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Banks are terrible

B

BigToque

Lifer
CIBC is one of the largest banks in Canada. I am hearing all the time from my girlfriend who has recently started a job as a teller at one of their branches how sickening the business is run.

Ever heard of registering bills? Well if you register your bills, they get paid automatically by your bank. My gf was yelled at the other day because she was "asking" if the people wanted their bills registered. You are just supposed to do it and then tell them.

No big deal eh? What they dont tell you is that you get charged a withdrawl fee of $.60 for every bill you pay, whereas if it is not registered, you get charged 1 withdrawl fee when they take out the total amount for all the bills.

Thats just one of the things I hate about this bank. I don't care to write all the other stupid things. The way banks are run it should be illegal. Banking should be a service provided to citizens of the country, not a place to be raped by fees and charges that are not justified.

gah!
 
Originally posted by: Stefan
CIBC is one of the largest banks in Canada. I am hearing all the time from my girlfriend who has recently started a job as a teller at one of their branches how sickening the business is run.

Ever heard of registering bills? Well if you register your bills, they get paid automatically by your bank. My gf was yelled at the other day because she was "asking" if the people wanted their bills registered. You are just supposed to do it and then tell them.

No big deal eh? What they dont tell you is that you get charged a withdrawl fee of $.60 for every bill you pay, whereas if it is not registered, you get charged 1 withdrawl fee when they take out the total amount for all the bills.

Thats just one of the things I hate about this bank. I don't care to write all the other stupid things. The way banks are run it should be illegal. Banking should be a service provided to citizens of the country, not a place to be raped by fees and charges that are not justified.

gah!
Click to expand...

Man, I couldn't agree with you more. You can lend them all your money and make close to nil in profits by doing so, but the second you want the to lend you some money you have to front every penny you can afford to show them you're good for it, or else pay an insanely huge interest rate...
:roll:

Banks, my friend, are teh gay. So is the Liberal party.

/edit - change profits to profits by interest.
 
You are correct, banks are horrible, profit driven entities. You should find a nice credit union to join. Yes I work at a credit union.
 
Originally posted by: CRXican
You are correct, banks are horrible, profit driven entities. You should find a nice credit union to join. Yes I work at a credit union.
Click to expand...

Well, I have a student line of credit at CIBC, so for the next 2 years, I'm gonna stick with them (while I'm in school), but I think as soon as I am done, I'm closing all my accounts and going somewhere else.
 
I agree, these banks are rip-off's. My bank charged me these fees when my account had less than $2000. Apparently, this happened when I turned 19...I didn't know anything about these charges until after a year. Now I have to keep my account over $2000 all the time in order to avoid these stupid charges!
 
I know many people who have banked with CIBC and gotten screwed many times over.

That is one bank I will never do business with.
 
Just sign up with President's Choice Financial. You get to use all of CIBC's ATMs but with no fees! No teller service either, but I never use them anyways. I like this because you can use the ATMs at 7-11s for free! And since there are 7-11s like, everywhere, it's a huge plus!

My dad (branch manager) complains how slow it takes BMO to do stuff, he liked TD's processes a lot better (he worked for both). Canada Trust was awesome before they merged.
 
Originally posted by: spidey07
not a place to be raped by fees and charges that are not justified
Click to expand...
they gotta make money somehow.
Click to expand...

When you make a purchase on your debit card and get charged $.60. Do you think it cost the bank $.60 worth of effort to pay their employees and their operating costs? At most it probably costs them about $.05 per transaction based on the billions of transactions that get recorded every year. So they are making $.55 profit on every transaction.

What about going $.01 over a limit on a debit account for 1 day. Is a $30 service charge justified?

Do you think their fees are justified?
 
Try out a PC bank account.

It is basically a no fee CIBC account that lets you use CIBC bank machines (and any PC ones if you can find any). You get unlimited interact, unlimited internet & telephone banking as well.
You can use CIBC tellers but they probably charge you huge.

I was sick of paying ~ $20 / month in bankings fees at the Royal Bank which is why I switched last fall.


Link
 
Well I work for the State here, so I got me a free Bank of America account. No monthly charges or anything, I just can't get money out of any ATMs except theirs. (Unless I don't mind a $2~$5 fee)

I've noticed, at least in the US, if you work for Big Brother (or Little Brother in my case) banks don't mess with you... as much. 😛

I dunno what the laws are in Canada OP, but in the US I think that might violate a law or two, depending. Consent is very important.
 
I don't think the fees are justified.

I do feel some are. I'd like to look at a balance sheet and profit margins of a bank. I'd bet they are inline with other business as far as profit/loss is concerned.
 
Using the bank's debit card shouldnt cost you anything.... the bank makes money, visa makes money... its the merchant who looses out.

I <3 my bank. Ive never paid a single fee there that I didn't want, ever!
 
At least they're not as bad as when the Royal Bank's computer system went tits up this weekend. No one with an account there could get any money or use any of their credit cards. I'm with a credit union. A little inconvenient sometimes, but the fees are manageable.

Gonna go credit union + ING account I think.
 
Presidents Choice will pwn any bank. Free cheques, free unlimited interac, no minimium balance, free online banking, 24/7 phone support.
Plus the CC gives you money back.

That is one reason why i'm STICKING with CIBC. TD kept on charging me fees, and personally, the online banking is the best thing.

--Simon
 
Originally posted by: GreatBarracuda
I agree, these banks are rip-off's. My bank charged me these fees when my account had less than $2000. Apparently, this happened when I turned 19...I didn't know anything about these charges until after a year. Now I have to keep my account over $2000 all the time in order to avoid these stupid charges!
Click to expand...

Maybe you should read your statements more than once a year. 😉

I have no complaints about my bank, I racked up over $200 in NSF fees because I forgot about a check I wrote, and they kindly removed ALL of them when I asked if they'd remove some of them.
 
switch over to tdwaterhouse. The only thing I don't like about them is that I have to drive 15 minutes on the highway to get to their office while I can walk 10 minutes to a number of other very large banks such as fleet, bank of NY, waycovia (sp?), and a few local ones like kerney federal, boiling springs, and community trust.
 
Originally posted by: spidey07
I don't think the fees are justified.

I do feel some are. I'd like to look at a balance sheet and profit margins of a bank. I'd bet they are inline with other business as far as profit/loss is concerned.
Click to expand...
Banking is extremely competitive. Margins average less than 1%. Government oversight and regulation is extreme.
At least in the US. I can only assume that Canada is similar or worse.
 
Originally posted by: Stefan
CIBC is one of the largest banks in Canada. I am hearing all the time from my girlfriend who has recently started a job as a teller at one of their branches how sickening the business is run.

Ever heard of registering bills? Well if you register your bills, they get paid automatically by your bank. My gf was yelled at the other day because she was "asking" if the people wanted their bills registered. You are just supposed to do it and then tell them.

No big deal eh? What they dont tell you is that you get charged a withdrawl fee of $.60 for every bill you pay, whereas if it is not registered, you get charged 1 withdrawl fee when they take out the total amount for all the bills.

Thats just one of the things I hate about this bank. I don't care to write all the other stupid things. The way banks are run it should be illegal. Banking should be a service provided to citizens of the country, not a place to be raped by fees and charges that are not justified.

gah!
Click to expand...

Fee income.
 
My biggest gripe about banks is the hours.
Must be nice to work for a place that is only open 4 hours a day :roll:
 
i hate how the bank wants me to pay for them to make my banking more secure... um hello?! thats the reason i use a bank and not a shoe box, so someone doesn't steal my money!
 
In a dream world, banks would operate simply to provide a safe place to hold money, and offer sound financial advice, and the tools to follow it up.

I have no problems with banks charging in order to pay employees, managers, research funds etc... what really kicks me in the nuts is when banks post profits in the billions of dollars, and then proceed to jack up CC rates, minimum balance levels, interac fees, interac fees OUTSIDE your own bank system, mortgage fees, and THEN have the bloody audacity to question me when I apply for a line of credit... as if they don't already know my bloody worth down to my last red cent...
 
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