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Welcome to factors of customers choices of bank

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Welcome to factors of customers choices of bank

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Most individuals are familiar with banks and everybody should have a bank account. You will find information regarding the factors that should be viewed and compared before choosing which bank. There are interest rates, Fees, security of funds, branch availability etc. There are many factors to not overlook, and even bigger factors such as economical decisions or Bank of Canada actions.

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In this image, there are various statments that the bank of Canada has stated in connection to economic situations that have arised like NAFTA and the uncertainty in the economy growth or impact due to NAFTA.  This is also causing volatility in the Canadian dollar. Another important factor is the energy and dipiction that surrounds the topic of NAFTA. and how this could possibly affect our pockets as Canadians. I found the statements informative if i am not up to date with what is going on, it gave me an idea of the topics that i should be looking into.

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As most know, technology has been taking off since i could remember and we keep evolving as humans to become more efficient. Just like technology! There are more user friendly processes that do not require one to physically go to a bank. Tangerine and PC financial have been 2 of the NEWer banks who have offered impeccable deals such as FREE e-transfers that usually cost 2.50$ elsewhere. And even implementing point system such as PC financial(Simplii financial). Depending on your needs, will be what to look at when choosing these special banks. I love that it shows side by side the comparison of 1 bank to another. It surely emphasized the difference in suitability depending on individuality.

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Image 3 -TD direct investing Media Release

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Image 3 -TD direct investing Media Release

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In this image, you will find that there was a study that shows misconceptions are causing millenialls to opt out of investing because of lack of knowledge, money or confusion with tools. More of a reason for the government to review curriculm of education to ensure young individuals are receiving financial knowledge such as investing, stocks, bonds, interest rates, credit, and the importance of financial structure. TD are one of the biggest banks to offer online services such as Direct Investing and ABC tips to customers. As i browsed the TD direct investing, it really shows how informative a compay can be without having to contact them by phone or in person. It is sort of like your own way or time to learn with no pressure. Knowledge is key! I wish growing up i had a platform like this to acquire financial knowledge.

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Video#3 - Best Banks for Newcomers in ON

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Video#3 - Best Banks for Newcomers in ON

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This video entails a newcomer to canada that shares her experience and opinion on the most suitable bank given the new country, culture, language etc. She states the importance of seeking all the provided knowledge possible on each product to suit your situation and that alot is not advertised. As a newcomer, she needed a VISA and stress the fact that it is essential. Scotia bank has allowed indiviual to have a good experience which led them to staying with that bank due to good customer service. Also, RBC is also immigrant friendly but many should do extensive research. If the right steps are taking prior to selecting a bank in canada, you may end up saving more money or gaining more. who doesn't want that? I really liked that someone like an immigrant that may not be informed on banking in a new country, could share her experience to help others like her.

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Which Are The Best Banks In Canada For Newcomers In Ontario

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There is a large variety of institutions, and many different benefits for different suitability. You should always review your transactions and forecast how you are managing and bank activity. Important considerations should be comparing interest rates, convenient location, account packages that lower cost or special fees for child,senior  if applicable to you. There is also RRSP and was to compare cost of accounts. One should always   monitor accounts to ensure the account is suitable. Every institution must abide by the rights of their customers, you have the right to know and as a banker. To build you financial knowledge, one may find information relating to banking on the Government of Canada Website. I found every link or video on the government of Canada website useful due to the direction that one may not have when seeking banking services. The ability to retrieve information from a trusted website will allow customers to be more engaged and trusting towards it.

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Your banking accounts are not only an essential tool for managing your money, but they can add up to a surprising cost. Let's look at how to get the banking services you need at a reasonable cost.
Segment 2: Problem identification
It can be overwhelming to look at the buffet of options available to you for your banking needs. Not only is there a large variety of institutions, like banks, trust companies, caisses populaires and credit unions, but each institution also offers many selections and combinations to suit each and every banking situation. The challenge here is to find a good banking arrangement that is going to give you exactly what you need without costing too much.
Segment 3: Know your needs first
Before you can confidently choose the banking services that are right for you, take a look at your own activities.

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For example, review your average account balances, number of deposits, and bill payments and other transactions that you typically make each month. By looking at how you use your banking services, you can judge exactly what your needs are. And from there you can decide the best way to do your banking.
Segment 4: Choosing an account
Once you've understood your own banking activities, you can begin looking for an account that works for you and your personal banking needs.

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Let's review some important considerations.

Compare interest rates and fees at different institutions to explore what's available out there.

Choose an institution with a convenient location to avoid traveling too far or having to use ATM machines from another institution.

Check for account packages and combination services that lower overall costs. Or Special Fees for seniors, children or students that may apply to you.

Negotiate. Ask if an institution will reduce or waive fees to match offers at other institutions, or if they will reduce fees to get your business such as investments, RRSPs or mortgage accounts.

Use the online banking tool to compare costs of accounts. It can be found at the Financial Consumer Agency of Canada website at fcac.gc.ca And lastly, Pay Attention! Stay within the limits of your current plan to avoid extra charges, like ATM charges, fees for extra transactions and NSF charges. Check regularly to ensure that the account is still the right one for you.

If you're not sure, ask an account rep. It's not easy to compare all the features yourself and choose the best package for your needs.
Segment 5: Rights
It's also important to remember that you have rights as a banking customer.

You have the right to know what the fees and interest rates are on your account. The Financial Consumer Agency of Canada ensures that financial institutions abide by this legislation.

If at any point you feel as though your rights are not being respected, talk to a customer representative and, if necessary, contact your branch manager or other senior representative.

If this doesn't solve your problem, you can visit:

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* the Financial Consumer Agency of Canada, website at www.fcac.gc.ca to find out How to Lodge a Complaint.

* or contact the Ombudsman for Banking Services and Investments (1-888-451-4519 and OBSI website (www.obsi.ca) on screen).
Conclusion
Choose your banking services as you would any other paid service: compare the costs and the services offered and work out the best price for the services that you need.

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Your banking accounts are not only an essential tool for managing your money, but they can add up to a surprising cost. Let's look at how to get the banking services you need at a reasonable cost. Segment 2: Problem identification It can be overwhelming to look at the buffet of options available to you for your banking needs.

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The most surprising thing i have learned while researching factors in choosing a bank in Canada, is the amount of people who are not educated or informed in the services provided by Banks. The convenience and indivuality of banks that people are not really paying attention too. One may think  5$ extra every month on a savings account is not much, but another person would love to save that monthly. Many are spending in unnecessary fees when there are more banks suitable for them but many are scared to learn or try something new. This topic is relevant to me because i obviously have many banking services such as line of credit, chequing/savings account, and personal loans. I also have RRSP accounts with a certain bank that is not even my main bank due to suitability. I deal with the bank on a week to week basis, whether is is banking online or using debit for purchases. The most interesting thing researched was the platform on the Td website that i wish i had growing up.

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In this video, there have been 5  most popular rated banks in CANADA, by customers. The 5th is CIBC, the fourth is Bank of montreal, third is Scotia bank, second is T oronto Dominion bank and the 1st , Royal bank of Canada. These are the main banks we see the most and the most convenient banks. Although, many have their own experience and opinion, if one should seek banks they should start with these main ones! I personally bank with CIBC and they have treated me pleasently better than any other bank, by increasing credit or offering new credit. They do a great job at monitoring your creditcard and preventing fraud. I found this useful because not everybody may know which banks are good in Canada, so this gives sort of a direction where to start .

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Top 5 Best Banks in Canada - Top Bank In Canada