CAF Banking and Financial health [merged]

[dimsum]

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).

 

[s2184]

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"  :-\

 

[JesseWZ]

*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.

 

[Retired AF Guy]

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.

 

[OldTanker]

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.

 

[zulu95]

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

 

[Crispy Bacon]

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.

 

[Osprey]

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

 

[jside86]

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: [email protected]. 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!

 

[my72jeep]

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.

 

[FJAG]

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:

 

[Ottawa Greg]

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).

 

[Jacob Salmonds]

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.

 

[Leeworthy]

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

 

[bwatch]

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.

 

[captloadie]

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.

 

[newwifey]

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.

 

[George Wallace]

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.)

 

[Pusser]

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.

 

[reinvented]

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%)