babble is rabble.ca's discussion board but it's much more than that: it's an online community for folks who just won't shut up. It's a place to tell each other — and the world — what's up with our work and campaigns.
Support rabble | Advertise with us | Contact our staff | About rabble | Log-in or Register for a new account | Corrections | Privacy policy | Newsfeeds | Mailing lists
rabble: Features | Columnists | In Cahoots | Blogs | Books | Photos | What's Up | Polls
babble: Forum Topics | Active Topics
The rpn: About the RPN | Become a podcaster
rabbleTV: Program Guide | Features | Indie Inside | Best of the net
Copyright © 2001-2013 the authors
Syndicate
Cool, then pitch the idea of a bank account which you can't access by any other means than going to one branch. No ATM services, no internet services, no automatic bill payment.
Now try complaining when you pay a bill and send it via Canada Post for $.52. I guess you would save some money whenever Canada Post loses your mail.
Again, the banks should have accounts setup for low income clients.
[ 28 January 2007: Message edited by: Fidel ]
You really don't understand the nature of banking do you? When you put your money in a bank, you are doing the banks a favour. You are, in essence, lending them your money. They then invest it, make profits, and pay you a miniscule amount in interest. Have you never wondered why banks pay interest on deposits?
But because of simple minded, easily led people, the whole process of banking has been turned on its head where now it is as though banks are doing us a favour by holding our money for us (I'll hold your money for a price genius).
That's not the way it is supposed to work.
And then there is the whole ATM timeline. First, people would visit bank branches that would be open late on Fridays to accomodate people who work. But they began to close branches (for your convenience of course) and directed people to ATMs that had no charges or very low charges. You could use any bank's ATM and pay no charges or very low charges.
But once a substantial number of branches were closed, and people were accustomed to ATMs, the ATMs themselves began to disappear and Canadians found themselves using "white label" privately owned ATMs that extracted a charge at withdrawl. Suddenly, CIBC, launced its own brand of white label ATM and the gouging began in earnest.
And if you think you are only being gouged at withdrawl, take a closer look at your bank statement. You see, if you pay $1.50 when you get your money, the banking institution charges you another $1.50 through a service charge for a total of $3 or 5% of a $60 withdrawl.
And banks make billions in profits. You know what you all are? Suckers. Good for the NDP.
The so-called capitalists on this board, if they were truly capitalists as opposed to corporate sycophants, would be equally outraged at the legal theft, or bank tax, of other's money.
[ 28 January 2007: Message edited by: Frustrated Mess ]
Right, on the amount that's above $100,000 in your account.
Try 0.25% on a chequing account balance under $5000 -- or a massive 0.75% if it's a savings account. (My credit union.)
Or try 0.05% on an "interest chequing account" at Bank of Montreal -- but if it's a "primary chequing account" you'll get nothing. You could also try Royal Bank where a balance under $5000 won't get you more than 0.1%, no matter the kind. At TD Canada Trust they don't pay any interest on a chequing account below $5000, while at Scotia Bank interest doesn't start until $10,000.
You're not supposed to get interest on a checquing account.
It was a very good optical moment for Jack. Moreover, it seems to be a hit amongst many people, at a Legion function the other evening and it was all the talk, and I figure they pretty repsrented a demographic from all walks of life and age gradients.
It was too funny even, and I have to give Jack full marks for composure. Steve actually asked Jack, if he really thought the banks be should be financially responsible for providing us with services. I blew coffee out my mouth, Jack blinked and said someting like; " I do not think the banks, with their record profits ( he listed the profits) made off of their depositers, are providing them adequate compensation for what they charge on all services, compared to what they make.
So obviously you are against Credit Unions and Caisse Populaire? Of course one could argue that there are no successful economies, socialist or capitalist, because none of them are sustainable.
You're well-trained, aren't you?
Yes I AM against credit unions. They are based on the principle of minimizing the cost of banking for individual consumers. The flipside of this (in addition to worse service and it being harder to access one's money - though that is a cost bourne by individuals by choice) is that they are ill-suited to lending money to large-scale private enterprise.
Without easy access to credit, corporations become beholden to their shareholders - and short-term profit objectives, over long-term interests (like R&D).
Business in Canada does much less of the total R&D than is true in other developed nations.
So the individual should subsidize financing to large-scale private enterprise? I don't think so.
Exactly, and one is free to put their money in whatever account they feel is best.
In regards to chequing accounts in particular, 500_Apples is mostly right though - typically you get easier access to your money (than a "savings" account) with a trade off that you get little, if any, interest.
I have never paid bank fees - either in Toronto or back home in Newfoundland. ATM's are available (and bank-run machines vastly out number the anonymous ones), and most accounts come with a set number of free transactions (at machines or stores) each month. I can't remember the numbers off of the top of my head, but they're more than enough - probably something like 15-20 a month. On top of that, all transactions are free with a minimum account balance (which isn't onerous - roughly similar ot 500_Apples $1500).
If you plan ahead, take out the money you'll need for a few days or a week at a time, keep in mind where your bank's machines are and use them when you are near one, it's not hard to avoid fees.
You are incorrect. The purpose of Credit Unions is nominally to keep investment dollars as local as possible. Whether they live up to this promise is a valid question, I suppose.
Credit Union Atlantic - what makes us different from a bank?
As well, BMO Bank of Montreal is the ONLY FI that offers a completely free bank account to students and those under 21 (or a higher level plan at a discount), and the only FI to offer a full, frills attatched plan to seniors.
Pays to shop [img]wink.gif" border="0[/img]
The user accepts most of these charges because they either can't plan or can't manage their money.
[ 30 January 2007: Message edited by: Fidel ]
People are stupid and are stupid voluntarily. So boo hoo.
Actually, Andy Barrie made this very point last Friday on Metro Morning, in introducing the topic. He and Michael Hlinka (sp?) had a rather heated discussion on the topic (indeed, the most heated I've heard them have).
Yeah, it was my failure to plan to have sufficient money before going out that caused the banks to close all their branches and then later to pull hundreds of their ATMs from gas stations, variety stores, and malls leaving white label machines in their place that in many cases are, surprise, surprise, owned by the banks.
Banks have a term for the Canadian consumer: suckers.