My Money Has Itchy Feet

If a person has good credit then they're in the driver's seat when dealing with a bank. Clearly, as a profession, being a banker is about three rungs lower than admitting one is a used car salesman nowadays. This is probably true in the eyes of the general public, at least. Yet, I think that this situation makes a perfect opportunity to act a little condescending when meeting with a financial expert. Since 2008, it's a little difficult to take much advice at face value. After all, they didn't seem to notice the storm coming. By comparative standards, it must be added, Canadian banks are among the safest and best-run in the world.

The customer is always right in business and banking however. When I was a poor graduate student, I can remember switching banks once because of a single, poor customer-service experience. Now that I have a little money, I'm surely not going to deal with a bank that cannot exceed the posted rates of all competitors. Why should I?



Some people's banking needs do change over time. Today, in fact, I stopped by the local HSBC and switched my RRSP (Registered Retirement Savings Plan) from my old credit union. The credit union went through several mergers and acquisitions along the way, but it was the very first place I opened an account in Canada. The original location no longer exists as it used to be in the former, downtown New Westminster, London Drugs building. I no longer feel a close affinity to the new branch uptown. I stopped by HSBC as I have one other product with them. That's still not where I do my daily banking or even where I have most of my savings, but there's no harm in spreading one's money around a little.