But PC Financial and ING Direct are not credit unions. ING Direct is a subsidiary of Dutch multinational bank ING; PC Financial is a financial service designed by Loblaws (with banking services administered by CIBC).PC Financial and ING Direct all the way. No service fees for most banking services, compared to the other big guys.
These are good options. They are not "credit unions" but they serve the stated goal of reducing or eliminating fees to the customer. I never set foot in a bank anyway so I don't need to be with a company that has thousands of branches. Why should I support that infrastructure when it's of no value to me?PC Financial and ING Direct all the way. No service fees for most banking services, compared to the other big guys.
Such a move would clearly send a message to teh banks that people do not want service charges. We do the banks a favour by lending them our money when we deposit it in their institutions to use for thier purposes. Why do they have to charge us for the favour we do to them? They make money two ways; lending our money to others (morgages, etc.) and by charging us for services. They are too greedy. It wasn't always like this.But PC Financial and ING Direct are not credit unions. ING Direct is a subsidiary of Dutch multinational bank ING; PC Financial is a financial service designed by Loblaws (with banking services administered by CIBC).
Therefore, in a way, transferring your funds to either is just transferring your money from one large bank to another (with the benefit of no service fees due to savings from having no traditional banking branches).
A benefit of being with a bank is deposit insurance. Are credit unions insured? I do not recall them being insured, but I could be wrong. Although Canadian banks have rarely gone bust, it is nice to know that some of the money is protected.She wishes she was associated with anonymous, what a twit.
Yes I'm PC Financial all the way as well, because I like that there are zero fees, not because I am ideologically opposed to "big banks".
It's my understanding that the money that banks charge us for services essentially to ensure that branch banks for over-the-counter servides are kept open and the employees who work there are paid (the reason why PC Financial and ING Direct do not charge service fees is precisely because they do not have to pay for such overhead).Such a move would clearly send a message to teh banks that people do not want service charges. We do the banks a favour by lending them our money when we deposit it in their institutions to use for thier purposes. Why do they have to charge us for the favour we do to them? They make money two ways; lending our money to others (morgages, etc.) and by charging us for services. They are too greedy. It wasn't always like this.
I believe that all financial institutions (including credit unions) that offer banking servides are insured for deposits up to a certain point (for deposits < $100000). Correct me if I am mistaken about this.A benefit of being with a bank is deposit insurance. Are credit unions insured? I do not recall them being insured, but I could be wrong. Although Canadian banks have rarely gone bust, it is nice to know that some of the money is protected.
ING Direct and PC are banks and are fully CIDC ensured as are the "big banks".I believe that all financial institutions (including credit unions) that offer banking servides are insured for deposits up to a certain point (for deposits < $100000). Correct me if I am mistaken about this.
