Royal Spa

Is it normal practice?

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mynameisearl11

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Aug 16, 2011
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vaughan
My branch manager at CIBC is useless so instead of talking to her I come in here.
I do mostly online banking and at the ATM. Yet, every month my business account has been charged with ridiculous amount of fees. Monthly service charge,paper stmt fee on top of a package fee. One more fee is DEPOSIT FEE at the ATM's! I'm giving them my money for them to do business and they're charging me for helping them out! So, all and all I could be out anywhere between $40-60/month. Sounds right to you? What's your experience at your own bank? Should I even bother to talk to other banks? I have a bad feeling that this is a monopoly business across the country.
 
S

SkyRider

Banned
Mar 31, 2009
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If you are really unhappy, file a complaint with the bank Ombudsman. I've done it 2-3 times and it actually gets satisfactory results.
 
F

FAST

Banned
Mar 12, 2004
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I would definatly talk to other banks.

FAST
 
M

mb133

Member
Feb 16, 2012
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For a business account $60 per month is normal. If you can't afford that you are in the wrong business. Business accounts are more expensive than personal accounts. Get used to it.

You can save some fees by staying a sole-proprietor and using personal no/low fee accounts, however there are disadvantages to staying a sole-proprietor for longer than you need to. Separating your business from you will allow you to have a credit rating for you, and a separate credit rating for your business. One can be great and the other suck, they don't mix once you incorporate. You also separate liabilities. If you intend to be in business for a long time you want to consider this.
 
T

The "Bone" Ranger

tits lover
Aug 5, 2006
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this is normal for business account but you might be able to find a better package with another bank, always one or the other has some kind of promo going on


mynameisearl11 said:
My branch manager at CIBC is useless so instead of talking to her I come in here.
I do mostly online banking and at the ATM. Yet, every month my business account has been charged with ridiculous amount of fees. Monthly service charge,paper stmt fee on top of a package fee. One more fee is DEPOSIT FEE at the ATM's! I'm giving them my money for them to do business and they're charging me for helping them out! So, all and all I could be out anywhere between $40-60/month. Sounds right to you? What's your experience at your own bank? Should I even bother to talk to other banks? I have a bad feeling that this is a monopoly business across the country.
Click to expand...
 
T

TeeJay

Well-known member
Jun 20, 2011
8,025
727
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west gta
mb133 said:
For a business account $60 per month is normal. If you can't afford that you are in the wrong business. Business accounts are more expensive than personal accounts. Get used to it.

You can save some fees by staying a sole-proprietor and using personal no/low fee accounts, however there are disadvantages to staying a sole-proprietor for longer than you need to. Separating your business from you will allow you to have a credit rating for you, and a separate credit rating for your business. One can be great and the other suck, they don't mix once you incorporate. You also separate liabilities. If you intend to be in business for a long time you want to consider this.
Click to expand...
This is such a ridiculous post

I have a business
I have a business account
No minimum or maximum transactions, no required balances, I have a business interac card & credit card & I pay $0
Not a single penny to the bank

This is through RBC business accounts
Not some el crapo small bank like Tangerine or PC
 
K

Kirby2006

Active member
Jul 17, 2014
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Check out one of the Credit Unions. Miles ahead of the big banks in customer service.
 
M

mynameisearl11

New member
Aug 16, 2011
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vaughan
TeeJay said:
This is such a ridiculous post

I have a business
I have a business account
No minimum or maximum transactions, no required balances, I have a business interac card & credit card & I pay $0
Not a single penny to the bank

This is through RBC business accounts
Not some el crapo small bank like Tangerine or PC
Click to expand...
Thanks everyone for your input. I'm meeting Cibc this week and will make an appointment at RBC as per Jay's post above.
 
J

jgd

Member
Aug 30, 2004
250
4
18
Ontario
Try Manulife Banking. I have 2 accounts there and the fees seem pretty low. Ironically, I have an old CIBC account with no fees and free cheques. They keep trying to trick me into converting it to a "new and improved model" where they could start feeing me but so far I have fended them off.
 
oral.com

oral.com

Sapere Aude, Carpe Diem
Jul 21, 2004
949
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Toronto
Shop around, I keep a minimum balance and just pay $1 per interact / month on my business account.
 
M

Mr. Piggy

Banned
Jul 4, 2007
3,026
2
0
Oshawa
Fucking banks are out to make as much as they can from customers. I had a business account with BMO for 23 years without paying any fees as long as I kept a certain balance. Last Sept they said that my value acct was being changed to a business planner acct, or something like that, and the minimum balance went up so now I would have to start paying a $20 monthly fee. I went in to see them and asked how can you just change an acct plan to something else and start charging a fee. Their answer didn't make any sense to me. I would have closed it right then but had to keep it open till the end of 2016 when the business was dissolved. Changed it to their basic business acct where the fee was only $6.00/month. I told them they were fucking thieves and couldn't wait to close it.
My personal acct is a seniors acct that has no fees regardless of the balance. This kind of acct is no longer offered but they can't change it. Even if they did I have more than what is required for a minimum balance.
 
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