Stewy
Premium
join:2007-12-12
Kitchener, ON
| [Rant] BMO ATM fees going from $0.85 to $5.00 per use - WOW
Just got this in the mail today and went online to check and I can't believe it.
If you don't have a plan, the ATM fee is going up from .85 cents to $5 per use.
I have a plan but some don't, I though that .85 cents was expensive but this is over the top. |
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HiVolt
Premium
join:2000-12-28
Toronto, ON
clubs: | Thats ridiculous.
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,,!,,('-'),,!,, |
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mlerner
Premium
join:2000-11-25
Nepean, ON | reply to Stewy
That's why I'll never use a major bank. |
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Thane_Bitter
join:2005-01-20
London, ON
| reply to Stewy
WOW!! 
I hate RBC however, they are offering a free* ASUS mini-PC if you set up an account (read the fine print first!)
Anyone want to place a wager on when banks will start charging for deposits?
*terms and conditions apply, See: »www.rbcroyalbank.com/products/de···C4FBB57D
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...A bitter ray of sunshine |
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Ian
Premium
join:2002-06-18 | reply to Stewy
Seems to me they're strongly encouraging you to have a plan. If that doesn't work for you, shop around for a new bank, I guess. |
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AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON | reply to Stewy
Wow....just wow....when they are going free on ATMs in the US, this comes up? Should I start stacking cash under the mattress now?
I'm sure TD's going to one up them somehow... |
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Jolie
The Other Me
Premium
join:2004-08-07
London, ON | Am I reading that right? You will be charged 5.00 as well if you go inside the bank and make a withdrawal through a teller or is that something different? (underneath the ABM cash withdrawal item) |
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idlewillkill
Go Blue
Premium
join:2005-09-28
North York, ON | reply to Stewy
It reads to me that that's the increase for the premium savings plan. It looks like for other plans, the fee is going from $.60 to $.65. |
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Stewy
Premium
join:2007-12-12
Kitchener, ON
| reply to Ian
said by Ian  :Seems to me they're strongly encouraging you to have a plan. I pay absolutely nothing since I have the premium plan and keep the minimum balance in there.
I think it stinks because the less fortunate pay through the nose and those like me who keep the minimum balance pay nothing. |
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Snickerdo
Premium
join:2001-02-28
Niagara Falls, ON
 ·Cogeco Cable
| reply to Jolie
said by Jolie :Am I reading that right? You will be charged 5.00 as well if you go inside the bank and make a withdrawal through a teller or is that something different? (underneath the ABM cash withdrawal item) You read that correct. BMO is an absolutely horrible bank. I remember having an account with them several years ago. I went in to deposit a cheque and the woman bitched and moaned about how I should have used the ATM instead, even though I was paying the higher fee to have it done in person as I didn't want to have it held. She was so rude that I immediately requested all my cash withdrawn and I closed the account right then and there. Good riddance.
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I swear that I will faithfully and bear true allegiance to Her Majesty Queen Elizabeth the Second, Queen of Canada, Her Heirs and Successors, and that I will faithfully observe the laws of Canada and fulfil my duties as a Canadian citizen. |
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digitalfutur
Sees More Than Shown
Premium
join:2000-07-15
BurlingtonON
·Cogeco Cable
| reply to Stewy
The thread title read like a Toronto Star headline, but the details tell a far different story.
The big rate increase is only for one type of account that most people don't have.
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All that is necessary for the triumph of evil is that good men do nothing - Edmund Burke. "Walk the Talk". |
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Ian
Premium
join:2002-06-18
| reply to Stewy
said by Stewy :I think it stinks because the less fortunate pay through the nose and those like me who keep the minimum balance pay nothing. The less fortunate generally get "the shaft" in all manner of financial services. They get the worst interest rates. And yeah, if you keep $-50.00 to 250$ in your account at any given time, your bank fees will be high.
But there's a reason for that. Interest rates are high because default rates are high. Fees are higher in small accounts because banks make money by lending out yours. They don't make much lending out $200 on top of the overhead to maintain an account.
The alternative would be for the "more fortunate" to even more highly subsidize those services. And of course, opinions would vary as to the fairness of that.
Just add it to the general pile of reasons why it's better to have money than to not. 
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“Any claim that the root of a problem is simple should be treated the same as a claim that the root of a problem is Bigfoot. Simplicity and Bigfoot are found in the real world with about the same frequency.” – David Wong |
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macedon
Jazz me baby
Premium
join:2006-02-12
Canada
clubs:
| reply to Stewy
i have been using »www.pcfinancial.ca/ over 2 yrs now
no fees, no limits ,no complains, i can leverage CIBC ATMs for Free; just perfect from my perspective
but then again it depends on your needs...
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"I am the lizard king. I can do anything."
Thats right, playing some old school on my mp3. Do you have problem with that? |
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dirtyjeffer
Beauty
Premium
join:2002-02-21
London, ON
·Rogers Hi-Speed
| reply to Stewy
we have dealt with BMO for several years now without any real issues...we also have a plan that includes everything we use for about $13/month...that said, when the mortgage is up for renewal in a couple of years, i am seriously looking at a "One" account like the ones Canadian Tire Financial Services or ManuLife offer.
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Best Marketplace Ever: »www.cbc.ca/marketplace/speed_bumps/ |
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Gramzster
Click, Click
join:2002-07-02
London, ON | reply to Stewy
From what I read, that's a $5.00 charge if you withdrawl from SAVINGS. To get around that, transfer the money to your chequing account you want to withdrawl and then withdrawl from your chequing. |
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elwoodblues
join:2006-08-30
Toronto, ON | reply to Stewy
But keeping the minimum balance in your account actually means it is costing you money, since the bank now has access to that balance "free of charge" |
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elwoodblues
join:2006-08-30
Toronto, ON | reply to macedon
I can't agree more.. been with them for a long long time..
Script readers on the phone, but otherwise things are great |
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elwoodblues
join:2006-08-30
Toronto, ON
| reply to Stewy
What got me years ago..
I was with Mbanx, BMO's "Virtual bank" for 12 bucks a month everything was covered, cheques, bill payments, withdrawls (no matter where) etc.
Then one day in the summer (over 10 years ago) I get a letter stating that rates were going up and that the had done a survey that the average person only used 5 Interac transactions a month.
So they were going from UNLIMITED to 5 transactions. WTF is that? So I started looking for a new bank... now I'm not stupid,but it was nearly IMPOSSIBLE to to compare.
One was free if it Snowed on a Tuesday in July, but only if the sun was shining at the same time.
The other was free on that same Tuesday, but it had to be below -50
Stupid yes, but you get the point.
What this is really about is the massive losses they have taken on the Subprime and ABCP markets.. somebody has to pay and it's not going to be them. |
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capdjq
Dare to be Great
Premium
join:2000-11-01
Vancouver
| reply to Stewy
I use Coast Capital Savings, a Trust Company, in Vancouver for all Banking transactions. Free Chequeing and no Bank transaction, bill payment fees. They have numerous outlets in Vancouver so are very convenient.
However, I wish the Banks every success and large profits cause I own Shares in BOM, Royal and TD. But I will never use them. 
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Religious War - The battle for best imaginary friend |
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lawrence171
Evilly Yours - Evilness
join:2001-12-24
Canada | reply to Snickerdo
How did she react to that? |
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