Alright, Iâ€™ve decided that for this test the bank I will be using is PC Financial as they seem to offer the best interest rate in the long run. So, today I headed down to the supermarket as that is where its pavilions are. While I was waiting for a person to aid me, I can already see how they are able to offer slightly higher interest rates by reducing operation expenses. For example, there were a lot of people who constantly came in wondering if they could say pay the bills there and they were informed that they had to send in a check or transfer funds from one account to another online or through the machine.
During my wait I was simply reading the bankâ€™s brochure to make sure I understood about the accounts in general based on what I read on the site.
I like how the pamphlet that has all of the legal mumbo jumbo had a sentence saying â€œUnfortunately, even innovative new ways of banking need a little.â€
When my turn came up, I asked some questions such as whether or not foreign currency would be a problem and they mentioned that it would not as you have an option of selecting what type of funds you are depositing and that it would calculate everything automatically. One thing that I kind of overlooked before was that to sign up for this savings account that I would also have to open up a chequing account with them as well. Basically, if you wanted to say withdraw money from that savings account you have to transfer it into the chequing account and then pull it out of there. It wasnâ€™t exactly a big deal. Besides that, everything sounded good and so I went ahead and signed up.
However, there was bit of an obstacle as they needed to take some extra security measures for my account to activate fully. I forgot that I had placed a freeze on my credit account files a few years back for security reasons and as a result someone has to phone me and ask various questions to verify that I am the actual person requesting for the transaction to take place. But, that should be okay though. So, now I can get into the more interesting parts and start bringing in some revenue.