How account statements fared

Here’s how it works:

+ a positive point about the statements that deserves recognition;

– a negative point and an area that can possibly use improvement;

$ Score is out of five and was rated through the eyes of a client, based on clarity, appearance and accessibility to help (i.e. a telephone help line for questions).

Bank of Montreal

IE’s rating $$$$

(Banker’s rating 8.2, rank 1)

+ summary, called “Here’s how your money is doing,” clearly explains how much the account was worth on the date of the last statement and how much has been deposited or withdrawn from that account, and the present worth;

+ offers a breakdown of account holdings so that the statement shows the client bought $50 worth of units on a certain date in a certain fund, and a new balance is given;

+ lots of white space so the statement is not cluttered;

+ explains to clients that figures on the statement will not match up to what is printed in the day’s newspaper, helping a client to understand the statement. It also encourages clients to follow up in the paper;

+ slogan “It doesn’t have to be complicated” — and it is isn’t with this statement;

– RRSP statement needs greater clarity;

– no phone number for clients to call if they have questions about the account statement.

Laurentian Bank

IE’s rating $$$$

(Banker’s rating 7.5, rank 5)

+ despite a mediocre rating, this statement was the clearest.;

+ the “super statement” provides clients with a consolidated view of all their Laurentian accounts;

+ for a $1 monthly fee, clients decide which accounts they want on their statements — savings, loans, term deposits (RRSP and non-RRSP) and mortgage loans;

+ one statements means clients can see their entire portfolio at once without having to wait for the others to come in the mail;

+ provides a pamphlet called “How to read your statement of consolidated financial position”; each part of the statement is numbered and corresponds to a description of that area. This deserves bonus marks!;

– mutual fund statements don’t show what the return is, says a banker in London, Ont.: “I have to calculate it myself”;

– there is no phone number for clients to call if they have account statement questions.

Royal Bank

IE’s rating $$$ 1/2

(Banker’s rating 7.4, rank 6)

+ RRSP account statement provides clear and concise summaries of client investments on separate pages for both mutual funds and GIC holdings;

+ details of the funds followed on the second page in a clear manner, explaining where money has been reinvested;

+ easy to read, lots of space, not bombarded with numbers, percentages and units;

+ opening and closing balances clearly stated;

– there is no phone number for clients to call if they have account statement questions.

Canada Trust

IE’s rating $$$

(banker’s rating 7.7, rank 2)

+ Retirement Savings Plan Statement is enhanced with bar graphs; this means a quick glance can give the client a look at his current financial position compared with the last statement;

+ lists all CT funds and their rates of return (good marketing strategy here);

– the year’s worth of detailed transactions is good and so is stating the opening balance, but the closing balances of the gains and units owned are missing; clients want to see this;

– there is no phone number for clients to call if they have account statement questions.

Bank of Nova Scotia

IE’s rating $$$

(Banker’s rating 7.0, rank 8)

+ clear personal portfolio summary on top page displaying gains and losses;

+ statement provides summaries for all Scotiabank accounts, so that the GIC summary is further broken down into growth and income GICs.

+ lots of detail (this may be where the confusion lies for clients and bankers);

+ every page has the customer service centre phone number;

– the quarterly report is 29 pages in length (“This is the worst-case scenario. It is the largest that a customer can get,” says Bruce Armstrong, director of retirement services with the bank).

Toronto-Dominion

IE’s rating $$ 1/2

(Banker’s rating 7.6,

rank 4, tied with CIBC)

+ RRSP statement provides a “plan summary” that is well-spaced;

+ statement says clients can call their branch if they have questions about statement;

– second page called “Your holdings” is ink-heavy, a lot of numbers and financial information to digest and is intimidating.