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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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Dec 17, 2008
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dmehus wrote:

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.
I just purchased additional shares on both Hubert side and Sunova side and received a PDF copy of the additional share offering document and it clearly says "For Manitoba Residents Only" so it is correct.
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titaniumtux wrote:
  1. 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
  2. EQ - can't close, else can never re-open. Rates are ok, but good for pre-auth bill pays
I agree Tangerine is great for adding external accounts and then deleting them after testing, thats one of the reasons I still keep Tangerine, and the free $3000 overdraft as long as you pay it back before Midnight is nice too!

Yep definitely don't close your EQ bank account, you won't be able to re-open it.
dmehus wrote: 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.
Incorrect, I didn't want the same account number, I just wanted to open accounts there again. That user was me. I pushed and pushed all the way to the ombudsman and they opened another account for me....but many of the things in online banking don't work. The linking of external accounts can only be done if I send them a Void Cheque and the back office manually adds or removes them for me. If I try to add it using the micro deposits....it doesn't work and won't save my account info.

I had to open 3 accounts before interac e-transfer would work, and now it only works for sending. If I try to receive it brings me to the main EQ bank website and I cannot accept e-transfers.

I cannot make any changes to my profile, and I am stuck using the old EQ bank login page...the new one doesn't work at all for me...it says my account is not yet fully set up and it kicks me out...

So my advice...if you EVER want to use EQ bank in the future...don't close your accounts. They did it as a one time for me, but now they warn everyone before closing they can never come back....It's a terrible IT department there.
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Shawguy wrote: 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
Whoa! You should complain - that's not acceptable. When I played Tangerine's net new money promo games, I'd regularly have $150,000 in my Implicity HISA whenever (a) Tangerine's rate was not much higher than Implicity or (b) for about a week or two in between promos and then I'd drain it to $1,000 and they never pulled my credit bureau again. Bizarre! You could probably complain about the bureau pull as I don't think their agreement lets them do that (unlike HSBC which makes you sign a signature card that lets them do a hard pull "when they feel like it" for any reason).

Cheers,
Doug
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Shawguy wrote: I just purchased additional shares on both Hubert side and Sunova side and received a PDF copy of the additional share offering document and it clearly says "For Manitoba Residents Only" so it is correct.
Yes, I saw that as well, @Shawguy, but didn't say anything to them. And they still let me buy them till they corrected it. And, they even advertised it to any Canadian resident on their website and social media profiles. That's amateurish. I'd still like to know the reason why I can apparently buy up to $1,000 in additional shares but not through a special offering.

If I can, then presumably, they could request the Board's approval to let me do a regular share purchase and exceed the $1,000 limit outside of a special share offering period. ;)

Cheers,
Doug
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dmehus wrote:
Yes, I saw that as well, @[Shawguy], but didn't say anything to them. And they still let me buy them till they corrected it. And, they even advertised it to any Canadian resident on their website and social media profiles. That's amateurish. I'd still like to know the reason why I can apparently buy up to $1,000 in additional shares but not through a special offering.

If I can, then presumably, they could request the Board's approval to let me do a regular share purchase and exceed the $1,000 limit outside of a special share offering period. ;)

Cheers,
Doug
The reason you're allowed up to $1000 is because they allow any member own up to $1000 outside of any additional Share offering, that's the limit they allow Sunova members to get before having to wait for additional Share offerings.

But you are correct.. If they are going to let out of province members purchase ANY shares.. Why can't they buy additional shares too.. It does seem odd.
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I asked Access and they said now they don't offer additional shares or preferred shares to any new members, any existing members might still have some though.

Rosenort said the last preferred share offering was on 2016 and at the moment they don't have any plans to offer any additional share purchase opportunities, However that doesn't mean never.
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Shawguy wrote: The reason you're allowed up to $1000 is because they allow any member own up to $1000 outside of any additional Share offering, that's the limit they allow Sunova members to get before having to wait for additional Share offerings.

But you are correct.. If they are going to let out of province members purchase ANY shares.. Why can't they buy additional shares too.. It does seem odd.
Yeah, I know Sunova/Hubert allows any member to do this, but that's my issue, why is that permitted but the special offering is not? It seems odd. Unless the regulator hasn't caught on to the fact that they're offering additional shares to non-Manitoba residents yet...

Too bad...would've loved to buy $5,000 worth. I'd even be willing to give you $5,000 to purchase and manage for my benefit, but the tax reporting would not be worth it.

Cheers,
Doug
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Shawguy wrote: I asked Access and they said now they don't offer additional shares or preferred shares to any new members, any existing members might still have some though.

Rosenort said the last preferred share offering was on 2016 and at the moment they don't have any plans to offer any additional share purchase opportunities, However that doesn't mean never.
Westoba is doing a 4.25% preference share offering to Manitoba residents, but only through Westoba (not through MAXA Financial), if you're interested. Just don't try and link your external accounts with them (and their $20 fee to do so). ;)

How much extra did you buy through your Sunova and Hubert accounts, out of curiousity?

Cheers,
Doug
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DP: got online access to Access CU with P24 and min funding is in. Waiting for EQ MD's to withdraw.
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titaniumtux wrote: DP: got online access to Access CU with P24 and min funding is in. Waiting for EQ MD's to withdraw.
MD's?

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Doug
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dmehus wrote: MD's?

Cheers,
Doug
Micro-deposits

Image
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titaniumtux wrote: Micro-deposits

Image
You definitely abbreviate more than I'd anticipated, but yes that makes sense. With your prolific posting activity, I can see why. Less typing = less sore wrists. ;)

Nice to see ACU (Access, that is) uses MD's to verify supplementary external bank accounts. What's the second piece of "ID" used for verification (aside from credit bureau pull)...Interac e-Transfer to yourself or MD's?

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Doug
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dmehus wrote: You definitely abbreviate more than I'd anticipated, but yes that makes sense. With your prolific posting activity, I can see why. Less typing = less sore wrists. ;)

Nice to see ACU (Access, that is) uses MD's to verify supplementary external bank accounts. What's the second piece of "ID" used for verification (aside from credit bureau pull)...Interac e-Transfer to yourself or MD's?

Cheers,
Doug
they don't. waiting on eq's md's.
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titaniumtux wrote: they don't. waiting on eq's md's.
Interesting...usually in non-face-to-face methods, they need to verify you through a second method. Mind you, did you have to send them an e-Statement or anything? That would count as a second method.

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dmehus wrote: Interesting...usually in non-face-to-face methods, they need to verify you through a second method. Mind you, did you have to send them an e-Statement or anything? That would count as a second method.

Cheers,
Doug
No. Personal name was even wrong on the app (auto-fill messed up). I probably consented to a soft pull, but haven't noticed anything yet. I think process is soft pull plus e-transfer alias, same as SCU.
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titaniumtux wrote: No. Personal name was even wrong on the app (auto-fill messed up). I probably consented to a soft pull, but haven't noticed anything yet. I think process is soft pull plus e-transfer alias, same as SCU.
e-Transfer alias, as in you send an e-Transfer from your external bank account?

That's good to know - and interesting because that's how First West, Westminster Savings, Prospera, Innovation, and Conexus credit unions verify digitally opened accounts via Central 1's OpenAnywhere™ technology. It's interesting because ACU and SCU don't seem to be using OpenAnywhere™ (can we abbreviate as either OA™ or OA, if OA is not already taken?) and instead uses Cumulus.

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dmehus wrote: e-Transfer alias, as in you send an e-Transfer from your external bank account?

That's good to know - and interesting because that's how First West, Westminster Savings, Prospera, Innovation, and Conexus credit unions verify digitally opened accounts via Central 1's OpenAnywhere™ technology. It's interesting because ACU and SCU don't seem to be using OpenAnywhere™ (can we abbreviate as either OA™ or OA, if OA is not already taken?) and instead uses Cumulus.

Cheers,
Doug
How often will we discuss OpenAnywhere? I don't see the point to giving it an acronym :lol:
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titaniumtux wrote: How often will we discuss OpenAnywhere? I don't see the point to giving it an acronym :lol:
Good point. Probably just me, you, and maybe @Shawguy. Most people probably aren't aware of these back-office technologies. ;)

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Doug
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dmehus wrote:
Westoba is doing a 4.25% preference share offering to Manitoba residents, but only through Westoba (not through MAXA Financial), if you're interested. Just don't try and link your external accounts with them (and their $20 fee to do so). ;)

How much extra did you buy through your Sunova and Hubert accounts, out of curiousity?

Cheers,
Doug
I bought $1250 through Sunova and $2500 through Hubert. I know it's all the same in the end but wanted to spread it around. Lol

I looked into Westoba and I have an appointment there at the end of next week. They require you meet with a financial planner before they allow you to purchase preferred shares. I only plan on investing $2500 there as well.

On a side note CIBC just gave me a 0% balance transfer offer on my visa with a 1% fee for 10 months... Might have to bite and make money off of it and then pay it off before the rate expires.

Also....I see you never replied to my comments on EQ and how you can never rejoin if you leave. Lol
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Shawguy wrote: I bought $1250 through Sunova and $2500 through Hubert. I know it's all the same in the end but wanted to spread it around. Lol

I looked into Westoba and I have an appointment there at the end of next week. They require you meet with a financial planner before they allow you to purchase preferred shares. I only plan on investing $2500 there as well.

On a side note CIBC just gave me a 0% balance transfer offer on my visa with a 1% fee for 10 months... Might have to bite and make money off of it and then pay it off before the rate expires.

Also....I see you never replied to my comments on EQ and how you can never rejoin if you leave. Lol
Thanks, @Shawguy. Yeah, that sounds like a good idea, though I'm not sure I see the benefit of buying shares separately through Sunova and Hubert. It's all the same organization and the dividend rates are the same. I would've just bought through Sunova, unless I planned to eventually close my Sunova membership. So...do you get two voting opportunities to vote for the Sunova board, or do they have a cross-reference noted internally that you're only entitled to one vote? If the former, then they have a loophole in their system since you're supposed to only have 1 vote per member, regardless of the number of memberships held.

As for using your low interest line of credit offer from CIBC, that seems like a good approach, but make sure you can pay off the line of credit with your savings when the offer expires as you won't be able to redeem your shares so early. The intent behind them is to hold them at least 5 years.

On the latter, it's on my to-do list to reply, but will be a longer reply. ;)

Cheers,
Doug

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