Bank and mortgage question!
Feb 18th 2010, 6:51 pm
#1
Forum Regular
Thread Starter
Joined: Oct 2005
Location: Petawawa, ON
Posts: 257
Bank and mortgage question!
This is a long shot, but someone might have an answer 
The bank we are with, who have lots of worldwide branches, have decided to change what ATM's etc its customers can use. We are with the bank because we banked with them in the UK and it was easy to open up an account once here and get a mortgage with them etc. Our local branch is a twenty five minute drive from where we live, which hasn't been a problem until now, as they've had an agreement with another bank that their customers can use it's ATM's for free and make deposits for free via the ATM.
This all changes in a few weeks when they will no longer offer the deposit service and withdrawals will be charged. We don't want to do a fifty minute round trip every time we want to withdraw money or make a deposit so we'd like to change our current account to the bank that is near where we live!
If we were to open up a new current account with a different bank would this affect our mortgage? Do we have to bank with the bank our mortgage is with? Seems like a strange question I know, but I've noticed that banking does work differently here!
I'm still waiting for the personal banker to get in touch with me so wondered if any of you lovely people had any experience of this here.
Thanks
The bank we are with, who have lots of worldwide branches, have decided to change what ATM's etc its customers can use. We are with the bank because we banked with them in the UK and it was easy to open up an account once here and get a mortgage with them etc. Our local branch is a twenty five minute drive from where we live, which hasn't been a problem until now, as they've had an agreement with another bank that their customers can use it's ATM's for free and make deposits for free via the ATM.
This all changes in a few weeks when they will no longer offer the deposit service and withdrawals will be charged. We don't want to do a fifty minute round trip every time we want to withdraw money or make a deposit so we'd like to change our current account to the bank that is near where we live!
If we were to open up a new current account with a different bank would this affect our mortgage? Do we have to bank with the bank our mortgage is with? Seems like a strange question I know, but I've noticed that banking does work differently here!
I'm still waiting for the personal banker to get in touch with me so wondered if any of you lovely people had any experience of this here.
Thanks
Feb 18th 2010, 6:55 pm
#2
BE Enthusiast
Joined: Apr 2008
Posts: 468
Re: Bank and mortgage question!
This is a long shot, but someone might have an answer
The bank we are with, who have lots of worldwide branches, have decided to change what ATM's etc its customers can use. We are with the bank because we banked with them in the UK and it was easy to open up an account once here and get a mortgage with them etc. Our local branch is a twenty five minute drive from where we live, which hasn't been a problem until now, as they've had an agreement with another bank that their customers can use it's ATM's for free and make deposits for free via the ATM.
This all changes in a few weeks when they will no longer offer the deposit service and withdrawals will be charged. We don't want to do a fifty minute round trip every time we want to withdraw money or make a deposit so we'd like to change our current account to the bank that is near where we live!
If we were to open up a new current account with a different bank would this affect our mortgage? Do we have to bank with the bank our mortgage is with? Seems like a strange question I know, but I've noticed that banking does work differently here!
I'm still waiting for the personal banker to get in touch with me so wondered if any of you lovely people had any experience of this here.
Thanks
The bank we are with, who have lots of worldwide branches, have decided to change what ATM's etc its customers can use. We are with the bank because we banked with them in the UK and it was easy to open up an account once here and get a mortgage with them etc. Our local branch is a twenty five minute drive from where we live, which hasn't been a problem until now, as they've had an agreement with another bank that their customers can use it's ATM's for free and make deposits for free via the ATM.
This all changes in a few weeks when they will no longer offer the deposit service and withdrawals will be charged. We don't want to do a fifty minute round trip every time we want to withdraw money or make a deposit so we'd like to change our current account to the bank that is near where we live!
If we were to open up a new current account with a different bank would this affect our mortgage? Do we have to bank with the bank our mortgage is with? Seems like a strange question I know, but I've noticed that banking does work differently here!
I'm still waiting for the personal banker to get in touch with me so wondered if any of you lovely people had any experience of this here.
Thanks
If you need cash, you can do cashback using your debit card at the supermarkets.
Last edited by SambaDeAmigo; Feb 18th 2010 at 6:57 pm.
Feb 18th 2010, 6:59 pm
#3
Lost in BE Cyberspace
Joined: Aug 2005
Location: South of Calgary
Posts: 13,375
Re: Bank and mortgage question!
This is a long shot, but someone might have an answer
The bank we are with, who have lots of worldwide branches, have decided to change what ATM's etc its customers can use. We are with the bank because we banked with them in the UK and it was easy to open up an account once here and get a mortgage with them etc. Our local branch is a twenty five minute drive from where we live, which hasn't been a problem until now, as they've had an agreement with another bank that their customers can use it's ATM's for free and make deposits for free via the ATM.
This all changes in a few weeks when they will no longer offer the deposit service and withdrawals will be charged. We don't want to do a fifty minute round trip every time we want to withdraw money or make a deposit so we'd like to change our current account to the bank that is near where we live!
If we were to open up a new current account with a different bank would this affect our mortgage? Do we have to bank with the bank our mortgage is with? Seems like a strange question I know, but I've noticed that banking does work differently here!
I'm still waiting for the personal banker to get in touch with me so wondered if any of you lovely people had any experience of this here.
Thanks
The bank we are with, who have lots of worldwide branches, have decided to change what ATM's etc its customers can use. We are with the bank because we banked with them in the UK and it was easy to open up an account once here and get a mortgage with them etc. Our local branch is a twenty five minute drive from where we live, which hasn't been a problem until now, as they've had an agreement with another bank that their customers can use it's ATM's for free and make deposits for free via the ATM.
This all changes in a few weeks when they will no longer offer the deposit service and withdrawals will be charged. We don't want to do a fifty minute round trip every time we want to withdraw money or make a deposit so we'd like to change our current account to the bank that is near where we live!
If we were to open up a new current account with a different bank would this affect our mortgage? Do we have to bank with the bank our mortgage is with? Seems like a strange question I know, but I've noticed that banking does work differently here!
I'm still waiting for the personal banker to get in touch with me so wondered if any of you lovely people had any experience of this here.
Thanks
Maybe you would rather incur the expense of driving for 50 minutes rather than the expense of using anothers' ATM.
The sensible option is to change banks, no it won't affect your mortgage, you will just have to work out how to pay it from your new account
Feb 18th 2010, 7:06 pm
#4
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,019
Re: Bank and mortgage question!
I switched my mortgage, which is with Scotiabank, from a PC account to a TD one. I just walked into a Scotiabank branch I was passing, explained and gave them a cancelled cheque for the new account. Done.
Feb 18th 2010, 7:28 pm
#5
Forum Regular
Thread Starter
Joined: Oct 2005
Location: Petawawa, ON
Posts: 257
Re: Bank and mortgage question!
Excellent. Thanks, everyone, hubby is on the phone with the bank now 
Feb 20th 2010, 6:07 pm
#6
Forum Regular
Joined: Sep 2007
Location: Calgary
Posts: 230
Re: Bank and mortgage question!
This is a long shot, but someone might have an answer
The bank we are with, who have lots of worldwide branches, have decided to change what ATM's etc its customers can use. We are with the bank because we banked with them in the UK and it was easy to open up an account once here and get a mortgage with them etc. Our local branch is a twenty five minute drive from where we live, which hasn't been a problem until now, as they've had an agreement with another bank that their customers can use it's ATM's for free and make deposits for free via the ATM.
This all changes in a few weeks when they will no longer offer the deposit service and withdrawals will be charged. We don't want to do a fifty minute round trip every time we want to withdraw money or make a deposit so we'd like to change our current account to the bank that is near where we live!
If we were to open up a new current account with a different bank would this affect our mortgage? Do we have to bank with the bank our mortgage is with? Seems like a strange question I know, but I've noticed that banking does work differently here!
I'm still waiting for the personal banker to get in touch with me so wondered if any of you lovely people had any experience of this here.
Thanks
The bank we are with, who have lots of worldwide branches, have decided to change what ATM's etc its customers can use. We are with the bank because we banked with them in the UK and it was easy to open up an account once here and get a mortgage with them etc. Our local branch is a twenty five minute drive from where we live, which hasn't been a problem until now, as they've had an agreement with another bank that their customers can use it's ATM's for free and make deposits for free via the ATM.
This all changes in a few weeks when they will no longer offer the deposit service and withdrawals will be charged. We don't want to do a fifty minute round trip every time we want to withdraw money or make a deposit so we'd like to change our current account to the bank that is near where we live!
If we were to open up a new current account with a different bank would this affect our mortgage? Do we have to bank with the bank our mortgage is with? Seems like a strange question I know, but I've noticed that banking does work differently here!
I'm still waiting for the personal banker to get in touch with me so wondered if any of you lovely people had any experience of this here.
Thanks
Hi I work for a bank here and as far as I know it makes no odds if you have a bank account with another financial institution with regards to your mortgage as long as you are able to pay your mortgage one or the other it is fine. I have 2 banks accounts with different financial institutions and have my mortgage somewhere completely different. If you go on a bank plan which is a monthly fee and you can choose which one suits you best it can allow you certain amount of transactions without being charged and can be quite cost effective in the long term.
Feb 21st 2010, 12:18 am
#7
Forum Regular
Joined: Feb 2009
Posts: 294
Re: Bank and mortgage question!
I believe the OP is talking about HSBC Canada, where I bank too
I did a check when hearing this news, this is what I found
I did a check when hearing this news, this is what I found
Will I not be able to use BMO Bank of Montreal ATMs?
You will be able to use Bank of Montreal ATMs for cash withdrawals; convenience and transaction fees may apply. You will be able to make deposits at all HSBC ATMs and, for Personal banking customers, THE EXCHANGE Network ATMs, though you will no longer be able to do so at Bank of Montreal ATMs.
Where else can I access a surcharge free ATM?
You can access any HSBC or THE EXCHANGE Network ATM surcharge free. Find one near you at: hsbc.ca/atm.
What is The exchAnge network?
This network is participated in by a number of banks and credit unions, and provides convenient access at over 2,300 ATMs across Canada displaying THE EXCHANGE logo
You will be able to use Bank of Montreal ATMs for cash withdrawals; convenience and transaction fees may apply. You will be able to make deposits at all HSBC ATMs and, for Personal banking customers, THE EXCHANGE Network ATMs, though you will no longer be able to do so at Bank of Montreal ATMs.
Where else can I access a surcharge free ATM?
You can access any HSBC or THE EXCHANGE Network ATM surcharge free. Find one near you at: hsbc.ca/atm.
What is The exchAnge network?
This network is participated in by a number of banks and credit unions, and provides convenient access at over 2,300 ATMs across Canada displaying THE EXCHANGE logo
Feb 21st 2010, 7:05 pm
#8
Forum Regular
Thread Starter
Joined: Oct 2005
Location: Petawawa, ON
Posts: 257
Re: Bank and mortgage question!
Yes, you are correct, HSBC! The trouble is all of these "Exchange" ATM's are a twenty minute drive from where we live. We are seeing the banker on Thursday and will probably change our account. Thanks for the help everyone.
