It is getting colder and my bank is far away a reason to change banks
By suspenseful
@suspenseful (40193)
Canada
November 8, 2008 9:56am CST
We have a bank that is about half a mile from our house, it is the most popular bank in Canada, so there are more of them then the ones I am a customer of. Now I have checked into its rates, and its service charges, and decided even if it only takes me twenty minutes to walk to it, other then the thirty minutes to the other bank, I am going to stick with my old banks.
The other advantage is there are terminals in the airport for that bank and more atms in the Malls, etc. and that means I would have to pay charges there. So obviously I do not want to use it no matter how many more.
So the higher service fees are the reason that I am sticking with my Bank of Montreal and CIBC account and not going to the Royal Bank.
So supposing your present bank was about a mile away, and a new bank came up that was closer, would that be a reason to switch or would you only switch if the service charges were lower and there were more benefits?
3 people like this
9 responses
@suspenseful (40193)
• Canada
8 Nov 08
Even when you are retired, some banks charge more. I was checking into the different banks and the Royal Bank charges for what the Bank of Montreal allows free.
1 person likes this
@avidwhit (1492)
• Mexico
10 Nov 08
Free is for sure better. And if your retired then its not like you need to go to the bank daily. If you limit your trips free and farther might be better than an outright payout everymonth. Speeking of the cold. I bet you can live here a hotel for what you heating bill costs for your home there? Stay warm! Just started to cool down here thank God! :)
1 person likes this
@cyntrow (8523)
• United States
12 Nov 08
Check with your bank and see if they have an option of free or lower rate wire transfers. Then check with the closer bank and see if they can give free or reduced fee wire transfers if you open an account with them. If they do, you can open an account at the closer bank and if you need to make a withdrawal, you can wire the money from your other bank and vice versa. THe convenience could be worth the extra fee, if necessary.
1 person likes this
@suspenseful (40193)
• Canada
12 Nov 08
I do not think they have free transfers, even for seniors. I can switch my Canada Pension to the Royal Bank, but it has higher service fees.
@deebomb (15304)
• United States
8 Nov 08
With all the banks having trouble I think it would depend on how big the bank is. It seems that the bigger ones are have most trouble and are having to close. On the news here in my area they were saying that those locally owned banks are safer.
@suspenseful (40193)
• Canada
8 Nov 08
We do not have that problem in Canada. The big banks are the most secure, except for the ones that lent too much money to the States.
@suspenseful (40193)
• Canada
10 Nov 08
I like the benefits at my two banks, and would only switch to the Royal if it cut down its service fees and offered more benefits. Right now, it seems to be catering only to the upper class instead of the regular people.
@maddysmommy (16230)
• United States
9 Nov 08
If the bank offered better benefits than the current one I'm with then I would probably switch. My bank is just up the road (5-7 min walk) and another one by bus which is 10-15 minutes away.
@suspenseful (40193)
• Canada
11 Nov 08
I would do for the benefits, but if it costs more, I would go to the farther away bank.
@chrislotz (8137)
• Canada
11 Nov 08
I have a bank account with CIBC and I have had a lot of problems with them. For example
I had an overdraft of $500 and when I didn't get it totally paid off one month,
supposed to pay it off every month and then can use it again, they took me to a
collection agency. I was furious about it. After all, I have used the same bank for
the last 35 years. I have had mortgages and personal loans with them and have paid them
off. But when I had a few financial problems they weren't good to me.
I paid them the $500 right away and tried to change banks. I went to about 5 banks and
none of them would let me open an account because of CIBC taking me to a collections
agency. I didn't want there money, the banks, I just wanted somewhere to put my money.
But no, nobody would let me open a new account, so I am stuck with CIBC.
Alrighty then, talk to you later my friend.
Your friend, Chris 
1 person likes this
@suspenseful (40193)
• Canada
11 Nov 08
I found that with CIBC Visa if you do not pay off within the month, they will charge interest - like on 10 cents? Also when I got my account, this foreign sounding East Indian woman who claimed to be calling for the Visa account persuaded me to have work insurance and so now I have to have a credit bal. on my Visa to avoid a fee. I have most of my money in the Bank of Montreal and my high end savings in ING. So when I opened a Mastercard, and they ask if I wanted credit protection, I said no. Apparently you cannot get out of it.
Have you tried the credit union?
1 person likes this
@chrislotz (8137)
• Canada
12 Nov 08
Yes, I have tried a credit union. Now it is even harder than when I tired before,
because my husband had to claim bankruptsy and so I had to also since we are married.
Now I really won't be able to get another bank account.
@Yestheypayme2dothis (7874)
• United States
9 Nov 08
I am not sure what I would do. I like being able to walk to my bank. Unfortunately, that branch closed. There is another one, but I don't like that bank. We went to the new location and now they have new people and they just don't seem to be a bright as the other people who used to work there.
1 person likes this
