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1Q Online Chequing/Savings [KEB Hana Bank Canada]

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  • Aug 20th, 2019 7:57 pm
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titaniumtux wrote:
Dec 4th, 2018 4:14 am
For those of us who don't speak Korean, what are the nice features of 1Q Bank?
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@dekvitaly One word: wow! How did I not know about this? Do you know when this launched, by chance? Kudos to you for finding it, though. (I actually stumbled upon your thread after looking into 1Q further when I was searching for more information on North Peace Savings Credit Union to corroborate your earlier reports of them shutting down your debit card.)

The funny thing is, I'd looked into KEB Hana Bank of Canada recently (love their logo, although their parent company's Canadian website is quite slow!) when researching alternative bank GIC rates. They were middling to no hell, on par with Manulife Bank's or HSBC Bank Canada's GIC rates. Certainly nothing worth opening an account about.

At any rate, despite the low HISA rate (1%) and a chequing account that only pays between 0.25-0.75% (though it's worth noting you get the higher tier interest rate on your entire balance, much like the Manitoba CUs that have tiered rates), as far as I can tell, this is actually a really good competitor to Tangerine, Simplii Financial, Manulife Bank's Advantage Account or All-In Banking, HSBC Advance, Motus Bank, Alterna Bank, and even top-ranked Motive Financial in terms of both (a) its no-fee chequing account and features and (b) its GICs including Boost rates. Even in terms of its HISA, at 1%, that's still better than Concentra Bank's HISA (which can be opened in the direct-to-consumer channel, but you have to e-mail them to request an account opening package that they e-mail or mail you to send in), Coast Capital Savings' HISA, and is roughly comparable to Tangerine/Simplii (1.15%) and even Meridian Credit Union's Good to Grow Account (1.30%). It's also as good as the "Big 6" banks' best rates on their HISA.

Particularly attractive is the fact that 100 1Q personalized cheques only cost $7.96+GST ($8.35), which is less than Tangerine charged before they doubled the price to $20+GST for only 50 cheques. Motive Financial charges standard charges ($40+GST) for a second book of 50 cheques so comparing 1Q to Motive Financial on books of 100 cheques cost basis, 1Q is fully 75% less than Motive Financial when you include Motive's 1 free book of 50 cheques and 1 book of 50 cheques that cost $40+GST. Also, their website is surprisingly nice - almost as nice as Motus Bank's, but their choice in name is way better. At first I thought it was 1Q Banking, but "banking" is part of the tagline.

Other perks:
- they're part of The Exchange ATM network, so that's great;
- they have 3 B.C. branches in Metro Vancouver, 1 in Calgary, and 8 in Ontario, exclusively in Ontario, where you can access your accounts;
- they allow linking of external bank accounts, possibly electronically and possibly unlimited;
- looks like they offer USD savings and/or chequing accounts, which also have no fees, which would exceed many of the USD options @titaniumtux frequently recommends that have only 1 free debit transaction; and,
- they have "e-mail money transfers" and something called INSTA mobile transfers, which are somewhat unclear.

Do you have to be a 1Q customer to receive INSTA transfers, or can you register your mobile phone number and login within your other banking information in some way? This press release talks about a partnership with Interac Corp. and Everlink Systems, which is majority-owned by the prairie province credit union Centrals (AB Central, SaskCentral, and Manitoba Central), so it's certainly possible. As well, before being renamed to Interac e-Transfer, they called them Interac E-mail Money Transfer, so can you clarify if this is that whereby 1Q is just using old terminology, or if it is more like Tangerine's?

On account opening, from what I can tell, it looks like if you open online, you can either complete the verification by:
- depositing cheque through 1Q mobile app using their "app"-tly (pardon the pun!) named Qapture (or mailing it in); or,
- attending a KEB Hana Bank of Canada branch.

GIC rates are also equal to or better than even Motus Bank's GIC rates, without Boost, which seems to require that you top up your existing term deposit by 10% before the end of your term, and certainly with Boost (maximum of $36,000 for Boost rates).

Does your 1Q debit card have your name on it? (While not essential, I certainly prefer that.)

A final question: do they have access to deposited funds/cashback limits for cheques (and/or pulled EFT deposits) deposited via mobile app or via Exchange/KEB Hana Bank of Canada ATM?

Thank you again, for bringing this to my attention, @dekvitaly, I will definitely add it to the free chequing accounts chart that I maintain. Combined with the soon-to-launch no-fee virtual chequing account offered by each of B2B Bank and Laurentian Bank (suspect the latter will be modeled after the one that B2B Bank already has, available through advisors, possibly with free Interac e-Transfers though) and Brightside by ATB Financial (for Alberta residents), this is yet-another great option by non-credit unions (i.e., banks).

Cheers,
Doug
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titaniumtux wrote:
Aug 11th, 2019 2:17 pm
@dmehus I didn't read your entire post but noticed you tagged me...

Looking at their deposit product line-up...did you find a fee table? How many no-fee withdrawals per month?
@titaniumtux Their website is organized a little differently, but is by no means the worst. (That honour might go to Habib Bank Canada. ;) )

Try this Rates & Fees page: https://www.1qbank.ca/ca/ib/pu/getProductInfoList#

It looks like unlimited debit transactions, on both the chequing and LISA accounts. (Here I said I'd never use the 'LISA' acronym you came up with. ;) )

Also, from the Rule D-4 Payments Canada guide, we can see KEB Hana Bank Canada's institution number is 275 and it uses RBC as its clearing agent (FI which clears, on its behalf, through service provider, which would be Symcor in this case, its EFT and paper-based cheque payments). As such, its bill payment service provider would also be RBC. Its Interac-related payments are settled by Desjardins.

https://www.payments.ca/sites/default/f ... /d4eng.pdf

Cheers,
Doug
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LOL. Well you are excited but dont forget I did not open account here as I'm a bit in a nature of distrusting foreign bank in Canada :)))))))
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dekvitaly wrote:
Aug 11th, 2019 4:10 pm
LOL. Well you are excited but dont forget I did not open account here as I'm a bit in a nature of distrusting foreign bank in Canada :)))))))
Well taken, @dekvitaly. Do you distrust foreign-owned banks mainly because (a) they tend to not last very long in Canada (i.e., Bank of America, JP Morgan Chase & Co., ING Groep [through its ING Bank of Canada subsidiary that was sold to a Big 5 bank in Scotiabank], Ally, Barclays, Lloyds, Continental, etc.) or (b) they tend to radically restructure their banking operations in Canada, close branches, exit customers or business lines, and the like (i.e., HSBC Bank Canada)?

Which do you prefer...foreign-owned banks or provincially-regulated credit unions?

Cheers,
Doug
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If I compare, I will take foreign owned bank before provincial CU :))) bank is regulated federally no matter of origins.

But again, lots of foreign banks open for 1 simple reason of serving their own demographics so I wouldn't be too thrived
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dekvitaly wrote:
Aug 11th, 2019 4:58 pm
If I compare, I will take foreign owned bank before provincial CU :))) bank is regulated federally no matter of origins.

But again, lots of foreign banks open for 1 simple reason of serving their own demographics so I wouldn't be too thrived
Yeah, good points, @dekvitaly. Noticed I distinguished between provincially- and federally-regulated credit unions, as you'd take Coast Capital Savings over any provincially-regulated credit union, chiefly because they're now regulated by FCAC on consumer protection grounds (even though they don't have bank-to-bank transfers between banks, free and unlimted Interac e-Transfers, no free book of cheque leaves like Motive Financial and Motus Bank, and their website has gotten more cluttered of late!).

Cheers,
Doug
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I actually had an account here. I don't recommend them. Their customer service agents are geared to Korean clientele and some have a hard time with English.
Things may have improved since but not holding my breath.

1q-bank-korea-exchange-bank-new-tangeri ... e-1678849/
http://forums.redflagdeals.com/review-1 ... e-1683457/

Free Installment deposit is actually a good deal for the interest rate provided. You can deposit as you like monthly and you are guaranteed that interest rate for upto 36 months with no requirement to deposit unless you want the bonus (must meet 90% of the deposit goal)

Debit card is a white with black printed lettering on it. No name just the numbers.

The app (at the time) was finicky. Had troubles getting cheques to go through.
Another issue I had was bill payment list was limited. I couldn't deposit to BBS Securities (Virtual Brokers).
Support your local Credit Union!

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dekvitaly wrote:
Dec 2nd, 2018 5:12 pm
KEB.jpg
Looking at the rise of banking costs all across Canada (the Big 5 as well as your local credit unions), we all seem to wonder if there are true alternatives:
- Online Bank:
Tangerine, Simplii, Motive, Alterna the 4 most well-known and possibly we each have the combo Tangerine/Simplii plus either Motive/Alterna for the Exchange ATM
- Local Credit Union:
Most of CU seem to behave like bank nowadays. Fees on top of fees. Very handful of CUs indeed provide a no cost solution for people primarily use self-serve service.
Some examples: Coast Capital Savings, North Peace Savings & CU which open for everyone in BC. (First West CU is not included for various reasons)
DUCA Financial in Ontario.
I mean I don't blame you on the credit union front, the larger credit unions like Meridian and Alterna really do act like banks. Sure there's exceptions to this rule like FirstOntario and DUCA, both large CUs that offer fee free accounts, but most small to large CUs charge fees just like the banks. IMO, it's always best to find a smaller CU that treats you well on the personal level, they usually act the least like banks.
I like credit unions.
Member with DUCA Credit Union. Accounts with Tangerine, BMO, and EQ Bank.

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