Canadian banking advice

[KungFu Eddie]

Ok, I know this is a ski forum but I'm going to ask a boring real world question. I'm moving to Canada for a while to work at Lake Louise and I need to set up a new bank account. Anyone know a bank that has good accounts for broke ass ski bums?

Also in Australia most banks offer a visa debit card (works like a visa credit card but you access your bank account instead of going into crippleing debt) is there such a system over there? It would be rather usefull for buying stuff online.

[skiwithcharlie]

Just make sure the bank you choose has a local branch in Lake Louise or else youll be eating bank fees for breakfast... All I know is that in Whistler, TD & Royal bank have the monopoly.

[Keegan]

I use TD and am quite happy with it.

[chadeau]

I use TD in Canada and I'd recommend them. I pay $11 per month for their "infinitity" plan which allows you unlimited debit card transactions, but you'd still be charged on withdrawing cash from another bank's ATM. I can't say that I remember a TD ATM in lake louise, let alone any ATMs in lake louise. I only ever went to the gas station or to the hill at LL though.

I get the same service in Australia for $5 a month with ANZ.

[L7]

No TD in Banff and no banks in Lake Louise. CIBC, BofM, ATB, and Credit Union are your Banff choices. The first two are your best bets for nationwide banking and international service as well. Not that it will be very good internationally but at least some service exists. Don't know of Visa debits here but there are 'secured' Visas. Main thing is just using your debit card but that doesn't work on line.

[KungFu Eddie]

ATB and I have something of a chequred history. Last time I left I neglected to close my account and I think they have done it for me now. Probably having no $ in it and having the monthly charges running up wasn't the best idea. Unavoidable in the end.

[Shaggy]

Visa Debit / Checkcard = Interac Debit card in Canada. Basically every bank's client card is also a debit card and can be used in almost every store, bar, etc. As far as banks go, Royal Bank still has the biggest ATM network, TD is probably second but not by much. I doubt any of them have an ATM in LL, except maybe one at the Esso station. CIBC has a branch in Banff, as well as Golden which may make it the most practical.

Almost every employer pays via direct payroll deposit, but if you get stuck working for one that doesn't, you'll want a branch or ATM that accepts deposits close by. I'd call the LL HR people and ask them what bank they recommend their new hires open accounts with.

Keep in mind that bank fees for using another bank's (or private label) ATM can add up quick, ie: Your bank's Interac W/D fee: $1.50 + $1.50 to $3 ATM convienience fee = $3 to $4.50 per W/D.

[KungFu Eddie]

There is an ATB atm in LL but it's out of order half the time and eats cards on a regular basis.

[Shaggy]

I just thought of something. If you're getting a job with the resort, they'll pay via direct deposit so you won't be making many actual physical deposits.... so you could check out ingdirect.ca. I hate their advertisements, but they are a no-fee online/telephone only bank and don't charge for debit transactions or for using another bank's ABM (but the other bank's ABM will still charge you that $1.50 to $3.00). The way around that is to get cash back while buying stuff using your debit card. PCFinancial is another no-fee online bank and deposits/withdrawls for them can be made at CIBC ATMS. I think both of them accept cheque deposits via mail for those odd times you need to.

[L7]

I'm pretty sure for ING you have to have an existing Canadian chequing account. The PC Financial isn't a bad idea as they are cheaper and you get full advantage of CIBC's machine and maybe branch network. There are things you can't do with the account like email transfers though.

I'd already mentioned the Debit cards but they don't function quite the same as a debit visa and would not be use able for the internet stuff he mentioned he'd like to do.

Don't worry about you ATB history. That would be business as usual in Banff and serves them right for the outrageous bank fees. If you open a new account just confirm that the old one is dead and there will be no attempt to carry over charges.

[Snow Dog]

Nobody's mentioned Credit Unions -- a kind of second tier bank. They're fully regulated and insured and usually have lower or no fees. In BC all the credit unions share their ATMs. LL has the Bow Valley Credit Union.

I, like most people, have a debit card and a seperate Visa card.

[powder11]

Canada doesn't use the Visa/Debit card combo. However, if your just paying bills most places will set up direct withdrawal from your checking. You really shouldn't be using a debit/visa online anyway as a scammer could easily clean out your checking and cash is cash. With a secured visa you will not lose all your cash. Any bank you go with will be more than happy to give you one. If there aren't many options locally, go with the credit union to avoid massive ATM fees.

[Gripen]

Visa Checkcards don't exist in Canada and the Interac is POS system. You can't use it like a normal CC, it cannot be used over the phone or internet. Next to worthless IMHO.

I am not going to lie, I have nothing but nightmares with Canadian banks/banking system.

Stay the fuck away from CIBC at all costs.

[XXX-er]

An auz in Lake louise ... how original

I think the canadian banking system is pretty good the 6 big "class A" banks pretty much all sell the same stuff ,I worked for all of them as a contracter over the years , in order best-to-worst on clueless meter I would say BNS,HKB,TD,Royal ,CIBC,BOM ...I actualy had BOM personnel say to me on 2 occasions "were're not as stupid as we look " to which I said no comment


IMO you want a real bricks & mortar bank you can walk into and get service ,my kid is with PC banking ,I tried to send him 7500$ to buy a car , he was in a hurry and there was no way to do it ... I ended up sending him a bank draft by greyhound bus freight .A virtual bank in addition to a real bank is fine ,you can hook them up for interent transfers which happen over night .Online banking is big in canada , you don't ever really need to visit a branch but then some times you do

Where do you bank in auz ? see if that bank has an affiliate in canada if there is any chance you will need to have acesss to your auz bank

you also want a bank that answers the phone in the branch ,royal & bom DO not pick up the phone in the branch the switch board is/was in saskatchewan & vancover

from the choices L7 lists in banff/louise I personaly wouldnt trust any of those banks ,try ATB

all that hardware is serviced out of cow-town

seperate debit and visa cards are big in canada ...you really can live without cash .

there are lots of inactive accounts in the canadian banking system and its no biggy .

Those fuckups at Bom lost my paycheck 30 years ago so I left 13cents in the account and thru away the book

[shirk]

Visa Checkcards don't exist in Canada and the Interac is POS system. You can't use it like a normal CC, it cannot be used over the phone or internet. Next to worthless IMHO.

A system that gives you access to your chequing or savings account around the world is useless?

I've used my Interac card at ATM machines in Africa, Europe and all over Canada and the US. It's been nothing but convenient. Sure it's not a CC and debit all in one card, but how hard is it to carry an extra card and remember a PIN number? You can use it on the internet for select things if you bank with RBC, Scotia, TD or BMO.

[XXX-er]

When you say POS I automaticly think "point of sale" or are you saying "piece of shit"?

I disagree the only real problem with debit card is if the system is down and you don't have back up cash but the availability is really VERY high .Debit cards are also good for fuckups who can't control their spending becuz you are taking the money out of your account instead of borrowing money you may not be able to afford like you do with a visa card

I used a BNS personnel banking card for ATM acess in europe and NO problem 5 euros a shot or FREE acess at a BNS affiliate , so I would get lots of $$ ,affilites are listed on every banks website.

Visa was hit and miss in europe ,1/2 the time it didnt work so we had to use cash ,my buddy had the same problem last month ... sometimes his card worked and sometimes he used his company card

visa in canada at least with canadian visa cards is NO PROBLEM BTW

Totally forget amex traveller's checks ... nobody wants those things anymore

[KungFu Eddie]

Thanks for all the advice guys. It's a nightmare trying not to get boned by fees. I looked into the online banks you mentioned but sadly ING does require an existing Canadian account and PC financial needs you to go to one of their supermarkets to prove your identity (the closest ones are on the outskirts of Calgary and i'm staying downtown for a couple of days with no car and alot to do).

Looks like ATB might be my best option (better the devil you know and all that). It's a shame there is no visa debit over there (how do people pay for stuff over the phone or online that are too poor for the bank to give them a credit card?)

[Gripen]

A system that gives you access to your chequing or savings account around the world is useless?

I've used my Interac card at ATM machines in Africa, Europe and all over Canada and the US. It's been nothing but convenient. Sure it's not a CC and debit all in one card, but how hard is it to carry an extra card and remember a PIN number? You can use it on the internet for select things if you bank with RBC, Scotia, TD or BMO.

Its a shit system compared to the Visa checkcard system that allows to withdraw money from an ATM anywhere or world or use it anywhere Visa is accepted. It is not a CC card, it simply takes the money directly from your acct via Visa. You cannot spend more then you have in the account. (aside from whatever your banks overdraft is). The Interact card only works as an ATM card out of Canada, the Visa checkcard is an ATM and Visa backed debit card anywhere in the world. (Plus the conversion fees are FAR lower)

Whenever I travel abroad all the money I am going to use gets transferred to my American acct simply because it is a far better system.

Just to clarify. A Visa check card is not a CC, rather it allows you to access the money in your acct via the Visa system anywhere Visa is accepted. It takes the middle man (i.e. ATM) out of the equation.

[Snow Dog]

(how do people pay for stuff over the phone or online that are too poor for the bank to give them a credit card?)

Over here they give away credit cards like candy on Halloween.

[Wiilbert]

I have a Mastercard cheque card from my credit union in Calgary, so they do exist here. The Bow Valley Credit Union likely has something similar and they're located in Banff. Do they have an ATM in LL? I'd be surprised, there isn't much of anything in LL...

[Shaggy]

Its a shit system compared to the Visa checkcard system that allows to withdraw money from an ATM anywhere or world or use it anywhere Visa is accepted. It is not a CC card, it simply takes the money directly from your acct via Visa. You cannot spend more then you have in the account. (aside from whatever your banks overdraft is).

Whenever I travel abroad all the money I am going to use gets transferred to my American acct simply because it is a far better system.

Just to clarify. A Visa check card is not a CC, rather it allows you to access the money in your acct via the Visa system anywhere Visa is accepted. It takes the middle man (i.e. ATM) out of the equation.

A Visa check card will let you take out more than you have in your account, beyond your overdraft limit. The bank will charge an NSF charge for each and every transaction beyond that limit. The reason this happens is because the Visa Checkcard system is not real-time. All transactions are collected, and then posted at the end of the day just like credit cards. I got bit by this big time when I drove down to SF last year: $45 NSF times 5. It was an extra $225 cost I wasn't expecting on my trip.

Checkcards are also a lot less secure, since it's a Visa number, anyone who has access to it can use it to drain your bank account. Sure, the bank will eventually give the money back, but it takes weeks for them to investigate first.

There's other problems with Visa Check, but I'm not going to write an essay here. The fact is it's not a better system because it's a hack. In the U.S. (and elsewhere) they had an established credit card system, and no debit system. The solution was to just piggy-back on the credit card system.

The Interac network on the other hand was developed decades ago for it's specific purpose, and therefore works really well. It's probably the only example of where having a small number of banks actually benefited the average person.

(how do people pay for stuff over the phone or online that are too poor for the bank to give them a credit card?)

What Snowdog said. Those in Canada who do not have CCs have really fucked up somewhere along the line.

[Gripen]

A Visa check card will let you take out more than you have in your account, beyond your overdraft limit. The bank will charge an NSF charge for each and every transaction beyond that limit. The reason this happens is because the Visa Checkcard system is not real-time. All transactions are collected, and then posted at the end of the day just like credit cards. I got bit by this big time when I drove down to SF last year: $45 NSF times 5. It was an extra $225 cost I wasn't expecting on my trip.

You have a shit bank. never had this happen in the last ten years.

[snoboy]

Look into www.citizensbank.ca I've been super happy, and the fees are low to non existent depending what package you get. Not that it matters to a ski bum, but their savings account rates are good too.

Excellent online and telephone service.

[XXX-er]

you actualy CAN get money out of an atm on your visa but its considered an advance, I think you pay a high % on it till you pay the bill

I also seen the checkers at safeway give cash back on a debit above whatever you have bought

I don't know much about the US banking system but the canadian banking system works pretty good IMO,sure there are only 6 big banks but lotsa branches