What to watch out when YOU switch to a new account?
Bank account… is probably the first bank product we all encounter with… problem is, you never know what kind of bank account suits you until you try one.
There are so many account packages out there, and I bet you outgrow your account features along the way too.
My suggestion to any new account holders is to try a no fee bank account first so that you don’t get charge with unnecessary bank fees.
I have this experience with a few clients who didn’t know which bank account to choose from (seriously there are just way too many account packages out there). And I had young clients - mostly clients’ kids asked me what bank to go with.
My suggestion to them is first to choose a bank close to where you normally go (close to the schools, or home, or your part-time jobs), so that at least you don’t have to make a trip just to go to the bank. And yes, that’s why every time people move, they tend to stay at their bank and then move to a new bank after a few months.
There was this other client he started a student account (switched from a kid's account) and he was using lots of interac transactions, not realizing the account he has only offer a limited number of transactions. Of course the bank had charged him with bank fees (even more than the normal amount of a chequing account). Eventually he had to go into the bank and negotiate with the banker to get those fees waived and changed to a more suitable account for him. What an experience!
However, what really annoying is what happens when you move from one bank to another bank, especially if you have to move your pre-authorized transactions. seems to be very straight forward, but you really need to make sure you have buffer in your current account in case the service providers do not change over to your new account in time.
Here is a client’s painful experience, together with his advise to any of you who plan (or eventually will) move your account from one bank to another: Please continue to read this post at https://www.trufinancial.ca/content/what-watch-out-when-you-switch-new-account