I wish it were that simple to make the switch. Getting a high USD currency credit card is rather difficult. Other than Royal (currently) and TD, your pretty much out of options. And the Royal reward points and insurance plans were better so I went with royal. If I moved my assets away from Royal, I can guarantee you they'd be even more uptight.

WG

I'm sure they love seeing TCG's offshore bank checks and wondering what the hell I'm doing :)

WG

Hrm true about the US visas, I tried through CIBC and no dice. We're in the "private wealth management" $2m plus section too. Kinda silly! No US $$ visas. Also can't have a euro $$ bank account

I think Swami probably hit the nail right on the head - plus the fact that you have no credit history.

I seem to remember someone else from Canada had some unusual problems with their bank but it was just a Canadian thing.

And seriously consider what The Shemp said - some good PR (Public Relations not Page Rank) - can go a long way towards getting people to cut corners :2 cents:

maybe u should take Juicy up on his offer and get some banking in Belize

any bank who breaks banking laws for a case of champagne would NOT have my accounts long.

I never got this before

WG, whose the best person / account rep to work with over at TCG?

Laura Lee.
WG

It's not about breaking banking laws - it's about establishing some contact with the people.

Banks often have internal rules that can - quite legitimately be bypassed- if someone in the bank at a local level thinks that it is beneficial to the bank to do so.

By establishing himself as an all round nice guy the people at the local level might be prepared to bypass those rules.

It's done all the time - we do it with our bank - be nice to them and they will find ways to return the favour.

It's got nothing to do with breaking banking laws.

50........

You need to go to a smaller business bank to get better accounts system. They have better experience managing cashflow of small business. I think you have outgrown your current banking relationship. It is unwise to use credit cards on such a large scale, better to use bank letters of credit, wires, etc. You can also hire the bank to collect for you.

We only have 5 banks in Canada, numerous branches but they all come down to the big 5. If I could avoid using my credit card so much I would, but much easier than sending out wires or drafts and I get rewards on top of those purchases. And I have a great collections agency, I don't want my bank involved with the collections process.

WG

The only thing I have found with dealing with banks all these years...

Whenever you need money, they will never give it to you...

Whenever you don't need money, they give it to you like it's x-mas ;)

DH

Can you request a private banker to handle your accounts in Canada?

if my bank ever tried to pull that, i'd simply threaten to close my accounts.

I am in the same boat.half a million AUD in a bank a/c yet I have a credit rating of zero.haha.
I actually use my wifes cc for online purchases.

WoW!its 16% p.a interest here on CC debts.
Which is why Australian Banks fall over themselves to incease your limits.

I can see it for a one time thing, but not every year. Then again, I don't have big lines of credit and I have tons of debt :)

Yes,,that is indeed why they ask..money laundering.It is standard banking practice

Solution: www.swiss-bank-accounts.com

did you sign over the GIC to them ? or is just held at the bank ?

I would tell them to whistle, tell them to go on your track record for the past 4 yrs.You can always switch over to another bank which will gladly take over your existing credit card balance. You are Not asking for a business loan so they have no right to any of the info :2 cents:

Hate to break it to ya, but you're under survelliance by the powers that be.

Here's the deal. You make a lot, (probably an understatement), of money from a relatively UNKNOWN source, (to the bank business world). In the banking world, you fall under "suspicious activity". They want you to PROVE where the money is coming from so they know you are not laundering money. I guarantee the RCMP has a file on you and are watching your transactions like a hawk. Bascially they're covering their asses just in case it turns out you're laundering drug or terrorist money.

I've been through the training for this and this is a perfect example. One thing to note is if an employee at the bank tells you that you are under survelliance, they could be fired. BUT I guarantee you this is the situation. You can change banks if you want. But it won't change the fact that you make too much money from a relatively unknown or should I say, misunderstood source. That = suspicious activity and that = WG being watched. The good news is as long as you keep your nose clean, nothing will happen.

Overall nothing but standard procedure. This occurs in Canada AND the U.S. (The u.s. is even more paranoid, rightly so)

In other words, he's fucked. :disgust

Bank OF JDl In Belize

I have come to the same conclusion.
WG

Have you ever taken out a lot of credit or loans on your company before? I'm rather curious if this is normal practice for CDN banks.
WG

It is signed as a General Security Agreement, like a mortgage, if I default, they can seize it.
WG

So this is considered normal practice for my bank to make such a request? I wouldn't be surprised if I'm under watch by the CCRA (I was fully investigated for 2 years during an audit), but I can't forsee the RCMP doing the same.

WG

Sometimes the ugly response works a lot better.

Charles I'm having problems with my bank right now, too. They claim that they want to eliminate a good chunk of the paperwork involved with my account so they're switching me to "direct deposit" only. Yeh fuckin' right, I'm taking my checks elsewhere.

They won't cash your checks?
WG

Charles why don't you and I and maybe a couple of others become partners in a bank in Vanuatu?
it only needs $500,000 to become a bank here.
http://www.pkfvanuatu.com.vu/taxfree_banking.html
then you can have all the credit you want.

WorldPornBanc - In SEO We Trust :)
WG

Free Offshore accounts to all our porn friends, no income tax, free vanuatu residency permits to all customers with a/c's holding more than 20,000 US.
It wouldn't take long to be the biggest bank in the Sthn Hemisphere. :)

Yep it's normal. The RCMP is more like the enforcer but they do keep tabs. The real government agency, (in canada), is Fintrac, located here:

http://www.fintrac.gc.ca/intro_e.asp

You're not in trouble, it is standard procedure. But someone at the bank DID file a suspicious activity report on you in the past.

So what was so suspicious that set them off? Its not like its anything I could have prevented.
WG

Maybe they want to make sure you're not laundering money and you're actually paying taxes? Sounds odd to me though.

Help yourself with a few things. Get a second card and start building it up. I understand where you are coming from. My mainstream business runs a huge monthly visa charge and it freaks banks out even though I keep a positive balance to avoid any business interruptions. I had to send tax statements to my credit card company.

I would set up to deliver it personally. ask if it is an every year thing. Can he help you out etc. Let him set up some other account for you or an added feature. Develop a relationship. You are a big dog and they know it. They just need to know why.

I kind of already have this. I have 2 USD Visa's, I have a mutual fund account, savings, checking, and GIC's all with the bank. My manager is saying the financial statements is necessary due to the high credit limit so it seems I don't have much I can do about it.

WG