Banking in the CF!

[Kat Stevens]

I went with TD, just because of their longer opening hours.  Their srevices have a few holes in them, but it's a trade off.

 

[Armymedic]

There are more RBC branches around then there are Desjardins Branches (or any regional credit unions/banks).  That's a fact.  Plus, in my 8 years and 5 postings, I've always had quick access to an RBC branch.

RBC has more banches and independant ATMs than any of the other Cdn banks.

 

[Ex-Dragoon]

I have dealt with Royal Bank, TD, Scotiabank and PC. The first two I will never deal with again, the last two I have been very happy with the services they provide me.

 

[infamous_p]

I have dealt with Royal Bank, TD, Scotiabank and PC. The first two I will never deal with again, the last two I have been very happy with the services they provide me.

I agree with you on the second two banks, Scotia and PC. For my entire life up until this past May I was a CIBC customer who, for some reason, had never come to his senses to realize just how sick he was of unnecessarily high service charges for not overly special service. Mind you, I don't have any complaints against the customer service provided by CIBC, I was just simply sick of paying service charges... especially considering the fact that I rarely, if ever, use the services of a teller.

Anyway (and yes, I know I may sound like a commercial, but bear with me), I decided to shop around a bit when I had a little more time on my hands this summer and decided to move my money to PC Financial, Scotiabank, and ING Direct. I keep all of my funds in the PC Financial savings account - this (obviously) allows me to benefit from the high interest rate and gives me a nice little double-digit payout into my bank account from PC at the end of every month which I tend to look forward to (rather than leaving my money in the chequing account - of any bank for that matter - and earning a whole 4 cents a month in interest). I leave a small sum of money in my PC chequing account for debit purchases here and there, and I transfer money to my PC chequing account from my savings account as I need it (i.e., in writing a cheque, paying off a credit card, when the money in my chequing account falls below, say, $100). In thinking about it, why should I leave all my money in my chequing account earning only a few cents in interest every month when I can leave all the money in my savings account, deal with the tiny hassle (which isn't really a hassle at all) of transferring money only when I need to (and even then, setting them all up ahead of time so they're all automatic, so I don't run the risk of forgetting to pay a bill, etc.), and earn quite a nice sum of interest money at the end of each month? Not to mention that PC Financial offers free unlimited cheques so instead of paying that $35.00 fee when you order a new block of 50 (or whatever) cheques, it's another avoidable service charge and you can order that block of cheques completely free as many times as you need.

Anyway, on top of that, I opened a Scotiabank chequing account and leave a total of $8.00 in my chequing account - yes, $8.00 - simply to keep the account open, just for those rare instances that I may need and/or want to go see a teller or a advisor for any reason. Just in case it really came down to it, I've linked my PC account to the Scotia account giving me the ability to transfer money back and forth, easily, throwing however-much-money into the Scotia account if I really needed to. And yes, I get charged a service charge of $3.25 a month for NOT maintaining the minimum daily balance of $2,000.00 in my Scotia account, but that is easily offset by the interest earned through the PC Financial savings account on a monthly basis...

Lastly, I've opened an ING Direct Investment Savings Account and have been making weekly transfers into that account (automatic weekly debits by ING from my PC chequing account) so I'm saving while barely noticing the difference, because it's all done automatically.

I realize I sounded like a commercial there... but I've just been quite happy with my fairly new little setup and have been thoroughly impressed - nor have I had any problems with - PC Financial and Scotia. I've already earned $50.00 in free groceries @ the Superstore with PC Financial...

Anyway, hope that gives you some ideas and/or insight... I know some people like the comfort of a branch to go into when necessary and the comfort of seeing a teller and the idea of a virtual bank is a little sketchy, but I've never been happier with any banking service.

Cheers

 

[rytel]

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

There is a Desjardins and a CIBC bank machine at the mega at CFLRS (At least I'm pretty sure I've seen a Desjardins sign there - I've always used CIBC so don't take my word for gospel) ... so if you decide to switch to any bank, CIBC might be the most convenient.  There is also a TD Canada Trust 5 minutes away near the entrance to Hwy 35.

 

[Redeye]

... I was just simply sick of paying service charges... especially considering the fact that I rarely, if ever, use the services of a teller.

Presumably, however, you make use of a bank's ATM network, advisory services, Interac Direct Payment, online banking, etc...  And none of those were free to set up.

 

[infamous_p]

Presumably, however, you make use of a bank's ATM network, advisory services, Interac Direct Payment, online banking, etc...  And none of those were free to set up.

Well, with regards to online banking - that is how banking is done with PC Financial, so that's covered already, considering PC is all online and phone.

And... in the sense of ATM network, advisory services, Interac Direct Payment, etc., that's the reason I've left the $8.00 in a Scotia account... so I have the option when I absolutely need it.

 

[newell]

Looking for a little advice. I am flying to St.Jean on saturday morning, i planned on setting up my account for direct deposit with BMO and i was also going to set up my RRSP savings. Anyway i didn't get around to it today and i just realised the banks are closed for Easter tomorrow. I do not have a void cheque to show them and i also didn't get to set up RRSPs. Will i be able to just open a new account at CDBC and do my bankibg there?

 

[MJP]

Looking for a little advice. I am flying to St.Jean on saturday morning, i planned on setting up my account for direct deposit with BMO and i was also going to set up my RRSP savings. Anyway i didn't get around to it today and i just realised the banks are closed for Easter tomorrow. I do not have a void cheque to show them and i also didn't get to set up RRSPs. Will i be able to just open a new account at CDBC and do my bankibg there?

You might be able to open up an account online with BMO, so you can try that.  CDBC is another option but be aware that as of 31 Oct 2009 that service will no longer be available.

RRSPs just wait till your account is all set up and pay is going into it regularly. 

 

[Smity199]

Hey so quick question, I read in the joining instructions that the CF offers their own banking services on base, does/has anyone use this service? any recomendations for banking, because I have a bank account in bc (coast capital) but Im almost positive its a BC only bank and not sure If I want to use that bank when im going to be living in either edmonton or winipeg for the next 3 years. let me know your experiences
thanks
-Smity

 

[George Wallace]

Hey so quick question, I read in the joining instructions that the CF offers their own banking services on base, does/has anyone use this service? any recomendations for banking, because I have a bank account in bc (coast capital) but Im almost positive its a BC only bank and not sure If I want to use that bank when im going to be living in either edmonton or winipeg for the next 3 years. let me know your experiences
thanks
-Smity

Deja vu.

Question:  Do you have INTERACT or PLUS or any of the other multiple banking access cards from your Bank?  If you do, then don't worry.

If not, then perhaps you may want to open an account at one of the "Nation's" national Banks, into which you can have your pay deposited, and accessible anywhere in the world.


Next:  We do have some topics that are very helpfull in dealing with your finances.  Have a look at some of them for ideas and perhaps developing a "Game Plan".

 

[SupersonicMax]

I am with RBC and I never had a single issue.  I moved from Quebec, to Alberta, living in every provinces in between.

 

[Occam]

Deja vu.

Question:  Do you have INTERACT or PLUS or any of the other multiple banking access cards from your Bank?  If you do, then don't worry.

If not, then perhaps you may want to open an account at one of the "Nation's" national Banks, into which you can have your pay deposited, and accessible anywhere in the world.

The CDCB program did change hands from CIBC to BMO.  There appear to be perks that are offered to CF customers (other than the "Support Our Troops" Mastercard (presently lacking the new "chip" technology) .  Details at http://www.cdcb.ca/bmo/

I make no claims about the value attached to the program - CAVEAT EMPTOR.

Canex is behind it - it may or may not be worth taking a peek at.

 

[George Wallace]

For the Newbies, and us us don't understand Greek or whatever........

Buyer beware.


Shop around.  Policies and options are constantly changing with the changing plans offered by the various Banking Institutions.  If you need to, find a credible Financial Planner or advisor to assist you.

 

[Occam]

For the Newbies, and us us don't understand Greek or whatever........

Buyer beware.


Shop around.  Policies and options are constantly changing with the changing plans offered by the various Banking Institutions.  If you need to, find a credible Financial Planner or advisor to assist you.

You mean not everyone took Latin?  8)

The financial gurus at SISIP financial planning seem to be on the ball.  I recently did a one-on-one retirement planning meeting with one, and they were full of all sorts of good tidbits to ease the transition out of the Reg Force.  I wish I'd taken advantage of their services a long time ago, as I'd probably be retiring sooner...

 

[George Wallace]

You mean not everyone took Latin?  8)

The financial gurus at SISIP financial planning seem to be on the ball.  I recently did a one-on-one retirement planning meeting with one, and they were full of all sorts of good tidbits to ease the transition out of the Reg Force.  I wish I'd taken advantage of their services a long time ago, as I'd probably be retiring sooner...

I did; way back in the 1980's.  Yes; I have a RSP.  Were the Fund Managers of the numerous Banks and Financial Institutions who managed the funds the best?  That is debatable.  I have not seen the "millions" predicted in my plan.  I have been relatively conservative in my investments, and tried to cover the various options out there.  I have seen my RSP grow, and also seen it loose money.  I have seen it drop $40K in the last little while, if not more.  Do I worry?  No.  Every investment is a gamble, but this is an extra plan to provide me with some sort of income in my later years. 

Remember, you have other  backup plans.  You may serve for the complete time it takes to get a CF Pension.  You may  become a Civil Servant and transfer your pensionable time over to the Civil Service Pension Plan, or perhaps enter some other pension plan.  A RSP is a good idea.  It is also a way to cut your Taxes. 

The thing is:  Get GOOD advice as to how to put your earnings to work for you and your future.

 

[Smity199]

Thanks guys, I closed down my coast capital bank account today and I will look into opening an account with either RBC or the special CF banking service. And also someone above mentioned something about time of years required for CF pension, how many years is that exactly? just out of curiosity

 

[Smity199]

PS does anyone know why exactly that the CDBC will be no longer available as of oct - 09 ???

 

[aesop081]

how many years is that exactly? just out of curiosity

25

 

[Occam]

PS does anyone know why exactly that the CDBC will be no longer available as of oct - 09 ???

It WILL be available after Oct 09.  It was a program offered by CIBC initially;  they've ended their association with it, and effective Oct 2009, will no longer have the CDCB product.  The CDCB product is currently available as a BMO product.