This week I finally went into the bank I’ve been with for almost 10 years to close one of my accounts there. My first bank accounts in Canada were with BMO and I’ve remained loyal to them so far. (Mainly because of the massive amounts of Airmiles I collect on personal and business credit cards) I did have a little affair with Bank of Nova Scotia on the side but found the customer service at my local branch sucked, so I stuck it out with BMO. I love the people at my branch, they’ll bend over backwards for me… but, it’s time I face the facts: I shouldn’t have to pay for a bank account. Period.
Without getting into the economics of things too much it’s really pretty simple; a bank is a business that exists to make money and to maximize profit for its shareholders. When I deposit my money, they promise to keep it safe (sort of, there’s still that ‘insured up to $100,000’-thing) and build their business with it. I shouldn’t have to pay for the privilege of lending them my hard-earned money!
Now, there are many many BAD banks out there, Citi and B of A, I’m talking to you – but there are also good, honest banks who know how to do business, I tend to view BMO as one of the latter. But I’m done with paying fees for everything so a little while ago I opened a Thrive Checking account with ING Direct, things got kind of complicated when Capital One ended up buying ING Direct recently… I’m hoping they won’t screw up ING too bad as I’ve decided to stick around for the awesome perks.
Hello 50 free cheques, free transactions, automatic transfers and interest on my dollars instead of fees. FREE! Why can’t you do that BMO? Sure you do it for students (which I still am) but er…. us adults are cheapskates too, you know. After closing one of my accounts with them they sent me a message on online banking that my auto-transfers were cancelled, for free, but that there is a $4.50 per transfer to set them up. ARE YOU KIDDING ME? $4.50 to set up an automatic transfer that takes like… 5 seconds to complete?
I better whip out my ING card to get my blood-pressure back down from boiling point.
PS: If you would also like free banking with ING, use my orange key to get some free bucks; 16984337S1
PS: IMG Source here.
Edit: In the comments it’s pointed out that Capital One was involved with the ING Direct buyout, not Citi, as I had mistakenly written. For some reason I was under the impression that Capital One was an affiliate of Citi, thus my mistake. Oops! Hate to misinform people!