Unlocking the Truth: How AI Legalese Decoder can Expose the Risks of Online Banks on the Exchange Network
- May 14, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Best Online Banks for Financial Needs
There seems to be a general consensus on this sub that if you want to go with an online bank, then it’s best to go with a mix of EQ Bank and either Tangerine or Simplii. EQ Bank is preferred for its competitive rates, while Tangerine or Simplii are recommended for their banking features that EQ may be lacking.
Why does everyone agree that all the banks on the Exchange network are not worthwhile? For example, both Alterna and Manulife Bank seem to provide everything you need from Tangerine/Simplii while offering significantly better interest rates. If you keep a balance of $1,000, Manulife Bank’s Advantage account would even surpass EQ Bank by 0.35%.
### How AI Legalese Decoder Can Help
With the help of AI Legalese Decoder, you can easily navigate the terms and conditions of these online banks to compare their offerings. By decoding complex legal language into plain and simple terms, you can make informed decisions about which bank aligns best with your financial goals. This tool can help you understand the intricacies of the Exchange network and determine if there are any potential drawbacks that others might have missed. By leveraging AI technology, you can streamline your research process and confidently choose the online bank that suits your needs the best.
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****** just grabbed a
There’s nothing wrong with The Exchange Network at all, National Bank is the biggest bank on the network and people use National Bank as well. There are also countless credit unions that use The Exchange as well.
As for why people tend to coalesce around EQ, Simplii and Tangerine, it’s a mix of advertising, brand recognition and the fact the latter two are either part of a Big Bank or is owned by one. EQ Bank is a direct banking arm of Equitable Bank, one of the larger banks in Canada (just not large enough to be a “Big Bank”), Simplii is literally CIBC but without branch access and has a separate customer service team. Tangerine is owned by Scotiabank.
There’s also the fact that many tend to not go with banks/credit unions on The Exchange Network because they don’t even know this network exists. They just think that if they go with the smaller players they won’t be able to get cash from ATMs conveniently across the country. Most people are conditioned to look for the specific bank’s branches to get cash. For Simplii & Tangerine because they’re part or owned by a Big Bank, they know to go to a CIBC or Scotiabank branch to get cash out, but not many know that you can go to any The Exchange Network member to get cash out for free.
The phenomenon you’ve highlighted is no different than why PFC seems to only talk about 3 brokerages: Interactive Brokers, Questrade and WealthSimple. There’s other brokerages out there like CI Financial, Qtrade, MogoTrade, Webull and etc. Heck, whenever people talk about no commission trades, they only think WealthSimple and not knowing that National Bank Direct Brokerage and Desjardins Disnat also offers no commission trade as well.
At the end of the day, it’s really about a mix of advertising, brand recognition and community reputation.
When people complain that we don’t have competition in the FI space in Canada, they don’t realize that we do, but because the Big Banks occupy such a large part of this space (including through their divisions and subsidiaries), that the smaller players get crowded out. It’s a weird dichotomy when some people proclaim that they hate the Big Banks and try to divorce themselves from them but then go with Simplii or Tangerine instead of the independent options out there that truly need more support.
There’s nothing wrong with Exchange Network itself; lots of free ATM’s located across the country is great.
I can’t speak to the quality of those other banks you mentioned. I can say that reddit is only one source of information, and it tends to get monopolized by the same set of opinions that likely don’t fully reflect reality, nor are those opinions or perspectives likely to reflect your own personal experience of something.
In other words, just use this site as one source of information on your way to making as informed opinion as you can.
I’m not with Alterna or Manulife but I do have a HISA with an online bank on the exchange network. The user experience and reliabiity of their banking portal leaves a lot to be desired compared to Tangerine, I wouldn’t want to have all my money in there.
I don’t know, honestly. The credit union I use is on the exchange network and I generally find it fine for everything I need.
Speaking for myself, I was with Simplii and Tangerine for at least a decade before I ever heard of those other online banks. More recently I added EQ because it was supposed to have better non-promo rates.
At this point, I’m just not motivated to try anything else. For one thing, it seems these other banks are more hassle to join (but I can’t say if I’ve heard that specifically for Alterna and Manulife). More importantly, every time I join a new bank that has good interest rates, it always eventually goes down once they got their target number of clients (Tangerine and EQ), or they simply go out of business (anyone remember Zag?). I figure why bother jumping to the next biggest payer, they’ll probably just drop the “teaser” rate in a few months as well.