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Thread: Do banks even pretend to be service oriented anymore?

  1. #16
    KanewtZ kanewtz's Avatar
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    I don't trust many Financial Advisors from Banks.

    Personally knowing an ex FA from a major bank...he would often have to "push" their product (even if it means it isn't necessarily the "Best" option for the individual).
    Matt

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    Luv Saving People Money MortgageQueen's Avatar
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    There's obviouly always exceptions to the rule. I just prefer a financial advisor that doesn't sell for just one company (much like a mortgage broker- Big Surprise! lol) Generally, the rule of them is that they're compensated pretty much the same from every company. . .which makes them comfortable to pick and choose products just for You.
    Way back when. . .when I had a few less wrinkles, I worked for a bank. Even people shopping for a mortgage were taken in as soon as possible to meet an advisor. . .let alone opening a bank account! We called it the "side counter" back then. . .and there were generally a minimum of 2 people available for walk-ins.

  3. #18
    Financial Advisor ashedfc's Avatar
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    Quote Originally Posted by kanewtz View Post
    I don't trust many Financial Advisors from Banks.

    Personally knowing an ex FA from a major bank...he would often have to "push" their product (even if it means it isn't necessarily the "Best" option for the individual).
    True, so how was your meeting with the FA
    are you happy with the meeting; did you learned something?

  4. #19
    KanewtZ kanewtz's Avatar
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    Quote Originally Posted by ashedfc View Post
    True, so how was your meeting with the FA
    are you happy with the meeting; did you learned something?
    It isn't until tomorrow night. He lives about 5 houses down from me so he is willing to come over to my house at night and discuss with my wife and I.

    I will keep you in the loop when I find out tomorrow night.
    Matt

  5. #20
    Mastermind Shwa Girl's Avatar
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    Funny. I found 2 x great TD Canada Trust banks in Durham region and 1 TD Canada Trust bank I had to report to head office. All three bank branches are in Durham region.

    The great banks had great reception staff -friendly, gave great customer service and were good problem solvers. At one bank, they opened at 7 AM! Whaaa?!

    The bad bank made a mistake, called me the next day and left a threatening message on our answering machine. It was the teller's mistake but the answering machine message said that they could reverse our transaction and close our account if we did not come in that day.

    Well, I called them, told them I did not appreciate the tone or threat in the message and their attitude was that they could do what they want and didn't care about what I wanted.

    Well, after speaking with head office and head office security (another part of the story), I got an apology from head office and two apology phone calls from the bank's branch managers.

    We don't use that branch any more. Funny, our friend warned us not to use that branch but I ignored her.
    Last edited by Shwa Girl; Tue, May 22nd, 2012 at 08:05 PM.
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    CaToonie aemi's Avatar
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    That's why I am with PC.
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  7. #22
    Mastermind Shwa Girl's Avatar
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    Quote Originally Posted by aemi View Post
    That's why I am with PC.
    I think that there are some good brick and mortar bank branches still out there. We have PC but have also found good TD Canada Trust branches (see above post) and even some good Scotia Bank branches.

    For some reason, we have not had good luck with CIBC. And the Royal Bank - don't get me started...

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    Luv Saving People Money MortgageQueen's Avatar
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    Quote Originally Posted by Shwa Girl View Post
    I think that there are some good brick and mortar bank branches still out there. We have PC but have also found good TD Canada Trust branches (see above post) and even some good Scotia Bank branches.

    For some reason, we have not had good luck with CIBC. And the Royal Bank - don't get me started...
    I had a personal bad experience with CIBC and also my best friend works for them in middle management and I watch how they suck every last drop of blood out of their employees so the executives can take home their big bonuses. They disgust me.

  9. #24
    Financial Advisor ashedfc's Avatar
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    Quote Originally Posted by MortgageQueen View Post
    I had a personal bad experience with CIBC and also my best friend works for them in middle management and I watch how they suck every last drop of blood out of their employees so the executives can take home their big bonuses. They disgust me.
    True, this is the reality of Capitalism, tax the poor to pay for the rich... this model isn't sustainable now (we all are learning by experience). Foe example, JP Morgans, CIO's division London whale makes wrong bets costing $2billion loss (estimated initially), which has now growun probably close to $3-5billion USD. This is mind boggling number bu, the CIO gets a package of 15million USD & retires. What great job she has done to get 15million package to walk-off. This is like you make the company loose 5billion (& still the position is open, means more losses are expeceted) & on top of that you are rewarded a 15million $bonus..
    Employees are paying for everything; we as tax payers are paying for all this losses by high taxes & less pay..

    I think gradually a return to socialism is required (or probably the only way to save us from a disaster). Where we take from the rich & give it to the those who need. For example, the entire bonus of CEO's should be clawed back & distributed among employee's family welfare fund.

  10. #25
    CaToonie aemi's Avatar
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    Quote Originally Posted by Shwa Girl View Post
    I think that there are some good brick and mortar bank branches still out there. We have PC but have also found good TD Canada Trust branches (see above post) and even some good Scotia Bank branches.

    For some reason, we have not had good luck with CIBC. And the Royal Bank - don't get me started...
    I think you are right and I also think that there are only a few of them out there. I did not receive a very good service from CIBC and Royal Bank either in my few encounters with them. I don't know why, sometimes they were just not friendly and it freaked me out.

    I don't know about you, but I am tired of negotiating with big companies, because they are not doing things right and I have to get a fair price. I had to call a mobility company every month because they were charging me roaming by mistake. They also did not give me a fair deal after 5 years being their customer and now I am switching to a smaller company and they will give me a cheaper plan, no contract, full features.

    I got tired of going to bank branches and tellers not being helpful so I decided to switch to PC. That and the no-fee account.

    My point is that smaller companies can sometimes give us better deals then those big ones, like the 5 big banks. For example, with life insurance, I learned to talk to a broker and I got a much better deal from a smaller (at the time) canadian insurance company then what I've found from the big ones out there.
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  11. #26
    Mastermind Shwa Girl's Avatar
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    @ashedfc, good example with JP Morgan. And the CEO is Jamie Dimon -- he's also the chairman for the New York Federal Reserve bank. Not a good example of how to lead a financial institution.

    @aemi, there are still some branches that are good. Sometimes we need to go in to a branch to do do transactions that a virtual bank like PC, ING, or Canadian Tire Financial can't do. Like buying U.S. dollars for a quick shopping trip south.

  12. #27
    Super-walking bean bun! Ciel's Avatar
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    For those who can afford to buy a share or so of their bank (preferred costs more but you get more perks than with common shares), you will get invited to the annual shareholders meeting where you can discuss the year with the board and executives (unless there is a loud protest going on). Basically the board of the bank will hire someone to be CEO and the candidates who can name their price and options and walking away money get those conditions in their contract--so there are built-in incentives (a.k.a. golden handshake, guaranteed parachute) to be the main person responsible, even if corporate returns/income is not so hot.

    If you are into community, I think you will find credit unions more about the group and members than headlining CEOs and their perks.
    Last edited by Ciel; Fri, May 25th, 2012 at 04:44 PM.
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  13. #28
    CouponNewbie
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    I used to work for RBC and I quit because you were forced to push their products on customers. When all a customer wanted to do was deposit a paycheck, we had to then ask them if they were interested in a line of credit or mortgage etc. ...you got bonuses depending on how many people you got to sign up.

    I like sometimes how when you go into Scotia Bank or TD they just make small talk and you don't feel like you are constantly trying to be sold something. I love the employees at the TD bank I go to now. They are friendly and seem as though they gueninely want to help.

  14. #29
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    Quote Originally Posted by ilovecoupons23 View Post
    I used to work for RBC and I quit because you were forced to push their products on customers. When all a customer wanted to do was deposit a paycheck, we had to then ask them if they were interested in a line of credit or mortgage etc. ...you got bonuses depending on how many people you got to sign up.

    I like sometimes how when you go into Scotia Bank or TD they just make small talk and you don't feel like you are constantly trying to be sold something. I love the employees at the TD bank I go to now. They are friendly and seem as though they gueninely want to help.
    BMO is the same . The teller tries to sell me a LOC or a Credit Card everytime I go to them .

    Not really the teller's fault as there is constant pressure from their supervisors , managers and head office from them to do so .

    They don't even have to sell you anything, but they have to aka forced to atleast present all these useless products to you otherwise they get reprimanded by their superiors. Whether the customer falls for it or not is a different story , but that sales pitch is almost mandatory for the BMO tellers otherwise they get into trouble.

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