What banks are you using?

Monkeslayer

Monkeslayer

Active member
Trusted Member
I'm only using TD right now but I'm looking to use other banks as TD is holding my work deposit hostage for a full week for life.

What banks are you guys using and had good experience with?
 
Monkeslayer said:
I'm only using TD right now but I'm looking to use other banks as TD is holding my work deposit hostage for a full week for life.

What banks are you guys using and had good experience with?
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Banks and credit unions have some different rules about certain things so u may wish to look into that but -
"TD is holding my work deposit hostage for a full week for life. " WTF does that even mean?

I literally don't understand any of it, like a completely foreign concept of some sort.

Ok I took a minute to think, perhaps it's just the wy it's worded that's throwing me off.
What is a "work deposit"? U mean your paycheque?
Are you saying they won't release the funds to you until a week after deposit? And it will always be that way? ie "for life"
If so is ur company a lil sketchy or something?
 
gondar1 said:
Banks and credit unions have some different rules about certain things so u may wish to look into that but -
"TD is holding my work deposit hostage for a full week for life. " WTF does that even mean?

I literally don't understand any of it, like a completely foreign concept of some sort.

Ok I took a minute to think, perhaps it's just the wy it's worded that's throwing me off.
What is a "work deposit"? U mean your paycheque?
Are you saying they won't release the funds to you until a week after deposit? And it will always be that way? ie "for life"
If so is ur company a lil sketchy or something?
Click to expand...
Yes, that's exactly what I meant haha

So every time I deposit my paycheque from work, they will put it on hold for a week. My company is a business right in front of the bank branch I deposit my cheque so I doubt if it's because of that. I've heard other people also deal with the same problem. The real problem for me is that they won't do anything about it and tell me nothing can be done to fix this.
 
This is usually only an issue when funds in the account are low. But definitely try switching to another one of the big banks. Td was good years ago for the small business and just individual non business small account holders. Royal and Cibc have always been the more business related banks imo.
 
They should only hold your check to a few months to make sure things will be fine.
Find out which branch you business deals with and get an account there, then you should have no hold.

I used Scotia Bank, but mainly because I get really good business rates being combined with Canadian Federation of Independent Businesses.

BTW, when I had almost no money in the bank I was treated much differently than I am now.

I would recommend that you calmly chat with them, especially if you have had this job for a while (over 6 months). Or you could apply for an overdraft account.
 
Sorbate said:
They should only hold your check to a few months to make sure things will be fine.
Find out which branch you business deals with and get an account there, then you should have no hold.

I used Scotia Bank, but mainly because I get really good business rates being combined with Canadian Federation of Independent Businesses.

BTW, when I had almost no money in the bank I was treated much differently than I am now.

I would recommend that you calmly chat with them, especially if you have had this job for a while (over 6 months). Or you could apply for an overdraft account.
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Thank you! I appreciate your great advice.
 
DeeKnows said:
This is usually only an issue when funds in the account are low. But definitely try switching to another one of the big banks. Td was good years ago for the small business and just individual non business small account holders. Royal and Cibc have always been the more business related banks imo.
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I know a friend who would have less than 1k in the account but don't get the problem that I did so I figured it's due to some other reasons. I asked the branch and they don't know either.
 
Vancity. Was with BMO for years but big banks are just like big 3 cell companies, all volume little help when really needed. I find credit unions have been more flexible. TD is good as well, have my Visa with them.
 
Monkeslayer said:
Yes, that's exactly what I meant haha

So every time I deposit my paycheque from work, they will put it on hold for a week. My company is a business right in front of the bank branch I deposit my cheque so I doubt if it's because of that. I've heard other people also deal with the same problem. The real problem for me is that they won't do anything about it and tell me nothing can be done to fix this.
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It could be if you have bad credit or ever missed payments on something in the past.
 
Cibc are they perfect no but zero major issues with them for me, they will do a hold up to a certain amount on a cheque but it's like 5k or something, to bad your employer doesn't just direct deposit.
 
Scotia as well, for the same reasons as @Sorbate and @TheOldGuy. They provide little benefit otherwise.

I can’t say it’s personal, I have been a client for a long time, no size of deposit ever mattered with the back office; only the tellers.

Your historical availability to cover the cost of the cheque, should it NSF, seems to play into their holdback. In my exp they will release a percentage up to the full amount, in relation to my long-term balance and open credit. I’m not banker, just making guess based on personal observation.
 
I use 3 different banks just to get benefits from each. Also to remind them that they work for us and not the other way around.
 
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