Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this1:11 pm
December 23, 2011
Offline
Well I am completely bummed out with Coast Capital. While I expected to keep them just for my use only and for no other reason; their continued stupidity has won!!
So I am in the Lower Mainland of BC looking for an absolutley no fee account for chequing, savings and US$ that has the availability of face to face contact. I am eligible for seniors accounts and the FI can be a Bank or Credit Union but must use the credit union ATM system for withdrawals and deposits.
Any recommendations?
10:55 pm
October 21, 2013
Offline
HSBC may come closest to meeting your criteria. Branch in White Rock. Exchange Network. Appears to have fee for US$ withdrawals - unclear if seniors exempt, but I doubt it.
Or Envision CU in Delta. But it too has US$ withdrawal fee, slightly cheaper.
I think CIBC has everything you want in a Seniors package, except for CU ATM.
It may not exist.
8:50 am
February 17, 2013
Offline
Canadian Western Bank has branches throughout the lower mainland, no fee seniors account, US Dollar account, uses the Exchange network for ATM's, and their rates are slightly better than CC. I think that covers everything you are looking for. No... I am not a rep for CWB or CDF.
1:51 pm
October 21, 2013
Offline
CWB has a $1.00 transaction fee for its USD account withdrawals.
I think the issue in most cases will be the USD account, no matter where you go/
4:26 pm
December 23, 2011
Offline
I have never been charged by BMO or Coast Capital for a US$ withdrawal.
BMO charges around $10 for Euro and Pounds even if they have it in the branch while Coast Capital has no charge if it is in the branch.
4:34 pm
October 21, 2013
Offline
Does BMO give you a CU ATM?
4:54 pm
December 23, 2011
Offline
Loonie said
Does BMO give you a CU ATM?
Uh, no. What are you getting at? 
Just an FYI. For day to day banking we have always had two FIs. When one lets us down, we are not high and dry. Having BMO and a CU gives you a whole bunch of flexibility for ATM withdrawals if you are in an emergency in uncharted waters. Thus looking for a new CU or bank that uses the CU exchange system.
9:08 pm
October 21, 2013
Offline
Oh, I see. I thought maybe you were saying that BMO would be adequate.
As far as I can see, it's very unlikely that you will find another FI that has no fees on USD account and also CU ATM.
That may be why you chose CC in the first place!
8:05 am
December 23, 2011
Offline
Loonie said
Oh, I see. I thought maybe you were saying that BMO would be adequate.
As far as I can see, it's very unlikely that you will find another FI that has no fees on USD account and also CU ATM.
That may be why you chose CC in the first place!
The reason to close out Coast Capital is long story of incompetences and poorly managed non customer oriented tellers. I can leave my US$ at BMO. US$ are not covered by CDIC but are covered by the BC credit union insurance.
9:55 am
October 21, 2013
Offline
If you leave the USD at BMO, and are really only concerned about the CDN account and ATM, you should have several options including the ones Rick and I mentioned earlier.
3:03 pm
December 23, 2011
Offline
Went with Vancity. Same options as Coast Capital but more. Free cheques, money orders etc. I could have taken a chequing/savings account all free but took a chequing, savings and US$ account. The savings account can only have 10 free withdrawals per month and $.70 after while Coast Capital was $1.00 after. I rarely go over 10. And apparently you can buy US dollars online instantaneously....same as BMO....but will see.
Nice branch, good parking and very customer/business oriented folks working there.
3:59 pm
December 23, 2011
Offline
Loonie said
Does BMO give you a CU ATM?
I thought you had GICs at BMO?
9:52 pm
October 21, 2013
Offline
We did have one GIC at BMO from AirMiles, but cashed it after 1 year. Was not able to get another one. I don't have any other business with them, and no ATM card.
11:30 am
December 12, 2009
Offline
Loonie said
HSBC may come closest to meeting your criteria. Branch in White Rock. Exchange Network. Appears to have fee for US$ withdrawals - unclear if seniors exempt, but I doubt it.
Or Envision CU in Delta. But it too has US$ withdrawal fee, slightly cheaper.
I think CIBC has everything you want in a Seniors package, except for CU ATM.
It may not exist.
I wouldn't go with HSBC Bank Canada, given their uncertainty as to their footprint in Canada. They'll likely always continue to be in Canada, to some extent with it being a so-called "priority growth market," and their USD High Rate Savings account may allow three free transactions just like thir CAD High Rate Savings account, but it's more than likely they'll continue to close underperforming branches in major centres and smaller suburban or semi-rural branches (think: central and northern Vancouver Island, the B.C. Interior, Lethbridge, parts of Ontario & Quebec, etc.) and perhaps even exiting entire provinces where they only have one or two branches (think: Saskatchewan and Manitoba and maybe even the Atlantic provinces). Their core RBWM business in Canada, which has shown some growth in fee-based income namely from mutual funds sales, is teetering between profitability and unprofitability as the non-core consumer finance business continues to run-off. Basically, I see them focusing mostly on major, metropolitan cities, longer term, but with even fewer branches in those markets, in RBWM as well as primarily Commercial Banking for larger enterprises and even opening non-branch Commercial Banking "offices" (i.e., no RBWM services) where it strategically makes sense.
They also require either $25,000 or $100,000 to be invested with either HSBC InvestDirect or in their Mutual Funds business to enjoy free chequing options and HSBC InvestDirect is basically just a "front end" for National Bank Discount Brokerage as all they provide is account opening, compliance and monitoring and NBCN, which NBDB also uses, provides custody, settlement, trade clearing and reporting services to HSBC InvestDirect.
Why are you sooo upset with Coast Capital Savings? They have a USD chequing account with 1 or 2 free transactions per month and are one of the few credit unions to offer "access to deposited funds" or "cashback" limits for ABM or electronically "pulled" deposits from other FIs whereas I haven't been able to confirm if First West's Envision Financial or Valley First divisions do, though those may be options.
If you're over 59, of which I'm not, my choice would be (if not Coast Capital), Vancity or Prospera credit unions as both have free chequing accounts for seniors, "access to deposited funds" limits, are on The Exchange/Acculink ATM networks and have free chequing for USD accounts with 1-2 transactions free.
Cheers,
Doug
11:40 am
December 12, 2009
Offline
kanaka said The reason to close out Coast Capital is long story of incompetences and poorly managed non customer oriented tellers. I can leave my US$ at BMO. US$ are not covered by CDIC but are covered by the BC credit union insurance.
What do you mean by "non-customer service oriented"? If you are a bit of a "high maintenance"-type customer that needs their bills a certain way or likes to pay bills in branches with payment stubs instead of through an electronic in-branch method, that sort of thing, I think you'll find the same thing with First West which is even more efficiency/"lean" focused. Branches will always continue to exist and you'll still be able to go in, open an account, update your account information, pay a bill electronically, pick-up foreign currency or gold/silver bullion (if offered) ordered online, order a replacement debit card, change your card's PIN and request a bank draft (certified cheques will become non-existent likely within 5 years, though, as they're too time-consuming, costly and unnecessary) but people need to start realizing that all banks and credit unions are moving to a model that is service & sales oriented and, on the service part, it'll be by providing an in-branch channel to do only things that can be done online, and is relationship-driven. It's costly to maintain huge branch cash supplies and, increasingly, ABM servicing will be outsourced completely, not just ABM deposit and bill payment processing. I expect that to fully evolve by 2030 but that's my long-term estimate - it could well likely happen sooner.
In short, that's why I do a lot of things online and, if there's something that can't, like a bank draft, then the branch is needed. You get the assurance it's done "right" because you controlled the transaction. 
Also, not sure 1-2 free USD transactions per month isn't enough?
I'd give them another chance, personally.
Cheers,
Doug
11:44 am
December 12, 2009
Offline
kanaka said
Went with Vancity. Same options as Coast Capital but more. Free cheques, money orders etc. I could have taken a chequing/savings account all free but took a chequing, savings and US$ account. The savings account can only have 10 free withdrawals per month and $.70 after while Coast Capital was $1.00 after. I rarely go over 10. And apparently you can buy US dollars online instantaneously....same as BMO....but will see.
Nice branch, good parking and very customer/business oriented folks working there.
If I was older, I'd go with Vancity, too. In Alberta, I'd go with First Calgary Financial. Both offer alternatives to payday lenders for credit-challenged folks, too.
That said, Coast Capital Savings seems outstanding, among the best in Canada, especially for the under 60 crowd.
Cheers,
Doug
P.S. Just curious, have you fully closed your relationship with Coast Capital, kanaka, including redeeming your membership share(es)? Also, if I might ask, why would you go anywhere close to 10 transactions for USD? Are these cash-based or cheque-based transactions? If the former, I see no reason for that. Buy your foreign currency once a month and be done with it.
If your reason is on the FX spread/commission, you'll never get away with that.
Please write your comments in the forum.