Banks - Is it worth it to be lyoal??

[wantoplay]

I am going for a line of credit, but have not applied yet. Does loyalty to one bank mean anything?? I bank and have a small MasterCard with BMO, and wondered if I should apply there first?? Some folks @ National Bank were nice and took the time to answer my questions, so maybe I will try there?? How about a financial (Mortgage) broker??

What do you Terbites recommend??

 

[PurpleMonkey]

Being Loyal to a bank? What???!!!???

Are they loyal to you? Do they reverse all your service fees? Do they not check your credit rating when applying for the mastercard? In this day and age economy it's all about your net worth (w/ credit worthiness). If you're a poor beaaatch with a 413 beacon score and have banked with them and ONLY them for 150 years with a chequing account and a mastercard....they will tell you to Fuck Off when applying for a line of credit (UNLESS you put down your house as equity which they will take it in a New York Minute when you default). How's that for loyalty?

Be smart. Banks have to kiss your ass. You shop around for the best deal you can find and save your money. They have to be loyal to you and not you to them. Only go to a broker if you trust them or if your credit sucks, they are very expensive and not a wise choice.

I'm a ex-bank manager, can't you tell?


P.S. In BMO (your case), they don't recognize you by name only by numbers.

 

[drlove]

Do they reverse all your service fees?

Actually, in my case they do!

 

[pencilneckgeek2]

Do they reverse all your service fees?

Mine too.

 

[Riley.Royal]

From my experience I got my first set of credit from being with TD bank for 5 years. when I had financial problems they where the first to screw me into the ground now I am scotia I think i will apply for credit when things are more settled but i wouldnt start with scotiabank.

 

[iamthegucc]

agree with PurpleMonkey. I am in finance and can recomend you look around for the best possible deal. Stay away from the Mortgage Brokers unless you absolutely need to.... but if you're looking for a mortgage (not line of credit), PM me and I can propose certain institutions for you to call - same ones that brokers would send you too anyways.

 

[wantoplay]

agree with PurpleMonkey. I am in finance and can recomend you look around for the best possible deal. Stay away from the Mortgage Brokers unless you absolutely need to.... but if you're looking for a mortgage (not line of credit), PM me and I can propose certain institutions for you to call - same ones that brokers would send you too anyways.

PM Sent!!

 

[Ceiling Cat]

The only loyalty they will have is for your credit worthyness, just get the best deal you can for yourself.

 

[pjoe43]

Go for the best deal.
No bank is worth being loyal to.

 

[Moraff]

Loyalty means nothing... threats do.

When I was looking for my first car loan I approached my bank of many years and was told that I was just outside the parameters so they'd have to refer it to their boss for approval (despite my NEVER having caused any problems with my accounts with them) and could they call me when they found out. I said sure, but just leave a message as I'm heading over to one of your competitors to see what they can offer me.

"But we hope you'll stay a customer with us....."

"Well, too be fair, if they help me out when I need it and you guys won't (despite my years of being with you) then I would feel they deserve the rest of my business no?"

2 minutes after leaving the bank I had a message on my machine approving me for the loan at a lower rate than originally discussed.

 

[Keebler Elf]

I think if you jump around constantly from bank to bank, most banks will realize it's not worth cutting you a great deal because you're not going to be a "loyal" customer.

So yeah, it can hurt you.

This is one of those things where it's great to be full of bravado... until it comes back to bite you in the ass when you have no significant banking history with any particular bank.

 

[Moraff]

I think if you jump around constantly from bank to bank, most banks will realize it's not worth cutting you a great deal because you're not going to be a "loyal" customer.

So yeah, it can hurt you.

This is one of those things where it's great to be full of bravado... until it comes back to bite you in the ass when you have no significant banking history with any particular bank.

Mostly disagree with you.... while loyalty MAY get you a break when you desperately need one, as long as you have an excellent credit rating they will always be some bank willing to cut a deal to get ahold of your money.

 

[fuji]

Does loyalty to one bank mean anything??

No. Not unless you are someone they make a lot of money on. If you have been a cash cow for the bank in the past they might be incented to give you a deal.

In that case you have other problems...

 

[Sentry]

agree with PurpleMonkey. I am in finance and can recomend you look around for the best possible deal. Stay away from the Mortgage Brokers unless you absolutely need to.... but if you're looking for a mortgage (not line of credit), PM me and I can propose certain institutions for you to call - same ones that brokers would send you too anyways.

I tried using a mortgage broker from a company that is constantly in the media. Don't what it is but I just got a bad feeling and ended up going to my bank myself and did pretty good.

I was wonderig what were your experiences that gave you a bad impression on mortgage brokers?

Thanks.

 

[momoo_t]

No!!

 

[hoser1970]

Being Loyal to a bank? What???!!!???

If you're a poor beaaatch with a 413 beacon score and have banked with them and ONLY them for 150 years with a chequing account and a mastercard....they will tell you to Fuck Off when applying for a line of credit

Dude, if you have a 413 beacon score, good luck getting a line of credit anywhere without putting up collateral! Anything under 650 is just plain bad...it means you have had problems in the past. To be at 413, you must have declared bankruptcy on several occassions!

If yoy have a 413 beacon score, the (big) banks don't want you as a customer, unless it is to collect the NSF fees!

As an ex-bank manager, surely you know this. And, as an ex-bank manager, if your score got this bad, you have only yourself to blame!

 

[wantoplay]

I have been with one bank for 42 years and another for 21...but I will still threaten to leave and they ALWAYS treat me like gold!!

P.S....as long as they have (some of ) your money, to them you are a "loyal customer".

so what about the potential to get some of your money?? if I walked into a bank I do not deal with and applied for a line of credit??

 

[wantoplay]

I tried using a mortgage broker from a company that is constantly in the media. Don't what it is but I just got a bad feeling and ended up going to my bank myself and did pretty good.

I was wonderig what were your experiences that gave you a bad impression on mortgage brokers?

Thanks.

I also recently had dealings with the same one, and it left a bad taste in my mouth.

 

[PurpleMonkey]

Dude, if you have a 413 beacon score, good luck getting a line of credit anywhere without putting up collateral! Anything under 650 is just plain bad...it means you have had problems in the past. To be at 413, you must have declared bankruptcy on several occassions!

If yoy have a 413 beacon score, the (big) banks don't want you as a customer, unless it is to collect the NSF fees!

Hoser, I know that, you're taking that number literally...I just picked a random number under 630 (did you know that some banks will take 630 not 650 as the bottom line???)

If you have anything lower than 650/630, MOST banks don't want you to borrow their money....but when you say, "don't want you as a customer" that is wrong because no bank can deny you a Chequing or Savings Account. So you telling me if you had a beacon of 3 the bank will turn you away if you want to open up a TFSA with 5000 deposits monthly??? No brainer there is it?

As an ex-bank manager, surely you know this. And, as an ex-bank manager, if your score got this bad, you have only yourself to blame!

Dude, I never said in my post that I had bad credit. I said, "IF YOU'RE A POOR BEAAATCH......" I am not a poor beaaatch.

And dude, you never got my point to the original poster did you? My quote as you posted was against the claim that loyalty serves all purposes. I was stating as you quoted me, the fact that if YOU have 413 with all the loyalty in the world to that particular bank you will not get approved but rather be told to FUCK OFF! Capesh?