Bookkeeping, budgets, financial statements, loans, investments, etc.
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    • #2423
      CCI Admin
      Keymaster

      Posted by Shaune I on November 28 2017 at 02:56 PM | 10 comments
      Hi All

      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.

      Thanks
      Shaune

    • #2424
      CCI Admin
      Keymaster

      HI Shaune,

      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:
      Canadian Western
      Angela Furzer | Manager Cash Management
      Edmonton 103rd Street Branch
      p. 780-969-1527 | f. 780-423-8811
      and Servus
      Amanda Batuik
      Cash Management Analyst
      Business – Solutions
      Servus Credit Union
      9109-82 ave, Edmonton, AB
      T6C 0Z4
      t: 780.641.8783
      f: 780.469.9149

      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

    • #2425
      CCI Admin
      Keymaster

      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

    • #2426
      CCI Admin
      Keymaster

      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

    • #2427
      CCI Admin
      Keymaster

      Angela with CWB has been fantastic with my corps. I highly recommend contacting her.

      Kelly S on November 28 2017 at 04:33 PM

    • #2428
      CCI Admin
      Keymaster

      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

    • #2429
      CCI Admin
      Keymaster

      Hi Shaune,
      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

    • #2430
      CCI Admin
      Keymaster

      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

    • #2431
      CCI Admin
      Keymaster

      I would check with ATB as well. They are 100% guaranteed on all deposits.

      Serena N on November 29 2017 at 05:38 PM

    • #2432
      CCI Admin
      Keymaster

      All

      Thanks for the input. CWB and ATB seem to be the institutions of choice.

      Thanks
      Shaune

      Shaune I on November 30 2017 at 07:12 AM

    • #2433
      CCI Admin
      Keymaster

      Hi,

      I am interested in talking with you about the banking information your enquiry raised. Please email me at: bpatwebb@shaw.ca

      Patricia W on December 14 2017 at 12:10 PM

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