Is Escaping Canadian Banks Now Easy?

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Canadian banking is dominated by a price fixing oligopoly that is difficult to escape.
Some think that it gets given a break because most Canadians don’t realize how much it was bailed out during the financial crisis and saved by CMHC.
Others think it’s because Canadians don’t know what the average OECD banking system looks like.
But could it be because there is another oligopoly in the way? A political one? A consensus to not bring about the meaningful change required to fix these problems?
But in the absence of an easy fix for the systematic problems, is it possible for a Canadian citizen to save themselves the thousands of dollars that they typically pay for these terrible services? Let the anger wash over you, the time for bank shopping has finally arrived... Unless of course you live in Quebec.
Want to do something? Vote with your feet:
Koho: We both get an extra 1% off purchases with this code. web.koho.ca/referral/VKWEI426
EQ Bank: One of the people who helps me make videos lives in Ontario and uses EQ Bank. Use this code so he’ll buy me beer: join.eqbank.ca?code=PAIGE2562
Motusbank: Co-op owned bank www.motusbank.ca (Not Quebec)
Alterna Bank: Co-op owned bank www.alternabank.ca/ (Not Quebec)
Two federal credit unions: www.uni.ca/en/ and www.coastcapitalsavings.com/ (Not Quebec)
Music:
The music in this episode was composed and performed by La Charpie: • Le premier train
• J'aime ta verve (Note the robot painting)
Is there anything more Montreal than meeting an opera singer at a party who is onboard with swapping a robot painting for a recording of juvenile jokes about the banking system
Extra Content: / paigesaunders
Mastodon: masto.canadiancivil.com/@paige
Peertube: video.canadiancivil.com/a/paige
Get On The Fediverse! fedihost.co/
________________
References & Sources
[1] www.vice.com/en_ca/article/3k...
[2] money.cnn.com/quote/sharehold...
[3] www.statista.com/statistics/7...
[4] lobbycanada.gc.ca/app/secure/...
[5] www.td.com/ca/en/personal-ban...
[6] www.td.com/us/en/personal-ban...
[7] www.vancourier.com/news/over-...
[8] www.investopedia.com/ask/answ....
[9] / recurring_etransfer_wi...
[10] www.cbc.ca/news/business/bank...
[11] www.ratehub.ca/blog/ratehub-c...
[12] www.cbc.ca/news/business/bank...
[13] www.cdic.ca/your-coverage/lis...
[14] www.quebecentete.com/en/livin...
[15] • Video
[16] www.eqbank.ca/personal-bankin...
[17] pressprogress.ca/near-monopol...
[18] pressprogress.ca/near-monopol...
[19] www.theglobeandmail.com/inves...
[20] lobbycanada.gc.ca/app/secure/...
[21] www.ndp.ca/news/ndp-calls-gov...
[22] www.cbc.ca/news/business/bank...
[23] montreal.ctvnews.ca/montreal-...

Опубликовано:

17 сен 2020

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Комментарии : 108

@cream0fwheat 3 года назад

Love how this when from a video about how awful banking is in Canada to proportional representation.

@PaigeMTL 3 года назад

I am a broken record, but it's hard to focus on specific policy while the system we has is so warped. Even if I did a great job and changed people's minds and we all decided "Yeah, we should do this!" what is the point? What citizens want on average is totally disconnected from what we have.

@cream0fwheat 3 года назад

@@PaigeMTL Definitely! Especially when the system is designed to give 1 party all the power on only ~40% of the popular vote. Another point to hate on desjardin bank, and banking in general in Quebec. Is that every credit union outside of Quebec will let you take out money from any other credit unions atm without a fee.

@PaigeMTL 3 года назад

@@cream0fwheat yeah it's very much a demonstration of what a lack of competition leads to. The other thing that sucks for Quebec is because we have a sluggish monopoly we don't get to have the innovative market leaders in the sector. The competitive credit union sector elsewhere has been a driver of innovation and supported the fintech industry. So all the fintech and financial startups that are breaking this oligopoly are based out of Toronto and Vancouver. Eventually these businesses will setup shop in Quebec and rational people will start moving their money over to where they pay no fees and receive a higher quality service. But, they will be moving their holdings out of the province because we didn't create fertile soil for our own provincial equivalents.

@TD-gc5tq 3 года назад

Learning something new every time you upload. Thanks Saunders.

@dton6653 2 года назад

Your videos are criminally underrated

@rewanthr 2 года назад

Discovered you today! How are you not more known? You clearly do your research very well! Extremely well presented videos!

@joels7605 3 года назад

I just found this channel. The musical number is amazing. I'll be binge watching for the next few hours. Keep up the good work.

@unbeattable 2 года назад

Great video! Feel the same way here in Alberta

@andym.s.5231 Год назад

I can’t believe how much I learned at 1 in the morning. I legitimately thought you had a massive following with this level of quality and effort. Holy.

@normangalimski 3 года назад

This was hella' informative. I've been looking for a new bank and will follow up on this. I'm still planning move to Montreal so, maybe you could do a general video about why the hell everything in Canada is fucked up when it pertains to Quebec? Keep up the great videos!

@PaigeMTL 3 года назад

Just make sure you open your account with a Credit Union or Challenger Bank before you move, once your residency changes you'll be locked in.

@cindylam4559 2 года назад

i havent watched a quality video in soooo long you know, thanks so much for this, i love this video. this is the content i look for

@sangokudbz79 2 года назад

I'm with Tangerine so I guess that it I have it less bad than mostly everyone else but i'd be open to see more coops around here. Didn't knew about Desjardins being a coop monopoly

@be.h0lder 2 года назад

This video deserves thousands more views. I think that as Canadians we are educated to accept the system as it stands and not question things like bank fees. I know that when I was a kid picking a bank, I just followed my parents' lead - and I simply didn't know that other countries didn't pay bank fees! Thankfully my parents were pretty smart, and my low-fee direct bank account still works after moving to Quebec from another province. I mean, when I don't need any in person services, I am okay... but what do I do with this US funds cheque I have in my pocket?

@kevindao1103 2 года назад

The US, like Canada also has a notoriously shitty banking system. As mentioned in this video. However, due to the massive size of the US, the big four here only have 45% of the deposits in the US. Compared to 90% in Canada. With online banks (mostly independent of the big banks unlike Canada), community and regional banks covering the rest. Even though there are times I shit on the US, It’s more easier to find a bank without or non-existent fees.

@reducecotwo Год назад

Since 1994 I haven't felt the need to borrow money from a bank and I never will...Everytime I get a big chunck of money, I just open a safety deposit box.

@liptud Год назад

Hilarious! More! Give me more!

@YanPerron 3 года назад

Alterna Bank is available in Quebec. Their mortgage product isn't.

@PaigeMTL 3 года назад

I can confirm that you're correct. Their signup and UI is a little bit clunky (it rejected me the first time) but when paired with Koho it seems like it would make a pretty solid solution in Quebec. I'll have to do a follow-up on this in a few months. Edit: I can't recommend Alterna, the issues so far have been super annoying. Phone tag, reading out the same details to prove identity, unempowered call center staff (who are nice but can't "solve" the problems easily. The account is also super basic, no 2factor, no reoccurring payments, using that outdated mothers maiden name stuff. It's a lot of hassle for a less featured product. Really wish we had EQBank.

@jacnel 3 года назад

Yeah when he said that I got confused. Alterna Bank was started by the CS CO-OP in Ottawa 20 years ago to serve people in Quebec. Having been a customer of them in the past I highly recommend them.

@easyeastallstar 2 года назад

Great video. The Canadian banking industry works the same way every other industry in the country does; stealing your money. No just thing as a free market.

@PaigeMTL 2 года назад

Free markets often create monopolies, a country has to decide how to handle those situations when they arise

@WhiskyCanuck 3 года назад

The Canadian mutual fund industry is terrible too. Most expensive fees in the world.

@PaigeMTL 3 года назад

Yeah, that's and actively managed funds are a whole additional layer of BS I had to cut.

@yarharyar 3 года назад

Fucking brilliant; merci mon gros ca claque en criss!

@Barnaclebeard Год назад

I've been watching you for a few days now. I cannot tell you what a relief it is after all these decades to finally find the source of the voices that torment me in my head. Cut it the fuck out. I'm so tired of feeling your pain, like some kind of Corsican nightmare.

@chaosstudios4330 2 года назад

There needs to be some way to break up all the poly's in this country. Need to shake things up and raise the heat for the existing service providers and stop the modern day looting.

@quiversky4292 2 года назад

Hi. Was curious about your views, as a Kiwi, about the practice of tipping in the service industry in North America.

@julsh9776 Год назад

EQ is now available in Québec.

@TSwiftDancePartyCA 3 года назад

This video drove me to create a Patreon account for the first time, just to support your content. High quality and funny. +1

@PaigeMTL 3 года назад

Thanks Vic, I saw that, any time I get a new Patreon it makes my day. Also, good taste. I think this is quietly the best video I’ve done, but too sweary for RU-vid to push it I think.

@paulbaskerville2748 2 года назад

My bank took more money out of my bank account for new fees and put the notice in the junk mail that comes with my statement. I complained to my bank manager told me to bad and there is nothing we are going to do for u and there is nothing u can do . So I called the Canadian bank Regulator . Amazingly the banks are afraid of theas guys . They sent a letter to my bank that that isn't right . My bank freaked they returned my money and send me notice in the mail a letter by it self and put it on my statement. Later on l was transferring money from a lira to my account and there was a big fee so went and talked to my manager . he told me that is the way it is and there was nothing u can do but before he finished that sentence he look at me rembering the letter that went all the way to corruption heads . he reimbursed me my money.

@jomeara0 3 года назад

Nice rant. Don't worry, after living here for 50 years or so you will learn that resistance is futile.

@PaigeMTL 3 года назад

Well when I first arrived it really was just the big banks. But now we have these challenger banks and federal credit unions. Things are just slow, but things would move a lot faster if more people changed you know? Most of these alternatives literally cost nothing, so there is no downside to starting an account and gradually moving things to it over the years.

@jomeara0 3 года назад

@@PaigeMTL Yes, I opened an ING account years ago, Tangerine just sad on interest... Will try EQ. Canada's economy is based on tagging along behind the United States, which has actually worked out pretty well. Doug Sanders' book "Maximum Canada" gives a good historical overview of how and why Canada has so enthusiastically embraced complacency.

@jellybeansi 2 года назад

You should totally do a video on the (seemingly imminent) Rogers and Shaw merger, especially with the whole recent Rogers shitstorm.

@valentadavid Год назад

Thanks for making this video

@GeneralDestroyQc 2 года назад

Quebec Solidaire, is proposing to make public own alternatives.

@TheUrbanizer1 3 года назад

hilarious song XD

@etmccaus 10 месяцев назад

I am going to sing that song daily for the rest of my life.

@jakobbouchard 11 месяцев назад

Currently only at 6:51, but another reason that made me say no to Tangerine is their shitty security. Currently with CIBC (and National Bank because of provincial student loans...) and I can have a really long randomly generated password + 2FA (push notifications or SMS). Tangerine? 6 digit pin, with SMS 2FA. 6 digit PIN in 2023. I can't believe it, it's fucking stupid. Anyways, might edit this comment later to add stuff, but I had to complain. Small edit: As you said, Desjardins really sucks too. It's just a "fake" cooperative. Their tech (apps and website) are really terrible, the guy selling (I think?) personal info resulting in people getting theIr SIN leaked, etc. I've read about their history, and yeah, it begun as a thing to actually help communities, like most credit unions do now, but it just evolved into a regular bank, but kinda shittier.

@jacnel 3 года назад

This video was awesome and hilariously accurate. Unfortunately this is the state of business in Canada and it sucks, especially with banks. Charging account fees has always felt wrong to me, so when my bank (TD) told me that they would start charging I made the move to a credit union and I've never looked back. I live in Ontario so finding a credit union is much easier than in Quebec (and ironically Desjardins operates here as well, although as an independent credit union). In the end I went with DUCA Credit Union out of Toronto because they have two branches near me, they don't charge monthly account fees, and offer excellent customer service. And if you're worried about credit unions not offering the services you need think again! Mine has credit cards, investments, and loans. Plus there's Adviso Wealth owned by all the co-operatives in the country which provides self directed and robo advisor investment services, for fees lower than the big-6! Plus I actually have a voice over how my credit union is run which is essential to me. I do have some accounts with the likes of EQ and Tangerine but for the most part my bank of choice is my credit union. If you're thinking of changing banks and you live in Ontario go for a credit union. I highly recommend the following who offer no fee banking: - DUCA Credit Union (if you're in the GTA/Guelph) - First Ontario (if you live in the Southwest) - WFCU (Windsor) - Ukrainian Credit Union (Ottawa/GTA)

@otsoko66 3 года назад

Canadian banks also benefit from comparison to the US, where poorer people basically cannot afford bank accounts at all, mainly because of the high extra fees that we don't have. The wireless thing however is real.

@JP-kp9kh 2 месяца назад

This is also true in most countries in Europe. Oligopolies is organized racket over a captive population.

@lnilin8810 2 года назад

Sooo what's the best bank,/ credit union? I think everything seems to be bad, but I'm still looking for the best option

@rh7163 Год назад

The Credit Union is not a bank but it will provide some of the same type of services.

@sounds0fmeows Год назад

I left TD for a local credit union six years ago (free basic banking including e-transfers) and I’ve saved over $1200 in fees. I also have EQ Bank on the side. There’s no need to pay fees in today’s world. Both tangerine and simplii are good options to. but EQ is a deffo must have

@cathapoonie 3 года назад

i like your editing

@sangokudbz79 Год назад

Good news, tangerine now texts me if I log in to the bank website. It's a small improvement but i'll take it!

@hotboyphil 3 года назад

The trick seems to be about not oppening checking accounts with these banks and only have 1 or 2 with tangerine. if you want a savings account or tfsa theirs no fees, to have them at other banks. i thought this was going to be about how hard it is to get a mortgage as a first home buyer, how the amount you will be accepted for keeps going down every year as prices go up. in 2016 i was approved for 312k, now in 2020 same credit 800+, actual increased revenue was approved for 260k .... what can i buy with 260k in Montreal absolutely nothing.

@Peteschenkel 3 года назад

That's how we like it, nothing is going to change. Any politician who tries to resolve this issue is guaranteed to fail. You should do a video on the cheese cartel and the price of cheese.

@PaigeMTL 3 года назад

I'm a New Zealander, cheese is on the list. Things are already changing, I don't think any young person these days is signing up for a bank account with fees.

@isfaek4923 3 года назад

Banks like the big 5(or 6 if you cound Banque Nationale) charge fees mostly to pay their employees and cover other costs of running the account.

@mrflatt10 3 года назад

It's basically the McDonalds model. You sell one hamburger a month to each of your customers. Then diligently use all of that money to pay your staff and suppliers a fair rate.

@m.p.baldnessdyslexic88 3 года назад

great video :)

@maxdaname 3 года назад

Videotron lowers the telecom prices in Quebec and Desjardins raises banking fees... hurray

@PaigeMTL 3 года назад

I was pretty happy to get my Videotron plan when I moved to Montreal, which my local friends didn't understand. Guys! It's actual options! Isn't it great!

@jacnel 3 года назад

How Desjardins conducts business eerks me. They were started as a financial co-operative and their original goal of helping the poor of Quebec access financial services is the reason why they're the largest financial institution in the province. However they've gone so far from their collectivist roots and act more like a bank nowadays than a union. For example, over the past few years they've been more interested in buying other people. From the Ontario government owned POSO, to ZagBank, State Farm, and Credential.

@simpleandobvious 3 года назад

Love the video but on your point of a new party saying "We're just like the Liberal party but if we win, we're gonna put a 20 year ban on mergers in airlines, telecoms, and banking." On this, surely if they were serious on that they couldn't be just like the Liberals, given that corruption (or at least being extremely cozy with big business) seems to be in liberal DNA Also, I'm doubtful PR by itself would break up the oligopoly. We have PR in my home country and though there is indeed greater representation of smaller parties in parliament, that doesn't stop big business buying off politicians of the major parties and some in the minor ones too. While I agree PR could function as a necessary condition, surely only a party which is intent on getting money out of politics and curtailing influence of lobbyists would be the sufficient cause. (That is, one that says, "Hey, we're definitely *not* like the Liberals!") That all said, great video!

@PaigeMTL 3 года назад

All parties change when electoral systems change, which is kind of the point. They are currently the party of the status quo, I'd like to see the status quo change. PR isn't a panacea at all, it's just better. Corruption and power dynamics are really just a part of life, it's all about figuring out how to make them less of a problem. The story of this video is about how PR makes politics competitive in a meaningful way. Policy that can get 5% of the vote across the country becomes a threat and major parties can't ignore things as they do in the system that we have now. The niche that is available at the moment for "competition reforms" would not have sat wide open like this for decades in a proportional system. I have a whole 45 minute video on PR but it's crazy how long it's taken to get the thing edited.

@simpleandobvious 3 года назад

@@PaigeMTL Oh PR is absolutely superior and indeed I would say it's a necessary condition for a change of the status quo (at least for how things stack up currently). Anyway, really appreciate the hard work that goes into your videos and am looking forward to the one on PR.

@pierre-rose7783 3 года назад

Corporate greed, what else ?

@PaigeMTL Год назад

Good news! EQ Bank and Alterna Bank are now operating in Quebec. I'll make a followup to this talking about it, but for now if you want to try out EQ this referal code gives us both money: join.eqbank.ca?code=PAIGE2562

@thefrugalgolfhackthailand5430 6 месяцев назад

I have scotiabank only to pay a life insurance premium. I pay $3.95 a month for the cheapest account. I moved to Thailand and use Bangkok Bank locally. No monthly fees, and they pay me interest on my balance. How is that so hard ?

@bayleedm4336 3 года назад

What about PC Financial Mastercard??

@PaigeMTL 3 года назад

Loblaws

@flaviospadavecchia5126 3 месяца назад

What about "Wise"? Doesnt that work in Canada?

@steevesdd 3 года назад

Square may offer an option as a online bank.

@pizzamizza2375 Год назад

i was considering tangerine bank they dont have fees and stuff

@emersonmanning1124 2 года назад

What about NBC?

@nodesofnature603 3 года назад

8:44?

@entertainmentfan1463 11 месяцев назад

Go to a credit union that gives free savings accounts and open up online banks as back up. There problem solved. Pay zero fees and they actually give me money. Now that's the best banks I ever used.

@PrismaticFrank 3 года назад

Tangerine is bomb !! I always found bank fees bullshit too !!! 😁

@adventurefitnessescape700 Год назад

Canadian way, greed!

@RawDogTV 3 года назад

Canadian bank stocks are amazing investments

@TD-gc5tq 3 года назад

*All of you are acid* issa bop ❤️💃

@lacharpie1420 3 года назад

Thanks ;)

@casualviewer835 Год назад

Dear Paige :) I was genuinely considering to move to canada, but watching your channel I start thinking: why I want to make my life actually harder?!... I would also like to hear from you specifically some pros of living in Montreal. Because all I see in your channel is that living there SUCKS, so why do you live there?

@PaigeMTL Год назад

Don’t worry. If you live in a country where opinion journalists praise the government, I guarantee you Canada is better.

@chaosstudios4330 2 года назад

Well, from this video it seems that apart from the beautiful land of Canada , being or becoming a canadian and/or using man made services in the country seems to be a terrible experience. This video needs to be seen by all the immigrants rushing for that canadian dream lol. It all starts with the government and also is quite apparent that bureaucracy does not want any improvement or satisfaction among the average person living there. It looks more worse than developing nations which has its own problems but there is still competition and new choices being available over there.

@bicycles-as-far-as-im-aliv5725 2 года назад

🇨🇦 like to champion itself as a democratic society but the monopoly in most of its systems from transportation to communications is telling a different story. For e.g, our transportation system in most urban centres are engineered for the auto and fossil industry alone - no equal competition for something like public transit. I read this morning that Alberta is looking into subsidizing the price of gas further for car drivers amid this current high fuel economy. Meanwhile public transit & other forms of transportation in that province is a joke. O Canada the land of the free

@PaigeMTL 2 года назад

I’m going to need you to take about 60% off there bud

@dwild92 3 года назад

Don't tell him about the negative interest rate that some European bank offer! You mention Tangerine as being a great alternative, but then quickly dismissed it simply because it was bought by Scotiabank, yet fail to mentions that they still do this day don't charge fees and still got a 2.5% interest over their saving account, and that acquisition happened 8 years ago. People please be careful with Koho too, they aren't a bank at all, they are the equivalent of a reloadable gift card you can buy at any gas station. They mention their bank is CDIC-Insured but that doesn't protect you, it protects the cash holded by their bank, it doesn't mean that Koho has enough cash on that bank account to cover all your balance... Koho also makes their money by the credit card fee charged to merchant, you know the famous 1% credit card reward you get on any credit card transaction? Well, Koho offers you 0.5%, so that 0.5% missing is their revenue (and that's forgetting that bank get actually more than 1% for your credit card transaction). Nothing is free in life, you just don't see the cost.

@PaigeMTL 3 года назад

I don't mention Tangerine as being a great alternative. They're the sort of bank that seems to have a 2.5% interest rate to get new customers in the door, but then you find out that's actually just for 5 months after which your rate goes down to 0.25%. Whereas there are now multiple credit unions and banks that offer similar rates without it being some trick and without it perpetuating an oligopoly. Interest rates in a country are mostly a product of fiscal policy (reserve bank interest rates) which is why I compare Canadian banks to Canadian banks on interest rates. The big banks here offer rates many times lower than credit unions and challenger banks like EQ Bank. Koho is not a savings account but even if it was your money is insured in a Peoples Trust account which is the credit card issuer. Their operating expenses are totally separate. If their business failed and People's Trust failed you would get your money back. Nothing in life is free? What are you on about? A 1990 Honda Civic is on sale for $25000. Of course all cars cost money, but some are rip offs.

@dwild92 3 года назад

@@PaigeMTL > Their operating expenses are totally separate. Is it though? That the thing with CIDC, you wouldn't have to trust the bank about it, they went through the audit process of CIDC and if that wasn't enough, CIDC will cover for them. With KOHO, they haven't gone through anything, you just blindly trust them to handle everything correctly. It's okay to trust them, it's less okay to ask people to do the same blindly. > Nothing in life is free? What are you on about? A 1990 Honda Civic is on sale for $25000. Of course all cars cost money, but some are rip offs. Sure but you are arguing that this Honda Civic should be free though, not that it should be cheaper ;). A bank has a cost, the fact that you hide that cost behind other revenue source doesn't make it less expensive, just less visible. My point followed the hidden cost of Koho in the form of merchant fee they keep. Yourself explained that part nicely in the video with the opportunity cost, but that's just another layer. Talking about opportunity cost, 10% is a bit of an exaggeration, there's not a single fund that will guarantee anything that high, which made me realize how actually 4.3% isn't too bad to wave fees.

@MasterMind468 3 года назад

Do you think banks are a charity bud?

@PaigeMTL 3 года назад

What you’re referring to is probably a credit union

@sfasr32t432tfg43etfg 3 года назад

You are right about the biggest problem facing the Canadian economy being oligpolies but you are wrong that proportional representation would fix it. The example of it working have all had something else unifying their vision (nationality or being a tiny country primarily) and the places with disagreement just ended up weak and divided with government getting nothing done. Canada is definitely in the latter category, even among the very strong minority of the population that support incredibly stupid socialist ideas put forth by the federal NDP, green and Trudeau Liberals.

@zerohero5753 2 года назад

Not going to happen. The best course of action would be to leave this place, knowing how deep the oligopolies are integrated with the elites in charge there is simply no hope not to mention I doubt the youngsters can even afford to live in this place anymore with how fast housing prices are rising.

@WhipLashOG 3 года назад

Just join the United States

@PaigeMTL 3 года назад

No Beer? Just turn water into wine!

@michaelpakel8802 2 года назад

You forgot to mention that during the 2008 global financial crisis the Canadian banking system was rock solid and held up as a model of stability to the world.

@PaigeMTL 2 года назад

It wasn’t, you forgot to fact check your belief before typing out a message. The sector was secretly bailed out.