[OSGeo Finance] Changing Banks

[Tyler Mitchell (OSGeo)]

I've interviewed several national banks to move our business to.  My  
requirements were the same as any basic business client needing a US  
Funds account.  Each bank offered account services with fairly equal  
costs.  It would take more time than it is likely worth at this point  
to lay all these fees out for a more detailed comparison, because we  
can get by without any monthly fees due to our balance and  
transaction levels.  The fees for doing business like sending/ 
receiving wire transfers are high but are the same as our current  
bank is charging.

Any bank could technically do the job, so the main difference has  
come down to customer service.  Some gave exceptional service and  
others did not.

I interviewed these banks:

* RBC/Royal Bank & BMO/Bank of Montreal - Appeared to have a standard  
range of options.  US account offerings unclear.  Did not follow up  
with details as promised.
* Scotia Bank - Provided basic information for me to consider.   
Generally helpful.
* TD Canada Trust - Presented options clearly.  Productive  
discussion, including interest in our organisation's mission.   
Discussed potential problems we might encounter and related options.
* CIBC - Provided very basic info.  Meeting was rushed.  Apparently  
complex fee structure.

In the end I was most impressed with the service I received at TD  
Canada Trust.  They were professional, respectful and enthusiastic  
about our mission.  When there were tough questions they phoned  
someone else to get it answered quickly.  I think they would be the  
most helpful in the long term and are interested in making something  
work for us.

To move forward I would need agreement from this committee, then  
certain authorisation letters from the board and/or legal assistance  
to verify things.  Getting this moving will be very very helpful for  
me to do several things better.

Any questions, suggestions or other things you would like to discuss  
on this topic?

Tyler