WTF Is wrong with our banking system???

[john23]

My story of woe ...

Further explanation:

I tried to get a lousy $5000 loan to finish off paying for my awful little apartment (the cheapest available at the time) and Presidents Choice Bank (branch of CIBC now) wouldn't give me one based on a lame excuse. I paid it off in 2 months and trust me, they've been losing money ever since ...

TD generally is pretty good but for some reason getting an internet password to my corporate account took more than 2 hours. I guess that would be explained by the pretentious blonde idiot who spent more time explaining why she couldn't help me than the guy who actually did help me. The CEO is definitely getting a letter about that one.

 

[Smother]

I deal with BMO and I inquired about a loan because I have an approtunity to participate in a IPO gold company soon to go public . Anyway, long story short I ended up getting a way better deal ( interest rate wise ) through my brokerage firm and with no problems. I have a margin account which I can pay off in not too long of time.

 

[jimbo2006]

LoL!

Its not like Money I can spend.....

I sold my place....


I needed it for another Downpayment.

Umm, to save yourself the hassle next time, why not use the same law firm/notary public for both the sale and purchase transactions?

 

[LittleAsianGuy]

I hate dealing with royal bank and also took my business elsewhere.

So I walk into my bank yesterday dealing with them since 1990(It was my first account), am I presented a cheque to them which was approx $68,000. They told me that the cheque will be placed on a 5 day hold. I told them it is from Lawyer's Trust account and it should be good to go. So they said no and told me to get it certified. I was in downtown and I drove all the way to coquitlam to get it certified cause it HAS to be done at the home branch. Anyways, it became a 3 hour process. I get back to my bank and they told me they need to call in and Verify it. I sat and waited almost 45 minutes and they tell me they cannot get through and that they will try their best to get it done. I checked my account today and I still cannot access the funds. I tried calling the branch and I am getting tossed around at the calling centre. This is total BS. The minute my cheque clears, I am taking my Mortgage, investments, accounts, safety deposit box and move it elsewhere.

Oh yeah, The freaking bank is Royal Bank!!! I have dealt with them for the last 16 years and I cannot believe the level of service that I have received!

 

[Yuppie]

I hate dealing with royal bank and also took my business elsewhere.

Of all the big banks, I hate dealing with Royal Bank the most. Their rates and service is marginal and they don't give much service to small businesses or the little guy. I think the big banks make way too much money (CEO makes in the millions with bonuses) that it is a crime.

 

[maxx50]

Yep

I have to agree on the Royal back.. I have dealt with them a few time .aweil ago but recently got payed by check from some one , and it was at the Royal bank , First one i deposited in my back , and waited 5 days. the last one I wanted the money now , so i went to there Bank .I have never seen some one so adamant on trying to get me to go to my back and deposit it. Telling me crap like it should clear right a way after I told her no it won't a few time. Then there was the $5 fee on each check. witch the other charge except the credit union.
. But I genrealy chase the checks at the bank branch they are drawn on because i can't wait 5 to 7 days for them to clear , or to find out they bounced.
I figure this out , when i had the privalage of depositing any check in my accont, and draw on at the same time , my back would know if that check was good in 1 to 2 days. So what is this crap where it takes 5 day to clear....we all know about computers.

 

[jimbo2006]

If I had to guess at the business RBC has lost just from listening to people who have had experiences like this in the past 10 years, I would guess that RBC is losing a TON of money from people not renewing mortgages, withdrawing accounts, closing investment accounts. Royal Bank of Canada has become Really Bone Customers.

- TR

while the RBC does lose a ton of business from turnover, the same can be said about the other banks..so in the end its a game of musical chairs and perhaps a zero sum game.

While I've had my share of bad experiences and sympathize, your comment can't be more incorrect...on a global level RBC and TD are moving on up the food chain. Based on market value alone, both TD and RBC are now larger than Merrill Lynch and Morgan Stanley