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Access Credit Union, Fusion Credit Union, Niverville Credit Union & Rosenort Credit Union open up to all Canadians

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titaniumtux wrote: In the image you uploaded...


RCU P24 first withdrawal $1, additional are $3. I suppose I could skip P24 entirely and treat HYS as non-interest bearing...or skip RCU entirely and just use ACU.
You are correct, I was typing that fast and I missed the $1.

I have no reason either to go to Rosenort with already having SCU and Access (sorry I can't call it ACU because that is what Assiniboine Credit Union is referred to in these parts. lol)
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Shawguy wrote: You are correct, I was typing that fast and I missed the $1.

I have no reason either to go to Rosenort with already having SCU and Access (sorry I can't call it ACU because that is what Assiniboine Credit Union is referred to in these parts. lol)
"these parts" being Winnipeg and surrounding area, or RFD? :P

Assuming you mean the geographic.

Cheers,
Doug
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dmehus wrote: "these parts" being Winnipeg and surrounding area, or RFD? :P

Assuming you mean the geographic.

Cheers,
Doug
+1 :lol:
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dmehus wrote: "these parts" being Winnipeg and surrounding area, or RFD? :P

Assuming you mean the geographic.

Cheers,
Doug
Yes I was referring to Manitoba. Assiniboine actively markets as ACU
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Shawguy wrote: Yes I was referring to Manitoba. Assiniboine actively markets as ACU
But they don't allow nation-wide online signups yet, do they?

For the sake of this thread, Access can be ACU :lol:
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Proud new member of Rosenort!

I applied for Plan24 as titaniumtux suggested with the intent of opening a TFSA later, I didn't see that there was a $1 fee for first withdrawal. I intended to open it, then open a TFSA and move move everything to the TFSA. Oh well, I guess it is the only time I will have deposited anything to it, haha.
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Poutinesauce wrote: Proud new member of Rosenort!

I applied for Plan24 as titaniumtux suggested with the intent of opening a TFSA later, I didn't see that there was a $1 fee for first withdrawal. I intended to open it, then open a TFSA and move move everything to the TFSA. Oh well, I guess it is the only time I will have deposited anything to it, haha.
Congrats!

The P24 strategy is only good at Access CU and potentially SCU (I dangerously have my SCU P24 linked to PayTM :lol:)

For Rosenort, sadly it's gotta be HYS HISA + TFSA combo. Link HYS HISA as external (you'll earn a womping $0 in interest if you're using RCU primarily for TFSA).
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titaniumtux wrote: Congrats!

The P24 strategy is only good at Access CU and potentially SCU (I dangerously have my SCU P24 linked to PayTM :lol:)

For Rosenort, sadly it's gotta be HYS HISA + TFSA combo. Link HYS HISA as external (you'll earn a womping $0 in interest if you're using RCU primarily for TFSA).
I'll open both such supplemental accounts as soon as my account will be activated and I'll have made my first deposit.

Why are you saying I will earn $0 in interest if I use primarily the RCU TFSA? Is there something I missed?
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Poutinesauce wrote: I'll open both such supplemental accounts as soon as my account will be activated and I'll have made my first deposit.

Why are you saying I will earn $0 in interest if I use primarily the RCU TFSA? Is there something I missed?
HYS HISA at RCU is unconventional calc. A day at $0 balance means that month earns $0 interest. Since you'd use RCU for TFSA, all interest would be earned in TFSA only.

The advantage of the Plan 24 is it earns interest the conventional way (like most places). At ACU & SCU it's one free withdrawal per month, at RCU it's $1 on first withdrawal. You'll probably never break even with that $1 in a month's interest at RCU, rendering the account useless. Say you withdraw from TFSA to bill pay or PAD pull (from external for me to me transfer), the HYS HISA at RCU won't hold the funds long enough to earn interest, making it a placeholder to move funds in and out of TFSA and benefit from the one withdrawal per month.

Hence Access is a no-brainer for most of us over RCU, sadly.
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titaniumtux wrote: HYS HISA at RCU is unconventional calc. A day at $0 balance means that month earns $0 interest. Since you'd use RCU for TFSA, all interest would be earned in TFSA only.

The advantage of the Plan 24 is it earns interest the conventional way (like most places). At ACU & SCU it's one free withdrawal per month, at RCU it's $1 on first withdrawal. You'll probably never break even with that $1 in a month's interest at RCU, rendering the account useless. Say you withdraw from TFSA to bill pay or PAD pull (from external for me to me transfer), the HYS HISA at RCU won't hold the funds long enough to earn interest, making it a placeholder to move funds in and out of TFSA and benefit from the one withdrawal per month.

Hence Access is a no-brainer for most of us over RCU, sadly.
Wow these things are convoluted, but I guess it's how they can afford giving these good rates.

I will have to be careful then, and only use HYS as a placeholder and use the one free monthly debit. I will let the Plan24 lay dormant as soon as I transferred all money out of it (will have to leave $1 in for the fee, oh well).

I can still see it working. It seems that due to the fees, it is better to use RCU for long term saving plans, ones where you couldn't envision moving money out other than infrequently. I want to save a little money for my daughter's studies, so it would be perfect for that end.

I can also open an ACU account where I could stash money which would be a little more movable.

I even also have motus and Alterna. I'm starting to have a ton of alternatives to existing banks, lol.
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Poutinesauce wrote: Wow these things are convoluted, but I guess it's how they can afford giving these good rates.

I will have to be careful then, and only use HYS as a placeholder and use the one free monthly debit. I will let the Plan24 lay dormant as soon as I transferred all money out of it (will have to leave $1 in for the fee, oh well).

I can still see it working. It seems that due to the fees, it is better to use RCU for long term saving plans, ones where you couldn't envision moving money out other than infrequently. I want to save a little money for my daughter's studies, so it would be perfect for that end.

I can also open an ACU account where I could stash money which would be a little more movable.

I even also have motus and Alterna. I'm starting to have a ton of alternatives to existing banks, lol.
+1
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RCU has welcomed me in, but ACU has turned down my application and refused my Interac E-transfer.

I'm persuaded that this is because of the People's Trust flag on my file.

Still, I find it very lazy and unprofessional not to even bother calling me and verifying details with me about it. If they don't bother acting in a professional fashion about this, what else will they be unprofessional about? I won't apply again, they have lost me.

Is there anywhere else I can apply to, or will I receive the same treatment?
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Poutinesauce wrote: RCU has welcomed me in, but ACU has turned down my application and refused my Interac E-transfer.

I'm persuaded that this is because of the People's Trust flag on my file.

Still, I find it very lazy and unprofessional not to even bother calling me and verifying details with me about it. If they don't bother acting in a professional fashion about this, what else will they be unprofessional about? I won't apply again, they have lost me.

Is there anywhere else I can apply to, or will I receive the same treatment?
Manitoba Credit Unions can be picky if they see other credit unions have recently pulled your credit report. I had this happen with Implicity they denied me because I was with a few of their competitors... Their loss
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Shawguy wrote: Manitoba Credit Unions can be picky if they see other credit unions have recently pulled your credit report. I had this happen with Implicity they denied me because I was with a few of their competitors... Their loss
That's one of the dumbest policies I ever heard. Any other business would be glad to have new customers and would try to make their mark to incite them to stay. I suppose Mennonite credit unions think differently, what can I say.

At least I already have Alterna, Motus, and RCU. Pretty good options to start with.
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Poutinesauce wrote: That's one of the dumbest policies I ever heard. Any other business would be glad to have new customers and would try to make their mark to incite them to stay. I suppose Mennonite credit unions think differently, what can I say.

At least I already have Alterna, Motus, and RCU. Pretty good options to start with.
Glad you discovered RCU here.

Applied for ACU. Haven't sent the e-transfer yet. The signup used auto-fill on my phone and they misinterpreted my name. I wanted to sort that out prior to sending an e-transfer. It's not urgent as I'm a super happy SCU member, but I'd certainly like to setup ACU upon opportunity.
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I suggest adding my and Shawguy's experiences as a warning in bold letters in the OP. So that people conduct their own careful research before they join one of these CUs, to make sure they pick the one that most suits their needs... because it looks like if they apply to more than one in a relatively short timeframe, they might be turned down by all but the first of them.
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titaniumtux wrote: HYS HISA at RCU is unconventional calc. A day at $0 balance means that month earns $0 interest. Since you'd use RCU for TFSA, all interest would be earned in TFSA only.

The advantage of the Plan 24 is it earns interest the conventional way (like most places). At ACU & SCU it's one free withdrawal per month, at RCU it's $1 on first withdrawal. You'll probably never break even with that $1 in a month's interest at RCU, rendering the account useless. Say you withdraw from TFSA to bill pay or PAD pull (from external for me to me transfer), the HYS HISA at RCU won't hold the funds long enough to earn interest, making it a placeholder to move funds in and out of TFSA and benefit from the one withdrawal per month.

Hence Access is a no-brainer for most of us over RCU, sadly.
You get 5 free withdrawals a month with Access Credit Union Plan 24.
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Bull Dog wrote: You get 5 free withdrawals a month with Access Credit Union Plan 24.
I saw that, at the expense of a low interest rate (which is fine). That five free withdrawals per month at ACU I will never exceed 🤣
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I have a Rosenort CU account now too.
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Update. Called Access, they'll follow up on Monday.
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