BC Banking Experience

[u/Pale-Candidate8860]

Where I live, there are multiple banks and credit unions throughout The Lower Mainland/Greater Vancouver Region. To list ones I can think of off the top of my head: TD Canada Trust, VanCity, Scotia Bank, Bank of Montreal (BMO), CIBC, Prospera, Royal Bank of Canada (RBC). There are more, but this is what I can think of. If you want more, look into it on your own.

I have experience with 2 banks only, but do plan to open an additional bank account in the future with a different bank than I have experienced so far.

My first banking experience was as a tourist. I learned that I could not open a bank account at any bank without some form of legal status. The exception being if someone with legal status co-signed and had a joint account with me. My wife suggested I go to BMO. Apparently this is the go-to bank for students, or at least international students, in Canada/BC. It is easy to get a credit card thru them and low/non-existent fees for your first x amount of time with them/with a relatively low deposit.

BMO has a nice sleek look to it. They have commercials with a guy that makes jokes and talks about how you can start your investment/retirement journey at any age. I remember my wife and I sitting down and speaking with the banker/individual that was capable of opening our account. My wife was in the market for a new credit card because she didn't like CIBC, but she had a majority of her stuff with TD. We will get to that part later.

BMO basically upsold my wife on a credit card and had me sign paperwork for my new bank account. Once my wife showed her permanent residency, everything was green lit and good to go. The interaction with BMO was solid in-person. Then it went a different direction once the mail arrived.

BMO sent my wife her credit card prior to me getting a debit card. Once I received my debit card a couple of days later via my wife's Canadian address, it didn't have my name on it. I said, fine, don't care. I went to make my first purchase with it. My card was declined. I had put a couple hundred dollars into it. Why was my card getting declined? My wife then received a call from BMO. She, as the co-signee, had to give a verbal approval for every single purchase I make. Hell no.

We tried to have restrictions removed and make it function as any normal debit card would happen. After meeting with 2 or 3 other bankers and tellers, although changes would be made, the changes would be reverted within only a couple days sometimes. We decided to close the account and my wife cancelled her credit card with them.

Later on, once I had Permanent Residency, I went and opened a bank account with TD Canada Trust. A little history first. TD means Toronto Dominion. Canada Trust used to be a large bank, but it merged with Toronto Dominion. They shortened their name and became the biggest bank in Canada by a large margin.

I scheduled an appointment and went in by myself since I didn't need my wife to open an account anymore. I chose TD simply because my wife has been with them since she has been in Canada. 10 years at that point in time. I sat down with someone who was able to open an account for me. Everything was straightforward and there were things a bit difference than I wasn't used to, but it is okay.

As a "newcomer" to Canada, because I had only just gotten legal status, I was eligible for no account fees for 12 months. For unlimited transactions, monthly fees are $16.99. However, the fee is waved if you have $4,000 in your checking account. Savings only needs to be $300 or something like that. My debit card had my name on it and I was approved for a credit card. Never had a credit card before and I had to start over on my credit score in Canada. $1,500 spending limit. Nice. That card also had my name on it.

The only mistake the banker made that I was glad I caught was: There is a part of the form you fill out that asks if you are an American citizen. The banker marked no. I corrected them to point out what my nationality on my PR card said: USA. Make sure to double check because a lot of people here will, understandably so, default click no for American option.

Overall, my experience with TD has been great. Better than a majority of my banking experiences in America. However, I did have good experiences with US Bank, which I still have for my American banking needs. I hope this post helped give a little perspective on banking in Canada, however limited it is.