Yeah, in the US, we have thousands of banks. We also had thousands of bank failures back in the 30s. Canada
had NO bank failures in the 30s, but I think there were only 8 banks in Canada back then. US regs made it
difficult or impossible to consolidate small local banks back then, so they could not spread the risk.
I have recently run into the no-cash-deposit policy at 2 of the biggest US banks when I was trying to pay
a customs brokerage and a freight-forwarder.
What I do not understand is why US customers stay with the Big 4 US too-big-to-fail mega-banks. You
get better service at credit unions and local banks, and most offer similar services now, even biz accts.
A student of history, and another country's yet.... that is doubly impressive.
Well, I have to grudgingly admit that there are some strengths to the Canadian system, at the macro level. Damning with faint praise in some respects
.... as you can say the same thing about a well-run crime family. At the individual consumer level, arrogant, condescending, and indifferent are adjectives that often come up.
Any regional or national trust company that attains any notable size is usually subsumed by one of the Big 5. I've dealt with 2 here over the years that were gobbled up......
Resistance is Futile..... But, while it lasts, you can often find better service and rates at some of the few smaller Canadian companies.
Years ago, a guy I worked with was driving back home from the USA. Didn't have a credit card, had run out of cash, and back then, ATMs were white rhino rare, at least in the rural US. He stopped at a small bank in a little town, to see if there was anything that they could do manually with his ATM card in the bank. The answer was No, but then he was told "If you have any personal cheques with you, just write out how much you want".
After they convinced him they weren't joking, he quickly wrote out a cheque for something like $200 - enough to pay for gas until he got back to Canada. Holding the much appreciated greenbacks in his hand, he asked "What do I owe you ?".They pretty near had to pick him up off the floor when they told him "Nothing Sir, have a great day".
Things probably have changed south of the 49'th in that regard today, but back then, I know of no Canadian bank that would have done that. On the remote chance of finding one here that would, there would have been a hefty service fee.
Nobody wants an unstable banking system, but I just wish ours would back down the fees they charge..... esp. when the Big 5 run around spending billions on global acquisitions...... (Rant Off :muttering: .... sorry OP ).
The best service around here that I've found is with a regional credit union, although I've seen others that don't look much different than the Big 5. Caveat Emptor.
Rgds, D.
