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Bank Account Problem


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Old 02-11-2012, 03:47 PM
CHEESE2009 CHEESE2009 is offline
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Exclamation Bank Account Problem

I opened a new account with a different bank, as they seem to be able to offer more.. or so I had thought.

1. I was able to open checking account with them.

2. I would also like to open a savings account.

3. They said if I open a savings account, I will lose my checking account.

Why?

This doesn't make any sense to me. The reason I wanted to switch was to gain higher interest on my money which is being saved. Apparently if I do, I lose my ability to have a checking account.

Any former bank employees want to explain this to me?

Just opening this new account cost me $2K.
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Old 02-11-2012, 04:57 PM
TiedemanLLC TiedemanLLC is offline
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Originally Posted by CHEESE2009 View Post
I opened a new account with a different bank, as they seem to be able to offer more.. or so I had thought.

1. I was able to open checking account with them.

2. I would also like to open a savings account.

3. They said if I open a savings account, I will lose my checking account.

Why?

This doesn't make any sense to me. The reason I wanted to switch was to gain higher interest on my money which is being saved. Apparently if I do, I lose my ability to have a checking account.

Any former bank employees want to explain this to me?

Just opening this new account cost me $2K.
Wow that is crazy! All of my checking accounts, both business and personal have savings account.

I will give you some advice though, search around online for savings accounts with great interest. I know that right now interest rates are not great. I personally use ING Direct. I have also hear that Ally is anther good one.
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Old 02-11-2012, 05:22 PM
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Must be a credit union you are dealing with, I have 16 years working in the banking industry and what you are being told is not the case, go to TD Canada Trust, they will take very good care of you.
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Old 02-11-2012, 05:45 PM
CHEESE2009 CHEESE2009 is offline
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Originally Posted by picframer View Post
Must be a credit union you are dealing with, I have 16 years working in the banking industry and what you are being told is not the case, go to TD Canada Trust, they will take very good care of you.
I've been looking into TD... Stupid me, I should have given them a shot. From what I see, most business owners are using them.

Oh well... lol... Let's see what kind of trouble this gets me into this year.
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Old 02-11-2012, 06:03 PM
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I use RBC for almost everything .
They have treated me great.
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Old 02-11-2012, 06:33 PM
CHEESE2009 CHEESE2009 is offline
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I use RBC for almost everything .
They have treated me great.
That's who I'm with now. We can be bank buddies lol

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Old 02-11-2012, 07:09 PM
TiedemanLLC TiedemanLLC is offline
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Credit unions can be a pain. I had to switch my business account from my credit union once it became an LLC. They told me that they "didn't allow corporation bank accounts" Just some of the crazy rules that they have.
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Old 02-13-2012, 02:48 PM
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Quote:
Just opening this new account cost me $2K.
Scott holy crap what happened at this bank for it to cost you $2,000? Was that the minimum requirement they had? Are you able to get that money back?
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