Montréal

Does anyone know of any government body (Canada or Quebec) an individual may complain to about the banks? Something like BBB or Consumer Protection?

I just got the news that my bank, BMO, has raised the interest rate on my Personal Line of Credit. As per agreement, this rate is linked to BMO Base Rate - which, as it turns out, is not the same as BMO Prime rate, which they have recently lowered, following Bank Of Canada's trend. Whereas the Base Rate has been increased bt 1%.

I have read thru my agreement, and it appears the Bank has the right to do so. But, what doesn't make sense to me, is the following. Bank of Canada lowers its prime rate - to boost consumer spending, right? That's what they give as the primary reason. And - this doesn't get passed to me, a consumer, moreover, the Bank actually starts charging me more - effectively limiting my ability to spend.

I'm sure the Bank cannot do that without a consent from BoC - I just want to hear from a government official an explanation of that nonsense.

Besides, I think I'm not the only one affected. And if all of us complain - maybe we will be heard...

HELLO all !

I have looked into the tags/memories and found some useful bank info., but couldn't really find any postings on the various credit cards available that I could apply for ? Or which bank I could talk to about getting one ? I don't have one at present and I want to apply for one that has a limit of about $3000. I will use it to purchase professional camera equipment and would be able to start paying it off almost immediately. These purchases would be via telephone to Quebec city and Toronto. Perhaps Connecticut, USA as well.

Any insight would be greatly appreciated !.. ...*one helluvaweek.... call-center-court-room drama...new job interviews... camera-shopping..... and it's only Tuesday !

Hey guys,

Can anyone tell me what's good about having a credit-union/caisse-pop account?

( My details )
So I guess my questions are: are caisse-pops a good deal for the average, non-rich person? If you have an account, how much do you end up paying in various fees per month? Do you get kickbacks for being a shareholder? Would I be better off with a caisse-pop than I am at PC?

Thanks!

Hello, people of Montreal!
I'll be moving to your beautiful city from Australia in a couple of weeks. I'm planning on opening a bank account as soon as I arrive, and I was wondering if anyone could suggest a good bank?
I have an international student card, but I'm not sure if that entitles me to a student bank account, with lower fees and all. If anyone can offer me some advice, I'd really appreciate it!
Merci!

My bank (RBC) called me around noon today, saying that they think there is suspicious activity in my account. I told the lady to hold on the line and I checked my account online, and sure enough, there were two $282 withdrawals this morning, and not by me! She told me that they canceled my card and will issue me a new one with a different magnetic strip. I asked her if I'll get my money back, and while she said that I am indeed covered for fraud, she didn't make it sound like I'll get my $564 any time soon. They have to investigate "from A to Z", whatever that means. She told me to call her if I don't hear from the fraud investigation department in 10 business days.

Has this ever happened to anyone here? And if yes, did you get your money back? I'm so bummed about this.

Update: I received a call this evening from RBC informing me that they completed the investigation and that I should be getting my money back within 2 business days. Thank you for your comments :)

I moved into a new apartment this July, and we've been receiving constant automated phone calls from the Royal Bank (or more likely their collection agency) looking for a roommate who moved to Japan more than two years ago. These calls are really annoying, they call ~ twice a day, and it's not even a real person, just an automated voice asking the ex-roommate to call the collection agency. I called the number provided and explained that the person has moved away, and the person on the other end of the phone agreed to take us off the list. This has not happened, they keep calling. Is there anything I can do about this? We've tried to get the ex-roommate to deal with the situation, but she's not interested. Other than changing our phone number what can we do?

I want to open a bank account solely to save up money for future moving expenses, tuition, etc, and not touch it until I really need it.

What financial institution would you recommend for this? I don't know as much about banks as I should.

Here's question for all you Montrealers
I would like to move out of my parents house (finally, I feel ready at the age of 24) anyhooo, point is, where should I be starting?? what? where? how? etc ...
I dont see myself really living in an apartment as well I kinda see it as a waste of cash, since I will pay rent and pay more rent and then if and when I deciede to move in the end I have nothing ... So I was thinking of purchasing a condo. I have some savings and I dont mind getting a mortage off the bank but once again I am clueless ...
Any tips advice anything really is most definetly appreciated!!!
**oooooOOOooOoooo and if anyone knows of anyone selling their condo etc, please let me know
=)
Thanks a lot in advance!
♥

Hey Montrealers,

I have a dilema. I took out a rather large money order from my bank on the 6th (since apparently my bank can't do bank to other bank money wires. So I took out a money order, and since I had the account number and other info of the account to deposit it in... thought nothing of it. Go to other bank with money order, and deposit into their commercial account. I could not deposit it as the account that I was given doesn't have permission to deposit as I am not auth on account. DUH!. So I sent my money order through internal mail so they can receive it... this was on the 13th... internal company mail is internal... anyhow, they havn't received it, and I was wondering...

... what is the best way to trace if a money order has been deposited and what happened to it. I am checking with my supervisor tomorrow, but they can not pay me (did not have my last pay and will not have my next pay), until they receive it... so as for the bank... how can I track a money order that I got from the bank? Any idea how long it generally takes?

Thank you.

*hugs*

C.

J'ai découvert aujourd'hui quelque chose que je n'avais jamais vu auparavant: un guichet automatique qui donne seulement des dollars américains et des euros.

Lieu: Carrefour Desjardins, rue Peel coin Ste-Catherine directement derrière HMV.

I've discovered today an ATM that gives only US dollars and Euros.

Place: Carrefour Desjardins, Peel corner Ste-Catherine behind HMV.

In 2005, Canadians used bank-owned ATMs to make over 700 million withdrawals. They used ATMs to make over 400 million other types of transactions. In doing so, Canadians had to cough up an estimated 420 million dollars to use their own money. In 2006, the six biggest banks posted profits just over $19 billion.

The NDP is running a petition to request the end of bank's ATM fees. Regardless of your political views, I suggest that you go on NDP's website and sign the petition, if you disagree with those fees.

http://www.ndp.ca/page/4822

The NDP ATM amendments to the banking laws would eliminate fees:

* for using your bank’s ATMs and
* for using a competing banks ATM.

Layton says ample evidence exists to support this change to the Banking Act.

“Fees for basic services represent only 5 percent of revenues of the big six Canadian banks – hardly critical to the bottom line,” says Layton. “Its working families that are hurt most by these outrageous fees.”

Layton cited examples of banks in the United Kingdom and the United States that have removed fees and not suffered any significant financial set-back.

“TD Bank doesn’t think its American customers should have to pay these fees -- only its Canadian customers. British banks don’t charge these fees either. Why do people in the US and the UK get a break from their banks, but ordinary Canadians get gouged?” asked Layton.