Now That’s Comfortable Banking!
Posted by Stephen on
June 21, 2006
Before my trip to Taipei, I went to one of my bank branches to grab some US funds for my trip. I have a US and CDN account with CIBC. When I went to the branch to take my money out, they told me I couldn’t, and that I would have to go ALL the way back to my home branch, about 20 minutes away from this branch I was already at. This was the stupidest thing I have ever heard. If I hold an account, and I have my credentials, I should be able to take money out. Not so they said. Apparently, I would need a signature card at this branch on file. So what they were saying was I would need a signature card everywhere “I think” I would bank at. So if I’m in Manitoba, you guessed it, I would need a card there too. Absolute rubbish! I was also a bit uncomfortable during my lecture because I felt like I had committed some sort of felony.
Stupidity number two comes with Online Banking. I was told initially that although I would need to deposit money at my HOME branch or into a machine that did US Dollar Transactions (this wasn’t true either), I would be able to transfer my funds, online, into my CDN account to pay bills with. Guess what? Not true! You can’t do that either. What if I was in the middle of Shanghai and needed cash? You guessed it. I’m screwed.
So in a nutshell, with a CIBC US account, I can look at my money online or at a bank machine. I can’t do jack shit otherwise. If I want to do something with it I have to come ALL the way back to my home branch. What a complete waste of time!
I started looking at options and came across TD Bank. Oh, and it helped that they were giving away free iPod nanos, though I think that will become a future giveaway at Futurelooks because I hate the things. Such useless, limited function, fragile devices.
In a nutshell…
Q. Can I get my money at any branch from any of my accounts, US or CDN.
A. Yes
Q. Can I transfer my funds from US to CDN online so I can pay my bills.
A. Yes
Q. Can I have a real Business Visa, not one that is attached to my personal crap (like the one they issued me at CIBC).
A. Yes
Q. Can I have a bunch of free US and CDN checks?
A. Here’s a bunch. But your next ones will need to be bought.
Q. Can I have my nano now?
A. Wish I could, but they are shipped from some warehouse in Toronto. It’ll take 6 weeks after your account is opened.
Q. Can I transfer my business line of credit over to you?
A. Not yet. We will need to develop a relationship over the next few months to see how it goes, but we will base it on your business.
Q. How long do you hold my checks for?
A. 15 days. 5 for CDN. Overdraft is available. We can pre-clear when we have a bit more history from you.
Well, not exactly perfect, but definitely much more flexible than CIBC, though I think the lending side is better with CIBC for small business. Also, TD Bank is open till 8PM every night. I went to deposit my first check into the account, and it felt weird going to the bank so late. Usually, I’m scrambling to get there in time to deposit. I felt so relaxed heading in there at 7:00 PM, right after dinner. So right now, I’ll be running my line of credit at CIBC, and I’ll definitely be cancelling that kind of useless VISA they gave me wtih the Aeroplan miles that only work on Air Canada. The TD Visa they gave me allows me to travel on any airline with points. Oh, and a big adios to that useless CIBC US Business Account. What a joke!
So good US banking options. Open till 8PM. Oh, and cushy seats in the waiting area in case I need to go in for something. This is truly comfortable banking. It’s only a matter of time until CIBC loses all my business because they are just so out of touch with my business banking needs.
TD ATM machinese dispense USD cash? I didn’t know that!
No, they don’t. Well, there is like 2 in the lower mainland that does. You can at least go to any branch to make a withdrawal.
Yeah that’s pretty retarded that you have to go to your own branch to withdraw US cash! My bank would sometimes try to put a hold when I tried to deposit US checks into my account, so I would always go to my home branch to avoid problems. But now I just throw it in the ATM machine… They update it with the exchange rate a couple days after I deposit the check. They tell you you’re not supposed to do this, but I haven’t had a problem.
Yeah, they don’t care if you deposit to a bank machine, but they will convert it. They have to do it because each check is actualy scanned and checked by a human being still. I wanted my funds to stay US, but for any CDN checks, I have no problems, but I get very few CDN checks.