Assignment #2 - Banking Choice by

Welcome to our wall

davidkings — 2023-11-23 19:26:23 UTC

In this wall we will be assessing the factors determining a customers choice of bank. At the end of this padlet you will be able to know what customers look for in a bank, what to not look for in a bank and what best suites your interest when looking for a bank.

Video # 1

davidkings — 2023-11-23 19:45:21 UTC

In this video Raminder breaks down how to choose which banks will best suite you and why to go with those banks. First he starts off the video talking about the 5 main banks in Canada BMO, CIBC, Scotiabank, TD and RBC. Raminder mentions TD being one of the better banks as for new customers they have the option for No monthly fees for 12 months, unlimited transactions, no TD fees to use ATMs in Canada and free transfers with interact E transfer. CIBC offers the same plans as well with RBC and BMO. Scotiabank does not offer what the other banks on this list do as there was no option for cash back and there may be fees unlike the other four banks. He mentions it is very important to make sure you see what all the banks offer and ultimately go with what plans suit your finical needs in your current situation. I choose this video because Raminder does an excellent job breaking down the five main banks in Canada and what they have to offer to Canadian people.

Video #2

davidkings — 2023-11-23 20:04:46 UTC

In this video it does an excellent job of breaking down where to look for a bank and what to look for in a bank. the first topic was the two types of bank accounts you can have when opening a bank in Canada a checking account and a savings account. The video mentions location is very important as well as you need to be able to go to a bank which is accessible and easy to get to as it would get frustrating needing to commute a far distance just to get money from the bank. The other topic which was very important was if the bank has a good reputation. you can do this by simply reading reviews online or talking to neighbors seeing where they do there banking and what banks to stay away from. I chose this video because she does an excellent job of breaking down what you need to look for in a bank from customer reviews to accessibility.

Video 3

davidkings — 2023-11-23 20:16:45 UTC

In this video Feyi mentions the checking account and savings account in a further depth then the videos above. She mentions how these are two accounts anyone can have the moment they go to open a bank account anywhere in Canada however she mentions with the savings account you can earn interest on them it is very little but the more money you put in the savings account the more money you will get out of it at the end of the day. However she mentions if you use to many transactions on your having account you will end up getting charged. Not all banks will charge you for having to many transactions on your savings account but it is important to find out which banks will charge you when you go over your limit. I chose this video because it really did a great job of breaking down the checking and saving account and what you will get out of them.

Video 4

davidkings — 2023-11-23 20:36:41 UTC

In this video it goes through all the differences with the banks from accessibility to the types of accounts and reputation. One of the first points made in this video was what he defined how to find the best bank and he said " most benefits for the least amount of money" this was an incredible point of view as you should always looking for what is going to give you the best return at the end of the day. He as well mentions a lot of people base what bank they go to by the distance it is to their house and the overall reputation of the bank. For example has there ever been a security breach is there account gets hacked what will the bank do etc. Overall he said the winner is Td as it was entirely free to open the checking and saving accounts and there E transfers where free for students and they had one of the best overall reputation for student bank accounts. I picked this video because overall it braked down the difference between all the banks and which one offers the best plan for students, new commers to Canada and what plans these banks offer.

Website # 1

davidkings — 2023-11-24 19:04:24 UTC

This website does an excellent job of breaking down how to choose a bank by seven simple steps. What are the fees, what is the highest interest rate you can get on a savings account, does your bank have physical locations, what is there customer service track record, how where you treated by customer service when asking questions, is there online banking robust and lastly what is the banks security level like. I choose this website because it summed up what to look for in a bank by seven simple points. The website was very straight forward and easy to understand and read. There was not too much information or to little information.

Website # 2

davidkings — 2023-11-24 19:17:45 UTC

This website does a really good job of learning about the history of the banks knowing which banks have been around the longest and which banks have the best reputation. BMO is Canadas first ever bank which opened in 1817 just off this information it shows that BMO has an excellent reputation as they have been in business for over 200 years. Getting to know the history of the banks is very important as banks which have been in business for a long time tend to have an excellent reputation. I choose this website because it is very important to have an understanding on the history of banks in Canada knowing which banks have been around for the longest period of time.

Website # 3

davidkings — 2023-11-24 19:30:49 UTC

In this website it shows the customer reviews on all the banks in 2023. The bank with the best customer satisfaction rate is Motusbank it has 5/5 stars and the bank is known for there no fee checking accounts high interest rates on savings accounts and no transaction fees past $3300. The worst rated banks by customers was a tie between Scotiabank and national bank. they had 4/5 stars and this was because of there high transaction fees and low interest rates on savings accounts. I choose this website because it goes an excellent job of showing what customers rate the banks and what to look and not look for in a bank.

website #4

davidkings — 2023-11-24 19:43:09 UTC

In this website Astrid mentions if English' is not your first language it is important to find a bank which is bilingual so if you ever have any questions and English is not your first language they can be answered in what your first language may be. You can do this by going onto banks websites seeing which language the website offers and if you have in person questions you can call the bank and see what workers they have which can speak your language. I choose this article because this is very important for any new comers to Canada if they do not speak English as there first language it is important they get there questions answered in whatever language they are comfortable in speaking.

Image # 1

davidkings — 2023-11-24 19:52:05 UTC

This image does an excellent job breaking down what to look for in a bank by 5 simple steps. What type of bank are you looking for and which best suites your needs. Fees and interest rates that bank offers. What type of discounts can you obtain for becoming a customer. The security that bank offers and lastly do they have an app for a mobile device and how well does that app function.

Image # 2

davidkings — 2023-11-24 19:56:24 UTC

This image is very important as it gives you idea what to look for when you may need a bank partner and seeing what the bank can offer you in return.

Reflection question

davidkings — 2023-11-24 21:59:28 UTC

What we learned from about the factors when it comes to a customers choice of bank which surprised us the most was that banks offered different types of plans and banks have different interest rates. We thought that the major 5 banks would have the exact same type of accounts with the same rates but different banks all have different interest rates transaction fee charges and more.
A real life example how this topic is relevant is when new commers come to Canada they need to know where to put there money as money is essential to survive, they will look for what bank offers what is best for them and what will ultimately give them the best return.
If we could pass our knowledge on to a fellow classmate or family member we would recommend to do your research before just going to a bank to become a customer, make sure your bank is local to you and there security is up to date.