# Banking in the CF!



## jazzy0410 (1 Oct 2008)

I just got my offer yesterday! I should start my BMQ on October 13th! I have however a question about banking. I'm from Quebec and currently use Desjardins which only availaible in quebec. It won't cause a problem for my BMQ but afterwards my training will be outside of Quebec - i'd probably have to swich banks then. i was thinking about just shutting my account now and open a new account with another bank  to save myself the heartache later on (or problems with my pay) but  i don't know which banks would be best?That will be the most available at/around bases country wide.  Any suggestions?  Thank you in advance!  ;D


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## erathian (1 Oct 2008)

Before you shut down you account open a new one with which ever bank you decide on that way your pay will have somewhere to go (it can take a while for some admit stuff to get sorted).


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## SupersonicMax (1 Oct 2008)

I'm with Royal Bank and they have been great in the last 8 years.  The only thing is that their system is divided by region and the computer systems don't communicate (for example, if you account is from Quebec and you move to Manitoba, Manitoba won't be able to modify your banking information. You'll have to fax your requests to your branch.  They can access and see your accounts though).  But their service is amazing and everywhere I went, their staff was more than helpful.

Cheers,

Max


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## armyvern (1 Oct 2008)

jazzy0410 said:
			
		

> I just got my offer yesterday! I should start my BMQ on October 13th! I have however a question about banking. I'm from Quebec and currently use Desjardins which only availaible in quebec. It won't cause a problem for my BMQ but afterwards my training will be outside of Quebec - i'd probably have to swich banks then. i was thinking about just shutting my account now and open a new account with another bank  to save myself the heartache later on (or problems with my pay) but  i don't know which banks would be best?That will be the most available at/around bases country wide.  Any suggestions?  Thank you in advance!  ;D



Relax ... we live in a world which includes the allmighty debit card now.  ;D


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## Armymedic (1 Oct 2008)

If you're concerned about accessing your bank nationwide, then by all means switch to a chequing account with one of the big three (RBC, TD Canada trust, Scotia). All have pretty good access by internet and phone now so they are easily accessed where ever you are. If you are pretty sure you are going to stay in Quebec after BMQ and trades training, then you should be ok with Desjardins.

While you are at it, read this thread. Its full of good data IRT finances and your future.

http://forums.milnet.ca/forums/threads/26093/post-158506.html#msg158506


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## Moggie (1 Oct 2008)

Desjardins actually does have branches in Ontario, although not nearly as common as they would be in Quebec.  I know of branches in Oshawa and Penetanguishene (fairly large franco community in the area) for sure.  The Desjardins website has a way to find other locations as well: http://www.desjardins.com/fr/votre_caisse/


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## Sythen (1 Oct 2008)

During basic, they had some people in from Canadian Defense Community Banking... Its supposed to be a plan designed for military members and based around our needs, so I signed up for it.. But when I got all the info in the mail and actually sat down and read it, it was a farce. Basically they have daily limits that most found unreasonable. For a few of the younger guys who hadn't quite established their credit yet, they were limited to $200 a day total. Not just cash but debit purchases as well, and in order to get more (just for that specific purchase, like if you wanted a computer or TV or whatever) you had to call them the previous day and wait on hold for close to an hour every time to get through to them. Needed to provide a merchant ID for them and everything so it was a huge hassle. I have pretty decent credit and I was limited to $400 a day. 

I thought this was ridiculous so I decided to cancel the account and go back to CIBC... What a nightmare that was... I was charged close to $50 just to close my account and have my funds transferred to my current account and it took close to 3 weeks. With my current account I have $1500 daily limit (more then I need, but the fact I can if I want is the point) on purchases and $500 on cash. I found it foolish that your credit score should affect your bank accounts. That is your money no matter how you look at it, and no one should be able to limit your spending by that much. I can understand the need for limits in case of theft, but its dumb the way they did it.

Basically just a heads up, cause I've heard they offer it during all BMQ's.. If you want it, its your choice, just make sure you read everything carefully..


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## tango22a (1 Oct 2008)

jazzy 0410:

Iam a member at Desjardins in Ontario. Having been with my CU for over 30 years, I didn't want to change when I moved 325 km away 5 years ago on retirement.I have a convenience account at the Bank in town for paying bills etc. I do all my other banking by computer and am really pleased how it has worked out. I wouldn't leave Desjardins even if I do move again.

Cheers,

tango22a


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## Run away gun (1 Oct 2008)

On most bases Ive been to there is at least a CIBC or Alterna, or some combination of those two. I know in Kingston (where I assume you will be doing your training since you are going Sig Op or Comm Rsch) there is an Alterna in the canex mall. At least there was when I was there.


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## smale436 (1 Oct 2008)

I personally recommend TD solely based on their large numbers of branches and hours more convenient to the CF. (Open till 8pm and Saturdays in some places) I don't really choose banks based on teller service quality as I haven't gone to the teller for anything in close to a year. I had a credit union account before BMQ (in Borden) and switched as I wanted to be able to most withdrawls most anywhere I am in Canada without service fees. In my location they have all of the "Big 5" except for Bank of Montreal. My friend did not switch from BMO as he did not want the admin hassles. However he pays $3.00 everytime he takes out cash from no name ATM. Lots of factors to consider...


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## Greymatters (1 Oct 2008)

Even if you dont need that account anymore, you shouldnt close it.  You might need it again in the future, or might want to see that bank again when it comes time to get a mortgage (and teh bank you switched to doesnt give you a good rate)...


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## aesop081 (1 Oct 2008)

"banking in the CF"

Why do people think stuff like that is dramaticaly different because you are in the CF ?


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## Redeye (1 Oct 2008)

Wow.  Since CDCB is just a CIBC product/brand I'm amazed that gave you that sort of a hard time.  Well, actually, I'm not, since it's CIBC.

Changing banks isn't nearly as hard as it used to be - virtually all banks have a switch servce (TD calls theirs EasySwitch, RBC has CustomSwitch, etc - they are all run by the same company, Davis + Henderson).  The service is free though there is usually a fee from the "former" bank when you make the switch but it's still worth it.  You just have to get some information ready for them and they look after the switches.

Desjardins bought out the Province of Ontario Savings Offices so they have a bit of a presence outside of Canada, and as I recall they participate in the The Exchange, a network of ATMs that allows you to pull funds from other banks' machines without fees - BMO and HSBC are also members.



			
				Sythen said:
			
		

> During basic, they had some people in from Canadian Defense Community Banking... Its supposed to be a plan designed for military members and based around our needs, so I signed up for it.. But when I got all the info in the mail and actually sat down and read it, it was a farce. Basically they have daily limits that most found unreasonable. For a few of the younger guys who hadn't quite established their credit yet, they were limited to $200 a day total. Not just cash but debit purchases as well, and in order to get more (just for that specific purchase, like if you wanted a computer or TV or whatever) you had to call them the previous day and wait on hold for close to an hour every time to get through to them. Needed to provide a merchant ID for them and everything so it was a huge hassle. I have pretty decent credit and I was limited to $400 a day.
> 
> I thought this was ridiculous so I decided to cancel the account and go back to CIBC... What a nightmare that was... I was charged close to $50 just to close my account and have my funds transferred to my current account and it took close to 3 weeks. With my current account I have $1500 daily limit (more then I need, but the fact I can if I want is the point) on purchases and $500 on cash. I found it foolish that your credit score should affect your bank accounts. That is your money no matter how you look at it, and no one should be able to limit your spending by that much. I can understand the need for limits in case of theft, but its dumb the way they did it.
> 
> Basically just a heads up, cause I've heard they offer it during all BMQ's.. If you want it, its your choice, just make sure you read everything carefully..


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## Jorkapp (1 Oct 2008)

PC Financial

I've had their chequing account since before I joined the CF, and it's never given me troubles. Only kicker I've found is a 5 business day hold on physical deposits. Not really an issue though, since CF pay is done via EFT, I have access to my pay immediately, it's just those very few odd times out where I have to cash a cheque and wait a week to spend it.


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## Bzzliteyr (2 Oct 2008)

I was going to recommend PC banking as well.  It's pretty much the same as the CF bank account with NO FEES!

They are accessible from everywhere by phone for problems and you can use any CIBC ATM to get at your money.

I had to go in to a "branch" once, and that was to put my wife on my account so she could deal with my finances while I was overseas.


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## Occam (2 Oct 2008)

CDN Aviator said:
			
		

> Why do people think stuff like that is dramaticaly different because you are in the CF ?



Perhaps because John Q. Public doesn't typically get yanked from location to location every three to five years?


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## Redeye (2 Oct 2008)

Occam said:
			
		

> Perhaps because John Q. Public doesn't typically get yanked from location to location every three to five years?



Not an issue, in most cases with banks it's a simple matter of updating an address.  People, not just CF members, move all the time.


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## Occam (2 Oct 2008)

Redeye said:
			
		

> Not an issue, in most cases with banks it's a simple matter of updating an address.  People, not just CF members, move all the time.



Yes they do, but not with the frequency that CF members do.

It's not just as simple as updating an address.  As others have noted, even Canada's largest bank, RBC, cannot transfer your Ontario account to BC, even in this day and age.  For example, you can access your Ontario account via bank card, but the account itself cannot be transferred.  You have to close the account, and reopen one in the new location.  This is why virtual banks like President's Choice are attractive.  Although, even virtual banks have their drawbacks.


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## aesop081 (2 Oct 2008)

Occam said:
			
		

> It's not just as simple as updating an address.



It most certainly is.

My account with the TD is technically in NB but i have moved 3 times since and its never made any difference. I go to the local branch when i need something and use the ATMs anywhere i go. Where your account actually is, has no effect on day to day life. I just change my address and voila ! we're complete.



			
				Occam said:
			
		

> Perhaps because John Q. Public doesn't typically get yanked from location to location every three to five years?



It might come as a shock to you but there are military people who dont know what that is like either.


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## CountDC (2 Oct 2008)

CDN Aviator said:
			
		

> It most certainly is.
> 
> My account with the TD is technicaly in NB but i have moved 3 times since and its never made any difference. I go to the local branch when i need something and use the ATMs anywhere i go. Where your account actualy is, has no effect on day to day life. I just change my address and  voila ! we're complete.



Don't see a problem either.

I'm with Scotiabank, picked a branch when I moved, went in, gave them my updated info and my account was transferred to my new branch. Didn't have to change anything at work either for my pay.



			
				CDN Aviator said:
			
		

> It might come as a shock to you but there are military people who dont know what that is like either.



hmmm lets see - Hard Sea trades Navy come to mind.  Lot's will spend their entire career in Halifax. I can imagine that some of the combat arms guys stay put for lengthy periods. Even RMS Clks can stay put in one area such as Halifax for long periods.


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## lennoj (2 Oct 2008)

My bias opinion is to pick Scotia Bank. Great online tools that do not have hidden/ridiculas fees attached to them and currently they have the best interest rates for savings accounts. TD/RBC are great insitutions aswell but I have heard some bad reviews concerning their security practices and general account handling...

Does anyone use Alterna Savings onlien suite? If so, any reviews or comments?

Cheeers,


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## Occam (2 Oct 2008)

CDN Aviator said:
			
		

> It most certainly is.
> 
> My account with the TD is technically in NB but i have moved 3 times since and its never made any difference. I go to the local branch when i need something and use the ATMs anywhere i go. Where your account actually is, has no effect on day to day life. I just change my address and voila ! we're complete.



I'm happy that you're able to carry on business with TD from a distance of multiple provinces away from your "home" branch.  Nevertheless, there are banks that don't provide that luxury (at least one of the big three), and that is a valid concern for someone that is looking at opening their bank account after joining the CF.



> It might come as a shock to you but there are military people who dont know what that is like either.



Now why would it come as a shock to me?  I'm one of them.  

You have a knack for stating the obvious yet irrelevant in some strange effort to be condescending, and it's mildly annoying.


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## Redeye (2 Oct 2008)

Occam said:
			
		

> I'm happy that you're able to carry on business with TD from a distance of multiple provinces away from your "home" branch.  Nevertheless, there are banks that don't provide that luxury (at least one of the big three), and that is a valid concern for someone that is looking at opening their bank account after joining the CF.
> 
> Now why would it come as a shock to me?  I'm one of them.
> 
> You have a knack for stating the obvious yet irrelevant in some strange effort to be condescending, and it's mildly annoying.



RBC has three "regions" but that system is being done away with - and it's not really all that difficult to combine profiles.  It happens all the time.  TD doesn't have any such restrictions - in fact I used to work there and "home branch" was an obsolete term even three years ago - every branch can do everything any other branch does.


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## stryte (2 Oct 2008)

When I moved from Ontario to Saskatchewan I was with RBC. I did not experience any issues with daily banks needs however I did experienced problems with my student credit line as they were unwilling to give me proper help since it was through a branch in Ontario.

So I paid it off and have since changed over to BMO and am very pleased with their staff and services.

I've also utilized PC banking for their savings account. An issue you may experience with PC is in regard to them being 3rd party lender through CIBC. When purchasing my first home my lawyer and Realtor informed me that PC was often more difficult and slow to deal with. Luckily BMO easily beat PC's mortgage rates so I never experienced whether it is true or not.


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## Redeye (2 Oct 2008)

Pilon said:
			
		

> When I moved from Ontario to Saskatchewan I was with RBC. I did not experience any issues with daily banks needs however I did experienced problems with my student credit line as they were unwilling to give me proper help since it was through a branch in Ontario.
> 
> So I paid it off and have since changed over to BMO and am very pleased with their staff and services.
> 
> I've also utilized PC banking for their savings account. An issue you may experience with PC is in regard to them being 3rd party lender through CIBC. When purchasing my first home my lawyer and Realtor informed me that PC was often more difficult and slow to deal with. Luckily BMO easily beat PC's mortgage rates so I never experienced whether it is true or not.



PC is a disaster to deal with for anything but very basic stuff - I have seen and heard disaster stories galore involving them (and a lot of other places - but they come up a lot) missing closings, sending incorrect documents, etc.  And there's no one to deal with personally to get the matter sorted out.  And a little perserverance their rates are really no better than what other banks offer good clients.


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## Bzzliteyr (2 Oct 2008)

One thing to remember, and I only learned after a few years of life.. you don't HAVE to get a mortgage/loan through the bank you use.. you are allowed to shop around.  If I were to be doing any big money spending, it would be in person with a banker for sure.

PC banking = NO FEES.

I have never been charged for any transactions.


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## Occam (2 Oct 2008)

Bzzliteyr said:
			
		

> One thing to remember, and I only learned after a few years of life.. you don't HAVE to get a mortgage/loan through the bank you use.. you are allowed to shop around.  If I were to be doing any big money spending, it would be in person with a banker for sure.
> 
> PC banking = NO FEES.
> 
> I have never been charged for any transactions.



I agree - we have our mortgage through CIBC, and our day-to-day banking through PCF.  My wife has retained her RBC account for a few reasons, the least of which is that PCF does not allow you to send (or instantly receive) e-mail money transfers.  We also ran into a wrinkle on a home sale where the lawyer was unable to deposit the proceeds of the sale of our house to our PCF bank account, even with the institution/transit/account numbers.  A virtual bank like PCF is useless if one wants to buy US funds for travelling.

Otherwise, I'm a huge fan of PCF.  You've got to have a fallback branch account for those rare occasions that PCF doesn't provide a particular service.


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## Redeye (2 Oct 2008)

As we say in the business - they have no service charges because they have no service.  They're fine for a chequing account but they offer no real services beyond that - many of which you end up paying for in the long run.  Besides, all of the Big Five have easy ways to get around paying fees.  An average family who's got RRSPs, a mortgage, and a credit card can get free banking at RBC easily - CIBC and TD have similar programs if you keep some minimum balance, it's pretty easy to find a deal - but the best things in life are not necessarily free anyhow.



			
				Bzzliteyr said:
			
		

> One thing to remember, and I only learned after a few years of life.. you don't HAVE to get a mortgage/loan through the bank you use.. you are allowed to shop around.  If I were to be doing any big money spending, it would be in person with a banker for sure.
> 
> PC banking = NO FEES.
> 
> I have never been charged for any transactions.


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## geo (2 Oct 2008)

Desjardin in Quebec.... Credit unions in other provinces... same thing

So long as your pay is deposited in an account and you have access to it via ATMs - why bother closing & moving your bank account eleswhere.  I still have the same bank account I had back in 1970.... 

Once you are posted to a base and you are settling down, think about opening an account at a local bank  - until then - why bother ???


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## aesop081 (2 Oct 2008)

geo said:
			
		

> So long as your pay is deposited in an account and you have access to it via ATMs - why bother closing & moving your bank account eleswhere.  I still have the same bank account I had back in 1970....



Exactly. I may have a nack for pointing out the obvious and being condescending but it pales in comparaison to the nack people have of overthinking and overcomplicating things just because of a misguided notion that everything must be different once you are in the CF. But what do i know, 6 bases in 16 years..........


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## geo (2 Oct 2008)

Gawd... 16 yrs ???

You,re just a young'un

CHIMO!


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## Armymedic (2 Oct 2008)

CDN Aviator said:
			
		

> overthinking and overcomplicating things just because of a misguided notion that everything must be different once you are in the CF



Aw come on...that *NEVER* happens.


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## Occam (2 Oct 2008)

CDN Aviator said:
			
		

> Exactly. I may have a nack for pointing out the obvious and being condescending but it pales in comparaison to the nack people have of overthinking and overcomplicating things just because of a misguided notion that everything must be different once you are in the CF.



I have a question for you.

Are there banks that would be unsuitable for a person in the CF?

If you answer the question as "no", then you haven't been following along.

If you answer the question as "yes", then you're merely lowering the signal-to-noise ratio of the discussion because the original question was a completely valid one.

Not everything is different once you are in the CF - but some things are.  Banking is one of them.



> But what do i know, 6 bases in 16 years..........



More than some, but not as much as others?


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## SupersonicMax (3 Oct 2008)

geo said:
			
		

> Desjardin in Quebec.... Credit unions in other provinces... same thing
> 
> So long as your pay is deposited in an account and you have access to it via ATMs - why bother closing & moving your bank account eleswhere.  I still have the same bank account I had back in 1970....
> 
> Once you are posted to a base and you are settling down, think about opening an account at a local bank  - until then - why bother ???



Paying 1.50$ per ATM transaction because there is no ATM from my bank where I live is an issue for me.  For that reason, I went with RBC.


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## geo (3 Oct 2008)

...instead of paying ATM fees ask for an additional 40 or 60 $ when you are doing your shopping
That way you do your shopping with your debit card AND avoid ATM fees


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## SupersonicMax (3 Oct 2008)

Thanks kind of inconvenient when you need cash and you don't need to buy anything.  I'd rather have the liberty to get cash when I want.


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## aesop081 (3 Oct 2008)

SupersonicMax said:
			
		

> Paying 1.50$ per ATM transaction because there is no ATM from my bank where I live is an issue for me.  For that reason, I went with RBC.



So what happens when you move somewhere that has no RBC ?



			
				Occam said:
			
		

> Are there banks that would be unsuitable for a person in the CF?



ANY of them........from one location to the next,  banks may or may not have branches. I've been around enough to know that from one base to the next, it doesnt matter, your bank may very well not be represented.




> Not everything is different once you are in the CF - but some things are.  Banking is one of them.



Its no different than for anyone else, military or not. You move to a new area, the bank you deal with may or may not be there. 

I moved to Gagetown from Edmonton. Was banking with BMO. No branch in Gagetown. Any civilian moving to Oromocto would have had the same issue. Civillian, military, same problem. I switched to TD after getting pissed off at BMO service in Fredricton.

I moved from Gagetown to Greenwood. Greenwood has no TD, no RBC, no BMO. I stayed with TD because i hardly have any need for a branch anymore since i can just do everything online. Military or civilian, a person dealing with the TD, BMO or RBC would have the same problem. To get one of those you have to drive 30 minutes to Kentville.

Makes no damned difference if you are in the CF or not. Civillians move around....we dont have a monopoly on that.


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## SupersonicMax (3 Oct 2008)

There are more RBC branches around then there are Desjardins Branches (or any regional credit unions/banks).  That's a fact.  Plus, in my 8 years and 5 postings, I've always had quick access to an RBC branch.


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## aesop081 (3 Oct 2008)

SupersonicMax said:
			
		

> There are more RBC branches around then there are Desjardins Branches (or any regional credit unions/banks).  That's a fact.  Plus, in my 8 years and 5 postings, I've always had quick access to an RBC branch.



I know Max but my point was that no matter what bank you go with, you always have the possibility that when you move, there wont be a branch in the new location.


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## SupersonicMax (3 Oct 2008)

Yup, it's just the odds are better for you to have a branch available where you go with a larger bank that operates at the national level...


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## Kat Stevens (4 Oct 2008)

I went with TD, just because of their longer opening hours.  Their srevices have a few holes in them, but it's a trade off.


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## Armymedic (4 Oct 2008)

SupersonicMax said:
			
		

> There are more RBC branches around then there are Desjardins Branches (or any regional credit unions/banks).  That's a fact.  Plus, in my 8 years and 5 postings, I've always had quick access to an RBC branch.



RBC has more banches and independant ATMs than any of the other Cdn banks.


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## Ex-Dragoon (4 Oct 2008)

I have dealt with Royal Bank, TD, Scotiabank and PC. The first two I will never deal with again, the last two I have been very happy with the services they provide me.


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## infamous_p (4 Oct 2008)

Ex-Dragoon said:
			
		

> I have dealt with Royal Bank, TD, Scotiabank and PC. The first two I will never deal with again, the last two I have been very happy with the services they provide me.



I agree with you on the second two banks, Scotia and PC. For my entire life up until this past May I was a CIBC customer who, for some reason, had never come to his senses to realize just how sick he was of unnecessarily high service charges for not overly special service. Mind you, I don't have any complaints against the customer service provided by CIBC, I was just simply sick of paying service charges... especially considering the fact that I rarely, if ever, use the services of a teller. 

Anyway (and yes, I know I may sound like a commercial, but bear with me), I decided to shop around a bit when I had a little more time on my hands this summer and decided to move my money to PC Financial, Scotiabank, and ING Direct. I keep all of my funds in the PC Financial savings account - this (obviously) allows me to benefit from the high interest rate and gives me a nice little double-digit payout into my bank account from PC at the end of every month which I tend to look forward to (rather than leaving my money in the chequing account - of any bank for that matter - and earning a whole 4 cents a month in interest). I leave a small sum of money in my PC chequing account for debit purchases here and there, and I transfer money to my PC chequing account from my savings account as I need it (i.e., in writing a cheque, paying off a credit card, when the money in my chequing account falls below, say, $100). In thinking about it, why should I leave all my money in my chequing account earning only a few cents in interest every month when I can leave all the money in my savings account, deal with the tiny hassle (which isn't really a hassle at all) of transferring money only when I need to (and even then, setting them all up ahead of time so they're all automatic, so I don't run the risk of forgetting to pay a bill, etc.), and earn quite a nice sum of interest money at the end of each month? Not to mention that PC Financial offers free unlimited cheques so instead of paying that $35.00 fee when you order a new block of 50 (or whatever) cheques, it's another avoidable service charge and you can order that block of cheques completely free as many times as you need. 

Anyway, on top of that, I opened a Scotiabank chequing account and leave a total of $8.00 in my chequing account - yes, $8.00 - simply to keep the account open, just for those rare instances that I may need and/or want to go see a teller or a advisor for any reason. Just in case it really came down to it, I've linked my PC account to the Scotia account giving me the ability to transfer money back and forth, easily, throwing however-much-money into the Scotia account if I really needed to. And yes, I get charged a service charge of $3.25 a month for NOT maintaining the minimum daily balance of $2,000.00 in my Scotia account, but that is easily offset by the interest earned through the PC Financial savings account on a monthly basis...

Lastly, I've opened an ING Direct Investment Savings Account and have been making weekly transfers into that account (automatic weekly debits by ING from my PC chequing account) so I'm saving while barely noticing the difference, because it's all done automatically. 

I realize I sounded like a commercial there... but I've just been quite happy with my fairly new little setup and have been thoroughly impressed - nor have I had any problems with - PC Financial and Scotia. I've already earned $50.00 in free groceries @ the Superstore with PC Financial...

Anyway, hope that gives you some ideas and/or insight... I know some people like the comfort of a branch to go into when necessary and the comfort of seeing a teller and the idea of a virtual bank is a little sketchy, but I've never been happier with any banking service. 

Cheers


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## rytel (11 Oct 2008)

jazzy0410 said:
			
		

> I just got my offer yesterday! I should start my BMQ on October 13th! I have however a question about banking. I'm from Quebec and currently use Desjardins which only availaible in quebec. It won't cause a problem for my BMQ but afterwards my training will be outside of Quebec - i'd probably have to swich banks then. i was thinking about just shutting my account now and open a new account with another bank  to save myself the heartache later on (or problems with my pay) but  i don't know which banks would be best?That will be the most available at/around bases country wide.  Any suggestions?  Thank you in advance!  ;D



There is a Desjardins and a CIBC bank machine at the mega at CFLRS (At least I'm pretty sure I've seen a Desjardins sign there - I've always used CIBC so don't take my word for gospel) ... so if you decide to switch to any bank, CIBC might be the most convenient.  There is also a TD Canada Trust 5 minutes away near the entrance to Hwy 35.


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## Redeye (11 Oct 2008)

infamous_p said:
			
		

> ... I was just simply sick of paying service charges... especially considering the fact that I rarely, if ever, use the services of a teller.



Presumably, however, you make use of a bank's ATM network, advisory services, Interac Direct Payment, online banking, etc...  And none of those were free to set up.


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## infamous_p (11 Oct 2008)

Redeye said:
			
		

> Presumably, however, you make use of a bank's ATM network, advisory services, Interac Direct Payment, online banking, etc...  And none of those were free to set up.



Well, with regards to online banking - that is how banking is done with PC Financial, so that's covered already, considering PC is all online and phone.

And... in the sense of ATM network, advisory services, Interac Direct Payment, etc., that's the reason I've left the $8.00 in a Scotia account... so I have the option when I absolutely need it.


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## newell (9 Apr 2009)

Looking for a little advice. I am flying to St.Jean on saturday morning, i planned on setting up my account for direct deposit with BMO and i was also going to set up my RRSP savings. Anyway i didn't get around to it today and i just realised the banks are closed for Easter tomorrow. I do not have a void cheque to show them and i also didn't get to set up RRSPs. Will i be able to just open a new account at CDBC and do my bankibg there?


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## MJP (9 Apr 2009)

newell said:
			
		

> Looking for a little advice. I am flying to St.Jean on saturday morning, i planned on setting up my account for direct deposit with BMO and i was also going to set up my RRSP savings. Anyway i didn't get around to it today and i just realised the banks are closed for Easter tomorrow. I do not have a void cheque to show them and i also didn't get to set up RRSPs. Will i be able to just open a new account at CDBC and do my bankibg there?



You might be able to open up an account online with BMO, so you can try that.  CDBC is another option but be aware that as of 31 Oct 2009 that service will no longer be available.

RRSPs just wait till your account is all set up and pay is going into it regularly.


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## Smity199 (24 Jul 2009)

Hey so quick question, I read in the joining instructions that the CF offers their own banking services on base, does/has anyone use this service? any recomendations for banking, because I have a bank account in bc (coast capital) but Im almost positive its a BC only bank and not sure If I want to use that bank when im going to be living in either edmonton or winipeg for the next 3 years. let me know your experiences
thanks
-Smity


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## George Wallace (24 Jul 2009)

Smity199 said:
			
		

> Hey so quick question, I read in the joining instructions that the CF offers their own banking services on base, does/has anyone use this service? any recomendations for banking, because I have a bank account in bc (coast capital) but Im almost positive its a BC only bank and not sure If I want to use that bank when im going to be living in either edmonton or winipeg for the next 3 years. let me know your experiences
> thanks
> -Smity



Deja vu.

Question:  Do you have INTERACT or PLUS or any of the other multiple banking access cards from your Bank?  If you do, then don't worry.

If not, then perhaps you may want to open an account at one of the "Nation's" national Banks, into which you can have your pay deposited, and accessible anywhere in the world.


Next:  We do have some topics that are very helpfull in dealing with your finances.  Have a look at some of them for ideas and perhaps developing a "Game Plan".


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## SupersonicMax (24 Jul 2009)

I am with RBC and I never had a single issue.  I moved from Quebec, to Alberta, living in every provinces in between.


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## Occam (24 Jul 2009)

George Wallace said:
			
		

> Deja vu.
> 
> Question:  Do you have INTERACT or PLUS or any of the other multiple banking access cards from your Bank?  If you do, then don't worry.
> 
> If not, then perhaps you may want to open an account at one of the "Nation's" national Banks, into which you can have your pay deposited, and accessible anywhere in the world.



The CDCB program did change hands from CIBC to BMO.  There appear to be perks that are offered to CF customers (other than the "Support Our Troops" Mastercard (presently lacking the new "chip" technology) .  Details at http://www.cdcb.ca/bmo/

I make no claims about the value attached to the program - CAVEAT EMPTOR.

Canex is behind it - it may or may not be worth taking a peek at.


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## George Wallace (24 Jul 2009)

For the Newbies, and us us don't understand Greek or whatever........

Buyer beware.


Shop around.  Policies and options are constantly changing with the changing plans offered by the various Banking Institutions.  If you need to, find a credible Financial Planner or advisor to assist you.


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## Occam (24 Jul 2009)

George Wallace said:
			
		

> For the Newbies, and us us don't understand Greek or whatever........
> 
> Buyer beware.
> 
> ...



You mean not everyone took Latin?   8)

The financial gurus at SISIP financial planning seem to be on the ball.  I recently did a one-on-one retirement planning meeting with one, and they were full of all sorts of good tidbits to ease the transition out of the Reg Force.  I wish I'd taken advantage of their services a long time ago, as I'd probably be retiring sooner...


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## George Wallace (24 Jul 2009)

Occam said:
			
		

> You mean not everyone took Latin?   8)
> 
> The financial gurus at SISIP financial planning seem to be on the ball.  I recently did a one-on-one retirement planning meeting with one, and they were full of all sorts of good tidbits to ease the transition out of the Reg Force.  I wish I'd taken advantage of their services a long time ago, as I'd probably be retiring sooner...



I did; way back in the 1980's.  Yes; I have a RSP.  Were the Fund Managers of the numerous Banks and Financial Institutions who managed the funds the best?  That is debatable.  I have not seen the "millions" predicted in my plan.  I have been relatively conservative in my investments, and tried to cover the various options out there.  I have seen my RSP grow, and also seen it loose money.  I have seen it drop $40K in the last little while, if not more.  Do I worry?  No.  Every investment is a gamble, but this is an extra plan to provide me with some sort of income in my later years.  

Remember, you have other  backup plans.  You may serve for the complete time it takes to get a CF Pension.  You may  become a Civil Servant and transfer your pensionable time over to the Civil Service Pension Plan, or perhaps enter some other pension plan.  A RSP is a good idea.   It is also a way to cut your Taxes.  

The thing is:  Get GOOD advice as to how to put your earnings to work for you and your future.


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## Smity199 (25 Jul 2009)

Thanks guys, I closed down my coast capital bank account today and I will look into opening an account with either RBC or the special CF banking service. And also someone above mentioned something about time of years required for CF pension, how many years is that exactly? just out of curiosity


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## Smity199 (25 Jul 2009)

PS does anyone know why exactly that the CDBC will be no longer available as of oct - 09 ???


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## aesop081 (25 Jul 2009)

Smity199 said:
			
		

> how many years is that exactly? just out of curiosity



25


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## Occam (25 Jul 2009)

Smity199 said:
			
		

> PS does anyone know why exactly that the CDBC will be no longer available as of oct - 09 ???



It WILL be available after Oct 09.  It was a program offered by CIBC initially;  they've ended their association with it, and effective Oct 2009, will no longer have the CDCB product.  The CDCB product is currently available as a BMO product.


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## Nfld Sapper (25 Jul 2009)

Smity199 said:
			
		

> PS does anyone know why exactly that the CDBC will be no longer available as of oct - 09 ???



Important changes to the Canadian Defence Community Banking Program


Thank you for your membership in the Canadian Defence Community Banking† (CDCB) program. We would like to advise that effective October 31, 2009, banking services for the Canadian Defence Community Banking program will no longer be provided by the direct banking division of CIBC.

The Canadian Forces Personnel Support Agency (CFPSA) will be providing the Canadian Forces with a group banking offer from Bank of Montreal. More information on the new offer can be found at http://www.cdcb.ca.

How will this change affect current CDCB members?
You will need to close your current CDCB account and make new banking arrangements with Bank of Montreal, CIBC, or another financial institution of your choice.

As a valued CDCB customer, we will be notifying you by mail to tell you how this change will affect each of your accounts. To ensure that there is minimal disruption to your banking services, it is recommended that you start to transition your banking services as soon as possible. You will be given until October 31, 2009 to allow for appropriate time make new banking arrangements. Please ensure that you allow sufficient time for you to take care of any pre-existing banking arrangements, such as transferring any funds, switching over any pre-authorized payments or direct deposits, or ensuring that any outstanding cheques are redeemed.

Can I still use my CDCB accounts until I am able to close them?
Until your CDCB accounts are closed, they will continue to function as they do today, and you will continue to be able to access your accounts via Telephone banking, Internet banking and at all CIBC Instant Teller® locations.

What about my Visa and Mortgage?
Only CDCB accounts are affected by this change. You may keep your CIBC Visa and any mortgages opened through the Home Loans Canada (HLC) program even if you acquired these during your membership with CDCB.

To close your CDCB account, or for further information on this change, please call us at 1-866-808-9933 or at 506-634-5444 for overseas collect calls.


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## Smity199 (25 Jul 2009)

Ok thanks alot, Im going to be taking my enrollment letter and other info down to BMO on monday to set up my account via CDBC. I sure hope the enrollment letter is sufficient DND identification, when will I get my official military ID card? anyone know


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## aesop081 (26 Jul 2009)

Smity199 said:
			
		

> when will I get my official military ID card? anyone know



Sometime during BMQ.


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## CountDC (28 Jul 2009)

if you are not set up yet you may want to compare it to presidents choice.  When i compared them I found PC was the better option.


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## Smity199 (30 Jul 2009)

oh really, well it just seems to me that since the CDCB is geared specifically towards us in the military that there would be less hassle and more stream lined and stuff but I guess I should look into PC banking cause a few people have mentioned it in this thread


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## SupersonicMax (30 Jul 2009)

To be honest, I do not see what more it offers to CF members that a regular bank cannot offer.


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## Smity199 (31 Jul 2009)

so setup my account with BMO and it seems I get a pretty good discount, after the first 3 month free I will be paying 5.99 a month for unlimited transactions, instead of the usual 15.99, so I guess its kinda worth it. An I also applied for the BMO support our troops mastercard


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## dangerboy (31 Jul 2009)

Smity199 said:
			
		

> so setup my account with BMO and it seems I get a pretty good discount, after the first 3 month free I will be paying 5.99 a month for unlimited transactions, instead of the usual 15.99, so I guess its kinda worth it. An I also applied for the BMO support our troops mastercard



Is that unlimited transactions just at BMO machines or any machines?


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## Smity199 (31 Jul 2009)

thats just at BMO machines.. but I get 3 free transactions a month at other machines as well in case there are no BMO machines around


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## CountDC (5 Aug 2009)

at PC I get unlimited transactions at any PC or CIBC machine.  Scotiabank charges me $3.95 for unlimited at their machines. By having my pay go into PC I actually receive a statement from them on interest earned to be claimed on my taxes.  Have never received this from any other bank as i never made enough interest in a year anywhere but PC. Not a lot but rather than paying $72 a year to the bank I make over $50 a year. I also earn PC points when I buy my groceries by using my debit card. Again not a lot but every little bit counts and the points are used for groceries. The only down side I have found to PC is that everything is done by phone or online.  You do not have the option to go into the bank and have a teller assist you or talk face to face with a loan/mortgage manager.  Doesn't bother me bit I know some people prefer the "hands on" banks.


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## Acer Syrup (15 Aug 2009)

Smity199 said:
			
		

> thats just at BMO machines.. but I get 3 free transactions a month at other machines as well in case there are no BMO machines around



You should have stayed with Coast Capital. Exactly the same as PC. You pay no fees, I haven't lived near a branch in three years no problems what so ever.

If you belong to a credit union you can use any credit union ATM for free through their network. Coast capital is actually a spin off of Desjardins. I do all my banking online or over the phone. I even applied for a loan over the phone. I do miss checking out the hot tellers, but thats not worth $3.95 a month. I will never switch no matter where I live.


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