Spreading the good word!

7 Jun

There’s no benefit for me when it comes to spreading the good word around.  It’s not like I get any commissions out of it, I just like to see others benefit from certain financial products or deals of the day.  Yet, some people are resistant to my cost effective methods.

Some people just don’t like change.  Me either, but I will change for a better financial product if I deem it the right move.  Never am I loyal to a brokerage, credit card, or financial institution.

Brokerage History:
TD Waterhouse -> BMO Investorline -> Scotia Itrade -> Questrade  -> Virtual Brokers
Disclosure:  I still have Scotia Itrade/Questrade as my brokerages.

Commission History:

  1. TD- $29
  2. BMO- $29
  3. Scotia- $19.99, but increased to $24.99
  4. Questrade- $4.95 to $9.95
  5. Virtual Brokers- $0.99 to $9.99

As for credit cards, I have over 10 cards at one point.  I’ve always signed up for the next best thing.  The only two credit cards that I use and recommend now is MBNA Smart Cash Mastecard and Capital One World Aspire Cash Mastercard.  They have great cash back rewards and all the perks that a card will cover.  Plus there is NO annual fee.

I used to bank with BMO, Royal Bank, and TD… but those are a distant memory.  Basically, I bank for FREE with unlimited transactions at  PC Financial (ABM at CIBC/Superstore) and ING Direct (ABM at HSBC/Any credit unions that are part of the Exchange Network).  My chequing accounts even pays me a small interest for any balance!  My banking needs are simple:  pay my bills online, deposit money & withdraw cash from the ABM machine, debit purchases, write cheques from time to time.  My work pays me once a month by cheque, super old school.  But I have a credit union right across my work, so it’s super convenient now 🙂

Why do I need to wait in line for a teller?  Why do I need to waste that much time out of my day to do simple banking?  Maybe some customers feel tellers will get the job done right, but sometimes, tellers do make mistakes.  They like the face to face interaction, but some tellers aren’t all that nice and friendly.  Look you up and down, and judge you by your bank balance.

Banks make billions year after year at your expense.  They are always finding ways to nickle and dime you at every given opportunity.  Financial advisors are the worst of all, they make it known that they “know” everything about money… and you should trust them with your money.  Their tactic is to instill fear in you about money.  So they can make a nice cushy commission based salary at their pristine office.

People who are slow to act will lose out over time.  Quick minded people like me will always benefit by jumping the gun and getting the best deal from the get go.

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2 Responses to “Spreading the good word!”

  1. Alex Yang (@yyangalex) June 10, 2013 at 2.33 #

    i rmbr the days when i paid $29 per trade with BMO. my justification was it kept me from making too many trades lol. personally i like keeping the stuff together and how easy it is to transfer money, talk to customer service etc. but i do like these new cheaper brokers, and hope they will result in cheaper trading fees at big banks too!

    • agentfang June 10, 2013 at 2.33 #

      Actually, I really liked BMO Investorline… I like how they kept a graph on your monthly/yearly progress. What set me off was they didn’t offer me margin when I requested it after I open my cash account with them. So I transferred my stocks to another brokerage which offered me margin. I am liking Virtual Brokers for their low fees, looking to eventually switch my RRSP and TFSA from Questrade.

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