Does anyone have a Toronto bank that they love?

November 4, 2009 7:15 PM

My bank has quit the banking business leaving me high and dry -what is your favourite non-TD or BMO banking option in Toronto?

I have been a big fan of Citizen's Bank of Canada (not the same as the US bank of the same name) for years, but they have gone out of business. While they have sold mortgages and secured credit to TD, they are leaving those of us with unsecured lines of credit on our own (TD's choice I believe).

I need to replace my unsecured line of credit ($10k) and open a new account. I don't have much in the way of assets but have a stable, reasonable salary and a good credit rating. I also have a relative who is happy to co-sign on a line of credit, but most banks now refuse this practice and I do not want a traditional loan.

I am happy to consider credit unions or similar alternatives. I have had horrible experiences with Bank of Montreal and TD in the past and have no interest in banking with either of those institutions.

So, where can I get my line of credit with a reasonable interest rate and a good chequing account? Bonus points for affordable wire transfers and programs for New Canadians (my husband lives overseas (wire transfers) but will be moving here once we manage to sort out his visa (New Canadian programs)).

posted by scrute to work & money (7 comments total)

I like desjardins credit union. Locations. Services. I can't speak to all of your resquests (such as wires and line of credit) but I am happy with their banking services.
posted by philfromhavelock at 7:25 PM on November 4

I have been using Presidents Choice for about ten years and I am pretty happy with them (no fees!). They offer secured and unsecured lines of credit. I haven't actually used their wire transfer service but a cost of at least $30 is listed on their website. Another of my friends with international business swears by HK (Hong Kong) bank.
posted by saucysault at 8:00 PM on November 4 [2 favorites has favorites]

HSBC
posted by modernnomad at 9:31 PM on November 4

what about st. stanislaus - st. casimir's polish parish credit union? it has such a rad name...
although, i notice that's not quite your criteria
posted by bellbellbell at 10:17 PM on November 4

We're in Toronto and my partner loved Citizen's Bank too. We ended up switching to Meridian Credit Union. They're a member of the Exchange Network, so there are lots of ABMs available. Here's a list of their service fees. Incoming wire transfers are $10.

I like PC Financial, but he's a sysadmin and has heard enough stories about the security/stability (or lack thereof) of their systems that he won't trust anything CIBC-related.
posted by heatherann at 6:00 AM on November 5

President's Choice Financial

No branches, but they do free chequeing, Line of Credit at prime+1.5%, high interest savings, etc.
posted by blue_beetle at 7:40 AM on November 5

I tend to presume that all of the big banks are the same, but I've had no horrible (indeed, not even a single bad) experience with RBC.
posted by onshi at 9:59 AM on November 5