November 7, 2018 at 11:30 am #2423
Posted by Shaune I on November 28 2017 at 02:56 PM | 10 comments
Our Board is establishing our own bank accounts in the name of the Condo Corp.
Which financial institution is the best for good service combined with low fees and good rates on short term GICs?
Any contact names at your institution of choice would be appreciated.
November 7, 2018 at 11:30 am #2424
I helped all of the Condo Corps I manage get set up with new bank accounts. It can be an exhaustive effort as banks don’t seem to really understand how Condo Corps operate..and what our needs are.
The best so far have been:
Angela Furzer | Manager Cash Management
Edmonton 103rd Street Branch
p. 780-969-1527 | f. 780-423-8811
Cash Management Analyst
Business – Solutions
Servus Credit Union
9109-82 ave, Edmonton, AB
You can let them know that Rebecca from RM Trotter Managment INC referred you.
ALL THE BEST!
Rebecca T on November 28 2017 at 03:12 PM
November 7, 2018 at 11:30 am #2425
I would definitely not recommend Servus.
There is no consistency amoungst branches. One branch/teller will allow you to bank with just one of the 2 signing authorities there; other branches/tellers will insist on both being there, at the same time, just to transfer funds between 2 accounts.
If you call the call center for an appointment and what is needed (ID, corporate registry, minutes to meetings, 2 signing authorities there at the same time), they will neglect to include some items so when you get there, you end up going home empty handed. Some of the service reps would then giggle, “oops, sorry”. Have no respect for your time.
Sandra M on November 28 2017 at 03:41 PM
November 7, 2018 at 11:30 am #2426
I agree with Sandra regarding the different branches. The positive of servus is that it is in the corporations name and stay with the corporation no matter what.
I would recommend atb
Jill M on November 28 2017 at 04:02 PM
November 7, 2018 at 11:31 am #2427
Angela with CWB has been fantastic with my corps. I highly recommend contacting her.
Kelly S on November 28 2017 at 04:33 PM
November 7, 2018 at 11:31 am #2428
We use Canadian Western Bank , they have a condo account. They will match rates when possible. Alanda Ferster , 780-988-8607 at South Edmonton Common is really good.
Remember only !00,000 in each account is CDIC insured for Reserve Funds.
1. They pay 1.1% on a Reserve savings account that I use to transfer into each month our monthly contribution for the reserve fund from operating.
2. We have a CWB Valiant account where we have Reserve GIC’s to = $100,000 , CDIC INSURED
3. CWB TRUST account with GIC to = $100,000.
In total we have $300,000 which is insured. Then for the surplus we use RBC Securities where we have more investments all CDIC insured.
We pay much lower fees at CWB now that we are self managed. I can transfer and print statements and bank online.
Eleanor M on November 28 2017 at 07:00 PM
November 7, 2018 at 11:31 am #2429
You question is great and the responses seem positive. I am going to give you my humble opinion which is don’t trust any of the banks. Don’t put your total faith in one bank. Choose a charter bank as your investments have a little more security. Emphasis on little.
The biggest thing to keep in mind is that a bank is a business if you think for one second they will give you a break, think again. Be prepared to compare fees at least every three years. Don’t let them lock you into long term agreements because once they do that they have you. Push for fee reduction and be prepared to move if they won’t budge.
Paul M on November 28 2017 at 08:07 PM
November 7, 2018 at 11:31 am #2430
We use ATB. They are not governed under the same rules as chartered banks are and are covered by the Alberta Government.
William T on November 28 2017 at 10:58 PM
November 7, 2018 at 11:31 am #2431
I would check with ATB as well. They are 100% guaranteed on all deposits.
Serena N on November 29 2017 at 05:38 PM
November 7, 2018 at 11:31 am #2432
Thanks for the input. CWB and ATB seem to be the institutions of choice.
Shaune I on November 30 2017 at 07:12 AM
November 7, 2018 at 11:31 am #2433
- You must be logged in to reply to this topic.