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Thread: Banks rant.

  1. #1
    Mastermind cath007's Avatar
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    I really need to rant this off ....I taught here because it is not the thing you can complain on Facebook or at anybody.Bank....they made me mad by all of theirs promos.A fish you believe all a promo without being properly informed by the Bank would be deceived or in trouble....7 years ago,it was 7% interest at my ''caisse'' .Now it is no more than 2% for security placements.But....I wanted to check the others bank and maybe change ....all of those tv commercial for the year start of register here,open an account make 3% of interest..in why...you have to call...you got the response ..warning placements not warranty..you have to have a big$$$$ in your account.....You can have a free tablette by opening an account..no..you have to respond their criteria .........They make money with you...They dont serve you.........so I took a celli....at least it is safe and protected....that is bull****....
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  2. #2
    Bean bun going offline Ciel's Avatar
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    Yes, big $$$$ get the better services/interest rates. Last month's promo of getting a free name-brand tablet depended on new-to-the-(national)bank customers wanting to pay $25 per month for the account fees and meeting the minimum requirements of use as well as length of time of keeping account in use.

    I have not seen 7% in the banks for deposits--but credit card interest rates can be 11-29%. Seems it's a miracle to walk into a bank branch and see a rate of more than 2% per annum (per year) on savings accounts posted on the board.

    The actor who used to say "save your money" really had a good line that applies to each of our own finances. If there is money to save after all...
    Last edited by Ciel; Sat, Aug 23rd, 2014 at 09:47 PM.
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  3. #3
    no more door to door! :) walkonby's Avatar
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    I am sure they know exactly how to lure many people in just the same way carnivals do it. It is sad that we do not suspect a bank will participate using those tactics but now you know they do.
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  4. #4
    FLA is offline
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    All big banks are like that.

  5. #5
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    I remember in the late 80's had double digit interest rates... not so anymore. That really helped my savings account when going through school.

    You need to look at mutual funds/investments to get those returns now.

    One thing they don't tell you.... make 2%? Half goes to Revenue Canada and the other half goes to inflation. Sad Panda.
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  6. #6
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    Quote Originally Posted by xlxo View Post
    You need to look at mutual funds/investments to get those returns now.
    IF you're careful about picking a fund that doesn't charge a high MER.
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  7. #7
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    Don't forget that the money makers for banks is not the fees they charge for you to get your money. That's why they want to lure you into opening accounts with them. Historically (thirty years ago and before), the amount of loans they could give out was based on how many deposits they had, so they tried to bring customers by giving favourable rates.
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