I personally use PC Financial and I really like there products and services so much that I have almost completely given up my traditional bank account with one of the Big Six in Canada.
I keep it open only because is provides me a service that is quicker and more convient then PC because they don't actually have any banking infrastructure (ie. Branches, Pesky Tellers and 52 Vice Presidents/branch). There are times where I do need the services of a traditional bank, but I find that most of these services offered can be done over the interenet now and it saves me 8 bucks a month on services charges.
So, I am all open for more options in the banking community.
Competition is always a good thing - as Mr. Block said in the video, Wal-mart's banking efforts will be crushed if it doesn't offer a good deal to the consumer.
I mostly used credit unions as a teenager, then transitioned to a regional institution later - their internet banking package is still one of the best I've found. I found the big 6 offer better lending services, while branchless places like PC, ING, ... etc. are better for savings and self-directed investments. Viva la difference!
There are so many banks because you have to be a bank to issue your own credit card. Most of the banks out there, in Canada at least, are for the sole purpose of issuing store credit cards. Not many of them offer full service retail banking, like mortgages, savings, and checking.
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