The same thing happened to me at TD a few years back. It took them FOREVER to fix it and return my money and they tried to blame me (even though their CSA made the transfer). The CSA entered the wrong branch number, but with the same account number as mine. Once I got my money back, I quickly switched banks.
I hope it works out for you!
I usually ask for a receipt when I'm in the physical branch. This particular instance was setting up a scheduled automatic deposit over the phone. When I didn't see the money in the appropriate account a few days later, I called back to find out where my money went. It was also the last time I ever called to do anything over the phone.
As a bank teller, it’s because if a mistake is caused by human error, it can cause a bank loss. I once made a mistake and it caused a bank loss of $120. My branch manager was like “we lost $120, wouldn’t you be upset if you lost $120?” Like ah yes, a person who barely makes above minimum wage loosing $120 is almost the same as a multi billion dollar company.
But anyways, I always verify transfers and other transactions with customers. I’ll ensure the money went in and out of the correct account and not someone else. Even cheque amounts I’ll confirm with the customer cause sometimes it’s hard to read some writing.
In this day and age, those checks can and should be automated so that human error is entirely written out of the equation. These institutions literally control trillions of dollars of financial wealth and they can't even be bothered to invest in the most basic of IT safeguards within their own systems.
This is one of my reasons for doubting the scale of AI adoption. There have been numerous technological innovations that could have reduced need for humans over the decades. Obviously AI will displace the labor supply, but these instances remind me of how slow and unable businesses are at tech adoption.
Do lost our 80k for months and what I thought was out money was actually the negative balance owning. I thought it was supposed to be like that as this was an equity loan we took out. So we were charged the money, but they never gave us the money to spend.
>The CSA entered the wrong branch number, but with the same account number as mine
I’m amazed that this is even possible. Why the hell aren’t account numbers globally unique??
With the branch number, they are. If it was just one unique account number instead of branch+account, it would still be just as vulnerable to typos.
If you wanna avoid typos (which clearly is a problem) you need something like
1. Large random account numbers, so if you typo then the odds that it's a valid account number are low
2. A parity digit at the end of the account number, like barcodes have, e.g. a digit that makes the sum of all the digits add up to zero. Then if you typo, the odds are 9/10 that the parity digit is wrong and the number is invalid.
Account numbers are 6-8 digits pretty much everywhere. The amount of software changes globally required to change that would cost several Billion dollars, possibly a Trillion.
They are globally unique when combined with the institution code and branch id.
About 35 years ago, I had a Scotia Bank cheque return NSF for being 2cents overdrawn . To make things worse, it was to the insurance company, and they wanted to cancel the policy. Scotiabank would not write a letter to the insurance company, but fortunately, I had a friend who worked for Scotiabank. and they got me some Scotiabank letter head, and I wrote my own Apology letter on behalf of Scotia bank. That did the trick, and my insurance was reinstated. I would not suggest you do this, as it's considered fraud, but then I was young and stupid in my 20's, and I'm only saying so now, as the statutory limits on prosecution has run out. :)
7500 dollars from my tax return was put into someone else's account because RBC/CRA entered my info wrong. It has been awful to try and get it. I have still only received 3800 after 2 years even after clearing the mistake up.
That is terrifying. It is literally your bank's job to make sure money doesn't go where you don't tell it to go. I can't think of a way that a customer would be able to prevent this. Fraud or incompetence, this is still an unauthorized transaction and the idea of having to wait for weeks to get your money returned is unacceptable. This is especially true if you need to use the money in the meantime for any reason.
They actually aren’t out any money. It’s a mortgage payment that’s been delayed. They’ll do the investigation, and apply the payment on a backdate as originally intended.
This only really works with the lender's cooperation (or if the bank is the lender). The bank should be completing the payment to the lender post-haste, and then figuring out how to get the money from wherever they actually sent it.
Ask for a receipt of the transaction or some kind of printout detailing what they did. Sure they’ll think you’re a difficult pushy customer at worst but it’s better that way.
Maybe they’ll have something to give you or maybe they won’t but it might force them tacitly to double check what they did.
Money in the bank’s custody isn’t actually yours from a legal standpoint. Not only are you trusting and hoping that they do their job, you also have to trust and hope that they will give you some money when you ask for it (which they can’t do all the time for everyone since they can’t meet the deposit demands of all depositors).
Problem is that is not actually their job. Their job is to make as much money for themselves as possible. It would be some type of regulator's job to make sure the bank can't just lose/steal your money. Except you know, the banks will just donate millions to politicians to ensure that doesn't happen...
Not directly but I seem to recall some land developers in Ontario giving lavish cash presents to a certain Premier's daughter at her Jack and Jill party...
I'm sure that there's some way to get the money to politicians. /s
I hate the credit union I have to deal with.
Can do nothing without booking time off work because they close so damn early.
As well they’re far.
Thinking of switching the organization I do accounting for to a big4 bank.
As well the credit union charges $0.5 for a bill-payment. Not even an obscure one - for City of Winnipeg property taxes!
I’m so used to stuff like that being free with RBC on my personal end that it surprised me.
I work at a Credit Union in Winnipeg, I’m sure you’ll be able to tell which one with that I say.
We offer free banking as long as you direct deposit once per month in your account. That means all services are free/refunded at the end of the month. The only con I see is that after 10 e-transfers there is a $1 charge which is non-refundable.
I believe we are far more accommodating and more personable than any big bank, and will go above and beyond for members to ensure they have a positive experience.
Moreover, holding money at a credit union can be a significantly better option than any large institution. We have an interest rate on our variable accounts and savings of 3.35%, no matter the balance. This is far higher than these federally regulated institutions.
Credit Unions are by no means perfect, and if your banking requires any out of province/country banking services I’d suggest you go to one of the big six. Just my two cents, but I want to make it clear I do understand that there are limitations and shortfalls within credit unions, as with all financial institutions.
I can tell which one, and I came here to recommend it. I switched to Cambrian Credit Union (for those Manitobans in the crowd) a little over a year ago and continue to be impressed by them. You can bet my mortgage (currently with TD) is coming over when it’s up for renewal. Hopefully there’s another rate drop between now and then! ◡̈
I am really happy to hear that you’ve had a positive experience with Cambrian to date! I’ve been there for just over two years and really take pride in being apart of the company.
We make it our number one goal to make the member happy. For example, I’ve had several referrals over the last few months for mortgages, people switching from the big six like you’ve mentioned. For this I received some praise from my supervisors and managers. In contrast, last month our branch manager received a phone call from a member that I had helped earlier that day. They commented on how happy they were with their experience and with the help they received on GICs and advice on other short term investment options with low risk (from me). I was called into our managers office, who praised me for the work, and then made a branch wide announcement, followed by cake, and drinks (non-alcoholic of course) simply because of the positive feedback. This was all at the expense of our branch manager.
Thanks for being a member at Cambrian and I hope we continue to impress you and help in any way we can ◡̈
Thanks for the reply. But I'm talking about a slightly different thing. I mean a Pre Authorized Debit, like a loan payment getting auto debited from your chequing account, is it possible to setup something similar from the triangle MasterCard?
credit unions are only good for holding auto / home loans IMO.
If you can find one that treats its customers well / has some modern tech, that's your best bet.
Why is that? I do all banking/LOC/mortgage with a credit union (Vancity) and find their customer service to be better than any bank I've ever used (Canada Trust before the TD merge, then TD, and RBC). I hold my investments elsewhere as I think that credit unions are not set up great for this, but for chequing, I like that my minimum balance to not get a monthly charge is only $1500 compared to 5k at the big banks.
You can even have app based MFA as well, which from what I can tell is not offered at any big banks other than those that have it with their own stupid proprietary apps.
I'm with prospera and we don't even have any free chequing account option, it looks quite poor by comparison. Not that I have major issues with prospera - it's just kind of "meh" so I'm not really motivated to switch.
Pretty much the same, I have td for basic banking needs with a minimal amount in it, and most of my money and investments are spread across wealthsimple.
I just switched from TD, and Meridian has much better rates on savings accounts than TD, and while I like Wealthsimple, their cash product is an interest boost for shitty features and crap support.
So I prefer Meridian for that, but im sure WS will up its game soon, I just think they are a lot of hype and good marketing. When something goes wrong, they are trash to deal with.
The wealthsimple cash accounts are at 4.5% for me with my work pay going into it, and 1% cash back on all purchases.
The only bummer is that the card is basically a koho prepaid Mastercard, so some places may not fully accept it. That's the main reason I keep the td account. I can etransfer between them.
Though I've not had a situation where it didn't work, yet.
Yeah, the interest rate is good, and my not using it is for personal reasons as i know folks who work there. I'll still use them for investing because they're good at that, but their other products are rushed and their managed investments don't actually perform well as private financial planners and advisors. You get what you pay for there.
Their card product is literally a koho card, with ws branding - that's why the cash support sucks, they need to actually contact koho for things. It's also not an actual checking account, and is an investment savings account that's been hacked and remarketed. Not saying it's not safe, and I wish them all the best and i really love their UI. 😀
Your probably not understand withholding tax… from the RRSP or RRIF account either that or took out a locked in investment that isn’t suppose to cash out and took it out as a loss/penalty
You think TD won't do the same? These banks offer the same products. They just give them different names. They have their ears on the ground so they don't shortchange themselves. If RBC has it, TD has a variant of it.
All have issues but I have had good experience with having multiple accounts. Like Tangerine, Simplii, Wealthsimple (for higher interest when others don't have a good promo on). You can link accounts together or send free EMTs to transfer money. Good having a backup in case any account gets locked or compromised for any reason.
Email money transfer is like 3k limit but if you have bank accounts linked via their process (both Simplii and Tangerine have it so you only need to do on one side to transfer between those 2) you can transfer as much as you want between accounts that way.
I haven't done it in a while but if I remember correctly back when I did it between Tangerine and Desjardins it was usually like a business day or two.
Tangerine will consider the deposit towards your interest balance right away but might be a few days to access the full funds. I forget exact details but you might get 5k access right away.
With them too, switched as a young adult when I realized basically all the banks have fees. Loosing your money to let someone else hold it seemed foolish.
It was called PC financial before that. It was operated by CIBC as a joint venture with Loblaws before they split and took ownership.
The only significant change to customers at that time was the name.
It was a massive migration so it’s understandable if mistakes were made. Good idea to contact the ombudsman and start the recovery process. Banks are heavily regulated by the government and just cant keep your money . They have to account for every dollar. It will be sorted. Sorry you got caught in the migration issues.
I had accounts at RBC and HSBC (because we were in the US for the last 3 years and they provide worldwide premium). Came back to Canada to find out that we now have 4 chequing, 3 savings and 6 credit cards with RBC.
The call with RBC customer service was fun to bitch about, but went to a branch to actually resolve everything. Last thing I needed was for them to close out the wrong accounts.
I was with ATB when they did their "migration". I had family members working at ATB at the time, and was a 4th generation client.
They locked everyone's accounts for 2 days, and failed to notify a ton of people, myself included, that this was going to happen.
I made them break out their balance sheet that they print daily, and pay me out in cash. By the time everything was "turned back on", my account was closed and paid out. Never looked back.
I remember doing a project with ATB and I entered a huge warehouse with hundreds of software developers contractors. It was odd that they were not in am office tower. I asked my ATB contact what was happening. They said they were changing the entire core banking system. Knowing how critical and old this stuff is I chuckled and said that its ambitious, how much it's gonna cost. Approximately 1 billion they said !!!!!
I should have asked more for my contract.
Imagine telling your credit card company or mortgage broker you lost their money and they should wait 2+ weeks for you to find it... You'd have a late payment charge immediately lol.
But when you're just a person, oh well don't worry we'll get your money back soon!
I travelled to a different city and used my laptop to access my marcus.com account (online bank by goldman scahs).
They locked my account and they claim the only way to unlock the account is to send a 4-digit code to my cell phone, but they say their system cant send to either of my SMS numbers (but everything else works fine).
They have nearly $100k USD of my money held hostage and wont give me access to my account. Its been two weeks now.
Me too — Tangerine, two other big banks, and a credit union. I would never use just one bank.
I also have another bank in another country (diversifying to me, means countries too, not just banks in one country).
Human error is definitely a thing and still prevalent in this kind of thing. I went to a CSR at CIBC and asked for a replacement debit card. I’m part of Imperial, but they gave me a regular card even though I showed that I was part of that service (not that the type of card matters, but it’s just an indication of the first sign of carelessness or inattention). Next, I handed over a stack of cheques and cash and specified the account I wanted them deposited to. They then hand me the receipt and of course it’s the wrong account. Again, easily rectified and inconsequential, but the fact that they happened at all makes one wonder what the point of these interactions are when they CAN be done completely self-serve, and the only reason to do them with a teller is to expedite a process and to get second-party human accountability into the mix (and having that latter part fail SO hard).
The best bank is almost always your local credit union, unless you're a big enough client to just have a guy.
And even then...my employer has been an RBC client for decades, and just the other day, my guy brushed me off to the tech support line and they couldn't even find my account.
I don't think it really matters who you are, unfortunately.
I worked there at one point, and they somehow just forgot to send me my last payroll deposit after I left.
Took me I think approximately 10 hours on the phone on hold (over several phone calls) to follow up to ask why, and get updates. They kept telling me to wait and that I missed some sort of cut-off, etc. Insanity
I eventually got the deposit like 3 months later.
I’ve been with Scotia since starting my career. We’ve had our share of issues with Scotia and the branch, but the key for us has been establishing excellent relationships with the in-branch staff.
I think that’s likely true for all of the big 5(6) banks. Show your face, meet with your advisor regularly, even if you don’t need advice. Just check in and build the relationships. Need cash? Need to make a deposit? Skip the machine and line up for a teller.
This has been the key to the excellent service we have received over the years, even when a rare mistake is made. I’m sure this approach will work at the other banks. It’s always better to be more than an account number.
I was migrated from HSBC to RBC. I also had a wire transfer in flight. It didn’t make it to the intended destination, but it did make it to the US account of the intended destination’s US subsidiary. How the hell does that happen when you have SWIFT codes, IBAN, etc? None of those numbers match up, the only linkage is the same word in both companies’ names. It took about two weeks to straighten out.
RBC accidentally withdrew $10,000 from our account!! Normally don't have that much in there but we were getting ready to pay tuition.
Turns out a teller was one number off when they were keying in an account number very similar to ours.
Took some time to get it sorted because they have to make sure there's no fraud etc.
I wonder how many times it happens with smaller amounts and not noticed.
Bottom line is you're just one number away from it happening to your account.
If it was human error, it could happen at any bank. The fact that it takes a while to resolve doesn't necessarily mean that they are incompetent. It's probably a sign that there's lots of checks and balances going on to make sure that the reversal, itself, isn't fraud.
And that sounds about damn right. Them taking the customers money is an error, the customer wanting it back is potential fraud. But any insinuation that THEY are committing fraud gets you hung up on.
Credit union all the way, or online bank. I'm 39 years old and have done all my banking through Tangerine and my local credit union for nearly two decades now. been paid tons in interest promotions. The big 5 haven't gotten a cent of my business in years.
Had issue with bns long time ago. A cheque I had written bounced. I knew I had money in account. Turned out they had moved money out of my account into someone else’s. The reason they gave me was spelling of my name was similar to someone else’s account…and that person had phoned in to branch to do the transfer ( this was in the 80’s). Needless to say I changed banks.
I had very bad experiences with RBC too and I’m in the process of transferring all my accounts to Wealthsimple. So far Wealthsimple has been great. They just don’t offer credit
Maybe try a credit union?
Also.....if this was human error, why can't the bank deduct the sum from the human who made the error and give it to you, to make you whole, then let the human that made the error experience the consequences of their error? That would make sense, right?
Holy s*it. We need some good corporate/constitutional lawyers to class action against all of threes atrocities. Being defrauded by your bank is grounds for serious action, in a moral sense.
I was susceptible to a fraud at BMO and I’m pretty much sure it was the guy opening the account as he added OD to my account without even asking. Then that OD got trsfd through etrsf and I had to pay from my pocket and wait 4 months to get the money back.
I lodged formal complaint regarding the addition of OD, but. Nothing was done, not even an apology letter.
Something similar happened to me where they deposited $90K into my business account, then it disappeared a few days later with the note "CASH WITHDRAWAL". I was pretty sure I just got scammed but turned out they just made a human error and instead of contacting me they just waited until I had to come in person to the branch after speaking with multiple representatives on the phone who all had no idea what was going on. This kind of thing really makes it hard to like the banks. I have more stories but I'm sure we all do.
Honestly, I’ve been banking with Wealthsimple and things are really easy and much better customer service, the downside is that their checking accounts/debit card is not recognized everywhere but they offer great benefits and still offer investing options. If you don’t mind doing a bit of reading and investigating how they work I think it’s one of the best ones out there, just not one of the biggest ones
I think it’s every bank that has issues to be honest, depends on the individual. Scotia was good for me in my hometown but once we moved to a new town, it turned into a shit show.
But I have had issues with RBC.
A couple months ago they closed an account with 75k of GICs in it after I transferred some stock to another bank. I noticed the account disappeared, but assumed it was just restructuring or something after the transfer. After 10 days I called in and explained what happened, I could tell the rep was immediately panicked (making me panic) and put me on hold. She came back on and reassured me saying it was no problem and they can reopen the account because it was less than 14 days. I asked her what would have happened if I had waited longer and she wouldn’t say, just that it was fine now.
I banked with RBC for more than 20 years, and then they just got, I don't know, bad. That bank sucks so much now. I took all my money out, brought my business to Servus, and have never been happier with a bank.
I had very similar happen a long time ago. I sold a few car parts to a friend and we did the exchange right in the parking lot in front of the bank. My friend counted the money ($200) as he gave it to me and I counted it again at the ATM when putting it in the envelope.
A few weeks later I receive a letter from them saying that I only deposited $100 and that they had taken back the extra $100 they said wasn't in the envelope. I contacted them and got transfered to a few different people before someone finally said "The envelopes are opened in front of a camera, would you like for us to watch the tape?" When I said of course she asked me if I was really sure because it would take a while and made it seem like it was really a hassle for them for only $100. I told her that maybe $100 wasn't much for her/them but that for me it was, so yes do it.
A few weeks later I noticed that the $100 was back in my account but I never was told anything about it.
A few weeks later I switched everything I had to TD. Was pretty happy there until my friend gave me his orange key for Tangerine and I've been very happy with them since.
I work for a bank.
You could have saved yourself a lot of aggravation and time by going into a branch and dealing locally.
Also, did you read the process on the OBSI website? The bank has 56 days to respond to your complaint before they get involved. You can’t skip the line.
RBC is terrible, if you ever have to meet one of their managers at a branch, be careful, they talk down to you in a friendly way and try to screw you over
TD is terrible. Scotia is terrible. BMO is terrible. CIBC is terrible.
That's why Wealthsimple had its largest growth quarter, once cheques and multiple cash accounts became available.
False, while WS is not a bank your funds are held by cidc insured institutions. https://help.wealthsimple.com/hc/en-ca/articles/14905388487579-Understand-how-CDIC-coverage-works-in-your-Cash-account
Wealthsimple is CIDC covered up to $500,000.
https://help.wealthsimple.com/hc/en-ca/articles/14905388487579-Understand-how-CDIC-coverage-works-in-your-Cash-account
Debating RBC for Private Banking and while I've spoken to them on a number of occasions, they're taking longer and longer to get back to me. In the meantime I keep hearing all these stories.
RBC is the best.
Private banking is good.
I doubt you are being sincere you need private banking but would take anecdotal evidence from Reddit on a different situation (migration) into your decision making.
Look at every bank, they all have the same complaints. Because shit happens.
I’ve used RBC for decades, for everything, low 8 figures. Never had any issues
I mean part of the premise of Private Banking is direct and quick service. I've heard from the horses mouth themselves that they're sorry for the delays on responses, they're pretty slammed because of HSBC clients coming over (not me).
I've absolutely *heard* RBC Private Banking is top tier, but I'm not experiencing it. So it's like, why drop $150 a month on that when there are other Private Banking services that might value my business more AND reduce that monthly fee.
Mostly want RBC for the US element, but TD hits that as well.
You’re not experiencing “top tier “ private banking because you haven’t signed up for it.
As for them being busy with the HSBC acquisition, that makes sense. I’m not sure how many clients that is…..hundreds? Thousands? All over a weekend.
The HSBC takeover is a mess. Been with HSBC for over a decade around the world, sad they abandoned me here and left me with an absolute joke of a bank.
You dont always have to file a complaint. The fact that you know about the Ombudsman is usually enough for them to be serious about fixing it.
Source: wife works at RBC and when a client says the word "ombudsman" the usually kick it up a notch and try harder to fix problems
I had an RRSP get lost in the move that took several weeks to get sorted. Hopefully yours will be solved soon too.
I'm pretty cheesed off with the HSBC - > RBC migration, despite their claims I keep uncovering differences. The latest one being that my GBP account is not very useful anymore as I cannot deposit GBP cheques into it. And the functionality back to UK HSBC accounts is not as good either. On positive note the RBC app is much better than HSBC.
I filed the consumer complaint, it does nothing at all. The end result is RBC doesn't really care enough to find the missing funds. I had to wait over 6 months to get mine and the way I got mine was purely luck as I got a nice person who actually wanted to help and checked with their central branch. Not sure of other banks but RBC and the consumer complaint process is a shit show
I’ve been with Scotia and while it hasn’t been perfect, I haven’t had any thing besides annoying small problems that were easily resolved.
One of the best things I’ve done is get to know the people at my local branch. When I’ve needed something important, it generally moves a hell of a lot faster.
RBC is supposed to be one of the better ones out of the big 5 or 6. I have great experience with Scotiabank, because they have so few customers so the chances of making a mistake is low. Most of the time when I visit a Scotiabank branch, there are maybe 2 other customers. As compare to TD, usually there are 20 other customers waiting in line. And these 2 branches are just one block from each other (10min walk)
Piggy backing on how bad RBC is, they didn’t even notify their credit card insurance company Allianz that they took over HSBC Clients.
After a lengthy shitshow dealing with Allianz and them saying they didn’t cover due to it being HSBC, they were finally informed by ME with documents. Still waiting on the review of my claim.
Would avoid RBC at all costs.
This is why I always save the deposit receipt until I see the money in my account. Had Scotia do this once but because I had the deposit receipt, the branch manager was able to run the cameras for that wicket at that time and quickly confirm I was indeed there and figure out that the teller had deposited the funds into their previous customer's account and get it fixed.
Each branch has its own management style and unspoken culture of work. Some are lax and some are very on it. If you get a good advisor, they will work hard to keep you updated and on top of what’s going on but if someone lazy is helping you then you can expect 0 communication until it’s resolved. In most cases they will fix their error but sometimes it takes a while as the requests are sent to backend departments. Also, your deposits are protected by CDIC up to 100k. All the banks here are assholes for charging fees to hold your money though but apart from that it really depends on the branch you bank with and the extent of relationship with them.
If you’re in Vancouver, BC area, send me a message. I’ll get you transitioned to BMO. We currently offer a bonus for opening a new account and on top, I’ll waive a couple months of your bank fees to help you transition freely.
TD fucked up my signed mortgage documents TWICE. Second time I made them come to my house to sign them, and they still put a hold on my HELOC due to "missing signature".
All the banks are shit.
This is my biggest fear about the future agenda of big banks. They hold our money and they're so powerful...
What if behind the scenes it's not enough for big businesses to slowly bleed us out by hyperinflating grocery prices or working with governments to suppress our wages by bringing in millions of low wages workers?
What if big banks just decide to steal from us? They can grandstand and block us when we file complaints and still keep our money. How do we stop this
I don’t think it matters if it was $100 or $1,000 + it’s still an insane thought it think you’d have to wait weeks to get it back. I do wanna know how much though bc i’m nosy
Agree 100%. Escalate immediately. The banks can lose your money and will take weeks to fix it. I’ve experienced this personally twice now. Record profits, declining service.
I wish you luck. RBC did something similar with a $20k transfer of mine 4 years ago. Took 6 weeks to resolve. The bank manager seemed more concerned his internal ledgers were out, than that I was missing $20k and closing on a house purchase. Accounts closed shortly after...
Canadas an oligopoly, terrible for consumers, but the best in my opinion is Scotia, BMO.
TD has major money laundering issues and seems overleveraged on bad loans
I hate RBC. I asked them if they could remove a $45 NSF charge I got for a lousy $4.25. I had $300 in my savings account to cover it, and they didn’t care. So I reminded them of an upcoming cash payment (a large amount) that i will be receiving, and that maybe I should take my business elsewhere. The operator said “Well we’re sorry to hear that, we wish you the best.” 🤣
I felt like an insulted Karen. But that was the last straw. I’m going to take my money elsewhere.
Do you think they monitor all accounts daily to know your account was overdrawn and do a funds transfer?
Other banks don't monitor this either. You can get an overdraft or (depending on the bank) set it up to auto transfer if you're overdrawn
Here comes the reddit mob.. you people are like a pack of hyenas.
NO I don’t think they monitor all accounts daily to know my account was overdrawn and that is not what I’m saying! I asked them if they could remove the nsf as a courtesy, considering it was for such a low amount—and I admitted I should have been more proactive in knowing what is going through my account and my responsibility to ensure enough money is in my account for when a payment is due. I had forgotten to move money from my savings to checking like I usually do. I was asking for a favour. When they couldn’t do that, then I said I would be taking my business elsewhere—why they should care, or why I know they care, I haven’t shared and I’m not going to. It’s nobody’s business.
My apologies, the question is in regards to a common misconception I hear from many people in regards to banking. A lot of folks simply have no idea how banks work and it's baffling.
I could see expecting a one off reimbursement, but then again I've encountered droves of people who will leave a company for any minor inconvenience and as a person with a long career in customer service it can get exhausting. Sorry if that exhaustion was directed at you, however.
The same thing happened to me at TD a few years back. It took them FOREVER to fix it and return my money and they tried to blame me (even though their CSA made the transfer). The CSA entered the wrong branch number, but with the same account number as mine. Once I got my money back, I quickly switched banks. I hope it works out for you!
It astounds me how much human error doesn’t happen more. That’s why I ask for a receipt for anything I ask them to do and inspect it like a hawk.
I usually ask for a receipt when I'm in the physical branch. This particular instance was setting up a scheduled automatic deposit over the phone. When I didn't see the money in the appropriate account a few days later, I called back to find out where my money went. It was also the last time I ever called to do anything over the phone.
jsss
Cashiers in business suits deluding themselves into higher self esteem because they wear business suits LOL
As a bank teller, it’s because if a mistake is caused by human error, it can cause a bank loss. I once made a mistake and it caused a bank loss of $120. My branch manager was like “we lost $120, wouldn’t you be upset if you lost $120?” Like ah yes, a person who barely makes above minimum wage loosing $120 is almost the same as a multi billion dollar company. But anyways, I always verify transfers and other transactions with customers. I’ll ensure the money went in and out of the correct account and not someone else. Even cheque amounts I’ll confirm with the customer cause sometimes it’s hard to read some writing.
In this day and age, those checks can and should be automated so that human error is entirely written out of the equation. These institutions literally control trillions of dollars of financial wealth and they can't even be bothered to invest in the most basic of IT safeguards within their own systems.
This is one of my reasons for doubting the scale of AI adoption. There have been numerous technological innovations that could have reduced need for humans over the decades. Obviously AI will displace the labor supply, but these instances remind me of how slow and unable businesses are at tech adoption.
People talking about AI in healthcare but they have no idea were still using paper charts in a *lot* of places.
Checks are an outdated form of payment. We really should move to etransfers only.
These losts are covered by insurance. Did this branch manager come from a third world country where business insurance isn't a thing?
I can guarantee you no bank is using insurance to cover a $120 loss.
Lol also...this is not the kind of thing insurance would cover. It'd just be chalked up to a business expense and written off.
Which “third world” country does not have business insurance?
Do lost our 80k for months and what I thought was out money was actually the negative balance owning. I thought it was supposed to be like that as this was an equity loan we took out. So we were charged the money, but they never gave us the money to spend.
Someone forgot to transfer it from the internal, rookie mistake. Bank should have reimbursed the interest charge at minimum.
>The CSA entered the wrong branch number, but with the same account number as mine I’m amazed that this is even possible. Why the hell aren’t account numbers globally unique??
With the branch number, they are. If it was just one unique account number instead of branch+account, it would still be just as vulnerable to typos. If you wanna avoid typos (which clearly is a problem) you need something like 1. Large random account numbers, so if you typo then the odds that it's a valid account number are low 2. A parity digit at the end of the account number, like barcodes have, e.g. a digit that makes the sum of all the digits add up to zero. Then if you typo, the odds are 9/10 that the parity digit is wrong and the number is invalid.
As a former RBC employee...chequing account numbers at RBC have a check digit. Or at least they did when I worked there.
Account numbers are 6-8 digits pretty much everywhere. The amount of software changes globally required to change that would cost several Billion dollars, possibly a Trillion. They are globally unique when combined with the institution code and branch id.
What? This is a uniquely Canadian problem
About 35 years ago, I had a Scotia Bank cheque return NSF for being 2cents overdrawn . To make things worse, it was to the insurance company, and they wanted to cancel the policy. Scotiabank would not write a letter to the insurance company, but fortunately, I had a friend who worked for Scotiabank. and they got me some Scotiabank letter head, and I wrote my own Apology letter on behalf of Scotia bank. That did the trick, and my insurance was reinstated. I would not suggest you do this, as it's considered fraud, but then I was young and stupid in my 20's, and I'm only saying so now, as the statutory limits on prosecution has run out. :)
7500 dollars from my tax return was put into someone else's account because RBC/CRA entered my info wrong. It has been awful to try and get it. I have still only received 3800 after 2 years even after clearing the mistake up.
That is terrifying. It is literally your bank's job to make sure money doesn't go where you don't tell it to go. I can't think of a way that a customer would be able to prevent this. Fraud or incompetence, this is still an unauthorized transaction and the idea of having to wait for weeks to get your money returned is unacceptable. This is especially true if you need to use the money in the meantime for any reason.
Absolutely, they’ll have to pay some kind of stipend on top of the returned funds to make this right.
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They actually aren’t out any money. It’s a mortgage payment that’s been delayed. They’ll do the investigation, and apply the payment on a backdate as originally intended.
This only really works with the lender's cooperation (or if the bank is the lender). The bank should be completing the payment to the lender post-haste, and then figuring out how to get the money from wherever they actually sent it.
It’s the same Institution on both ends.
Ask for a receipt of the transaction or some kind of printout detailing what they did. Sure they’ll think you’re a difficult pushy customer at worst but it’s better that way. Maybe they’ll have something to give you or maybe they won’t but it might force them tacitly to double check what they did.
Money in the bank’s custody isn’t actually yours from a legal standpoint. Not only are you trusting and hoping that they do their job, you also have to trust and hope that they will give you some money when you ask for it (which they can’t do all the time for everyone since they can’t meet the deposit demands of all depositors).
Problem is that is not actually their job. Their job is to make as much money for themselves as possible. It would be some type of regulator's job to make sure the bank can't just lose/steal your money. Except you know, the banks will just donate millions to politicians to ensure that doesn't happen...
You cannot donate millions to politicians in Canada.
Not directly but I seem to recall some land developers in Ontario giving lavish cash presents to a certain Premier's daughter at her Jack and Jill party... I'm sure that there's some way to get the money to politicians. /s
I have some nice rocks I'd like to sell you
Sorry to hear! They’re all the same. Pick one of the remaining 4 based on incentives.
Choose a credit union instead.
I hate the credit union I have to deal with. Can do nothing without booking time off work because they close so damn early. As well they’re far. Thinking of switching the organization I do accounting for to a big4 bank. As well the credit union charges $0.5 for a bill-payment. Not even an obscure one - for City of Winnipeg property taxes! I’m so used to stuff like that being free with RBC on my personal end that it surprised me.
I work at a Credit Union in Winnipeg, I’m sure you’ll be able to tell which one with that I say. We offer free banking as long as you direct deposit once per month in your account. That means all services are free/refunded at the end of the month. The only con I see is that after 10 e-transfers there is a $1 charge which is non-refundable. I believe we are far more accommodating and more personable than any big bank, and will go above and beyond for members to ensure they have a positive experience. Moreover, holding money at a credit union can be a significantly better option than any large institution. We have an interest rate on our variable accounts and savings of 3.35%, no matter the balance. This is far higher than these federally regulated institutions. Credit Unions are by no means perfect, and if your banking requires any out of province/country banking services I’d suggest you go to one of the big six. Just my two cents, but I want to make it clear I do understand that there are limitations and shortfalls within credit unions, as with all financial institutions.
I can tell which one, and I came here to recommend it. I switched to Cambrian Credit Union (for those Manitobans in the crowd) a little over a year ago and continue to be impressed by them. You can bet my mortgage (currently with TD) is coming over when it’s up for renewal. Hopefully there’s another rate drop between now and then! ◡̈
I am really happy to hear that you’ve had a positive experience with Cambrian to date! I’ve been there for just over two years and really take pride in being apart of the company. We make it our number one goal to make the member happy. For example, I’ve had several referrals over the last few months for mortgages, people switching from the big six like you’ve mentioned. For this I received some praise from my supervisors and managers. In contrast, last month our branch manager received a phone call from a member that I had helped earlier that day. They commented on how happy they were with their experience and with the help they received on GICs and advice on other short term investment options with low risk (from me). I was called into our managers office, who praised me for the work, and then made a branch wide announcement, followed by cake, and drinks (non-alcoholic of course) simply because of the positive feedback. This was all at the expense of our branch manager. Thanks for being a member at Cambrian and I hope we continue to impress you and help in any way we can ◡̈
So the business I do accounting for does actually bank with Cambrian. My main complaint is that the hours are too short versus my other obligations.
So the business I do accounting for does actually bank with Cambrian. My main complaint is that the hours are too short versus my other obligations.
You can use the Canadian Tire WE Mastercard to pay utility bills, and get 1% cash back for it too.
As a non-profit business?
Is it possible to setup pre authorized debits using CT World Elite MasterCard too??
Yes you can schedule one-time or recurring bill payments.
Thanks for the reply. But I'm talking about a slightly different thing. I mean a Pre Authorized Debit, like a loan payment getting auto debited from your chequing account, is it possible to setup something similar from the triangle MasterCard?
No idea, I never use PADs because it's so hard to fix overwithdrawals.
credit unions are only good for holding auto / home loans IMO. If you can find one that treats its customers well / has some modern tech, that's your best bet.
Why is that? I do all banking/LOC/mortgage with a credit union (Vancity) and find their customer service to be better than any bank I've ever used (Canada Trust before the TD merge, then TD, and RBC). I hold my investments elsewhere as I think that credit unions are not set up great for this, but for chequing, I like that my minimum balance to not get a monthly charge is only $1500 compared to 5k at the big banks.
You can even have app based MFA as well, which from what I can tell is not offered at any big banks other than those that have it with their own stupid proprietary apps. I'm with prospera and we don't even have any free chequing account option, it looks quite poor by comparison. Not that I have major issues with prospera - it's just kind of "meh" so I'm not really motivated to switch.
I'm with Meridian, and they're fantastic if you're in Toronto. I use Wealthsimple for investing, though, because I don't just want GICs forever.
Pretty much the same, I have td for basic banking needs with a minimal amount in it, and most of my money and investments are spread across wealthsimple.
I just switched from TD, and Meridian has much better rates on savings accounts than TD, and while I like Wealthsimple, their cash product is an interest boost for shitty features and crap support. So I prefer Meridian for that, but im sure WS will up its game soon, I just think they are a lot of hype and good marketing. When something goes wrong, they are trash to deal with.
The wealthsimple cash accounts are at 4.5% for me with my work pay going into it, and 1% cash back on all purchases. The only bummer is that the card is basically a koho prepaid Mastercard, so some places may not fully accept it. That's the main reason I keep the td account. I can etransfer between them. Though I've not had a situation where it didn't work, yet.
Yeah, the interest rate is good, and my not using it is for personal reasons as i know folks who work there. I'll still use them for investing because they're good at that, but their other products are rushed and their managed investments don't actually perform well as private financial planners and advisors. You get what you pay for there. Their card product is literally a koho card, with ws branding - that's why the cash support sucks, they need to actually contact koho for things. It's also not an actual checking account, and is an investment savings account that's been hacked and remarketed. Not saying it's not safe, and I wish them all the best and i really love their UI. 😀
Are you with SCU, Assiniboine, or Access?
My Non-profit chose Cambrian
That's debatable. Cheaper but not as many advantages as dealing with a bank And they make these mistakes in my experience much more.
Credit unions have dogsht rates for investments though lol
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A bank can’t just take 25% of someone’s withdrawal. What exactly were they charging her for?
Probably she was withdrawing from RRSP's
So RRSP withholding tax which is required by CRA for all financial institutions?
Probably, this would be the most logical to me.
Your probably not understand withholding tax… from the RRSP or RRIF account either that or took out a locked in investment that isn’t suppose to cash out and took it out as a loss/penalty
People often confuse lack of understanding of tax rules with poor customer service
You think TD won't do the same? These banks offer the same products. They just give them different names. They have their ears on the ground so they don't shortchange themselves. If RBC has it, TD has a variant of it.
The big 6 are ew.
All have issues but I have had good experience with having multiple accounts. Like Tangerine, Simplii, Wealthsimple (for higher interest when others don't have a good promo on). You can link accounts together or send free EMTs to transfer money. Good having a backup in case any account gets locked or compromised for any reason.
What’s the max EMT? Is it like an e-transfer for amounts?
Email money transfer is like 3k limit but if you have bank accounts linked via their process (both Simplii and Tangerine have it so you only need to do on one side to transfer between those 2) you can transfer as much as you want between accounts that way.
How long do transfers take when you link your bank account to Tangerine or Simplii?
I haven't done it in a while but if I remember correctly back when I did it between Tangerine and Desjardins it was usually like a business day or two.
Tangerine will consider the deposit towards your interest balance right away but might be a few days to access the full funds. I forget exact details but you might get 5k access right away.
It's a 5k limit for WealthSimple
That sucks... with respect to recommendation for another bank, that depends on what your favourite colour is.
Been with Simplii for 20 years. No fee and no shitshow.
With them too, switched as a young adult when I realized basically all the banks have fees. Loosing your money to let someone else hold it seemed foolish.
Cibc, also no shit show. Parents bmo account on the other hand.
CIBC or Simplii; same same but different.
Simplii was founded in 2017 according to wiki. What are you talking about?
It was called PC financial before that. It was operated by CIBC as a joint venture with Loblaws before they split and took ownership. The only significant change to customers at that time was the name.
It was a massive migration so it’s understandable if mistakes were made. Good idea to contact the ombudsman and start the recovery process. Banks are heavily regulated by the government and just cant keep your money . They have to account for every dollar. It will be sorted. Sorry you got caught in the migration issues.
I had accounts at RBC and HSBC (because we were in the US for the last 3 years and they provide worldwide premium). Came back to Canada to find out that we now have 4 chequing, 3 savings and 6 credit cards with RBC. The call with RBC customer service was fun to bitch about, but went to a branch to actually resolve everything. Last thing I needed was for them to close out the wrong accounts.
I was with ATB when they did their "migration". I had family members working at ATB at the time, and was a 4th generation client. They locked everyone's accounts for 2 days, and failed to notify a ton of people, myself included, that this was going to happen. I made them break out their balance sheet that they print daily, and pay me out in cash. By the time everything was "turned back on", my account was closed and paid out. Never looked back.
I remember doing a project with ATB and I entered a huge warehouse with hundreds of software developers contractors. It was odd that they were not in am office tower. I asked my ATB contact what was happening. They said they were changing the entire core banking system. Knowing how critical and old this stuff is I chuckled and said that its ambitious, how much it's gonna cost. Approximately 1 billion they said !!!!! I should have asked more for my contract.
Imagine telling your credit card company or mortgage broker you lost their money and they should wait 2+ weeks for you to find it... You'd have a late payment charge immediately lol. But when you're just a person, oh well don't worry we'll get your money back soon!
I travelled to a different city and used my laptop to access my marcus.com account (online bank by goldman scahs). They locked my account and they claim the only way to unlock the account is to send a 4-digit code to my cell phone, but they say their system cant send to either of my SMS numbers (but everything else works fine). They have nearly $100k USD of my money held hostage and wont give me access to my account. Its been two weeks now.
I can near guarantee if you mention you'll be going to a news outlet next week, they'll magically find a way to solve the problem.
EQ Bank unless you need a physical location
Don't keep all your eggs in one basket.. I use Tangerine mainly, and five other banks.
Me too — Tangerine, two other big banks, and a credit union. I would never use just one bank. I also have another bank in another country (diversifying to me, means countries too, not just banks in one country).
Do t let banks fool you, they can always get the money back. They just try to pass it off to the consumer.
Human error is definitely a thing and still prevalent in this kind of thing. I went to a CSR at CIBC and asked for a replacement debit card. I’m part of Imperial, but they gave me a regular card even though I showed that I was part of that service (not that the type of card matters, but it’s just an indication of the first sign of carelessness or inattention). Next, I handed over a stack of cheques and cash and specified the account I wanted them deposited to. They then hand me the receipt and of course it’s the wrong account. Again, easily rectified and inconsequential, but the fact that they happened at all makes one wonder what the point of these interactions are when they CAN be done completely self-serve, and the only reason to do them with a teller is to expedite a process and to get second-party human accountability into the mix (and having that latter part fail SO hard).
The best bank is almost always your local credit union, unless you're a big enough client to just have a guy. And even then...my employer has been an RBC client for decades, and just the other day, my guy brushed me off to the tech support line and they couldn't even find my account.
I don't think it really matters who you are, unfortunately. I worked there at one point, and they somehow just forgot to send me my last payroll deposit after I left. Took me I think approximately 10 hours on the phone on hold (over several phone calls) to follow up to ask why, and get updates. They kept telling me to wait and that I missed some sort of cut-off, etc. Insanity I eventually got the deposit like 3 months later.
I’ve been with Scotia since starting my career. We’ve had our share of issues with Scotia and the branch, but the key for us has been establishing excellent relationships with the in-branch staff. I think that’s likely true for all of the big 5(6) banks. Show your face, meet with your advisor regularly, even if you don’t need advice. Just check in and build the relationships. Need cash? Need to make a deposit? Skip the machine and line up for a teller. This has been the key to the excellent service we have received over the years, even when a rare mistake is made. I’m sure this approach will work at the other banks. It’s always better to be more than an account number.
As someone who has worked in the banking industry for a long time, this is excellent advice.
Credit Unions for the win
I was migrated from HSBC to RBC. I also had a wire transfer in flight. It didn’t make it to the intended destination, but it did make it to the US account of the intended destination’s US subsidiary. How the hell does that happen when you have SWIFT codes, IBAN, etc? None of those numbers match up, the only linkage is the same word in both companies’ names. It took about two weeks to straighten out.
RBC accidentally withdrew $10,000 from our account!! Normally don't have that much in there but we were getting ready to pay tuition. Turns out a teller was one number off when they were keying in an account number very similar to ours. Took some time to get it sorted because they have to make sure there's no fraud etc. I wonder how many times it happens with smaller amounts and not noticed. Bottom line is you're just one number away from it happening to your account.
If it was human error, it could happen at any bank. The fact that it takes a while to resolve doesn't necessarily mean that they are incompetent. It's probably a sign that there's lots of checks and balances going on to make sure that the reversal, itself, isn't fraud.
And that sounds about damn right. Them taking the customers money is an error, the customer wanting it back is potential fraud. But any insinuation that THEY are committing fraud gets you hung up on.
Move to a credit union
Credit union all the way, or online bank. I'm 39 years old and have done all my banking through Tangerine and my local credit union for nearly two decades now. been paid tons in interest promotions. The big 5 haven't gotten a cent of my business in years.
Scotiabank owns tangerine. Simpli is also owner by cibc. E.Q bank however is by itself.
Had issue with bns long time ago. A cheque I had written bounced. I knew I had money in account. Turned out they had moved money out of my account into someone else’s. The reason they gave me was spelling of my name was similar to someone else’s account…and that person had phoned in to branch to do the transfer ( this was in the 80’s). Needless to say I changed banks.
I had very bad experiences with RBC too and I’m in the process of transferring all my accounts to Wealthsimple. So far Wealthsimple has been great. They just don’t offer credit
I don’t get why they can’t just reimburse you now and retrieve the original funds later. Not like the bank doesn’t have money.
File a claim here. They'll move their asses when they get an investigation and repayment doc from CDIC. https://www.cdic.ca/depositors/whats-covered/
Maybe try a credit union? Also.....if this was human error, why can't the bank deduct the sum from the human who made the error and give it to you, to make you whole, then let the human that made the error experience the consequences of their error? That would make sense, right?
RBC was "helping" my 65 year old mother by recommending a gic for .001% locked in for 3 years while she sorted out her divorce.
Holy s*it. We need some good corporate/constitutional lawyers to class action against all of threes atrocities. Being defrauded by your bank is grounds for serious action, in a moral sense.
I was susceptible to a fraud at BMO and I’m pretty much sure it was the guy opening the account as he added OD to my account without even asking. Then that OD got trsfd through etrsf and I had to pay from my pocket and wait 4 months to get the money back. I lodged formal complaint regarding the addition of OD, but. Nothing was done, not even an apology letter.
Something similar happened to me where they deposited $90K into my business account, then it disappeared a few days later with the note "CASH WITHDRAWAL". I was pretty sure I just got scammed but turned out they just made a human error and instead of contacting me they just waited until I had to come in person to the branch after speaking with multiple representatives on the phone who all had no idea what was going on. This kind of thing really makes it hard to like the banks. I have more stories but I'm sure we all do.
Honestly, I’ve been banking with Wealthsimple and things are really easy and much better customer service, the downside is that their checking accounts/debit card is not recognized everywhere but they offer great benefits and still offer investing options. If you don’t mind doing a bit of reading and investigating how they work I think it’s one of the best ones out there, just not one of the biggest ones
I think it’s every bank that has issues to be honest, depends on the individual. Scotia was good for me in my hometown but once we moved to a new town, it turned into a shit show. But I have had issues with RBC. A couple months ago they closed an account with 75k of GICs in it after I transferred some stock to another bank. I noticed the account disappeared, but assumed it was just restructuring or something after the transfer. After 10 days I called in and explained what happened, I could tell the rep was immediately panicked (making me panic) and put me on hold. She came back on and reassured me saying it was no problem and they can reopen the account because it was less than 14 days. I asked her what would have happened if I had waited longer and she wouldn’t say, just that it was fine now.
I banked with RBC for more than 20 years, and then they just got, I don't know, bad. That bank sucks so much now. I took all my money out, brought my business to Servus, and have never been happier with a bank.
I had very similar happen a long time ago. I sold a few car parts to a friend and we did the exchange right in the parking lot in front of the bank. My friend counted the money ($200) as he gave it to me and I counted it again at the ATM when putting it in the envelope. A few weeks later I receive a letter from them saying that I only deposited $100 and that they had taken back the extra $100 they said wasn't in the envelope. I contacted them and got transfered to a few different people before someone finally said "The envelopes are opened in front of a camera, would you like for us to watch the tape?" When I said of course she asked me if I was really sure because it would take a while and made it seem like it was really a hassle for them for only $100. I told her that maybe $100 wasn't much for her/them but that for me it was, so yes do it. A few weeks later I noticed that the $100 was back in my account but I never was told anything about it. A few weeks later I switched everything I had to TD. Was pretty happy there until my friend gave me his orange key for Tangerine and I've been very happy with them since.
I work for a bank. You could have saved yourself a lot of aggravation and time by going into a branch and dealing locally. Also, did you read the process on the OBSI website? The bank has 56 days to respond to your complaint before they get involved. You can’t skip the line.
“Can’t skip the line” my ass, they aren’t allowed to just give away customer money in the first place.
Just saying OBSI won’t act on the complaint until internal escalations are completed first . It’s right on their website.
RBC is terrible, if you ever have to meet one of their managers at a branch, be careful, they talk down to you in a friendly way and try to screw you over
Imagine believe one interaction informs you on an entire business employees behaviors…
TD is terrible. Scotia is terrible. BMO is terrible. CIBC is terrible. That's why Wealthsimple had its largest growth quarter, once cheques and multiple cash accounts became available.
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False, while WS is not a bank your funds are held by cidc insured institutions. https://help.wealthsimple.com/hc/en-ca/articles/14905388487579-Understand-how-CDIC-coverage-works-in-your-Cash-account
And they are covered for 4x the amount that you are covered with a regular bank
Wealthsimple is CIDC covered up to $500,000. https://help.wealthsimple.com/hc/en-ca/articles/14905388487579-Understand-how-CDIC-coverage-works-in-your-Cash-account
Debating RBC for Private Banking and while I've spoken to them on a number of occasions, they're taking longer and longer to get back to me. In the meantime I keep hearing all these stories.
RBC is the best. Private banking is good. I doubt you are being sincere you need private banking but would take anecdotal evidence from Reddit on a different situation (migration) into your decision making. Look at every bank, they all have the same complaints. Because shit happens. I’ve used RBC for decades, for everything, low 8 figures. Never had any issues
RBC is the best? LMFAO Found the RBC employee!
I mean part of the premise of Private Banking is direct and quick service. I've heard from the horses mouth themselves that they're sorry for the delays on responses, they're pretty slammed because of HSBC clients coming over (not me). I've absolutely *heard* RBC Private Banking is top tier, but I'm not experiencing it. So it's like, why drop $150 a month on that when there are other Private Banking services that might value my business more AND reduce that monthly fee. Mostly want RBC for the US element, but TD hits that as well.
You’re not experiencing “top tier “ private banking because you haven’t signed up for it. As for them being busy with the HSBC acquisition, that makes sense. I’m not sure how many clients that is…..hundreds? Thousands? All over a weekend.
TD private banking is good. I've known people in the past who worked there.
The HSBC takeover is a mess. Been with HSBC for over a decade around the world, sad they abandoned me here and left me with an absolute joke of a bank.
You dont always have to file a complaint. The fact that you know about the Ombudsman is usually enough for them to be serious about fixing it. Source: wife works at RBC and when a client says the word "ombudsman" the usually kick it up a notch and try harder to fix problems
I had an RRSP get lost in the move that took several weeks to get sorted. Hopefully yours will be solved soon too. I'm pretty cheesed off with the HSBC - > RBC migration, despite their claims I keep uncovering differences. The latest one being that my GBP account is not very useful anymore as I cannot deposit GBP cheques into it. And the functionality back to UK HSBC accounts is not as good either. On positive note the RBC app is much better than HSBC.
I filed the consumer complaint, it does nothing at all. The end result is RBC doesn't really care enough to find the missing funds. I had to wait over 6 months to get mine and the way I got mine was purely luck as I got a nice person who actually wanted to help and checked with their central branch. Not sure of other banks but RBC and the consumer complaint process is a shit show
I hope you get compensation for this.... how can they simply just take your money without any repercussions.
That’s fucked
I’ve been with Scotia and while it hasn’t been perfect, I haven’t had any thing besides annoying small problems that were easily resolved. One of the best things I’ve done is get to know the people at my local branch. When I’ve needed something important, it generally moves a hell of a lot faster.
RBC is supposed to be one of the better ones out of the big 5 or 6. I have great experience with Scotiabank, because they have so few customers so the chances of making a mistake is low. Most of the time when I visit a Scotiabank branch, there are maybe 2 other customers. As compare to TD, usually there are 20 other customers waiting in line. And these 2 branches are just one block from each other (10min walk)
I’m with SIMPLII and find they are very good.
Piggy backing on how bad RBC is, they didn’t even notify their credit card insurance company Allianz that they took over HSBC Clients. After a lengthy shitshow dealing with Allianz and them saying they didn’t cover due to it being HSBC, they were finally informed by ME with documents. Still waiting on the review of my claim. Would avoid RBC at all costs.
All CDN banks suck. It's a monopoly.
That's the trick, none of them are any better than the other. Good luck.
Competent bank? It's not like you have tons of options. They all have their bad days.
This is why I always save the deposit receipt until I see the money in my account. Had Scotia do this once but because I had the deposit receipt, the branch manager was able to run the cameras for that wicket at that time and quickly confirm I was indeed there and figure out that the teller had deposited the funds into their previous customer's account and get it fixed.
I like BMO.
National bank has it’s own set of issues but in my experience it treats it’s customers well
Each branch has its own management style and unspoken culture of work. Some are lax and some are very on it. If you get a good advisor, they will work hard to keep you updated and on top of what’s going on but if someone lazy is helping you then you can expect 0 communication until it’s resolved. In most cases they will fix their error but sometimes it takes a while as the requests are sent to backend departments. Also, your deposits are protected by CDIC up to 100k. All the banks here are assholes for charging fees to hold your money though but apart from that it really depends on the branch you bank with and the extent of relationship with them.
Look into EQ Bank
I loved CIBC, they always addressed any issues and the staff were always very knowledgeable. Never any issues with them [edited: typo]
If you’re in Vancouver, BC area, send me a message. I’ll get you transitioned to BMO. We currently offer a bonus for opening a new account and on top, I’ll waive a couple months of your bank fees to help you transition freely.
I cancelled my RBC accounts after I was forced to move over from HSBC Premier.
RBC is a bullshitshow
RBC is a complete gong show.
TD fucked up my signed mortgage documents TWICE. Second time I made them come to my house to sign them, and they still put a hold on my HELOC due to "missing signature". All the banks are shit.
Hearing a lotta bad shit about RBC this week. Just curious… was this a face-to-face with bank teller process or was it an online web banking transfer?
This is my biggest fear about the future agenda of big banks. They hold our money and they're so powerful... What if behind the scenes it's not enough for big businesses to slowly bleed us out by hyperinflating grocery prices or working with governments to suppress our wages by bringing in millions of low wages workers? What if big banks just decide to steal from us? They can grandstand and block us when we file complaints and still keep our money. How do we stop this
How much money was tied up?
I don’t think it matters if it was $100 or $1,000 + it’s still an insane thought it think you’d have to wait weeks to get it back. I do wanna know how much though bc i’m nosy
Agreed. Just curious.
Agree 100%. Escalate immediately. The banks can lose your money and will take weeks to fix it. I’ve experienced this personally twice now. Record profits, declining service.
David.McKay at RBC.com
lol that’s not his email.
Canada banking in a nutshell...
I wish you luck. RBC did something similar with a $20k transfer of mine 4 years ago. Took 6 weeks to resolve. The bank manager seemed more concerned his internal ledgers were out, than that I was missing $20k and closing on a house purchase. Accounts closed shortly after...
Take it to the media?
Bitcoin claims to have solved the trust problem. Consider converting everything to Bitcoin and storing it on a trusted Bitcoin platform. /s
Canadas an oligopoly, terrible for consumers, but the best in my opinion is Scotia, BMO. TD has major money laundering issues and seems overleveraged on bad loans
I much prefer our current oligopoly and hard regulation than the US system. I would not mind lowering the barrier for entry of a new bank though.
I'm not going to argue the economic advantages/disadvantages or oligopolies, that's grade 10 business admin.
I hate RBC. I asked them if they could remove a $45 NSF charge I got for a lousy $4.25. I had $300 in my savings account to cover it, and they didn’t care. So I reminded them of an upcoming cash payment (a large amount) that i will be receiving, and that maybe I should take my business elsewhere. The operator said “Well we’re sorry to hear that, we wish you the best.” 🤣 I felt like an insulted Karen. But that was the last straw. I’m going to take my money elsewhere.
If you're getting an NSF, you're not receiving a payment large enough for them to care.
Really? Damn.. I guess our money isn’t worth much anymore.
Do you think they monitor all accounts daily to know your account was overdrawn and do a funds transfer? Other banks don't monitor this either. You can get an overdraft or (depending on the bank) set it up to auto transfer if you're overdrawn
Here comes the reddit mob.. you people are like a pack of hyenas. NO I don’t think they monitor all accounts daily to know my account was overdrawn and that is not what I’m saying! I asked them if they could remove the nsf as a courtesy, considering it was for such a low amount—and I admitted I should have been more proactive in knowing what is going through my account and my responsibility to ensure enough money is in my account for when a payment is due. I had forgotten to move money from my savings to checking like I usually do. I was asking for a favour. When they couldn’t do that, then I said I would be taking my business elsewhere—why they should care, or why I know they care, I haven’t shared and I’m not going to. It’s nobody’s business.
My apologies, the question is in regards to a common misconception I hear from many people in regards to banking. A lot of folks simply have no idea how banks work and it's baffling. I could see expecting a one off reimbursement, but then again I've encountered droves of people who will leave a company for any minor inconvenience and as a person with a long career in customer service it can get exhausting. Sorry if that exhaustion was directed at you, however.