Author Topic: CAF Banking and Financial health [merged]  (Read 40853 times)

0 Members and 1 Guest are viewing this topic.

Offline FJAG

  • Army.ca Veteran
  • *****
  • 104,905
  • Rate Post
  • Posts: 1,099
  • Ex Gladio Justicia
    • WordPress Page
Re: CAF Banking and Financial health [merged]
« Reply #50 on: July 09, 2014, 13:37:00 »
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:
Illegitimi non carborundum
Semper debeatis percutis ictu primo
Access my "Allies" book series at:
https://wolfriedel.wordpress.com

Offline Ottawa Greg

  • Guest
  • *
  • 30
  • Rate Post
  • Posts: 3
Re: CAF Banking and Financial health [merged]
« Reply #51 on: August 17, 2014, 12:52:12 »
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).

Offline Jacob Salmonds

  • Guest
  • *
  • 10
  • Rate Post
  • Posts: 0
Re: CAF Banking and Financial health [merged]
« Reply #52 on: August 24, 2015, 18:55:31 »
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  :salute: :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.
War, war never changes.

Offline Leeworthy

  • Member
  • ****
  • 3,445
  • Rate Post
  • Posts: 177
Re: CAF Banking and Financial health [merged]
« Reply #53 on: August 24, 2015, 19:39:46 »
Most bases have a credit union close by. I do reccomend them.

Offline bwatch

  • Long may your lums reak
  • Jr. Member
  • ***
  • 1,010
  • Rate Post
  • Posts: 78
  • This is me in Montreal
Re: CAF Banking and Financial health [merged]
« Reply #54 on: August 25, 2015, 06:48:54 »
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.

Offline captloadie

  • Army.ca Subscriber
  • Sr. Member
  • *
  • 33,473
  • Rate Post
  • Posts: 571
Re: CAF Banking and Financial health [merged]
« Reply #55 on: August 25, 2015, 13:09:36 »
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.

Offline Jewel144

  • Donor
  • New Member
  • *
  • 2,120
  • Rate Post
  • Posts: 49
Re: CAF Banking and Financial health [merged]
« Reply #56 on: August 25, 2015, 15:51:35 »
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.

Offline George Wallace

  • Army.ca Fossil
  • *****
  • 430,330
  • Rate Post
  • Posts: 31,445
  • Crewman
Re: CAF Banking and Financial health [merged]
« Reply #57 on: August 25, 2015, 19:05:49 »
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.)
DISCLAIMER: The opinions and arguments of George Wallace posted on this Site are solely those of George Wallace and not the opinion of Army.ca and are posted for information purposes only.
Unless so stated, they are reflective of my opinion -- and my opinion only, a right that I enjoy along with every other Canadian citizen.

Offline Pusser

  • Army.ca Veteran
  • *****
  • 75,495
  • Rate Post
  • Posts: 2,567
Re: CAF Banking and Financial health [merged]
« Reply #58 on: September 23, 2015, 12:00:46 »
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.
Sure, apes read Nietzsche.  They just don't understand it.

Offline reinvented

  • New Member
  • **
  • 1,020
  • Rate Post
  • Posts: 30
Re: CAF Banking and Financial health [merged]
« Reply #59 on: March 07, 2016, 16:40:11 »
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%)

Offline reinvented

  • New Member
  • **
  • 1,020
  • Rate Post
  • Posts: 30
Re: CAF Banking and Financial health [merged]
« Reply #60 on: September 08, 2017, 23:05:05 »
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.

Online mariomike

  • Directing Staff
  • Army.ca Fixture
  • *
  • 438,195
  • Rate Post
  • Posts: 7,556
    • The job.
Re: CAF Banking and Financial health [merged]
« Reply #61 on: September 08, 2017, 23:15:53 »
Good topic for discussion. See also,

Entering the CF and YOUR Money.... 
https://army.ca/forums/index.php?topic=26093.0
10 pages.

Banking in the Canadian Armed Forces
https://army.ca/forums/index.php?topic=113920.25
3 pages.

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

Investing SISIP vs Big Banks vs Credit Unions vs Private Firms 
https://army.ca/forums/index.php?topic=123701.0

etc...
« Last Edit: September 08, 2017, 23:26:25 by mariomike »
Get on the bus. Take a ride with us.
http://www.youtube.com/watch?v=X2lSGnPl-ww

Offline NavyShooter

    Boaty McBoatface!

  • Army.ca Subscriber
  • Army.ca Veteran
  • *
  • 175,221
  • Rate Post
  • Posts: 2,752
  • Death from a Bar.....one shot, one Tequilla
Re: CAF Banking and Financial health [merged]
« Reply #62 on: September 09, 2017, 22:31:10 »
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
Insert disclaimer statement here....

:panzer:

Offline reinvented

  • New Member
  • **
  • 1,020
  • Rate Post
  • Posts: 30
Re: CAF Banking and Financial health [merged]
« Reply #63 on: September 10, 2017, 00:39:54 »
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.

Offline Bzzliteyr

  • Army.ca Veteran
  • *****
  • 50,645
  • Rate Post
  • Posts: 3,000
Re: CAF Banking and Financial health [merged]
« Reply #64 on: September 15, 2017, 11:12:25 »
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.
Adsum

UNPROFOR, CPSM, Canadian Forces Commander Land Force Command Commendation (Bosnia 1993), Canadian Decoration, General Campaign Star - ISAF

Offline Jewel144

  • Donor
  • New Member
  • *
  • 2,120
  • Rate Post
  • Posts: 49
Re: CAF Banking and Financial health [merged]
« Reply #65 on: September 15, 2017, 14:14:31 »