Personal Finance

Coast Capital Savings Accounts Purposely Rejected to Prevent Honoring $500 Offer

  • Last Updated:
  • Jan 21st, 2020 2:37 pm
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
As a CCS customer, I will take this behaviour into consideration before giving CCS any future business. Not sure what is going on but if they are misleading people with false promises, this is not good.
Deal Fanatic
Jan 21, 2018
9652 posts
10924 upvotes
Vancouver
I applied back around Sept 12 (in BC), immediately got the "needs additional verification" response, then had to wait 4 weeks before they approved me and opened the account. Did the payroll deposit a couple of weeks ago, no sign of a $500 bonus yet.

I think they are still running way behind. I got an automated email reminding me that I need to activate the debit card they sent me a couple of weeks earlier - but I haven't received a debit card yet. I called them, and they said to just wait, their actual mailouts are running way behind their automated notices. :rolleyes:
Deal Fanatic
Oct 22, 2014
5443 posts
3919 upvotes
Richmond Hill
choclover wrote: As a CCS customer, I will take this behaviour into consideration before giving CCS any future business. Not sure what is going on but if they are misleading people with false promises, this is not good.
People who got rejected by CCS and are upset for two main reasons:

1) Denied opening chequing account and welcome bonus at CCS for no legitimate reason.

2) Unable to reverse sending CCS all personal information including SIN.

I got rejected, but if CCS could delete all personal information (including SIN) I sent to them from their records then I would be happy and moving on.
Deal Addict
May 16, 2017
2809 posts
3664 upvotes
choclover wrote: As a CCS customer, I will take this behaviour into consideration before giving CCS any future business. Not sure what is going on but if they are misleading people with false promises, this is not good.
There were some concerted efforts during the course of CCS's application to become a Federal Credit Union that warned about the anti-member behaviour and self-interest of the CCS Board (and executives) in stroking their egos (and $ for board activity). The not-a-bank ad's of the past by CCS are starting to look rather hypocritical. I've left most of my business behind with them, mostly due to moving where there is no convenient local branch, although my last major dealings with a home purchase/LoC were marred by incompetence and a lacking customer-service attitude.
Deal Fanatic
User avatar
Aug 29, 2012
9301 posts
10316 upvotes
robsaw wrote: There were some concerted efforts during the course of CCS's application to become a Federal Credit Union that warned about the anti-member behaviour and self-interest of the CCS Board (and executives) in stroking their egos (and $ for board activity). The not-a-bank ad's of the past by CCS are starting to look rather hypocritical. I've left most of my business behind with them, mostly due to moving where there is no convenient local branch, although my last major dealings with a home purchase/LoC were marred by incompetence and a lacking customer-service attitude.
As a rule of thumb, no company can remain ethical if they grow too big.
Sr. Member
Sep 16, 2010
996 posts
401 upvotes
Toronto
just got an email to do a survey for CCS: Coast Capital Savings Member Survey - How are we doing?
Deal Expert
User avatar
Oct 13, 2009
21200 posts
10721 upvotes
Iqaluit, NU
I got rejected like a day after I applied. No reason given. I was salty about the hard credit check but that's about it. They use garbage equifax that's notorious for having wrong info. My equifax address was way out of date and I'm assuming that might have had a role in my rejection. On the positive side, the rejection prompted me to pull my equifax report and now I can go through the painful process of getting them to correct all that shit.
Re: Procurement, Life & RFD
nasa25: say you won it in a raffle. That's what I do with like 86% of my purchases
infinityloop: Lying to your SO seems like an unhealthy long term strategy
nasa25: lmao
Sr. Member
Sep 21, 2008
655 posts
1019 upvotes
Except for the money I got from my LCD class action...and my Student Loan class action...and my Subaru class action....and my air conditioner class action.

Just because law firms make money doesn't mean class actions do nothing. Otherwise, nobody would participate.
coolintheshade wrote: 1. There’s no reason for a class action law suit.
You applied for a product, and were declined.
They have information retention policies like any other financial institutions do, and are bound by regulations regarding that.

2. Class action lawsuits pad the pockets of law firms, and do absolutely nothing to compensate the people in the class.
Deal Addict
Oct 3, 2013
2916 posts
4473 upvotes
West
I wish I had a recording of my last phone call with a manager at CC... He said something along the lines of, "as you can imagine, we've had so many applications with this $500 promotion, so we've had to cut corners with the application process. Essentially if someone's information did not match up perfectly with their credit report, it was rejected and not considered further".

I don't remember what his exact words were, so it for sure could've been a mis-interpretation, but that is what I left the conversation with.
Deal Guru
User avatar
Aug 24, 2016
11668 posts
14021 upvotes
Win-ter-peg
buriboi wrote: Except for the money I got from my LCD class action...and my Student Loan class action...and my Subaru class action....and my air conditioner class action.

Just because law firms make money doesn't mean class actions do nothing. Otherwise, nobody would participate.
And you probably got peanuts, especially with the LCD class action, that was what $20 or so for each class member? :facepalm:
Did you get any “real” settlement?
I highly doubt it.
Sr. Member
Sep 21, 2008
655 posts
1019 upvotes
Summary
----------------

Coolintheshade: Class action lawsuits are useless and get you nothing whatsoever.

buriboi: I've made hundreds of dollars in exchange for typing out my name and email address a few times.

Coolintheshade: You didn't get a "real" settlement.

buriboi: I will try to spend the potentially-not-real $$$ and let you know if it's accepted at a store.
coolintheshade wrote: And you probably got peanuts, especially with the LCD class action, that was what $20 or so for each class member? :facepalm:
Did you get any “real” settlement?
I highly doubt it.
Last edited by buriboi on Nov 16th, 2019 4:47 pm, edited 1 time in total.
Deal Addict
User avatar
Jul 16, 2019
1577 posts
2008 upvotes
coolintheshade wrote: And you probably got peanuts, especially with the LCD class action, that was what $20 or so for each class member? :facepalm:
Did you get any “real” settlement?
I highly doubt it.
The point of class action lawsuits is less about compensating those who've been wronged and more about punishing companies that have broken the law. If they're hurting, I'd call it a win.
Deal Guru
User avatar
Aug 24, 2016
11668 posts
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Win-ter-peg
someweirdo wrote: The point of class action lawsuits is less about compensating those who've been wronged and more about punishing companies that have broken the law. If they're hurting, I'd call it a win.
It’s more about padding the pockets of law firms than punishing companies that have broken the law.
Law firms that cook up these class action law suits, don’t give a rats ass about you, me, or making companies pay for what they’ve done.
At the end of the day, it’s all about dollars in their pockets.
Don’t kid yourself.
Deal Addict
User avatar
Jul 16, 2019
1577 posts
2008 upvotes
coolintheshade wrote: It’s more about padding the pockets of law firms than punishing companies that have broken the law.
Law firms that cook up these class action law suits, don’t give a rats ass about you, me, or making companies pay for what they’ve done.
At the end of the day, it’s all about dollars in their pockets.
Don’t kid yourself.
Law firms don't give a rat's ass about anything. They're amoral, seeking only profit. This doesn't apply uniquely to class action lawsuits: It applies to everything. If you want to change this, you need to upend our entire legal system.
Sr. Member
Sep 21, 2008
655 posts
1019 upvotes
Yes, law firms, like most firms, are profit-driven. This isn't news. That said, I don't have the expertise to sue Samsung for their cheating...so I'm happy to let a law firm do it for me. They get money, I get money, Samsung pays. Sounds about right to me.
coolintheshade wrote: It’s more about padding the pockets of law firms than punishing companies that have broken the law.
Law firms that cook up these class action law suits, don’t give a rats ass about you, me, or making companies pay for what they’ve done.
At the end of the day, it’s all about dollars in their pockets.
Don’t kid yourself.
Deal Fanatic
Jan 21, 2018
9652 posts
10924 upvotes
Vancouver
I don't know that Coast Capital has done anything wrong other than being swamped with new applications and new accounts - personally I got my account opened after several weeks, and I haven't seen any sign of the $500 bonus yet.

Let me point out a few other examples of companies reneging on consumer offers recently that have come under fire in the Shopping forum:

- In late September Shell offered a 10%-back on gas promo if you linked your Mastercard to them, good until end of December. They abruptly ended it on Oct. 6 without informing customers, who continued to buy gas at Shell on Mastercard until they noticed that they weren't getting the 10% back and contacted the company to find out the offer was withdrawn.

- Last year Stack debit Mastercard offered 12 months free subscription to Netflix or Spotify to new customers signing up. They confirmed that there would be a monthly rebate for 12 months to customers who signed up. The first people knew that they had withdrawn the rebate offer was when they started not to get their monthly refund of the Netflix or Spotify charge, with no notice from the company. Those contacting Stack were told that the offer had been changed without notice for existing customers.

These companies all rely on a "change without notice" provision in their fine print. But it's clear in such cases that the company is receiving an ongoing benefit at the expense of the consumer by failing to notify the consumer of a change. Is that illegal? Should it be actionable?

If anyone was deliberately denied to open a new account with Coast Capital, that would surely be a lesser offence, in that CC gains nothing.
Jr. Member
Dec 2, 2017
103 posts
44 upvotes
Scote64 wrote: I don't know that Coast Capital has done anything wrong other than being swamped with new applications and new accounts - personally I got my account opened after several weeks, and I haven't seen any sign of the $500 bonus yet.

Let me point out a few other examples of companies reneging on consumer offers recently that have come under fire in the Shopping forum:

- In late September Shell offered a 10%-back on gas promo if you linked your Mastercard to them, good until end of December. They abruptly ended it on Oct. 6 without informing customers, who continued to buy gas at Shell on Mastercard until they noticed that they weren't getting the 10% back and contacted the company to find out the offer was withdrawn.

- Last year Stack debit Mastercard offered 12 months free subscription to Netflix or Spotify to new customers signing up. They confirmed that there would be a monthly rebate for 12 months to customers who signed up. The first people knew that they had withdrawn the rebate offer was when they started not to get their monthly refund of the Netflix or Spotify charge, with no notice from the company. Those contacting Stack were told that the offer had been changed without notice for existing customers.

These companies all rely on a "change without notice" provision in their fine print. But it's clear in such cases that the company is receiving an ongoing benefit at the expense of the consumer by failing to notify the consumer of a change. Is that illegal? Should it be actionable?

If anyone was deliberately denied to open a new account with Coast Capital, that would surely be a lesser offence, in that CC gains nothing.
Can somebody post any legal opinion for these matter ?
Deal Fanatic
User avatar
Aug 29, 2012
9301 posts
10316 upvotes
Phonophoresis wrote: I wish I had a recording of my last phone call with a manager at CC... He said something along the lines of, "as you can imagine, we've had so many applications with this $500 promotion, so we've had to cut corners with the application process. Essentially if someone's information did not match up perfectly with their credit report, it was rejected and not considered further".

I don't remember what his exact words were, so it for sure could've been a mis-interpretation, but that is what I left the conversation with.
Get a Xiaomi phone, there is a built in automatic call recorder for all calls, that you can enable easily in a menu. Very convenient.

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