Banking in the CF!

[jazzy0410]

I just got my offer yesterday! I should start my BMQ on October 13th! I have however a question about banking. I'm from Quebec and currently use Desjardins which only availaible in quebec. It won't cause a problem for my BMQ but afterwards my training will be outside of Quebec - i'd probably have to swich banks then. i was thinking about just shutting my account now and open a new account with another bank  to save myself the heartache later on (or problems with my pay) but  i don't know which banks would be best?That will be the most available at/around bases country wide.  Any suggestions?  Thank you in advance!  ;D

 

[erathian]

Before you shut down you account open a new one with which ever bank you decide on that way your pay will have somewhere to go (it can take a while for some admit stuff to get sorted).

 

[SupersonicMax]

I'm with Royal Bank and they have been great in the last 8 years.  The only thing is that their system is divided by region and the computer systems don't communicate (for example, if you account is from Quebec and you move to Manitoba, Manitoba won't be able to modify your banking information. You'll have to fax your requests to your branch.  They can access and see your accounts though).  But their service is amazing and everywhere I went, their staff was more than helpful.

Cheers,

Max

 

[armyvern]

I just got my offer yesterday! I should start my BMQ on October 13th! I have however a question about banking. I'm from Quebec and currently use Desjardins which only availaible in quebec. It won't cause a problem for my BMQ but afterwards my training will be outside of Quebec - i'd probably have to swich banks then. i was thinking about just shutting my account now and open a new account with another bank  to save myself the heartache later on (or problems with my pay) but  i don't know which banks would be best?That will be the most available at/around bases country wide.  Any suggestions?  Thank you in advance!  ;D

Relax ... we live in a world which includes the allmighty debit card now.  ;D

 

[Armymedic]

If you're concerned about accessing your bank nationwide, then by all means switch to a chequing account with one of the big three (RBC, TD Canada trust, Scotia). All have pretty good access by internet and phone now so they are easily accessed where ever you are. If you are pretty sure you are going to stay in Quebec after BMQ and trades training, then you should be ok with Desjardins.

While you are at it, read this thread. Its full of good data IRT finances and your future.

http://forums.milnet.ca/forums/threads/26093/post-158506.html#msg158506

 

[Moggie]

Desjardins actually does have branches in Ontario, although not nearly as common as they would be in Quebec.  I know of branches in Oshawa and Penetanguishene (fairly large franco community in the area) for sure.  The Desjardins website has a way to find other locations as well: http://www.desjardins.com/fr/votre_caisse/ 

 

[Sythen]

During basic, they had some people in from Canadian Defense Community Banking... Its supposed to be a plan designed for military members and based around our needs, so I signed up for it.. But when I got all the info in the mail and actually sat down and read it, it was a farce. Basically they have daily limits that most found unreasonable. For a few of the younger guys who hadn't quite established their credit yet, they were limited to $200 a day total. Not just cash but debit purchases as well, and in order to get more (just for that specific purchase, like if you wanted a computer or TV or whatever) you had to call them the previous day and wait on hold for close to an hour every time to get through to them. Needed to provide a merchant ID for them and everything so it was a huge hassle. I have pretty decent credit and I was limited to $400 a day.

I thought this was ridiculous so I decided to cancel the account and go back to CIBC... What a nightmare that was... I was charged close to $50 just to close my account and have my funds transferred to my current account and it took close to 3 weeks. With my current account I have $1500 daily limit (more then I need, but the fact I can if I want is the point) on purchases and $500 on cash. I found it foolish that your credit score should affect your bank accounts. That is your money no matter how you look at it, and no one should be able to limit your spending by that much. I can understand the need for limits in case of theft, but its dumb the way they did it.

Basically just a heads up, cause I've heard they offer it during all BMQ's.. If you want it, its your choice, just make sure you read everything carefully..

 

[tango22a]

jazzy 0410:

Iam a member at Desjardins in Ontario. Having been with my CU for over 30 years, I didn't want to change when I moved 325 km away 5 years ago on retirement.I have a convenience account at the Bank in town for paying bills etc. I do all my other banking by computer and am really pleased how it has worked out. I wouldn't leave Desjardins even if I do move again.

Cheers,

tango22a

 

[Run away gun]

On most bases Ive been to there is at least a CIBC or Alterna, or some combination of those two. I know in Kingston (where I assume you will be doing your training since you are going Sig Op or Comm Rsch) there is an Alterna in the canex mall. At least there was when I was there.

 

[smale436]

  I personally recommend TD solely based on their large numbers of branches and hours more convenient to the CF. (Open till 8pm and Saturdays in some places) I don't really choose banks based on teller service quality as I haven't gone to the teller for anything in close to a year. I had a credit union account before BMQ (in Borden) and switched as I wanted to be able to most withdrawls most anywhere I am in Canada without service fees. In my location they have all of the "Big 5" except for Bank of Montreal. My friend did not switch from BMO as he did not want the admin hassles. However he pays $3.00 everytime he takes out cash from no name ATM. Lots of factors to consider...

 

[Greymatters]

Even if you dont need that account anymore, you shouldnt close it.  You might need it again in the future, or might want to see that bank again when it comes time to get a mortgage (and teh bank you switched to doesnt give you a good rate)...

 

[aesop081]

"banking in the CF"

Why do people think stuff like that is dramaticaly different because you are in the CF ?

 

[Redeye]

Wow.  Since CDCB is just a CIBC product/brand I'm amazed that gave you that sort of a hard time.  Well, actually, I'm not, since it's CIBC.

Changing banks isn't nearly as hard as it used to be - virtually all banks have a switch servce (TD calls theirs EasySwitch, RBC has CustomSwitch, etc - they are all run by the same company, Davis + Henderson).  The service is free though there is usually a fee from the "former" bank when you make the switch but it's still worth it.  You just have to get some information ready for them and they look after the switches.

Desjardins bought out the Province of Ontario Savings Offices so they have a bit of a presence outside of Canada, and as I recall they participate in the The Exchange, a network of ATMs that allows you to pull funds from other banks' machines without fees - BMO and HSBC are also members.

During basic, they had some people in from Canadian Defense Community Banking... Its supposed to be a plan designed for military members and based around our needs, so I signed up for it.. But when I got all the info in the mail and actually sat down and read it, it was a farce. Basically they have daily limits that most found unreasonable. For a few of the younger guys who hadn't quite established their credit yet, they were limited to $200 a day total. Not just cash but debit purchases as well, and in order to get more (just for that specific purchase, like if you wanted a computer or TV or whatever) you had to call them the previous day and wait on hold for close to an hour every time to get through to them. Needed to provide a merchant ID for them and everything so it was a huge hassle. I have pretty decent credit and I was limited to $400 a day.

I thought this was ridiculous so I decided to cancel the account and go back to CIBC... What a nightmare that was... I was charged close to $50 just to close my account and have my funds transferred to my current account and it took close to 3 weeks. With my current account I have $1500 daily limit (more then I need, but the fact I can if I want is the point) on purchases and $500 on cash. I found it foolish that your credit score should affect your bank accounts. That is your money no matter how you look at it, and no one should be able to limit your spending by that much. I can understand the need for limits in case of theft, but its dumb the way they did it.

Basically just a heads up, cause I've heard they offer it during all BMQ's.. If you want it, its your choice, just make sure you read everything carefully..

 

[Jorkapp]

PC Financial

I've had their chequing account since before I joined the CF, and it's never given me troubles. Only kicker I've found is a 5 business day hold on physical deposits. Not really an issue though, since CF pay is done via EFT, I have access to my pay immediately, it's just those very few odd times out where I have to cash a cheque and wait a week to spend it.

 

[Bzzliteyr]

I was going to recommend PC banking as well.  It's pretty much the same as the CF bank account with NO FEES!

They are accessible from everywhere by phone for problems and you can use any CIBC ATM to get at your money.

I had to go in to a "branch" once, and that was to put my wife on my account so she could deal with my finances while I was overseas.

 

[Occam]

Why do people think stuff like that is dramaticaly different because you are in the CF ?

Perhaps because John Q. Public doesn't typically get yanked from location to location every three to five years?

 

[Redeye]

Perhaps because John Q. Public doesn't typically get yanked from location to location every three to five years?

Not an issue, in most cases with banks it's a simple matter of updating an address.  People, not just CF members, move all the time.

 

[Occam]

Not an issue, in most cases with banks it's a simple matter of updating an address.  People, not just CF members, move all the time.

Yes they do, but not with the frequency that CF members do.

It's not just as simple as updating an address.  As others have noted, even Canada's largest bank, RBC, cannot transfer your Ontario account to BC, even in this day and age.  For example, you can access your Ontario account via bank card, but the account itself cannot be transferred.  You have to close the account, and reopen one in the new location.  This is why virtual banks like President's Choice are attractive.  Although, even virtual banks have their drawbacks.

 

[aesop081]

It's not just as simple as updating an address. 

It most certainly is.

My account with the TD is technically in NB but i have moved 3 times since and its never made any difference. I go to the local branch when i need something and use the ATMs anywhere i go. Where your account actually is, has no effect on day to day life. I just change my address and voila ! we're complete.

Perhaps because John Q. Public doesn't typically get yanked from location to location every three to five years?

It might come as a shock to you but there are military people who dont know what that is like either.

 

[CountDC]

It most certainly is.

My account with the TD is technicaly in NB but i have moved 3 times since and its never made any difference. I go to the local branch when i need something and use the ATMs anywhere i go. Where your account actualy is, has no effect on day to day life. I just change my address and  voila ! we're complete.

Don't see a problem either.

I'm with Scotiabank, picked a branch when I moved, went in, gave them my updated info and my account was transferred to my new branch. Didn't have to change anything at work either for my pay.

It might come as a shock to you but there are military people who dont know what that is like either.

hmmm lets see - Hard Sea trades Navy come to mind.  Lot's will spend their entire career in Halifax. I can imagine that some of the combat arms guys stay put for lengthy periods. Even RMS Clks can stay put in one area such as Halifax for long periods.