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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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Shawguy wrote: I have a Rosenort CU account now too.
Nice !!! How many Manitoba credit unions do you have now?
I just have 4- Access,Steinbach, Achieva, and Hubert.
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Bull Dog wrote: Nice !!! How many Manitoba credit unions do you have now?
I just have 4- Access,Steinbach, Achieva, and Hubert.
I have all of those plus Rosenort, Cambrian, and Sunova.
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I've had a great experience with Implicity, so that's an interesting development I hadn't heard. However, I wouldn't add a note of caution based on the experience of 1-2 RFD users. If @Shawguy wanted to, he could've appealed the decision and explained why he wanted to open an account, but like said, he didn't need the account so wasn't worth his time. They are adding an all-digital membership opening process to Entegra and Implicity, so in that sense, it's quite likely they won't have the capacity to reject members so willingly as in the current system. So, you might be wise to wait until that launches. That's why I suspect even with the Ontario CUs that stipulate Ontario residency, if the account opening process is fully digitized and automated, it may be possible to join (as is the case with Libro and WFCU, through Omnia Direct).

We've also heard of Achieva Financial either rejecting people because they have two many Manitoba CUs or, at a minimum, making them wait 90 days to link more than one external bank account. So, Implicity's move is not without precedent, I would add. And, fundamentally, provincially-regulated CUs aren't regulated like banks vis-a-vis Access to Basic Banking and having to open accounts. They can be quite "choosy" in their picking of customers; some more so than others. So, that is something to think about, but it's not unique to the Manitoba CUs.

A related development: @titaniumtux will be interested in this. Regarding my $5,000 Sunova share purchase, I got a call back 2-3 business days later from Tara, the Hubert supervisor that is still there, and it turns out the Manitoba Financial Institutions Regulation Branch (the "Registrar") rejected my share purchase because I wasn't a Manitoba resident. Sunova had been offering to non-Manitoba residents, which apparently isn't permitted. The funny thing is, though, is Tara said I still could've purchased up to $1,000 in Sunova member equity shares, but not through special share offerings. Not sure what the rule is there, or if that's even accurate. At this point, I'm leaving the $5,000, which she credited back to my Happy Savings Account back-dated to the date of the withdrawal as if it was never withdrawn, in my Happy Savings Account at Hubert, but will likely leave there before the end of the year as I'm contemplating initiating a purchase of Canadian Natural Resources, Limited, or Imperial Oil, Limited, which are near 5- and 10-year lows. Just a little greedy and waiting for some slightly lower levels. ;)

Cheers,
Doug
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dmehus wrote: I've had a great experience with Implicity, so that's an interesting development I hadn't heard. However, I wouldn't add a note of caution based on the experience of 1-2 RFD users. If @Shawguy wanted to, he could've appealed the decision and explained why he wanted to open an account, but like said, he didn't need the account so wasn't worth his time. They are adding an all-digital membership opening process to Entegra and Implicity, so in that sense, it's quite likely they won't have the capacity to reject members so willingly as in the current system. So, you might be wise to wait until that launches. That's why I suspect even with the Ontario CUs that stipulate Ontario residency, if the account opening process is fully digitized and automated, it may be possible to join (as is the case with Libro and WFCU, through Omnia Direct).

We've also heard of Achieva Financial either rejecting people because they have two many Manitoba CUs or, at a minimum, making them wait 90 days to link more than one external bank account. So, Implicity's move is not without precedent, I would add. And, fundamentally, provincially-regulated CUs aren't regulated like banks vis-a-vis Access to Basic Banking and having to open accounts. They can be quite "choosy" in their picking of customers; some more so than others. So, that is something to think about, but it's not unique to the Manitoba CUs.

A related development: @titaniumtux will be interested in this. Regarding my $5,000 Sunova share purchase, I got a call back 2-3 business days later from Tara, the Hubert supervisor that is still there, and it turns out the Manitoba Financial Institutions Regulation Branch (the "Registrar") rejected my share purchase because I wasn't a Manitoba resident. Sunova had been offering to non-Manitoba residents, which apparently isn't permitted. The funny thing is, though, is Tara said I still could've purchased up to $1,000 in Sunova member equity shares, but not through special share offerings. Not sure what the rule is there, or if that's even accurate. At this point, I'm leaving the $5,000, which she credited back to my Happy Savings Account back-dated to the date of the withdrawal as if it was never withdrawn, in my Happy Savings Account at Hubert, but will likely leave there before the end of the year as I'm contemplating initiating a purchase of Canadian Natural Resources, Limited, or Imperial Oil, Limited, which are near 5- and 10-year lows. Just a little greedy and waiting for some slightly lower levels. ;)

Cheers,
Doug
Please share your strategy.
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titaniumtux wrote: Please share your strategy.
Well, at this point, I don't have a formalized investment strategy, but the valuation is compelling when you consider that CNQ is trading at only a modest premium to its book value and IMO is trading, essentially, at its book value, meaning that if the assets were sold and after paying off or assuming debts, one could at least be made whole in terms of there being sufficient proceeds to buy back the outstanding shares of the company. Plus, they have world-class assets in terms of their three, large Canadian refineries and their equity stakes in Syncrude and a number of conventional oil and oil sands extraction projects in Canada. In terms of CNQ, the dividend yield is particularly attractive, which alone is not a good strategy, but they're consolidating ownership in much of Alberta's oil sands are likely the largest pure-play upstream oil extraction company in Canada. They're generating significant free cash flow net of their capital expenditure requirements and their dividend payout ratio is low (below 50% and likely below 40%).

So, at this point, I would say my strategy likely consists of:

- 60% of my investment assets invested passively in an 80/20 growth passive index ETF portfolio (waiting for correction to invest more of these assets); and,
- 40% of my investment assets invested in solid, large and mid cap, primarily Canadian-listed, companies trading at or below book value and with P/E ratios of 10 or below. As well, as a third condition, revenues generally have to be growing (i.e., not a "value trap").

What do you think of that?

Cheers,
Doug
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dmehus wrote: Well, at this point, I don't have a formalized investment strategy, but the valuation is compelling when you consider that CNQ is trading at only a modest premium to its book value and IMO is trading, essentially, at its book value, meaning that if the assets were sold and after paying off or assuming debts, one could at least be made whole in terms of there being sufficient proceeds to buy back the outstanding shares of the company. Plus, they have world-class assets in terms of their three, large Canadian refineries and their equity stakes in Syncrude and a number of conventional oil and oil sands extraction projects in Canada. In terms of CNQ, the dividend yield is particularly attractive, which alone is not a good strategy, but they're consolidating ownership in much of Alberta's oil sands are likely the largest pure-play upstream oil extraction company in Canada. They're generating significant free cash flow net of their capital expenditure requirements and their dividend payout ratio is low (below 50% and likely below 40%).

So, at this point, I would say my strategy likely consists of:

- 60% of my investment assets invested passively in an 80/20 growth passive index ETF portfolio (waiting for correction to invest more of these assets); and,
- 40% of my investment assets invested in solid, large and mid cap, primarily Canadian-listed, companies trading at or below book value and with P/E ratios of 10 or below. As well, as a third condition, revenues generally have to be growing (i.e., not a "value trap").

What do you think of that?

Cheers,
Doug
I wish I were able to provide feedback. Perhaps if you throw it in a thread in investments you'd get more feedback. Feel free to tag me there as it develops Smiling Face With Sunglasses
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Just in time moments before Access closes for the day...
Hi titaniumtux,

Welcome to Access Credit Union! You can now log in to your account at https://accesscu.ca

As a next step, we encourage you to explore all of the options available to you as an Access member.

In addition to our diverse chequing and savings account options, Access offers wealth management products and an array of loans and lines of credit that meet our Members’ every need. You can learn more by visiting our website at accesscu.ca. When you’re ready, call us at 1-800-264-2926 – we’ll be happy to help you take the next steps with Access.

If you have any questions or concerns please email us at [email protected] and include your Application ID: ABCDE-YZ. Thank you for joining Access and we look forward to working with you!

Thank you!

Access Credit Union

I still don't have my virtual MC debit # for logging in. These guys have me humoured with the application process. Definitely eager to have this setup, though.

I still have to call them again for another song and dance.
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Update: DP I guess...

CSR was kind enough to email me stamped PAD doc right away and suppress paper statements. That's fast! Tomorrow I'll get virtual MC debit #.

PAD form already sent to DUCA & Meridian (I like CU to CU linking because "me to me" CU to CU is lightening fast). MD's initiated at EQ. Had to remove an external account at Simplii (confirming @Shawguy's DP) to add Access. I'll call Simplii to send secured email.
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titaniumtux wrote: Just in time moments before Access closes for the day...




I still don't have my virtual MC debit # for logging in. These guys have me humoured with the application process. Definitely eager to have this setup, though.

I still have to call them again for another song and dance.
Virtual MasterCard debit #? I don't know of any Canadian credit union, provincially- or federally-regulated, that offers this, in part because they often merely serve as an affiliate of another credit card issuer that simply takes a commission on every sign up and/or, occasionally, an ongoing commission based on outstanding receivables or credit card users.

Or do you mean your debit card # to be able to set up online banking?

How come they refer to you as "titaniumtux," did you accidentally enter "titaniumtux" in your first and last name fields? :P

Cheers,
Doug
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titaniumtux wrote: Update: DP I guess...

CSR was kind enough to email me stamped PAD doc right away and suppress paper statements. That's fast! Tomorrow I'll get virtual MC debit #.

PAD form already sent to DUCA & Meridian (I like CU to CU linking because "me to me" CU to CU is lightening fast). MD's initiated at EQ. Had to remove an external account at Simplii (confirming @Shawguy's DP) to add Access. I'll call Simplii to send secured email.
If you had to get rid of a virtual bank account to streamline things, would it be Meridian, Simplii, Tangerine, or EQ?

Cheers,
Doug
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I think he means member card and not mastercard as mc is known to all of us
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Shawguy wrote: I think he means member card and not mastercard as mc is known to all of us
Ah, gotcha. That makes sense. ;)

Cheers,
Doug
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dmehus wrote: Virtual MasterCard debit #? I don't know of any Canadian credit union, provincially- or federally-regulated, that offers this, in part because they often merely serve as an affiliate of another credit card issuer that simply takes a commission on every sign up and/or, occasionally, an ongoing commission based on outstanding receivables or credit card users.

Or do you mean your debit card # to be able to set up online banking?

How come they refer to you as "titaniumtux," did you accidentally enter "titaniumtux" in your first and last name fields? :P

Cheers,
Doug
  1. their debit cards are on MC network. Even without the physical debit card, it's a 16 digit # starting with a 5 for account login online (same deal at SCU)
  2. Censored my name from the Access email by replacing it with my RFD handle :lol:
dmehus wrote: If you had to get rid of a virtual bank account to streamline things, would it be Meridian, Simplii, Tangerine, or EQ?

Cheers,
Doug
  1. Meridian - would close if I had to. I like that CU to CU external transfers are fast, but I also have DUCA. Small redundancy, only keeping it to refer others and in case I ever grab the CBI from them
  2. Simplii - will never cancel. Thick history, maxed out on deposit limits, unlimited no-fee chequebooks and CIBC ATM coverage is best in Ottawa
  3. Tangerine - I'd close it in a heartbeat. Only keeping to refer others, and can generate activity on external accounts via MD's that they don't claw back. Great for "testing" PAD credentials, too
  4. EQ - can't close, else can never re-open. Rates are ok, but good for pre-auth bill pays
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titaniumtux wrote:
  1. their debit cards are on MC network. Even without the physical debit card, it's a 16 digit # starting with a 5 for account login online (same deal at SCU)
  2. Censored my name from the Access email by replacing it with my RFD handle :lol:
1) Yes, they're on the Cirrus network that MasterCard uses globally, but that doesn't necessarily make your debit card be able to be used for online purchases (i.e., Visa Debit card). The 5 just means it's on the Cirrus network, not necessarily MasterCard.
2) Ah, okay! I'm too gullible. LOL :P
  1. Meridian - would close if I had to. I like that CU to CU external transfers are fast, but I also have DUCA. Small redundancy, only keeping it to refer others and in case I ever grab the CBI from them
  2. Simplii - will never cancel. Thick history, maxed out on deposit limits, unlimited no-fee chequebooks and CIBC ATM coverage is best in Ottawa
  3. Tangerine - I'd close it in a heartbeat. Only keeping to refer others, and can generate activity on external accounts via MD's that they don't claw back. Great for "testing" PAD credentials, too
  4. EQ - can't close, else can never re-open. Rates are ok, but good for pre-auth bill pays
Ah, thanks.

1) RE: Meridian, though - they have, or seem to have (like Motus Bank) old-fashioned and non-streamlined bank office processes and outdated technologies that delay EFT posting times. For example, @Bull Dog initiated an EFT transfer from his Meridian account to Hubert on the Hubert side after cut-off time on a Friday, so that was posted (as normal) first thing on the Hubert end on Monday morning but didn't debit from his Meridian account until Wednesday evening or Thursday morning. Normal posting times are supposed to be same-day or, worse case, next day
2) What's your Simplii access to funds limit? I'd be curious to know what they're highest limit is. As long as I can get limits as high as my Coast and Tangerine limits (i.e., $5,000, which is their max limit, I believe) that's not a significant factor for me keeping the account. Their linking process is slow and needs to get with the times (i.e., at least eliminate the CSR stamp requirement for gosh sakes)!
3) Good point on the testing and referrals.
4) As for EQ, I don't buy that necessarily from an experience an RFD user had. I suspect the user wanted to re-open the same account number, which no bank (or virtually no bank) will do. After 7-10 years, banks need to purge their customer records; I can't see EQ wanting to retain customer records in perpetuity. And, as per privacy legislation, customers do have the right to request the deletion of their online banking profile such that an e-mail address could be re-used in a future sign-up process.

Cheers,
Doug
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@dmehus Simplii deposit limit $5k. Will never cancel it. Might drawer it if I take payroll to Motusbank or Motive. Depends on how aggressively we can alter daily banking habits :lol:

EQ doesn't have to accept you back if you leave. They offer signup bonuses via affiliates and don't want to be churned.
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titaniumtux wrote: @dmehus Simplii deposit limit $5k. Will never cancel it. Might drawer it if I take payroll to Motusbank or Motive. Depends on how aggressively we can alter daily banking habits :lol:

EQ doesn't have to accept you back if you leave. They offer signup bonuses via affiliates and don't want to be churned.
Well, I wouldn't be trying to get multiple sign-up bonuses...I suspect I'd have no problem appealing to their senior management to approve a new account opening request. They do have to purge my online banking profile, though, as per federal privacy legislation, though, else they could kind themselves on the bad end of a federal Privacy Commissioner of Canada complaint, which I'm sure they wouldn't find. ;)

That's good to know Simplii Financial's highest access to funds limit is $5,000 - that's sort of the bare minimum I'd want for a day-to-day banking account. Their ATM network is smaller than the Scotiabank ATM network, but only slightly. And, I think they at least tell you the ATM ID number when you use a CIBC ATM, no? Tangerine, meanwhile, simply says "Scotiabank ABM" even though when they were on The Exchange, they used to say - "Withdrawal - Exchange ATM - 2133 LOUIE DRIVE, WESTBANK, BC"*. I don't understand why they would take that away and not bring back despite my repeated requests. It's such an easy fix. Could be done in less than a week. I don't think I'm too demanding, do you?

Cheers,
Doug

* Former HSBC branch I used to work at. ;)
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dmehus wrote: Well, I wouldn't be trying to get multiple sign-up bonuses...I suspect I'd have no problem appealing to their senior management to approve a new account opening request. They do have to purge my online banking profile, though, as per federal privacy legislation, though, else they could kind themselves on the bad end of a federal Privacy Commissioner of Canada complaint, which I'm sure they wouldn't find. ;)

That's good to know Simplii Financial's highest access to funds limit is $5,000 - that's sort of the bare minimum I'd want for a day-to-day banking account. Their ATM network is smaller than the Scotiabank ATM network, but only slightly. And, I think they at least tell you the ATM ID number when you use a CIBC ATM, no? Tangerine, meanwhile, simply says "Scotiabank ABM" even though when they were on The Exchange, they used to say - "Withdrawal - Exchange ATM - 2133 LOUIE DRIVE, WESTBANK, BC"*. I don't understand why they would take that away and not bring back despite my repeated requests. It's such an easy fix. Could be done in less than a week. I don't think I'm too demanding, do you?

Cheers,
Doug

* Former HSBC branch I used to work at. ;)
:lol:

I withdraw cash so rarely that y couldn't tell you.

Bill pay is insanely slow à la CIBC, so PayTM makes it tolerable. Oh, and externally linked credit unions & EQ Bank show up as "other financial institution".
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titaniumtux wrote: :lol:

I withdraw cash so rarely that y couldn't tell you.

Bill pay is insanely slow à la CIBC, so PayTM makes it tolerable. Oh, and externally linked credit unions & EQ Bank show up as "other financial institution".
Oh, really? I like to pay with cash or credit card. Never use my debit card for purchases, though.

As for bill payment being slow, can you give me an example? Normal turnaround time is 2 business days if submitted on a business day before cut-off time. For example, if I pay a bill with Coast's online bill payment function on a Monday for my Langara College tuition, it'll show up on my Langara College online student account by Wednesday morning-ish. If I'd made that with Simplii Financial, would I add an extra day or two days?

Also, how does Paytm compare as far as turnaround time? For example, let's say you pay your Toronto Hydro bill (assuming you're in Toronto) online through Paytm before cut-off time on a Monday, when will it show up on your Toronto Hydro online account?

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dmehus wrote: Oh, really? I like to pay with cash or credit card. Never use my debit card for purchases, though.

As for bill payment being slow, can you give me an example? Normal turnaround time is 2 business days if submitted on a business day before cut-off time. For example, if I pay a bill with Coast's online bill payment function on a Monday for my Langara College tuition, it'll show up on my Langara College online student account by Wednesday morning-ish. If I'd made that with Simplii Financial, would I add an extra day or two days?

Also, how does Paytm compare as far as turnaround time? For example, let's say you pay your Toronto Hydro bill (assuming you're in Toronto) online through Paytm before cut-off time on a Monday, when will it show up on your Toronto Hydro online account?

Cheers,
Doug
  1. Coast Capital Savings is Central 1, so it's fast (2 business days)
  2. Simplii is 5 business days :facepalm:
  3. PayTM uses RBC and BMO as back-ends (BP TD CT VISA with RBC, BP BNS VISA with BMO), they use whichever's faster Thinking Face 2 business days and done deal

I only value Simplii due to my thick history with them. If it weren't for that, I wouldn't care to use 'em for payroll. I'll never close Simplii (got uLOC there with generous CL), but I hope to do payroll at Motusbank or Motive down the road.

BTW I'm in YOW, but same province as the centre of the universe. I'm in what @Sauerkraut described as the land of dragons and fire (East of Pickering).
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dmehus wrote: I've had a great experience with Implicity, so that's an interesting development I hadn't heard. However, I wouldn't add a note of caution based on the experience of 1-2 RFD users. If @Shawguy wanted to, he could've appealed the decision and explained why he wanted to open an account, but like said, he didn't need the account so wasn't worth his time. They are adding an all-digital membership opening process to Entegra and Implicity, so in that sense, it's quite likely they won't have the capacity to reject members so willingly as in the current system.
I had an Implicity account for almost 5 years. I started using it more and doing more transactions on it (because of free pad and cheque transactions), they pulled my credit with a hard pull after my account balances went from $8000 to $1000 in 3 months, and then they froze my accounts, and took forever to release MY money back to me, so it wasn't like they rejected me at first, I had an account, but they saw other credit unions on my report and told me they didn't want my business anymore, and for that reason I won't go back
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