Would you switch financial institutions on moral grounds?
In my 36 years on this planet, I have had to stand up for many things in life as well as for who I am as an individual. Take for instance, this story from my high school years. An atypical story of bullying. More recently, I have changed financial institutions because RBC has made a mockery of themselves – both in a lack of service and in the media. It is just plain disgusting. When I made the change, I felt like the “Ghandi” of banking. I am hereby switching my banking to avoid further persecution! Not to mention the lack of love I was feeling.
I am no longer afraid to be me. Take a look at my about me page, I have morals and values and stand by them. People often make comments about my “straight and narrow” relationship decisions. Let them make their comments; I will not bend on those rules.
Changing your banking on moral grounds
This statement in itself is an oxymoron, as most people consider financial institutions glorified rip off artists. They try to remove every penny from our pockets whatever way they can.
I had been toying with the idea of changing my main financial institution in September 2012 when I did a comparison post – Financial Makeover Monday – Bank fees, credit cards, lines of credit, oh my!
After further research and many frustrations with RBC, I switched to TD Canada Trust after 20 years of banking with RBC.
Why did I switch?
- RBC charged me interest twice on my Visa card when I had actually overpaid my bill! $119 of interest was credited back to me. If I had never called, they would have gotten away with it.
- They have not paid much attention to me and have never done much for me either. Employees were very friendly but never did much to retain my business.
- RBC’s takeover of Ally Canada – removing yet another fantastic institution and safe haven of higher savings and interest. My exact words were: “Bunch of bastards are going to take Ally, chop it up, keep only the Auto Insurance division and let go of the extra workers. It will be like Esurance in the US being taken over by Allstate. Just so RBC can have a low cost budget auto insurance division. Pathetic.”
- Bad social karma. Here are a few of the articles on the bad press RBC experienced on replacing Canadian workers and hiring foreign workers.
Readers aren’t buying RBC CEO’s foreign worker denial
There you have it, my four main reasons for switching my banking after 20 years. I may be paying twice as much in monthly fees but TD’s banking package better suits my needs. I have my annual fees on both Canadian, US credit cards waived, and I have a Borderless US Banking package for my US Travel with no additional fees (all built into the package I have).
In the short term, am I paying more? YES. In the long term, am I saving? YES. It is a small sacrifice to make in the short term for a long-term gain.
The long and short of my banking came down to how I was being treated as a 20-year client and how much was I paying in overall fees. I felt neglected and pissed off over the Ally takeover so I switched. RBC outsourcing Canadian jobs to foreign workers was the last nail the coffin for them.