The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Switch banks and minimize hassle
– moneysense.ca
Getty ImagesTORONTO – Soured by problems with the bank he had been using for years, Johnny Hollick was looking for a good reason to take his money elsewhere, and a free iPad seemed like the perfect incentive.
One of the other big Canadian banks was offering the tablet device — an incentive used by some big financial institutions to attract new customers — but Hollick said in retrospect he shouldn’t have been enticed by fancy electronics.
“I do regret it,” the Toronto resident said. “If I could go back in time, I wouldn’t have done it.”
Hollick was switching banks because he was dissatisfied with the customer service. It’s a common complaint, but financial advisors say there are more important considerations to make before you pack up your longtime savings and migrate to a new financial institution.
Uprooting your accounts can be an arduous task and without the proper planning it can actually cost you money, with expenses ranging from break fees associated with mortgages to losing interest by cashing out certain investments early…
