Don’t be afraid to make a change

This is another one of my “classic” early stories. I got a great deal by being pissed off enough to change something that was going to cost me money. Change your Bank, sounds easy, but is it? 

A friend was talking to me about her families exorbitant Bank Fees. She was looking at changing banks, but was afraid of how complicated that might be. I told her the “parable” of my own reasons for changing banks a while ago.

⏰ Change Your Bank

We were sure that interest rates would never get below 11% again. This belief was strong when I bought my first home. We locked in at 11% for five years, for that reason. Needless to say, that wasn’t the first financial blunder I made in my financial career. It will not be the last either. Five years passed and we FINALLY were able to get a lower interest rate.

We went in to talk to the nice lady at the Bank of Montreal (BMO). It was time to renew. She suggested we choose a different direction. Opting for a 6 month term would give us the lowest rate they had. She even knocked it down by another 1/4 of a percent. I was deliriously happy! My mortgage payments dropped, wonderful stuff.

When the 6 months were up, we went in to talk to the nice lady, same deal again, WONDERFUL! Another 6 months and again, another great deal.

♾ ️Does this Keep Happening?

Finally another six months passed, I sauntered into my BMO branch. I went up and asked for the nice lady. The stern woman at the “help” desk said she wasn’t there, but that she could help. I figured, what the heck, and said I’d like my standard deal please. I explained that I would like to renew for 6 months and get a 0.25% drop in rate as well. “Sir we do not discount that rate, it is our lowest rate”, was the stern response I got back. I pointed out that I had been getting that for the past 18 months.

Mrs. Stern glared back and again assured me that I was wrong. Remember sales people or service folk, being RIGHT is never a good thing if you PISS OFF your customer. This argument got quite heated and after 15 minutes, I left. I vowed to myself I’d not stand for this. Normally this meant I would go home and vent at my wife, and do nothing.

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This time something had gone off in me. I went to the Canada Trust. It is now part of TD. I asked them, "What can you do for me?". Sixty minutes later, I had decided to move all of my business over to CT. I no longer had a mortgage. I had a secured line of credit (which cost nothing to set up). I had changed banks!

Yes, I had to sew up a lot of loose ends. I needed to have my pay deposited to the CT account. I also had to get a new credit card. I also moved my RRSPs over and set up RESPs and a trading account too! They even gave me FREE banking (which I have managed to keep until now, we shall see whether it continues) too!

⚖️ Is there a Moral to the Story ?

The moral of the story? If a lazy, procrastinating and fat (at the time) bastard like me can change banks on a whim, then anyone can. Moreover, anyone SHOULD! It is YOUR money. Paying bank fees takes money out of your pocket. Paying too much for your mortgage does as well. Don't let them do this!!! Change your bank, if you are not happy.

🔗 More on Free Banking in Canada

• The Government Has a List of Low-Cost Accounts
  Useful.
• 350 Reasons To Switch Your Banking – Boomer & Echo
  A breakdown of which banks truly offer zero-fee accounts—and how to avoid hidden charges.
• Top Online Banks in Canada – MapleMoney
  Covers banks like Tangerine, EQ Bank, and Simplii Financial, along with their features and interest rates.
• Best No-Fee Bank Accounts in Canada – Savvy New Canadians
  Reviews of free chequing and high-interest savings accounts, including newcomer-friendly options.
• Best No-Fee Chequing Accounts In Canada For 2025 - Forbes
  Some interesting choices here.