# CAF Banking and Financial health [merged]



## krimynal (4 Feb 2014)

Quick question , pretty straightforward , I was wondering when you are in the Reg Forces , what's the best bank to be using ? like which bank is available on every base ? Right now I'm using BMO , but I was wondering if I should switch to Banque Nationale ? or CIBC or any other bank for that matter !? 

Thanks a lot !


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## Journeyman (4 Feb 2014)

Any one but the blood bank.


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## krimynal (4 Feb 2014)

lol  :facepalm: but there is bank available on base for pretty much every big branch lol?


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## George Wallace (4 Feb 2014)

Don't worry about what is the best bank to have.  That is a choice you can make according to your own preferences.  There is usually a Bank of Montreal, TD, Scotiabank, or Royal Bank in close proximity to all Bases.  National Banks are a lot more rare as you go West, where you may find more Credit Unions that are more rare in the East.  Most other Banks are available in any larger metropolitan area.  You also have your Bank Card which you can use in any InterAct machine, or as a Debit Card, so it really doesn't matter.  If you have a Trade that involves getting posted a lot, it is a real hassle to have to change Banks every time and really is not necessary.


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## DAA (4 Feb 2014)

krimynal said:
			
		

> Quick question , pretty straightforward , I was wondering when you are in the Reg Forces , what's the best bank to be using ? like which bank is available on every base ? Right now I'm using BMO , but I was wondering if I should switch to Banque Nationale ? or CIBC or any other bank for that matter !?
> 
> Thanks a lot !



It all boils down to personal preference.  Right now, I believe the CF has an arrangement with BMO for some services but not entirely certain just exactly which ones.

Here is the link ---->  http://www.bmo.com/cdcb/

Choose for yourself!


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## dapaterson (4 Feb 2014)

Currently, BMO is the CAF's bank - check out the Morale and Welfare website for information on the packages they offer CAF members.


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## Occam (4 Feb 2014)

dapaterson said:
			
		

> Currently, BMO is the CAF's bank - check out the Morale and Welfare website for information on the packages they offer CAF members.



Now that's not entirely true, is it?  BMO may have struck a deal with CFPSA to create the CDCB Program, but they're hardly the "CAF's bank".  Some of the features of the plan are attractive...if you like paying bank fees, that is.  I don't think their deals are all that great, personally - but YMMV.


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## dapaterson (4 Feb 2014)

Ok then, official bank of the defence community, then.


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## George Wallace (4 Feb 2014)

After the fiasco with the B of M in Petawawa and the way they did business in Lahr ( although not really a Canadian Bank ), I will never deal with that bank again.


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## Loachman (4 Feb 2014)

krimynal said:
			
		

> like which bank is available on every base



Define "available on every base".

If you're expecting to actually see a branch of one or more banks on a base, stop that now.

If you a referring to internet banking, then you can find almost every bank on the planet.


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## Towards_the_gap (4 Feb 2014)

George Wallace said:
			
		

> After the fiasco with the B of M in Petawawa and the way they did business in Lahr ( although not really a Canadian Bank ), I will never deal with that bank again.




Do tell?


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## Bruce Monkhouse (4 Feb 2014)

I got royally screwed oved by the BofM in Pembroke when I was just a young lad..........haven't ever stepped foot in one since.


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## George Wallace (4 Feb 2014)

The B of M that was on Base Petawawa was accessing Pers Fin Records through the Pay Office without pers giving them permission.  They then closed the Bank on Base and moved all their accts to Pembroke, and did not notify pers who where deployed or posted to other locations, freezing all those accts.   When I returned from Germany, I had to track down the Bank and my Savings Acct, only to find it had been frozen and no interest had been accrued.  That sucked.


The B of M in CFE, was B of M in name only, but actually an American bank who B of M allowed to use their name.  All accts were still in Cdn dollars though.  One got much better service at one of the German banks.


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## DAA (4 Feb 2014)

Occam said:
			
		

> Now that's not entirely true, is it?  BMO may have struck a deal with CFPSA to create the CDCB Program, but they're hardly the "CAF's bank".  Some of the features of the plan are attractive...if you like paying bank fees, that is.  I don't think their deals are all that great, personally - but YMMV.



Key words "struck a deal with CFPSA".  As a fairly educated manager of my own money, I have to agree with the remainder of your statement, as it seems like it is nothing more than a "fee for service" provider, some of which services can be had elsewhere for free.  I myself get annoyed, when SISIP financial services are pushed at you, again for a low low monthly "fee".


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## Towards_the_gap (4 Feb 2014)

George Wallace said:
			
		

> The B of M that was on Base Petawawa was accessing Pers Fin Records through the Pay Office without pers giving them permission.  They then closed the Bank on Base and moved all their accts to Pembroke, and did not notify pers who where deployed or posted to other locations, freezing all those accts.   When I returned from Germany, I had to track down the Bank and my Savings Acct, only to find it had been frozen and no interest had been accrued.  That sucked.
> 
> 
> The B of M in CFE, was B of M in name only, but actually an American bank who B of M allowed to use their name.  All accts were still in Cdn dollars though.  One got much better service at one of the German banks.



Seen. Not to sidetrack from the thread but surely someone in the pay office got a stern talking to over the matter.

What irony it is to see the BMO cash machine at the Canex plaza once again eh.


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## George Wallace (4 Feb 2014)

Towards_the_gap said:
			
		

> What irony it is to see the BMO cash machine at the Canex plaza once again eh.




How soon things are forgotten.



Back to Banking.  If you have a favourite bank, as long as it is a "national" bank, found right across Canada, not a local or Provincial bank, you should be fine.  Credit Unions are not found everywhere.


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## MikeL (4 Feb 2014)

krimynal said:
			
		

> lol  :facepalm: but there is bank available on base for pretty much every big branch lol?



I don't believe any CFB has a bank on it, at best you may see a certain bank's ATM machine somewhere in the Canex plaza on base.  As has been said, there are usually a variety of banks located near the base in the local town/city. As well, you can usually complete a number of your banking needs online. I'd recommend going with a national bank(eg a bank that would be in most/all provinces).


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## Bzzliteyr (4 Feb 2014)

President's choice financial. I've been with them for years.  When I deployed to Afghanistan, my tenant wrote me cheques for the whole year, PC let me send them in and automagically deposited them without any problems.

They were also available (through CIBC, their parent company) to help me out with the sale of my house and posting across the country.  By the time I had arrived in my new destination, the bank draft was ready to go to pay for my new house.  Very efficient and recommended by me.


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## dapaterson (4 Feb 2014)

ING now offers cheque deposit via smartphone: take a picture of the front & back using their app, type a bit of info, and they will deposit it - then send you an email to destroy the cheque.


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## Bzzliteyr (5 Feb 2014)

dapaterson said:
			
		

> ING now offers cheque deposit via smartphone: take a picture of the front & back using their app, type a bit of info, and they will deposit it - then send you an email to destroy the cheque.



Now that you mention it, so does CIBC.  Also, CIBC has teamed with at least Rogers to provide an NFC sim card so you can "pay pass" with your phone in select businesses.


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## Nfld Sapper (5 Feb 2014)

Only works with the fol type of phones:

BlackBerry Q10, BlackBerry Z10, BlackBerry Bold 9900, Samsung Galaxy Note II, HTC One, Samsung Galaxy S4 or Samsung Galaxy S III with Near Field Communication (NFC).

And the fol types of credit cards:

CIBC Aerogold® Visa Infinite™ Card
CIBC Aerogold® Visa™ Card for Business
CIBC Aerogold® Visa™Card
CIBC Aero Classic Visa™ Card
CIBC Aventura® World and World Elite MasterCard™ Cards
CIBC Aventura® Visa Infinite* Card
CIBC Aventura® Visa™ Card for Business
CIBC Aventura® Gold Visa™ Card
CIBC Aventura® MasterCard® Card
CIBC bizline® Visa™ Card
CIBC Classic Visa™ Card
CIBC Classic Visa ™Card for Students
CIBC Dividend Unlimited™ World and World Elite MasterCard™ Cards
CIBC Dividend Visa Infinite™ Card
CIBC Dividend Platinum® card
CIBC Dividend Card®
CIBC Platinum Visa™ card
CIBC PETRO-POINTS™ MasterCard® Card
CIBC Select Visa™ Card


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## Bzzliteyr (5 Feb 2014)

Perfect, I have an S3 and was looking to get a new CC that gave me travel point options so my damn roller derby trips cost less...



			
				NFLD Sapper said:
			
		

> Only works with the fol type of phones:
> 
> BlackBerry Q10, BlackBerry Z10, BlackBerry Bold 9900, Samsung Galaxy Note II, HTC One, Samsung Galaxy S4 or Samsung Galaxy S III with Near Field Communication (NFC).
> 
> ...


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## Sharp (5 Feb 2014)

I'm with CIBC right now and from what I've learned from them is that you can snap a picture of your cheque using their terrible software (might take a 30 or 40 tries, but it'll work) and it'll go straight into your account. I also have one of those VISA debit cards. Simple debit card, but can be used world wide or online as a credit card when needed. Obviously you can't go below $0, it uses your bank balance.

If you happen to be out of province or overseas, roaming charges may apply. Talk to your provider for more information regarding roaming charges.


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## smale436 (5 Feb 2014)

There is no BMO branch in Cold Lake. The nearest one is in Lloydminster 160 kms away. We have the other big 4 though. I personally have yet to find better than TD in terms of available branches, machines, and hours. BMO shut their kiosk in the MFRC after a year to due lack of demand. If I recall it was only open a few days a week and there was no BMO ATM installed. Despite their claim as the CF's bank, I could not find any service with them that I could not already access through on-line banking or in-branch visits to any other major bank. Still having my main branch in a different province altogether, the only reason I use a teller lately is to get US dollars.


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## Bruce Monkhouse (5 Feb 2014)

i use a teller whenever possible,....I like to keep people employed.  Same as those self-serve lanes in the grocery store......no thanks.


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## PMedMoe (6 Feb 2014)

Bruce Monkhouse said:
			
		

> Same as those self-serve lanes in the grocery store......no thanks.



I think of them like this:







 :nod:


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## SMG III (6 Feb 2014)

I'm with Scotia, but I've heard it's not too popular?


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## RedcapCrusader (6 Feb 2014)

I will second President's Choice Financial. 

No fees. Free cheques. They're not really a great bank for investments but I have had zero issues with them for years (vice my headaches with CIBC and TD). 

Plus you earn PC Points will all your transactions and transfers etc. Who doesn't like free groceries?


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## Nfld Sapper (6 Feb 2014)

You do know that CIBC runs PC right?


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## RedcapCrusader (6 Feb 2014)

NFLD Sapper said:
			
		

> You do know that CIBC runs PC right?



I do however it seems, PC more so just piggybacks on their ATM service. CIBC branch tellers won't serve you of you're a PC customer (won't or can't, probably both). 

But surprisingly, I still have had fewer problems with PC despite their relationship to CIBC. When I was with CIBC I was always having my cards flagged, accounts frozen, cheques withheld.


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## Bzzliteyr (6 Feb 2014)

RedcapCrusader said:
			
		

> I do however it seems, PC more so just piggybacks on their ATM service. CIBC branch tellers won't serve you of you're a PC customer (won't or can't, probably both).
> 
> But surprisingly, I still have had fewer problems with PC despite their relationship to CIBC. When I was with CIBC I was always having my cards flagged, accounts frozen, cheques withheld.



As I said earlier, CIBC tellers were the ones who served me when my PC banking/house purchase/payment involved me needing a bank draft.  No problems.  As I use my PC Mastercard for EVERYTHING I purchase, I have accumulated ~$500 that I have as a rainy day/gift fund. I enjoy that Superstore sells electronics and toys..


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## RedcapCrusader (6 Feb 2014)

Bzzliteyr said:
			
		

> As I said earlier, CIBC tellers were the ones who served me when my PC banking/house purchase/payment involved me needing a bank draft.  No problems.  As I use my PC Mastercard for EVERYTHING I purchase, I have accumulated ~$500 that I have as a rainy day/gift fund. I enjoy that Superstore sells electronics and toys..



Interesting... CIBC won't serve me because I'm not a real CUBC customer.


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## Bzzliteyr (6 Feb 2014)

RedcapCrusader said:
			
		

> Interesting... CIBC won't serve me because I'm not a real CUBC customer.



Oh, I'm sure the case would be the same if I went to the teller but I haven't needed a teller in the longest time.  What do you need a teller for? Also, some Superstores have "in branch" banking.


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## Occam (8 Feb 2014)

As others have alluded to, PC Financial customers can use CIBC machines, but that's where the relationship stops.  PC Financial uses CIBC's direct banking infrastructure, but they have absolutely no visibility between each other at the teller level and upwards.  As Buzzliteyr said, if you need a bank draft from PCF, you can choose between it being sent XpressPost to you, or picking it up at a CIBC branch (which is faster).  When I want to make a payment on my CIBC LOC, I have to write a check on my PCF chequing account, and do the scan and deposit thing with the CIBC mobile banking app - or make a personal visit to the CIBC branch to pay cash against the LOC.  Overall, we're super happy with PCF.  The few number of times we've had anything bad to say about them pales in comparison to my experiences with TD and RBC.


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## Anakha (8 Feb 2014)

I've had good experiences with Scotia though I know some have not. I left Royal because they screwed me over. 

With Scotia my RRSP has always made a good return for decent fees. And some of the credit cards give a good % of money back if you meet the income requirements to get it.


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## ballz (8 Feb 2014)

NFLD Sapper said:
			
		

> You do know that CIBC runs PC right?



Oddly enough, Telus owns Koodo. I was a Telus customer for a long time but I was getting sick of it, especially since from what I could see Koodo had much better packages available, but they weren't one of the "big 3." After considering Koodo for so long and getting frustrated with Telus, I almost said "f**k it, I'm switching to Koodo," but just decided to hang up and go switch to Koodo without the drama. Good thing, as I'd have been pretty embarrassed when the person said "fine, we own Koodo anyway."

Anywho, I've found Telus and Koodo to be completing different companies despite Telus being Koodo's daddy.


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## Goose15 (8 Feb 2014)

NFLD Sapper said:
			
		

> Only works with the fol type of phones:
> 
> BlackBerry Q10, BlackBerry Z10, BlackBerry Bold 9900, Samsung Galaxy Note II, HTC One, Samsung Galaxy S4 or Samsung Galaxy S III with Near Field Communication (NFC).


It works with iPhone for eDeposit as well.


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## Oldgateboatdriver (11 Feb 2014)

Journeyman said:
			
		

> Any one but the blood bank.



Funny enough, since they have introduced remote banking with bank cards, banking machines and  internet banking, I think I have actually attended the blood bank more often than the financial ones ???


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## Zoomie (3 Mar 2014)

I've been using RBC my entire life.  Not really brand loyal - they do their job to my satisfaction.

They also have RBC USA - basically allowing me to instantly have the same credit that I had in Canada down in the US.  Credit Cards, mortgage, etc - all easily accessible and not a small $500 credit limit like every other bank down here.  Their online site has both USA and Canada accounts accessible - transfers from North to South can be made as easily as transferring from one account to another (albeit you pay the same ridiculous rates that your CC would charge you).


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## The_Falcon (4 Mar 2014)

I have been with Scotia for a while, and now that my current job allows me more travel opportunities it's pretty sweet, since they have agreements with several banks around the world to waive ATM fees when you withdrawn money from them (Bank of America, Westpac, several others).  Also I like going to the movies ALOT (at least when I am home).


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## dimsum (4 Mar 2014)

For those who have $100k in the bank in investments, mortgage, etc. HSBC Premier also allows real-time, no-fee transfers between international accounts.  Obviously, it's only really applicable if you have accounts in two countries and have some cash saved up (like an OUTCAN posting and a sold house).


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## s2184 (19 Apr 2014)

SMG said:
			
		

> I'm with Scotia, but I've heard it's not too popular?



Scotia tells you "you are richer than you think" 

but,

when you try to borrow money from Soctiabank, it makes you feel "You are poorer than you think"  :-\


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## JesseWZ (19 Apr 2014)

*IF* you get posted to the West Coast, I have very much enjoyed Coast Capital Savings Credit Union. My branch always recognizes me when I come in, they have free money management staff, lots of good options, are an ICBC insurance broker, and just in general have been very good to us. My wife has a small business account with them and they have a Small Business Experts to help her with that stuff. Finally, they're open Tues-Sat which gives their employees a full weekend off and I've never had any issues with not having a branch open Monday. If I ever get posted away from BC (postings being what they are) I will miss Coast Capital.

I've been with TD before, and the fee's man, the fee's! I paid a whopping fee to close my account with them. They had taken fees already to close it, but when I went to do the final withdrawal, I somehow owed them almost $35.00 more for closure fee's. Not pleasing.


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## Retired AF Guy (20 Apr 2014)

JesseWZ said:
			
		

> I've been with TD before, and the fee's man, the fee's! I paid a whopping fee to close my account with them. They had taken fees already to close it, but when I went to do the final withdrawal, I somehow owed them almost $35.00 more for closure fee's. Not pleasing.



That's how banks make their profits; fee's for this, fee's for that. Adds up after awhile.


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## OldTanker (20 Apr 2014)

I think that over the years I've probably banked with pretty much every major Canadian bank, and some foreign (Germany, Cyprus) - driven in some cases by who was handy to where we lived when I was deployed, - sometimes not a lot of choice, other times linked to mortgage, etc. To be honest I never saw much of a difference over the long run. Different banks would run hot and cold with offers, service, fees, etc, but in the end I came to the conclusion I was looking for convenience, good customer service and reasonable costs and fees, so finally settled on local BOMC.  I imagine over time we have all had bad, and good, experiences with all of them.


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## zulu95 (24 Apr 2014)

At the moment I use TD just because that's the one that is most convenient for me. But I did learn the other day that they will wave any fees for closing out your mortgage early if you are a member of the CF


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## Crispy Bacon (24 Apr 2014)

krimynal said:
			
		

> Quick question , pretty straightforward , I was wondering when you are in the Reg Forces , what's the best bank to be using ? like which bank is available on every base ? Right now I'm using BMO , but I was wondering if I should switch to Banque Nationale ? or CIBC or any other bank for that matter !?
> 
> Thanks a lot !



For chequing: Scotiabank
For investing: TD
For savings: ING Direct (now Tangerine)

Use all three.


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## Osprey (17 Jun 2014)

Hi Folks. 

I am about to go on BMQ on JULY 21. I have spent some time looking into a good personal finance strategy for myself. I think I have a bit of a new view that might help some of you out. What I propose is opening an account with Tangerine, formerly ING direct. While also having a credit card. Tangerine offers no fee banking and easy longterm wealth building tools. Mutual Funds, RSP etc can all be purchased with a click. Although this might be the norm of online banking. I have found Tangerine to be outstandingly easy to navigate and understand. I have made good returns on there Mutual Funds and have felt in control of my money at all times. Since Tangerine is owned by Scotia you can do all your banking at Scotia ATM's. In addition to 7 elevens, Shell gas stations, etc. Be warned! If you handle a lot of cash that will be a pain to deposit. However, if you are mainly getting your disposable income from your pay check, you will be in great shape. I hope this helps a few of you out. 

Osprey


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## jside86 (8 Jul 2014)

I really like TANGERINE, and converted some of my colleagues that used BMO military plan with them.

-No fee chequing;
-Free first 50 cheques, free debit card
-no Fee savings with higher returns than most bank
-open 24/7 via phone;
-ultra convenient web site;

The only down side of TANGERINE, is that they don't offer a Credit card... this will change soon they said.
For a Credit card, I highly recommend PC financial Master card, Get the one with the 2% return on groceries, I saved over $200.00 last year on groceries alone with this card, really worth it.

They also offer Mortgages and investment accounts with good returns.

Do the math, 

BMO is $4.00/month x 12 = $48.00/year
Other banks averages around $12.95/month x 12 = $155.40/year
TANGERINE  is Free, free mean free!

If you need more info, email me: jside86@gmail.com. I am a bit of a Budget Nazi... but in the end there is so many things people can do to save up the little money we make!


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## my72jeep (8 Jul 2014)

All I can say is watch out for credit unions, as of September all new accounts will require a credit check to see if you owe any of their partner's money. Ie Master card, global payments, ect.


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## FJAG (9 Jul 2014)

Ditch said:
			
		

> I've been using RBC my entire life.  Not really brand loyal - they do their job to my satisfaction.
> 
> They also have RBC USA - basically allowing me to instantly have the same credit that I had in Canada down in the US.  Credit Cards, mortgage, etc - all easily accessible and not a small $500 credit limit like every other bank down here.  Their online site has both USA and Canada accounts accessible - transfers from North to South can be made as easily as transferring from one account to another (albeit you pay the same ridiculous rates that your CC would charge you).



This is why I stay with RBC as well. 

One point when you use your Canadian credit card in the US you receive an exchange rate that's about 1 to 2 percent worse than the Bank of Canada rate (- that's typical for all banks). In addition you pay a 1 + percent foreign transaction charge. On the other hand, when you transfer from your RBC account to your RBC (Georgia) account all that you are hit with is the current RBC exchange rate (no foreign transaction charge) - RBC (Georgia) has no physical branch offices but uses PNC Bank which is pretty much all over the States. (RBC used to have branch offices in the US but sold them all to PNC when they created RBC (Georgia).

TD Canada Trust also has a US branch which is TD Bank. I've recently opened accounts with them as well and you should note that their physical offices are concentrated on the east coast and at the present time transferring funds from the Cdn to the US banks is not as seamless as RBCs.

 :cheers:


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## Ottawa Greg (17 Aug 2014)

I like TD... As mentioned above, they have a cross border banking option that is handy if you are in the US a lot. If you get their "Borderless" account you can also get pretty decent CAN to US exchange rates (compared to the rates you'd get with a regular account).


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## Jacob Salmonds (24 Aug 2015)

Hello and good day! My name is Jacob Salmonds and after a long and ruthless, frustrating and rather impatient wait; I was sworn in the the 20th of August! I leave on the 5th of September to my BMQ and look forward to being part of a cool team   :yellow: 

I do not ask of any personal information from you guys nor do I want any I am merely asking what a good bank to go with would be. I've read on the humble Google that BMO offers a nice rate and little perks for those enlisted but am not sure if this is just a gimmick. Any advice would be great as I tried to shop around a lot but couldn't find much info! 

P.S. - Any last minute BMQ tips would also be greatly appreciated as I've read over the current forums topics like it was the last novel on earth. (If this is against the rules please refrain from doing so, and also I apologize if this post it as-well as I'm not sure where else to put it).

Cheers! And I look forward to working with you.


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## Leeworthy (24 Aug 2015)

Most bases have a credit union close by. I do reccomend them.


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## bwatch (25 Aug 2015)

I find TD Bank good. You tell them what your looking for in a bank account or help you might need. I've been with them for years and never had any issues. They are also aware of the specific needs that members of the Forces have from time to time. As for the Bank of Montreal special account, I think it's just another gimmick to create more profit.


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## captloadie (25 Aug 2015)

I have banked with TD Bank my whole career. The only real complaint I have had with them are the high fees they charge if you don't meet the limits to have them waived. On the up side, they do have branches in most communities and the states. You can do pretty much everything online, including transferring funds via e-mail. And, as I found out this APS, they will waive the penalty for breaking your mortgage, if you are getting another mortgage through them, or are posted to an area where you are prevented from purchasing. All they need is a copy of your posting message.

Credit unions have one major drawback - they normally only have branches or ATMs in the area they serve. If you are getting posted around the country, it usually means closing your account and opening a new one upon posting. This means changing your pay, changing your credit cards, redoing your direct deposits, etc.


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## newwifey (25 Aug 2015)

BMO has an offering for military members.  It is not a gimmick.  
You can find more info here https://www.cfmws.com/en/ourservices/cdcb/aboutcdcb/pages/default.aspx  and here http://www.bmo.com/cdcb/

Bank where you are most comfortable banking.


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## George Wallace (25 Aug 2015)

captloadie said:
			
		

> Credit unions have one major drawback - they normally only have branches or ATMs in the area they serve. If you are getting posted around the country, it usually means closing your account and opening a new one upon posting. This means changing your pay, changing your credit cards, redoing your direct deposits, etc.



As mentioned on previous pages, the BMO is also very similar; not found everywhere.  (If you want horror stories, read previous pages.)


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## Pusser (23 Sep 2015)

captloadie said:
			
		

> Credit unions have one major drawback - they normally only have branches or ATMs in the area they serve. If you are getting posted around the country, it usually means closing your account and opening a new one upon posting. This means changing your pay, changing your credit cards, redoing your direct deposits, etc.



Another major drawback with credit unions and caisse populaires (Quebec) is that because they are not nation-wide, if you get posted to another location, you generally cannot port a mortgage.  Now that the government no longer pays any kind of mortgage termination fee, this can mean a huge loss on a posting if you have to break a mortgage.


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## reinvented (7 Mar 2016)

FJAG said:
			
		

> One point when you use your Canadian credit card in the US you receive an exchange rate that's about 1 to 2 percent worse than the Bank of Canada rate (- that's typical for all banks). In addition you pay a 1 + percent foreign transaction charge.



If you're one to travel abroad frequently and like using your credit card, there are several credit cards now that offer zero foreign currency transaction charges. In other words, you'd have whatever currency you're spending converted to CAD at whatever Visa and MasterCard can get, which is good. Like you said, they usually use their rate + 2.5% on top of that as a commission. These cards don't have that extra exchange rate fee:

In no particular order..

1) Amazon.ca Rewards Visa (from Chase)
2) Rogers Platinum MasterCard
3) Marriott Rewards Premier Visa
4) Tangerine Money-Back MasterCard (this card only has a 1.5% foreign conversion fee instead of 2.5%)


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## reinvented (9 Sep 2017)

Hello all,

I wanted to create this thread about personal finance so that current and prospective members of the CF could create a discussion regarding the topics of bank accounts, credit cards, loans, investing, etc. I have noticed that in general people do not possess a great deal of financial education, which is no fault of their own, since it is not taught in schools and generally people have to fend for themselves with regards to their own money.

Anyways, I wanted to start things off with what I believe to be the best (read: optimal) bank account setup for me as of the time of writing. Hopefully it will help you save some money as well. I do not pay any bank fees, have unlimited transactions as well as some of the highest interest rates offered by a big bank. How?

I use two banks: Tangerine and RBC. Both serve their purpose. My Tangerine chequing account is my daily driver so to speak – that’s where my direct deposit goes. It’s completely free, with unlimited transactions, and, to my knowledge, has the highest interest rate for a chequing account. If you need an ATM, you can use any of Scotiabank’s. If you’re interested in getting an account you can message me privately, I have a referral code that will get you $50 for signing up for an account online.

As for my RBC chequing account, it’s like my backup. I use RBC when I really need a physical bank location where I can walk in and talk to someone (I find it necessary from time to time). Also, they don’t charge any fees when using e-Transfer!

The trick is making the RBC account free. If you already have a RBC chequing account that you’re paying a monthly fee for, the first thing to do is change your account type to what they call “Day to Day Banking”. You can do this through online banking or in a branch. If you’re setting up a new account then just ask for the “Day to Day Banking” chequing account. This is RBC’s most basic chequing account. It doesn’t give you much, but it’s enough (as a backup to your Tangerine account). It’s $4 per month, but luckily RBC has something called the MultiProduct Rebate (MPR). They offer you a rebate each month (on your chequing account’s monthly fee) if you have a couple of ‘products’ with RBC (ie. a credit card and an investment account).

In order to qualify for the MPR, you need: (1) an active credit card or a credit card with an annual fee, and (2) a pre-authorized monthly contribution to a RBC TFSA (or investment account) or a minimum of $500 in a RBC TFSA (or investment account). If you have both of those things, RBC will rebate you the $4 each month and the chequing account will be completely free. 

What I do regarding RBC’s MPR is I have a no-fee RBC Cash Back MasterCard that I use once every couple of months or so to buy a coffee (to keep it active) and I also set up an automatic transfer of $25 per month (the minimum amount required) from my RBC chequing account to my RBC TFSA.

If you don’t like RBC for some reason, you could always replace that with BMO’s Performance Plan account. As a CF member they will waive the monthly fee and it looks like they have also removed the need to carry a minimum balance, which is great. 

Minimum balances actually have an inherent cost simply due to the fact that the money left in the account IOT satisfy the minimum balance requirement is not being invested and thus not generating a return. These returns compounded over an investment lifetime ends up being incredibly expensive.


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## mariomike (9 Sep 2017)

Good topic for discussion. See also,

Entering the CF and YOUR Money....  
https://army.ca/forums/threads/26093.0
10 pages.

Banking in the Canadian Armed Forces 
https://army.ca/forums/threads/113920.25
3 pages.

Separate from the above,
Banking in the CF!
https://army.ca/forums/threads/80216.50.html
3 pages.

Investing SISIP vs Big Banks vs Credit Unions vs Private Firms  
https://army.ca/forums/threads/123701.0

etc...


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## NavyShooter (9 Sep 2017)

One very nice thing about the recent backpay was the ability to hammer my Visa Bill down to zero balance, which I've maintained at zero since early July. 

The last time I had it paid to zero was well over 2 years ago.  In the two years of statements I looked at, the lowest it got was about $1800....and it seemed to float around $3-4K most of the time.  It hit a high last December of $9600 when we did a family trip to Quebec, Ontario, and then Florida.

The $9600 was my wake-up.  I cut my spending on frivolous (ie gun stuff) to practically nil, and hammered away at the payments.  I got it down to less than $4K by April, which is pretty good all considering.

It hung at that level (due to some summer costs/travel/spending) until the backpay came in and let me zap it down to zero at last.  

I am continuing to maintain the 'forced frugality' that I self-imposed in the spring to pay things down, and my goal is now not to spend anything on the Visa which I do not have in cash to pay off immediately.  

I looked at the cost of carrying that average of $4K visa bill for 2+ years, and it was about $80 a month in interest.   Multiply that by 24 months, and that's damn near $2000 wasted on interest.

If there is one thing you can do for yourself, it's not to waste that $80 a month on interest charges.  

I know that the 'silly incidental' costs are going to creep back in on me, but I'm intent on spending more intelligently going forward.  Looking at my career, I see a path of a bit over 7 years.  It'd be nice to have some money to play with at the end of that instead of a load of debt.

NS


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## reinvented (10 Sep 2017)

That's great that you were able to pay all of that off. Credit cards can be very beneficial (I use my credit cards for virtually everything that I can), but yeah, you really have to make sure that you can pay it off in full every single month. If you ever find yourself in that situation again, you could consider doing a balance transfer. For example, you could transfer that outstanding credit card balance to another credit card and it would be 0% interest for 12 months vs. probably 20% interest for your Visa. That way you'd be able to make payments while not accumulating interest charges for an entire year.


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## Bzzliteyr (15 Sep 2017)

Let's not forget that the Bank of Montreal is now our DND banking group and they offer some pretty sweet deals. We had them come in to work recently to brief us on things. The Mortgage rate we were quoted was a good .5% lower than others. They have free options as well including e-transfers. 

I'd look into that.


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## newwifey (15 Sep 2017)

Here is the BMO info for easier reference:
https://www.bmo.com/main/personal/canadian-defence-community-banking#getting-established


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