Oaken = Home Capital Group - risky business? | Page 2 | General financial discussion | Discussion forum

Exactly, AltaRed. Anyone who's had a thriving business knows there are some customers or groups of customers who you're not really interested in keeping so you do what you can to dissuade their business in order to free up time that can be spent more profitably.

I wouldn't be so critical of the big banks. They have been downsizing staff for a long time and will continue to do so to compete with Fintech. They will continue to scramble to ensure they get a good piece of that business. Costs are being scrubbed out of the system on a quarterly basis.

What they don't need to do is to increase interest rates on their deposits because they have a sizeable demographic that still believes in brick and mortar banks. It is only when they (and any deposit institution for that matter) need more deposits that they provide more attractive rates. Indeed, I believe each of the big banks do have a type of savings account that pays more for 'longer term' deposits. BMO has a Savings Builder account that will pay 1.25% for example (I use it), and I believe Scotia has a Momentum savings account that pays more too.

Also, many bank services that charge so-called outrageous fees are only available at brick and mortar banks. They have to keep staff employed and floor space open just for those things. Why should they not make it a profit centre? I also hope they start charging soon for utility payments, etc. Why should the bank shareholder (e.g. myself) pay for that service? If a customer doesn't like it, then pay the bills elsewhere. Try to do that at Zag or Oaken or EQ for example.

I've used CIBC online Bill Payment for years until I left 2 years ago. Have never incurred a charge. Maybe you are referring to physically going into a branch and dumping the bills at a teller's counter for him/her to process?

Added: I've always carried a minimum balance of circa $1000 or so. Maybe that's the difference. But we are rapidly off-topic now.... More appropriate to a different thread.