to comment Share on other sites More sharing options...
jedimaster Posted February 1, 2012 Author Report Share Posted February 1, 2012 I think I would rather keep my money in my pocket than pay someone at a branch to sit there when I never go, and when I do go I am severly dissapointed every time. Link to comment Share on other sites More sharing options...
Lip-ripper Posted February 1, 2012 Report Share Posted February 1, 2012 (edited) Fact is, if you have your money at a bank, they pay less interest and are lending out mainly for Mortgages which are at really low rates. If you deal with somewhere like Ally, they pay you a bit more interest, but can afford to because of less overhead and they lend your money out to finance things like car purchases which are at higher rates. Either way, they make money off you. Edited February 1, 2012 by Trouty Link to comment Share on other sites More sharing options...
jedimaster Posted February 1, 2012 Author Report Share Posted February 1, 2012 I don't mind them making money off of my money, but to charge me to make money off my money is a bit out of control. Link to comment Share on other sites More sharing options...
Billy Bob Posted February 1, 2012 Report Share Posted February 1, 2012 I don't mind them making money off of my money, but to charge me to make money off my money is a bit out of control. jed, that is why I posted about ALLY BANK....there are no charges to speak of all while paying you much more in interest for your monies deposited there....bottom line we can't live without the banks no matter how much we might hate them....insurance companies too.... Link to comment Share on other sites More sharing options...
TennesseeGuy Posted February 1, 2012 Report Share Posted February 1, 2012 We have the power to make ourselves happy. Link to comment Share on other sites More sharing options...
torco Posted February 1, 2012 Report Share Posted February 1, 2012 Fact is, if you have your money at a bank, they pay less interest and are lending out mainly for Mortgages which are at really low rates. If you deal with somewhere like Ally, they pay you a bit more interest, but can afford to because of less overhead and they lend your money out to finance things like car purchases which are at higher rates. Either way, they make money off you. Yes they make money off you but at the same time provide you with a better return for your money. As long as you are satisfied with the service then you as the customer are happy, why go to a big bank for simple transactions and get less? Big banks have made oodles through service charges and reductions in services (staff), really can't stand paying service fees if I already know they are making money off of lending my money. Anyways I am happy with online bank and really see no need to ever go into the bank on any sort of semi regular basis. I have to ask do you work for one of the big banks? Link to comment Share on other sites More sharing options...
Joey Posted February 1, 2012 Report Share Posted February 1, 2012 The problem I had with faceless banks (PC Financial) is you cannot deposit money unless it is into the machine. That's fine for paycheques etc., but I wanted to deposit a goodly amount of cash into a savings account and went into a CIBC branch, who would not accept it. They said I had to deposit it into the machine. I was not comfortable with that so decided to deal with another bank so I can see them count the money and put it in and give me a receipt. Link to comment Share on other sites More sharing options...
irishfield Posted February 1, 2012 Report Share Posted February 1, 2012 We have the power to make ourselves happy. Yes we do Connie.. yes we do! Bank of Nova Scotia.. every few months their fees go up and up and I only see it hit our accounts after a manager change... till I walk into the new managers office and tell them I'm closing everything and going elsewhere.. and they say "but all banks charge service fees so why move". I say call BMO across town and ask them what they charge me on ANY account and it's amazing how everything gets waved again 'til the next bank manager moves in! Link to comment Share on other sites More sharing options...
workwear Posted February 1, 2012 Report Share Posted February 1, 2012 "Give me control of a nation's money and I care not who makes her laws." Mayer Amschel Rothschild we need too look closley at who really controls the banks!!! Link to comment Share on other sites More sharing options...
pikehunter Posted February 1, 2012 Report Share Posted February 1, 2012 (edited) I only see it hit our accounts after a manager change... till I walk into the new managers office and tell them I'm closing everything and going elsewhere.. I tried to threaten them with that once Wayne. Didn't faze on him at all. He reached his hand into his pocket and said there ya go, 35 cents go ahead and open yourself up a new account across the street. I left and bought some penny candy at the corner store. Edited February 1, 2012 by pikehunter Link to comment Share on other sites More sharing options...
ch312 Posted February 2, 2012 Report Share Posted February 2, 2012 i've been with ING for quite a few years now and had a mortgage with them. the entire process of applying for and getting the mortgage was super easy and it was awesome doing it all without leaving the house. the service is excellent and i haven't had a single issue with them. i can only compare service to RBC and CIBC, but ING is far better than both. as for fraud, their online security is is just as safe as other banks websites and your accounts are covered under CDIC insurance. i just wish they'd get back to the 3.5% on savings accounts... Link to comment Share on other sites More sharing options...
ch312 Posted February 2, 2012 Report Share Posted February 2, 2012 Yes we do Connie.. yes we do! Bank of Nova Scotia.. every few months their fees go up and up and I only see it hit our accounts after a manager change... till I walk into the new managers office and tell them I'm closing everything and going elsewhere.. and they say "but all banks charge service fees so why move". I say call BMO across town and ask them what they charge me on ANY account and it's amazing how everything gets waved again 'til the next bank manager moves in! i find it amusing when people complain about paying bank fees, but don't consider talking to the bank to scrap the fees. i'm currently enjoying my 100% free banking with CIBC until i switch banks Link to comment Share on other sites More sharing options...
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