This topic may have been beaten to death around here before; if so could someone please provide a link?
But if not, which bank do you currently go with for your farm operation, or even personnal banking for that matter? I'm currently with BNS (Bank of Nova Scotia) and i'm getting very tired of seeing the record quarterly profits getting bigger and bigger time after time all while my monthly acct and transaction fees keep getting higher ad higher! We recently set up an RESP for our young son, along with a bank acct we can put $ into regularily for him. The best thing they could offer me (with highest interest being paid with less than 10k sitting in it) was a 'no fee' acct with a limit of 4 transactions a month at 0.01% interest!
I recently had this conversation with my boss who is with BMO; and he didnt have much good to say about them either. I asked him recently if i could start getting direct deposit for my paychecks, as the local bank hrs are terrible. After several phone calls and a lengthy conversation with their adviser, it came back as a 'no' for direct deposit. But they since found out they get 2 free e-transfers/month, so now i get paid with an EMT, which actually is better for them because cheques are 0.50$ea!
Anyway, thats my rant for the morning. Feel free to chime in with your experiences, advice, who you bank with etc.
The big 5 are all the same. Maybe a local credit union or something.
I understand you are trying to teach your son about money but squirreling away cash that makes a negative return isnt a good strategy. Open him a trading account in the RESP and buy some stock with dividends. Buy him BNS, it makes a 5% dividend.
And the best way to get good service from a bank is to owe them a lot of money.
They are all the same, all money suckers. I think RBC charges $20 a month now for a business account, keep meaning to look into other options but don’t have time.
I swear some day I will have nothing with the bank. No loans, no savings accounts...nothing. I will just sell enough bushels at a time for spending cash. Money will stay in the bins.
Would be interesting to see how much cash they have on hand. I suspect they wouldn’t be able to cash to big of cheque. And they probably wouldn’t cash it unless you have an account ! Lol Like your idea though
Local credit union is no better.
Cost for a basic farm account went from $16 to $25 this year.
Cause we can.
I'm paying for way to many unionized employees.
And service has gone down hill also.
I wouldn't get too excited about BNS record profits. All the banks are there for the same reason - to make money off of you! The only thing you can do is join them by buying their shares which do pay good dividends and always increase in value slowly over time. Something you can't do with a credit union although theoretically they should be able to offer you cheaper services for being a co-operative and working for you, not the MAN!
You will never see a large bank disappear unless it is merged with another large bank or bought out!
They lend money at 4 or 5% and use your money sitting in their account at .1%. Nothing new as they live off you and encourage you to spend more than you have! When interest rates were decreasing, the banks were considering surcharging you for leaving money idle in their "vaults"!
All the organizations associated with "money" are being fed by the consumer/peasantry. Both sides of credit cards charge you for the risk of transacting money, whether it be 1% on one end or 20% on the other if you fail to pay off the "loan" monthly. The game will never change!
Another huge windfall for all the big banks is when currencies get switched back and forward between countries. Unfortunately we can do lots of squealing but they run and own the show!
Get a tangerine account and transfer money at pay day i think i am at 1.5 % no fees ever and can sit there for years. best place to sneak $50 0r $100 dollars a cheque, all set through there website.It will take it out at midnight, you never notice it, and a couple years later there a butt load you forgot about. i left $50 there for five years and sure enough still there with interest.
Big banks are working on eliminating small town bricks and mortar, the technological and greed age marches on.
About 3 months ago went to deposit cheques at RBC, 12:45 pm..
Door handle tore out my hand shortly before I read
TO SERVE YOU BETTER
BRANCH CLOSED 12 to 1
Really?!
Well, they’ve been open 2 solid hours, they must be bushed!
Went back later, Barb who I’ve known for 40 years serves me.
Say Barb, how does closing from 12 to 1 serve me better?!
Barb is a nice gal, life long farm girl married to a farmer.
The look of her face alone made it unnecessary for her to say anything, message received.
Not only small town bricks and mortar, Don, they're working on eliminating cash. Once they've done that they have complete control over you, unless you still have those gold bars in the basement.
Absolutely, look at the questions you get and the explaining they try to make you do when you ask to withdraw a chunk of ‘your’ cash, like $5000. Imagine if you asked for tens of thousands or more, you’d probably be arrested.
Banks are trying to go all virtual like Don said. My bank recently unveiled a new business banking system and gave me a check scanner to hook up at home for depositing checks. It's obvious they are trying to reduce bank visits. Wasn't to long ago when you could go to the bank and there were 6 tellers working there, now there are 2 of them.
Bank of Montreal and RBC seem to be the two banks that are the most farm friendly banks. They push hard for farm clients.
Reminds me about 30 years ago when I went to my bank at the time CIBC to deposit my very first Canadian Wheat Board grain check. I was pretty pumped about doing that. The CIBC bank teller looked at the check and said "What is this" with a funny look on her face. I asked her if she had ever seen a CWB check and she said no. I grabbed the check and told her I was at the wrong bank and walked out.
Opened an account with BOM and been there since.
I'm with Farm Credit, they have an app that allows you to take a picture of the check and deposit it that way. I have never done that. Maybe I'm just paranoid but in this day and age with all the hackers and spyware and other BS I'm just not comfortable heading that route.
Most of the time I pay bills online but sometimes if I'm running to town anyhow I find it's just as easy/fast to pay bills at the bank rather than deal with less than stellar rural internet speeds. It's always the same question at the wicket though, "Do you pay bills online, do you know how?"
"Yes I know how, I do it on a regular basis. Do you realize that the more people you encourage to pay bills online the less people are going to walk through this door, and the less people that walk through this door the less people they are going to pay to work here, and FYI they probably aren't going to start letting go of the people sitting in the offices first, so maybe rather than try to discourage people from coming in to do business face to face you should be encouraging it."
Something I noticed at ATB lately is the land secured equipment loans are higher interest rate and poorer terms than the non land secured equipment loans. Doesn’t make sense that a loan only secured with the value of the equipment is considered less risky and given a better rate than an old style loan backed up with “real” equity. I guess it’s easier to foreclose on someone if they don’t have to sell the land ? Any other banks doing this?
Never heard of that before, but i'm definitely interested. I will have to look that up! How easy is it to withdraw from?
They used to be called ENG. it was always on TV. it is all internet banking and when you set up a chequing account you can move money back and forth between Tangerine (ENG) easily. No use having a crappy savings account at the bank just a chequing, tangerine pays out way better. You can park money there for the winter to get some interest for spring planting.
Well, all my acct fees went up again last month. Its going to cost me another 5$ or so a month now, just for the privledge to be a valued BNS customer. Unfortuneately still no closer to just living off the crop stored in the bin yet!
Used to have a local credit union here. Talked to them while I was in college for a class on cooperatives. They were in the process then of looking to join up with a bigger credit union. They couldn't deal with all the new regulations that came down after the financial crisis in 2008. Would have needed to hire a new employee just to deal with the paperwork. They are now a part of Western Cooperative Credit Union.
My bank has a maximum deposit of $2500 on the app. So not very useful for farming.
Maybe you guys could get lucky and one of Trudeau's muslim immigrants will start a bank. From what I understand under Islamic law they can't charge interest.
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