mbanx no thanks

Theovis and I joined mbanx (Bank of Montreal’s virtual bank) a few years ago thinking that virtual banking was the greatest thing ever. I couldn’t remember the last time I’d needed to go in to the bank itself, so telephone, computer and ATM banking suited me perfectly. mbanx offered many appealing services included in the $13/month charge: free cheques, unlimited direct payment purchases, and the thing that made me jump for joy, unlimited transactions at any bank’s (from now on referred to as AB’s) ATM! I could go to the Royal Bank and get $5 out all day, with no Interac charges. My bliss was unfathomable.

Recently, though, the honeymoon came to an end. Theo and I are fine, but my relationship with mbanx ran into an insurmountable hurdle. They were changing the service fee structure on their accounts. No longer could I joyously state “doesn’t matter” when friends asked which bank’s machine I needed to find. mbanx was limiting my transactions at AB’s machines to 5 a month. I felt as though I’d been stabbed through the heart. From unlimited to 5? What gives?

With righteous indignation (okay, not really, but I was pissed), I telephoned customer service at mbanx. The helpful guy (I was still a believer at this point) on the phone explained that I should email my complaints to info@mbanx.com. I did just that. I explained that we found the changes unacceptable. We had joined mbanx mainly because of the use of AB’s machines and that it would be far too difficult to keep track of who had used any or all of the measly 5 transactions now allowed. I also mentioned that we planned to switch banks if our needs weren’t addressed.

A few days later I received a reply from mbanx. They told me, “In a recent study of our Members' banking habits, we found that 70% of our mbanx Members use five or less non-Bank of Montreal Automated Banking Machines (ABM) transactions each month. Rather than increase the mbanx Plan fee and impact all our clients, we felt it would be more responsible to allocate costs to those who most frequently use the INTERAC and Cirrus shared ABM networks. These changes to the mbanx Plan were implemented in response to the way our clients do their everyday banking.”

Now, if 70% of mbanx members use 5 or less AB machines in a month, wouldn’t they more than compensate for those of us that use more? It doesn’t make any sense to me that they should increase the fees at all, because most of their members don’t use machines that net them extra charges. This is just rhetoric to confuse people into thinking that mbanx is not, in fact, a bunch of rat bastards (which, IMHO, they are). In all fairness, according to their argument, they should probably give us all a discount.

They also told me, “although there may not be an INTERAC or Cirrus ABM nearby, since your mbanx Plan entitles you to an unlimited number of direct payment transactions through INTERAC, you can take advantage of this feature and request cash back when making direct payment purchases at various merchants.” I have tried this “cash back” option at “various merchants”, and so far, Safeway is the only place I have been successful at getting cash with my purchase. Going to Safeway in order to withdraw money is just plain silly.

In my letter to them, I complained that I felt like we’d been lured in to banking with them, then had the product changed (a.k.a. the old “Bait and Switch”). Their helpful (not!) response was, “…all clients are made aware of the fact that the mbanx Plan Fees are subject to change, as stated in the Agreements for Personal Banking Services booklet included in your welcome kit.” Of course I realize that they reserve the right to change things, but I think taking away the main reason you joined in the first place is a little much.

The closing paragraph of the masterpiece of public relations sent to me by mbanx stated, “We value our relationship with you, and would like to assure you of our continued commitment to providing you with superior service.” If I was to insert “don’t even remotely” between “we” and “value”, and replace “superior” with “total crap”, I would believe this sentence.

From now on, I am getting what I once loved about mbanx from Citizen’s Bank of Canada (Vancity’s virtual bank) for $5 less a month. mbanx? no thanks!