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We Switched Banks

hhrecyclingPosted for Everyone to comment on, last year3 min read

As much as I loathe the big banks, I have to give the Royal Bank of Canada credit. They know how to get business customers.
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When I started looking into incorporating without getting a lawyer, I had people telling me that there was nothing to it. That is not the case. I have about the same amount of skill with legalese as I do with code. Less than one iota.
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So I paid a service called Ownr to do the incorporation for me

It worked really well. The cost of incorporating yourself is $330 and Owner charges $699 to do it and you just go through the checklist and push the button. A lawyer is $1500 or more so I was still saving but I didn't have to try to understand the articles of incorporation and all of that malarkey.

What does this have to do with RBC?

Thanks for asking. RBC owns Ownr.

Still confused? Okay, they also offer $300 off the $699 if you open a business bank account with them.

Now are you seeing the genius here? Of course I will open a bank account to save $300. The bank account is $5 per month and if I don't like it I can cancel it after a few months but it looks like a better account than the $20/month one that I have at our current bank and I have been very unsatisfied with them for years.

I should clarify that I love our local branch but the bank itself is less than stellar IMO.

So this is a great way to transition away from our current bank and get more into the digital age because there is no physical branch for RBC in our town so everything will have to be done remotely. Depositing cheques through the app and all that fancy stuff is how it's going to be from now on but our bank has been trying to get us to do that for years and they don't even have tellers anymore. Haven't for at least eight years so that part won't be too big of a stretch.

I guess we will see how it goes and then we can make an informed call in time. I still have about four years left on the mortgage so I won't be moving that over but for just doing our personal banking, we might be able to save a little in fees while letting our bank know we aren't happy. I have threatened them with leaving for years and maybe this will be the knock on the head that they need. A lot of people have left already and if they see it constantly happening they might take notice.

Probably not though. After all, they are a bank.

Anyhow, to make a long story short, We are one step closer and have a corporate bank account now. I know, it IS exciting.

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