Personal Finance

Access Credit Union Thread

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  • May 29th, 2020 8:25 pm
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Bull Dog wrote: I phoned Steinbach today about not being able to access my account online and they said online access was inactive since I hadn't logged in in over 90 days. They activated it and it's working now. @titaniumtux can you add that to Steinbach thread?
Why do they do that? With savings accounts, there's no need to log in often, so a lot of people must get bit by this rule. Sounds vexing.
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someweirdo wrote: Why do they do that? With savings accounts, there's no need to log in often, so a lot of people must get bit by this rule. Sounds vexing.
Yes, I agree. I don't see why I should feel compelled to login - I had over 100.00 in Steinbach savings account, it wasn't dormant. On a more cheerful note I got 5 cents member bonus ! Also, I confirmed what @titaniumtux said, that there's free unlimited transfers with the regular savings account at Steinbach. I'm not sure how he knew that, since it's not documented anywhere :)
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someweirdo wrote:
Why do they do that? With savings accounts, there's no need to log in often, so a lot of people must get bit by this rule. Sounds vexing.
Bull Dog wrote: Yes, I agree. I don't see why I should feel compelled to login - I had over 100.00 in Steinbach savings account, it wasn't dormant. On a more cheerful note I got 5 cents member bonus ! Also, I confirmed what @titaniumtux said, that there's free unlimited transfers with the regular savings account at Steinbach. I'm not sure how he knew that, since it's not documented anywhere :)
Completely agree, @someweirdo and @Bull Dog. I can definitely see making accounts inactive after 6- to 12-months and dormant after 1-2 years to prevent account-level fraud or misappropriation of customers' funds from happening (either because the customers' account information was compromised by unscrupulous third parties or employees of the credit union/bank), but actually disabling the online banking profile - after only 3 months to boot - seems excessive.

To @Bull Dog's latter point, either @titaniumtux contacted SCU directly to confirm (as is quite possible), he just confirmed it by trial and error (also possible, since he is not averse to paying reasonable transaction fees), or he just assumed that to be the case since internal transactions between accounts in the same beneficial ownership are often counted as "non-chargeable" transactions, which is to say they don't "count" as "chargeable" debits for the purposes of included free transactions per month or whether to charge a specific fee per instance.

Cheers,
Doug
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Bull Dog wrote: Yes, I agree. I don't see why I should feel compelled to login - I had over 100.00 in Steinbach savings account, it wasn't dormant. On a more cheerful note I got 5 cents member bonus ! Also, I confirmed what @titaniumtux said, that there's free unlimited transfers with the regular savings account at Steinbach. I'm not sure how he knew that, since it's not documented anywhere :)
dmehus wrote: Completely agree, @someweirdo and @Bull Dog. I can definitely see making accounts inactive after 6- to 12-months and dormant after 1-2 years to prevent account-level fraud or misappropriation of customers' funds from happening (either because the customers' account information was compromised by unscrupulous third parties or employees of the credit union/bank), but actually disabling the online banking profile - after only 3 months to boot - seems excessive.

To @Bull Dog's latter point, either @titaniumtux contacted SCU directly to confirm (as is quite possible), he just confirmed it by trial and error (also possible, since he is not averse to paying reasonable transaction fees), or he just assumed that to be the case since internal transactions between accounts in the same beneficial ownership are often counted as "non-chargeable" transactions, which is to say they don't "count" as "chargeable" debits for the purposes of included free transactions per month or whether to charge a specific fee per instance.

Cheers,
Doug
@dmehus I am impressed by your ambition to speculate how I gained insight on the unlimited internal transfers on SCU on the regular HISA. The short answer is this was confirmed to me by customer service. But, here's the longer version FYE (for your entertainment)
  1. 2018...never had membership at a Manitoban CU before, I had already taken a BT for the purpose of earning interest (leveraging). I had looted DUCA's 3.25% HISA three months promo and parked enough to waive the fee while I hit the $300 welcome bonus on TD chq account. By then I had more than offset my BT fee so I was hunting for more options
  2. Found SCU on RFD (heck what did I know), saw 'em at the top of the TFSA rates list, so I thought it'd be a no-brainer
  3. Signed up for regular HISA and TFSA (again didn't know better), e-transferred the $205
  4. Got PAD doc with teller stamp sent by secure messaging and "linked all the things" (Simplii, EQ, DUCA and the likes)
  5. Opened a Plan 24, thinking it'd be useful one day. Didn't use it at all in 2018. In fact, I withheld some BT $$ to cover payments so I only made one withdrawal at SCU (December 2018, then EQ pull out of SCU reg HISA). I noticed SCU didn't charge me a $3 PPU withdrawal fee from TFSA (they added the one free per month back in 2018 since I joined)
  6. 2019...onto next BT. I dump full BT into SCU Plan 24, wait a day or two and move to TFSA. Earns small interest. I thought that transfer (being internal) would be "unlimited, no fee". Then I moved the change or something to the TFSA. Got hit with a $2 fee
  7. Called in. Found out that the Plan 24 one free withdrawal per month is internal/external-agnostic, but the reg HISA is unlimited internal, and one no-fee external per month. They credited the $2 charge and back-dated it. Was also advised that it's a $1 PPU fee after the first withdrawal on Plan 24
  8. Then I thought to myself...wow the Reg HISA + Plan 24 + TFSA burger was the exact setup that I needed, that I somewhat coincidentally arranged when I first started without knowing any better

Now if I have to do two external withdrawals...I can
  1. $X TFSA->reg HISA
  2. $Y reg HISA->Plan 24
  3. $Y Plan 24 bill pay (PayTM)
  4. $(X-Y) PAD pull from external out of reg HISA or do another bill pay (backup)

Fulfills its purpose for me. I also have USD chq account at SCU. Haven't really used it, but it doesn't hurt to have. No holds on direct deposits is nice.
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dmehus wrote:
To @Bull Dog's latter point, either @titaniumtux contacted SCU directly to confirm (as is quite possible), he just confirmed it by trial and error (also possible, since he is not averse to paying reasonable transaction fees), or he just assumed that to be the case since internal transactions between accounts in the same beneficial ownership are often counted as "non-chargeable" transactions, which is to say they don't "count" as "chargeable" debits for the purposes of included free transactions per month or whether to charge a specific fee per instance.
Doug
I'm very impressed on how Doug hit nail on the head both times on how you found out about unlimited transfer, both that you paid once and you phoned customer service :)
I'm not as impressed with customer service at Steinbach as I am with Access, Achieva, and Hubert- had to wait 10 min on the phone to get to a customer service rep.
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titaniumtux wrote: @dmehus I am impressed by your ambition to speculate how I gained insight on the unlimited internal transfers on SCU on the regular HISA. The short answer is this was confirmed to me by customer service. But, here's the longer version FYE (for your entertainment)
/quote]


Doug's got an inquisitive mind and a good memory. eg. if you tell Doug your age he won't forget it :) I told him I'm 57 and he didn't forget.
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@titaniumtux Thanks for the summary and yeah, @Bull Dog, I more or less covered it, from the sounds of it. ;)

I didn't realize you've only been a Manitoba CU member since 2018, @titaniumtux! Here's the short version of my introduction to Manitoba credit unions:

1. While working for HSBC Bank Canada's Westbank branch, I became disenchanted with HSBC's continued lowering of the once lauded Direct Savings Account, particularly when it was renamed Advance Savings in December 2009.
2. Thus, I sought Ally Canada (legally known as ResMor Trust Company), where I opened two HISAs paying 2-3% at the time. Every payday, to transfer the surplus savings I didn't need for rent, bills, etc., I'd use an HSBC personal cheque, deposit it to my HSBC Advance Savings (because I could and the cheques were free!), and pull funds to Ally from within Ally online banking.
3. Opened ING DIRECT Investment Savings Account in mid 2010, but didn't use it much. In 2011, became early beta tester of ING DIRECT's THRiVE Chequing Account. Could not transfer payroll direct deposit as HSBC's payroll systems don't you use another bank besides HSBC Bank Canada and HR might reach out to your manager if you requested to be paid by paper cheque.
4. As Ally's rates lowered in early 2011, I first took advantage of some early net new money promotions at HSBC Advance Savings, but then in late 2011, discovered Hubert Financial and established membership.
5. In February 2013, following Hubert lowering rates and wanting to try something else (a credit union with MemberDirect), established Implicity Financial HISA for surplus savings.
6. In February 2014, closed last remaining HSBC Bank Canada accounts, debit card, Internet, and Telephone Banking profiles, in addition to closing my Safe Deposit Box.
7. Between 2013 and 2017, shuffled money between Tangerine and Implicity HISAs, taking advantage of Tangerine net new money promos.
8. Following my enrollment in Library Technician diploma program in fall 2017, I tired of the HISA promo rate game, so took advantage, in early 2018, of Coast Capital Savings 4.00% convertible GIC for 33 months, until December 1, 2020. Initially, they didn't want to let me redeem the smaller non-redeemable 1-year GIC at 2.25%, but eventually I convinced them if I let them keep the interest earned for the 1 month or so it'd been in it. For the larger GIC, they didn't want to let me convert it, until I said their T&C didn't specifically state convertible GICs couldn't be converted to new convertible GICs, but in exchange, I voluntarily surrendered the rewrite/convertible GIC option, figuring that it was unlikely we'd ever see a GIC get above 4% again.

Cheers,
Doug
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dmehus wrote: @titaniumtux Thanks for the summary and yeah, @Bull Dog, I more or less covered it, from the sounds of it. ;)

I didn't realize you've only been a Manitoba CU member since 2018, @titaniumtux! Here's the short version of my introduction to Manitoba credit unions:

1. While working for HSBC Bank Canada's Westbank branch, I became disenchanted with HSBC's continued lowering of the once lauded Direct Savings Account, particularly when it was renamed Advance Savings in December 2009.
2. Thus, I sought Ally Canada (legally known as ResMor Trust Company), where I opened two HISAs paying 2-3% at the time. Every payday, to transfer the surplus savings I didn't need for rent, bills, etc., I'd use an HSBC personal cheque, deposit it to my HSBC Advance Savings (because I could and the cheques were free!), and pull funds to Ally from within Ally online banking.
3. Opened ING DIRECT Investment Savings Account in mid 2010, but didn't use it much. In 2011, became early beta tester of ING DIRECT's THRiVE Chequing Account. Could not transfer payroll direct deposit as HSBC's payroll systems don't you use another bank besides HSBC Bank Canada and HR might reach out to your manager if you requested to be paid by paper cheque.
4. As Ally's rates lowered in early 2011, I first took advantage of some early net new money promotions at HSBC Advance Savings, but then in late 2011, discovered Hubert Financial and established membership.
5. In February 2013, following Hubert lowering rates and wanting to try something else (a credit union with MemberDirect), established Implicity Financial HISA for surplus savings.
6. In February 2014, closed last remaining HSBC Bank Canada accounts, debit card, Internet, and Telephone Banking profiles, in addition to closing my Safe Deposit Box.
7. Between 2013 and 2017, shuffled money between Tangerine and Implicity HISAs, taking advantage of Tangerine net new money promos.
8. Following my enrollment in Library Technician diploma program in fall 2017, I tired of the HISA promo rate game, so took advantage, in early 2018, of Coast Capital Savings 4.00% convertible GIC for 33 months, until December 1, 2020. Initially, they didn't want to let me redeem the smaller non-redeemable 1-year GIC at 2.25%, but eventually I convinced them if I let them keep the interest earned for the 1 month or so it'd been in it. For the larger GIC, they didn't want to let me convert it, until I said their T&C didn't specifically state convertible GICs couldn't be converted to new convertible GICs, but in exchange, I voluntarily surrendered the rewrite/convertible GIC option, figuring that it was unlikely we'd ever see a GIC get above 4% again.

Cheers,
Doug
Thnx for sharing. I actually read all of this.

Btw, @dmehus when I said I was okay to bite the occasional PPU fee, that's because when I signed up with SCU, the fee table then would he dinged me with a TFSA withdrawal fee of $3 (including on first WD). I am grateful they changed it before I withdrew. I was thinking of joining IdealSavings when they peaked at 2.76% (which maybe for a glimpse was higher than SCU), but their PPU TFSA withdrawal fee is $5. I would he been okay with that, had they maintained that rate or had SCU not caught up and/or had I never discovered Access. Ceteris Paribus, I'll take the fee dodging outlet first any day.
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For Access CU's TFSA account, can it be linked externally from say Simplii using the PAD form? Or only Plan 24 account is able to be linked and serve as the middle man between external account and Access' TFSA? Thanks!
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yylover wrote: For Access CU's TFSA account, can it be linked externally from say Simplii using the PAD form? Or only Plan 24 account is able to be linked and serve as the middle man between external account and Access' TFSA? Thanks!
You cannot link the TFSA saving account externally. You would need a plan 24 (recommended) or platinum savings to link to Simplii.
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yylover wrote: For Access CU's TFSA account, can it be linked externally from say Simplii using the PAD form? Or only Plan 24 account is able to be linked and serve as the middle man between external account and Access' TFSA? Thanks!
Shawguy wrote: You cannot link the TFSA saving account externally. You would need a plan 24 (recommended) or platinum savings to link to Simplii.
This. @Shawguy gave the right answer. As a DP, Simplii does not struggle to link Access non-reg account (follow steps in OP and you're golden).

As another DP, I did try linking SCU TFSA using its PAD credentials as external to Tang, and SCU reversed (sent back) the MD's.
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Here's a little account opening glitch that you may not have encountered yet.

Yesterday afternoon I started an online application for the Plan 24 account as a step toward opening a TFSA for 2020. Things started off well enough and I was able to set up my application password, but then the thing kept booting me back to the top of the "Personal Information" page to review it, even though there weren't any missing fields. This went on several times, and on a bad day I would have just bailed, but they have chat so I started a session to find out if I was doing anything obviously wrong. After granting the rep temporary window sharing permission so she could see my application, we tried a few data format changes but nothing helped. Eventually she said she needed to consult with IT and get back to me.

This morning I got en email advising me that there's a known issue in their online application if you enter "Retired" as your occupational status. She advised me to instead enter my status as employed using my most recent occupation and employer. So I pulled my application back up and re-entered my personal info as she suggested, and sure enough, it let me by. I then finalized the rest of the application, e-signed all the docs, uploaded the pics of my funding cheque and saved everything on PDF. Now I'm waiting for them to tell me I'm approved so that I can go on to the next phase of setting up my links
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Had another chat session today with an ACU rep about their interface capabilities with non-ACU accounts. Two things came up.

First, and maybe you guys already knew this, but I was surprised to learn that you cannot set up external links to other FIs within ACU. So no pulling money in from elsewhere, they can only receive pushes.

Second, according to the rep, ACU has limits on these incoming e-transfers as follows (copied and pasted from chat):

The e-Transfer limits which are as follows for receiving funds:
$10,000 Per transaction
$20,000 Daily
$70,000 Weekly
$300,000 Monthly
In the event the amount you want to transfer exceeds this, you can also write yourself a cheque or send a Wire Transfer.


Not an issue for anyone just looking to deposit their $6K in 2020 TFSA money, but somewhat of a barrier if one wants to do the year-end maneuver to move their entire account from somewhere else
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threadhead wrote: Had another chat session today with an ACU rep about their interface capabilities with non-ACU accounts. Two things came up.

First, and maybe you guys already knew this, but I was surprised to learn that you cannot set up external links to other FIs within ACU. So no pulling money in from elsewhere, they can only receive pushes.

Second, according to the rep, ACU has limits on these incoming e-transfers as follows (copied and pasted from chat):

The e-Transfer limits which are as follows for receiving funds:
$10,000 Per transaction
$20,000 Daily
$70,000 Weekly
$300,000 Monthly
In the event the amount you want to transfer exceeds this, you can also write yourself a cheque or send a Wire Transfer.


Not an issue for anyone just looking to deposit their $6K in 2020 TFSA money, but somewhat of a barrier if one wants to do the year-end maneuver to move their entire account from somewhere else
  1. sadly no external account linking with B&M MB CU's...only with their subbies! Such as Achieva, Hubert, and the likes (but afaik not the case for IdealSavings). While annoying that we can't "pull" from Access's side, like you said, manage the push/pull from other FI's
  2. As you quoted, for larger amounts, cheque or wire transfer
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Got the call from ACU this morning providing me with my temporary sign-in credentials, so I set up my online access. Same interface as my DUCA, WealthOne, and Ideal Savings accounts.

I asked if I needed to fill out anything to open a TFSA, they said they'd do it for me as of Jan 2 -- all I have to do is complete and return the signed beneficiary form (and fund the account).

Thanks @titaniumtux for the Coles Notes on getting an account open

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