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Im totally confused with bank stuff , i tried reading on line and i just get even more confused.

how to i look up how to yield the max amount of % with my saving ?

So far the only thing i can understand is 100% untouched money yields the most interest after a year.

anything beyond that is making my head hurt -_- can anyone help me?

You want the real interest received. I am not sure what thats called in Canadia.

It also depends on the frequency that your interest is compounded. You get better results the more often your interest is compounded.

Your best bet is to walk into your bank (or a bank you're thinkig about using) and asking one of the folks there to explain it to you.


Eric

MagickalMemories wrote:It also depends on the frequency that your interest is compounded. You get better results the more often your interest is compounded.

Your best bet is to walk into your bank (or a bank you're thinkig about using) and asking one of the folks there to explain it to you.


Eric

ah thanks for the replies , as you guys can tell i have never done anything like this myself.

I always have thought banks would try everything they can to screw people 's money over ( is this true? )
can i trust everything they are telling me if i talk to them in person?

I checked around, everyone says RBC ( my current bank ) is awful, and ING is the best way to go.

I can't speak for Canadian banks, but I can tell you that banks in general are NOT looking to screw you over every time you turn around.

Generally, the people who tell you that are the people who ended up on the wrong side of a bunch of bank fees... and about 99% of the time, it was their own fault.
The 1% that it was the bank's fault, the bank WILL refund the fees.
Ignore those people.

Eric

MagickalMemories wrote:I can't speak for Canadian banks, but I can tell you that banks in general are NOT looking to screw you over every time you turn around.

Generally, the people who tell you that are the people who ended up on the wrong side of a bunch of bank fees... and about 99% of the time, it was their own fault.
The 1% that it was the bank's fault, the bank WILL refund the fees.
Ignore those people.

Eric

I understand that it is an individual responsibility to keep up with your finances and not overdraw your account, but do you not think that banking has become a much more fee oriented business over the past 20 years or so? I don't understand the necessity of charging a fat fee for EVERY transaction someone makes when they overdraw.

The necessity is called income generation-aka maximizing shareholder profits.

Want to avoid the fee-don't write bad checks.


Seriously though you're right fees have gone substantially higher for everything (you don't have to put capital against a fee). It balances against the online banking firms that made their debut vs. the B&M jobs.

Frazzled wrote:The necessity is called income generation-aka maximizing shareholder profits.

Want to avoid the fee-don't write bad checks.


Seriously though you're right fees have gone substantially higher for everything (you don't have to put capital against a fee). It balances against the online banking firms that made their debut vs. the B&M jobs.

Its been years since I've had an overdraw, but I remember how bad it made me feel. People are human, and make mistakes. I think it is immoral to treat that as an income generating opportunity.

Morality doesn't bear into it. This is business.

Grignard wrote:I understand that it is an individual responsibility to keep up with your finances and not overdraw your account, but do you not think that banking has become a much more fee oriented business over the past 20 years or so? I don't understand the necessity of charging a fat fee for EVERY transaction someone makes when they overdraw.

You'd be surprised how many people disagree with you re: individual responsibility and think that it's the bank's job to keep up with it FOR them. LOL If I had a dollar for every time I heard, "Well the bank paid the check and didn't ask me about it. I shouldn't have to pay the fee." Of course, I responded with, "Well the fee for returning a check unpaid is the same. Would you have preferred it to be returned unpaid and still have that fee charged to you?"

Some people are absolutely ridiculous.

The necessity for charging a flat fee is simple... It costs the bank money when someone overdraws their account. Each overdraft costs the bank more. The bank should not be expected to eat that cost.
Now, I'm not defending the AMOUNT that banks charge. I think it's highway robbery... and I work for one.

I also disagree with the ever-popular (with banks) fees based on overdrafts caused by HOLDS on your account.

If you have $5 in your account, and get paid tomorrow, and use your check card for >$5, you WILL see a fee... even though it takes 3 to 5 days for a debit card transaction to clear, on average... because the HOLD put you into NSF status (Non Sufficient Funds). I think THAT policy is ridiculous, as well, as this does NOT cost the bank money.


Eric

MagickalMemories wrote:If you have $5 in your account, and get paid tomorrow, and use your check card for >$5, you WILL see a fee... even though it takes 3 to 5 days for a debit card transaction to clear, on average... because the HOLD put you into NSF status (Non Sufficient Funds). I think THAT policy is ridiculous, as well, as this does NOT cost the bank money.

Generally, if you have $5 in your account, you get charged a fee for not having enough money in your account (which usually overshoots the amount of money you even have in the first place). Forget overdraws. THAT is the perfect example of highway robbery.

Chrysaor686 wrote:

MagickalMemories wrote:If you have $5 in your account, and get paid tomorrow, and use your check card for >$5, you WILL see a fee... even though it takes 3 to 5 days for a debit card transaction to clear, on average... because the HOLD put you into NSF status (Non Sufficient Funds). I think THAT policy is ridiculous, as well, as this does NOT cost the bank money.

Generally, if you have $5 in your account, you get charged a fee for not having enough money in your account (which usually overshoots the amount of money you even have in the first place). Forget overdraws. THAT is the perfect example of highway robbery.

Then you're just at the wrong bank.

"Generally," that is NOT true. MOST banks (especially the big ones) offer free checking (at least, here, in the States they do), because they have to in order to be competetive.
Said "free checking" has no minimum balance. Because, otherwise, it's not actually FREE.


If you're being charged a low balance fee by your bank... shop around.

Eric