CAF Banking and Financial health [merged]

[krimynal]

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 !

 

[Journeyman]

Any one but the blood bank.

 

[krimynal]

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

 

[George Wallace]

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.

 

[DAA]

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!

 

[dapaterson]

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

 

[Occam]

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.

 

[dapaterson]

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

 

[George Wallace]

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.

 

[Loachman]

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.

 

[Towards_the_gap]

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?

 

[Bruce Monkhouse]

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.

 

[George Wallace]

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.

 

[DAA]

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".

 

[Towards_the_gap]

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.

 

[George Wallace]

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. 

 

[MikeL]

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).

 

[Bzzliteyr]

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.

 

[dapaterson]

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.

 

[Bzzliteyr]

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.