This forum is for non aviation related topics, political debate, random thoughts, and everything else that just doesn't seem to fit in the normal forums. ALL FORUM RULES STILL APPLY.
Have been dealing with TD for 14 years now. No complaints but no real kudos either. It seems like if you are in the maritimes it does not matter how good a credit rating you have, you still have to give up your first born and a cosigner to get any kind of loan.
Have also dealt with Bank of Montreal. Once again no complaints except they are slow to process changes in accounts.
Both banks have made mistakes in my accounts and both have apologized for it. You would think with all the money they are making they could give us some back to say they are sorry.
Thanks for all the replies. It seems we all have different views and opinion when it comes to banking. When I applied they asked me why I needed the money, stupid me said "flight training" I should have said I wanted to buy a car. Oh well, I'll keep trying somewhere else.
Your credit rating is also affected by the number of "tries" you make for a loan/credit application.
Secondly, the bank you applied to has made comments on your 'file' and the next bank you apply to will probably reject you, "sir, we see here that you tried with TD, and they rejected you,(if you're lucky) why do you think we should say yes(like I said if very very lucky)"
I think you must all realise that you do not fit the profile of a good customer for a bank, Just average for some and mostly mediocre for the rest. It's true that we feel the service could use a tune-up or that mistakes should not happen. We are giving them our money for safe keeping!
Well, let us put it in perspective, most pilots out there don't have good credit ratings. Some might have decent or acceptable. What I call good (or what my boss and his company considers to be good) is someone with +30K$ limit on his Credit Card, a minimum of 500K$ in loans repaid and an annual income of +80K$.
While the average person puts 10K$ in his account, the "good" credit customers hold the bare 100K$ with multiple investment and insurances. A simple Mutual Funds transaction can lead to a trailing fee of 200-300$ while we think we're getting ripped of when the charge us 1.50 for the ATM. We're just not in the league, that's all.
A good friend of mine, who is quite wealthier than I am, has a Platinum CC with 150K$ limit a month. he ran into some trouble with the CC Co. so he phoned them up, had a manager on the other end of the line within 5 minutes. He threatened he was going to take his business elsewhere which resolved the problem immediately. Imagine the average pilot with his 10K$ limit??
As for the comments re: Loans, that’s how banks run. They loan to losers (or that’s how they see us). But not the lowest of the losers, the average loser who can payback the loan hopefully with lots of interest on it. The fact of the matter is that wealthy clients have many ways of raising capital including foreign valuation of their equity, asset consolidation or even a simple liquidity transfer of some securities. Those are not option for the average worker earning 45K$ a year.
While we all complain about interest paid on our savings account, I’ll remind you that it is your own fault if you’re not reaping the benefits of your harvested crops. Why did you choose a savings account? Did you think you were going to earn capital gain on you equity? Or most likely the nice smile on the blonde teller who made you choose that route?
If you are really looking for growth, you should start with Debt consolidation and RRSP or REER (for Qc) investments early on. Balance your portfolio and minimize your transactions. You might just get a nice 8-9% return – 3 % (average inflation) = 4-5% growth per year, tax free for now!
This industry is not new to me as a client but new as a worker. I’m learning but can tell you that we (that includes myself) don’t fit the mould. We’re just not worth the time and money.
My 2 cents = 1.432 after inflation, fees and taxes
---------- ADS -----------
In the business world, the rearview mirror is always clearer than the windshield...W. Buffett
Tango 5,000 $ invested at 4%= 200$ + Interest because Tango was late paying (18% per month) = 1100 $ for the Bank
Keep in mind that the bank had to risk the 5000$ with Tango because they have no clue what his financial capabilities are (our maybe they know and that's why they refused it!)
Rich Dude 1,000,000$ invested at 4%= 40,000$, pays on time, no risk for the bank. If anything, his 1M$ will grow to be a sound investment in a business and the bank might reap the benefits of more capital gain.
Tango will take the 5000$ and run, the Rich Dude will buy insurance 10%, investment services, open a few foreign exchange accounts, each of his transactions will bring to the bank a healthy 200 $ and most important, this will not be his only 1M$ loan.
Pretty straight forward.
---------- ADS -----------
In the business world, the rearview mirror is always clearer than the windshield...W. Buffett
gelbisch -----I have a "jaundiced opinion" of the chartered banks anyway because I had two cousins who were what is termed as "Bank Inspectors" within one of the chartered banks. Listening to them plus watching various banks "write-off" hundred million dollar loans to other countries all helped to warp my opinion of banks a long time ago. I have no problem with banks "writing-off" loans to countries or people when they have done everything to get that money back and there is no other recourse left but to do that. I also realize WHO are the ones who will eventually pay those loans off with increased service charges, etc. Banks are allowed to make mistakes like any other person or business and they make their share......I understand all that. What I don't want to see, hear or read is where a bunch of Carribean countries have had their $120M loans "written-off" and the banks immediately turn around and offer to lend them millions AGAIN. IF you or I do the exact same thing, we all know that we would not be treated the same and we couldn't ask the same bank to loan us money again the following week after we had defaulted on s loan or mortgage and they suffered the loss. At present, banks are seizing farms and ranches across Canada because of loans that have been defaulted on and to be doing THAT and "forgiving" loans to foreign countries at the same time is intolerable amd mean-spirited to the nth degree.
yyz, i would never do business with a bank that was forced to turn around and lend my money to anyone who asked for it. Many, many, many people simply don't go through life being responsible.
Ahramin. I perfectly see you point and could not agree more. However, I think I deserve an explanation for my rejection. I've been banking with TD for 8 years, always paid my Visa on time and my previous 5,000 loan. I may not have assest, but I have a clean record. All I want is for somebody at the bank to call me and say "Tango this is why we didn't give you the money", but I requested to talk to somebody and nobody seemed to care, now that's not very professional if you ask me.
No argument here Tango. But i think you will get this at any bank. My method is to find someone at the bank i go to that knows what they are doing, rather than finding a bank that knows what it is doing. Better success rate. When i go to the bank for a loan or account fiddling or something, there is only one lady i will deal with. When i am in line i will wait until one of the smart tellers become available. A couple months ago i needed a bank draft and my favorite teller had to get a second signature from the manager because it was over her limit. She screwed the draft up and her manager didn't catch it even though it was very obvious. I suggested the dual signature requirement was not helping them very much. But i got them to waive the fee and got to stare at her that much longer so i figured i was ahead of the game.
Maybe you should ask around and find out if any of your friends know someone at the bank who is competent and go to that bank.
LH wrote:At present, banks are seizing farms and ranches across Canada because of loans that have been defaulted on and to be doing THAT and "forgiving" loans to foreign countries at the same time is intolerable amd mean-spirited to the nth degree.
In the business world, the rearview mirror is always clearer than the windshield...W. Buffett
If you can find a bank that is not run by jackasses, please let me know, a good bank is a definite oxymoron..
