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| quote: | Originally posted by Chinaman
The benefit of having branches open late and frequently, if you have a problem, it's better to speak with a staff member in person as opposed to some automated telephone operator or ATM? |
Why? The competency of the agent/teller is far more relevant than whether they are serving you in person or over the phone. Honestly, who cares how late a branch is open? What exactly do you go there for that you can't do at an ATM or online? How often do you need to certify a cheque or get a bank draft? Not often enough to pick a financial institution JUST because they are open late, in my opinion. I do 99% of my banking online or at an ATM...no lineups, no finding a branch somewhere...THAT is true convenience.
sorry...I don't mean to single you out...but I have to disagree with some of what you say...I'm not THAT biased towards PCF banking...I work in their mortgage dept...so I could honestly care less where everyone actually banks 
| quote: | Originally posted by Chinaman
You're not going to get away from services charges from any bank... Well, I guess PC has the no fee thing but I think the inconvenience of no real branches can be a problem... Also, I believe you can only withdrawl a very limited amount of cash at one time...For instance, if you needed to certify a cheque, or obtain a money order, you would usually have to go to a branch for that. |
No, there are not ridiculously low limits on cash withdrawls with PCF...there are limits though...besides, every bank has daily cash limits...PCF does have rather strict guidelines though, moreso than other major banks in many cases...but each bank has different policies...essentially, the longer you're with a bank, and the better your credit rating, the less restrictions you'll have on your accounts.
PCF cardholders enjoy no annual or monthly account fees, unlimited free cheques, free telephone and online banking, and pay no fees at both PCF and CIBC bank machines. Not bad! Bank drafts? Call PCF telephone banking and a bank draft can be made available at any CIBC branch across the country within 24 to 48 hours...it's not that inconvenient at all for the very few times anyone should actually need to do so.
| quote: | Originally posted by Chinaman
So, out of the big five, you may want to consider TDCT. And since you're 18, don't expect to get a credit card, you may be a little to young for that... Plus, credit cards aren't the best things to have.
If you plan to get one, use it responsibly and DO NOT carry a balance. The goal is to establish a good credit history, so you'll be able to get a mortgage or personal loan in the future. This also implies you don't write bad cheques or have numerous cheques returned on your account. Also, pay all your bills on time too. |
Credit cards are not that bad, IF used properly (as you suggest). You can control your limit too...if you're bank raises it, you can ask that the limit be reduced back to a level with which you're comfortable. They're proabably the easiest way to establish credit, you can make large purchases without carrying cash (debit is fine for that too), many places require a credit card (video store accounts, online shopping, etc), and (like debit cards) most credit card issuers have purchase protection of some sort. Most banks also have a no annual fee card as well. With PCF, no fees + PC Points = better value than many other cards. Even if you "can't" get a conventional credit card, there are issuers of secured credit cards who take a deposit that is a portion of, or the whole, credit limit they will grant...it guarantees you a way of building credit and eventually you'll get it back.
NSF cheques do not affect your credit rating *at all*...your branch may (and probably does) keep such records, but it's completely irrelevant with regard to your credit rating.
Off the top of my head, the only thing you can really do with a regular bank account that would end up on your bureau report would be to default on your overdraft...banks can post OD accounts to your bureau. The single worst thing you can do for your credit rating is to declare bankruptcy...2nd is having collections on your bureau...3rd are late payments beyond 30 days.
Lines of credit are great...qualification requirements are more strict than credit cards, but they carry much lower interest rates and demonstrate a more "mature" use of credit vs. having credit cards alone.
Just some of my thoughts on banking and credit...before anyone signs on ANYWHERE...think about what you NEED and what you'll be doing with your accounts and products...then decide what bank is best for you.
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