Banking in the CF!

[Nfld Sapper]

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

Important changes to the Canadian Defence Community Banking Program


Thank you for your membership in the Canadian Defence Community Banking† (CDCB) program. We would like to advise that effective October 31, 2009, banking services for the Canadian Defence Community Banking program will no longer be provided by the direct banking division of CIBC.

The Canadian Forces Personnel Support Agency (CFPSA) will be providing the Canadian Forces with a group banking offer from Bank of Montreal. More information on the new offer can be found at http://www.cdcb.ca.

How will this change affect current CDCB members?
You will need to close your current CDCB account and make new banking arrangements with Bank of Montreal, CIBC, or another financial institution of your choice.

As a valued CDCB customer, we will be notifying you by mail to tell you how this change will affect each of your accounts. To ensure that there is minimal disruption to your banking services, it is recommended that you start to transition your banking services as soon as possible. You will be given until October 31, 2009 to allow for appropriate time make new banking arrangements. Please ensure that you allow sufficient time for you to take care of any pre-existing banking arrangements, such as transferring any funds, switching over any pre-authorized payments or direct deposits, or ensuring that any outstanding cheques are redeemed.

Can I still use my CDCB accounts until I am able to close them?
Until your CDCB accounts are closed, they will continue to function as they do today, and you will continue to be able to access your accounts via Telephone banking, Internet banking and at all CIBC Instant Teller® locations.

What about my Visa and Mortgage?
Only CDCB accounts are affected by this change. You may keep your CIBC Visa and any mortgages opened through the Home Loans Canada (HLC) program even if you acquired these during your membership with CDCB.

To close your CDCB account, or for further information on this change, please call us at 1-866-808-9933 or at 506-634-5444 for overseas collect calls.

 

[Smity199]

Ok thanks alot, Im going to be taking my enrollment letter and other info down to BMO on monday to set up my account via CDBC. I sure hope the enrollment letter is sufficient DND identification, when will I get my official military ID card? anyone know

 

[aesop081]

when will I get my official military ID card? anyone know

Sometime during BMQ.

 

[CountDC]

if you are not set up yet you may want to compare it to presidents choice.  When i compared them I found PC was the better option.

 

[Smity199]

oh really, well it just seems to me that since the CDCB is geared specifically towards us in the military that there would be less hassle and more stream lined and stuff but I guess I should look into PC banking cause a few people have mentioned it in this thread

 

[SupersonicMax]

To be honest, I do not see what more it offers to CF members that a regular bank cannot offer.

 

[Smity199]

so setup my account with BMO and it seems I get a pretty good discount, after the first 3 month free I will be paying 5.99 a month for unlimited transactions, instead of the usual 15.99, so I guess its kinda worth it. An I also applied for the BMO support our troops mastercard

 

[dangerboy]

so setup my account with BMO and it seems I get a pretty good discount, after the first 3 month free I will be paying 5.99 a month for unlimited transactions, instead of the usual 15.99, so I guess its kinda worth it. An I also applied for the BMO support our troops mastercard

Is that unlimited transactions just at BMO machines or any machines?

 

[Smity199]

thats just at BMO machines.. but I get 3 free transactions a month at other machines as well in case there are no BMO machines around

 

[CountDC]

at PC I get unlimited transactions at any PC or CIBC machine.  Scotiabank charges me $3.95 for unlimited at their machines. By having my pay go into PC I actually receive a statement from them on interest earned to be claimed on my taxes.  Have never received this from any other bank as i never made enough interest in a year anywhere but PC. Not a lot but rather than paying $72 a year to the bank I make over $50 a year. I also earn PC points when I buy my groceries by using my debit card. Again not a lot but every little bit counts and the points are used for groceries. The only down side I have found to PC is that everything is done by phone or online.  You do not have the option to go into the bank and have a teller assist you or talk face to face with a loan/mortgage manager.  Doesn't bother me bit I know some people prefer the "hands on" banks.

 

[Acer Syrup]

thats just at BMO machines.. but I get 3 free transactions a month at other machines as well in case there are no BMO machines around

You should have stayed with Coast Capital. Exactly the same as PC. You pay no fees, I haven't lived near a branch in three years no problems what so ever.

If you belong to a credit union you can use any credit union ATM for free through their network. Coast capital is actually a spin off of Desjardins. I do all my banking online or over the phone. I even applied for a loan over the phone. I do miss checking out the hot tellers, but thats not worth $3.95 a month. I will never switch no matter where I live.