[Meridian Credit Union] Earn 1% cash bonus

Jan 6th, 2018 3:29 pm

#1

alanhk66 [OP]: Newbie; May 6, 2008; 50 posts; 47 upvotes; Toronto

Jan 6th, 2018 3:29 pm

Earn 1% cash bonus

Deal Link:: https://www.meridiancu.ca/RRSP-1-Cash-Bonus.aspx
Savings:: 1%
Retailer:: Meridian Credit Union

Limited time offer.
Only transfers-in of registered deposits (RRSP, TFSA, RRIF) from plan issuers other than Meridian or those affiliated with Meridian are eligible for the 1% Cash Bonus Offer.
See full terms and conditions for details.
https://www.meridiancu.ca/RRSP-1-Cash-Bonus.aspx

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Jan 6th, 2018 10:18 pm

#2

redbag: Member; Oct 15, 2016; 201 posts; 237 upvotes

Jan 6th, 2018 10:18 pm

maximum of $500 per Member

+1

Jan 6th, 2018 11:28 pm

#3

OntMathTeach: Jr. Member; Jul 15, 2016; 107 posts; 53 upvotes

Jan 6th, 2018 11:28 pm

FYI: a minimum of a $10000 transfer from another institution into a meridian registered account ( RRSP.TFSA etc..) is required to qualify for the cash bonus.

Last edited by OntMathTeach on Jan 6th, 2018 11:28 pm, edited 1 time in total.

+1

Jan 6th, 2018 11:34 pm

#4

jeff1970: Deal Addict; Mar 9, 2012; 3831 posts; 2646 upvotes; Kitchener

Jan 6th, 2018 11:34 pm

OntMathTeach wrote: ↑ FYI: a minimum of a $10000 transfer from another institution into a meridian registered account ( RESP.TFSA etc..) is required to qualify for the cash bonus.

Just noted my RRSP went up 1% over the past week. Good week obviously....

Does anyone know how well these credit unions perform RRSP wise?

Why can't we all just get along?

Jan 6th, 2018 11:36 pm

#5

titaniumtux: Deal Expert; May 8, 2009; 15429 posts; 13867 upvotes; Going to the Moon

Jan 6th, 2018 11:36 pm

What about a churn? If you transfer over money to a Meridian account, how long would you have to keep it there to keep that 1% bonus? Excludes HISA's it seems. Someone would have to point out the steps taken to cash in on that 1% within a short amount of time (I expect within 90 days maximum) and keep that bonus incentive for me to understand how this is a hot deal.

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Jan 6th, 2018 11:43 pm

#6

OntMathTeach: Jr. Member; Jul 15, 2016; 107 posts; 53 upvotes

Jan 6th, 2018 11:43 pm

titaniumtux wrote: ↑ What about a churn? If you transfer over money to a Meridian account, how long would you have to keep it there to keep that 1% bonus? Excludes HISA's it seems. Someone would have to point out the steps taken to cash in on that 1% within a short amount of time (I expect within 90 days maximum) and keep that bonus incentive for me to understand how this is a hot deal.

You could do a TFSA HISA..
Link to Terms and Conditions: https://www.meridiancu.ca/Meridian/medi ... n-Book.pdf

+1

Jan 6th, 2018 11:49 pm

#7

titaniumtux: Deal Expert; May 8, 2009; 15429 posts; 13867 upvotes; Going to the Moon

Jan 6th, 2018 11:49 pm

OntMathTeach wrote: ↑ You could do a TFSA HISA..
Link to Terms and Conditions: https://www.meridiancu.ca/Meridian/medi ... n-Book.pdf

Looks like you can keep the bonus once it's been paid into the account. Only thing is, we have no idea how long it takes for them to pay out that 1% bonus.

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Jan 11th, 2018 2:18 pm

#8

alanhk66 [OP]: Newbie; May 6, 2008; 50 posts; 47 upvotes; Toronto

Jan 11th, 2018 2:18 pm

titaniumtux wrote: ↑ Looks like you can keep the bonus once it's been paid into the account. Only thing is, we have no idea how long it takes for them to pay out that 1% bonus.

they will give you the bonus incentive on the spot that money arrives in Meridian

Jan 11th, 2018 2:22 pm

#9

Scavos: Deal Addict; Jul 22, 2010; 1155 posts; 216 upvotes; toronto

Jan 11th, 2018 2:22 pm

titaniumtux wrote: ↑ Looks like you can keep the bonus once it's been paid into the account. Only thing is, we have no idea how long it takes for them to pay out that 1% bonus.

How long do you have to keep the money with meridian for though? Is there a clawback period?

Jan 11th, 2018 3:25 pm

#10

titaniumtux: Deal Expert; May 8, 2009; 15429 posts; 13867 upvotes; Going to the Moon

Jan 11th, 2018 3:25 pm

Scavos wrote: ↑ How long do you have to keep the money with meridian for though? Is there a clawback period?

I can't see any, but would be interesting to find out. I suppose they figure you won't transfer out so quickly since it'd be a TFSA...

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Jan 12th, 2018 2:32 am

#11

pentiumvi: Sr. Member; Dec 3, 2009; 830 posts; 466 upvotes; Vancouver

Jan 12th, 2018 2:32 am

Hmm this is pretty tempting.

Now just got to do the math to determine whether the transfer fee will be worth it. Looks like Tangerine charges $45 to transfer TFSA...

Looks like Meridian charges $100 for transferring TFSA out within 90 days as well.

Jan 12th, 2018 10:10 am

#12

agit: Sr. Member; Jan 23, 2009; 779 posts; 1070 upvotes; Ontario

Jan 12th, 2018 10:10 am

titaniumtux wrote: ↑ I can't see any, but would be interesting to find out. I suppose they figure you won't transfer out so quickly since it'd be a TFSA...

I got the email i called CSR told me must keep $$$ for one year

Jan 12th, 2018 8:48 pm

#13

alanhk66 [OP]: Newbie; May 6, 2008; 50 posts; 47 upvotes; Toronto

Jan 12th, 2018 8:48 pm

pentiumvi wrote: ↑ Hmm this is pretty tempting.

Now just got to do the math to determine whether the transfer fee will be worth it. Looks like Tangerine charges $45 to transfer TFSA...

Looks like Meridian charges $100 for transferring TFSA out within 90 days as well.

they said they will cover the transfer fee

Jan 12th, 2018 8:57 pm

#14

alanhk66 [OP]: Newbie; May 6, 2008; 50 posts; 47 upvotes; Toronto

Jan 12th, 2018 8:57 pm

agit wrote: ↑ I got the email i called CSR told me must keep $$$ for one year

i phoned in and asked their advisor but i heard totally 2 different stories Lol

Jan 17th, 2018 12:08 pm

#15

pentiumvi: Sr. Member; Dec 3, 2009; 830 posts; 466 upvotes; Vancouver

Jan 17th, 2018 12:08 pm

Has anyone jumped on this deal?

If so, can you confirm when the bonus appears in your Meridian account?

I've also been told must keep money for one year, but don't see anything in terms and conditions. Wonder what the penalty for withdrawing early is....

Jan 20th, 2018 11:18 am

#16

LoDown: Jr. Member; Dec 8, 2006; 180 posts; 12 upvotes

Jan 20th, 2018 11:18 am

https://www.meridiancu.ca/Meridian/medi ... n-Book.pdf

"Meridian reserves the right to suspend, disqualify, limit or revoke this Offer to any Member it finds or
believes to be manipulating or otherwise abusing the process, fairness, or integrity of the 1.0% Cash Bonus Offer."

Seems they can interpret as they please. I wonder if this type of ambiguous language is allowed by Canada's Financial Services regulator?

+1

Jan 20th, 2018 5:11 pm

#17

aximrocks: Deal Addict; May 31, 2005; 1726 posts; 515 upvotes; Mississauga

Jan 20th, 2018 5:11 pm

can you just make a TSFA contribution to get the bonus or have to transfer in from another TSFA account?

Jan 21st, 2018 2:56 am

#18

alanhk66 [OP]: Newbie; May 6, 2008; 50 posts; 47 upvotes; Toronto

Jan 21st, 2018 2:56 am

aximrocks wrote: ↑ can you just make a TSFA contribution to get the bonus or have to transfer in from another TSFA account?

need to transfer from other financial institution

Jan 21st, 2018 5:00 am

#19

DragonRider: Deal Fanatic; Sep 25, 2005; 9290 posts; 7662 upvotes; Scarborough, ON

Jan 21st, 2018 5:00 am

alanhk66 wrote: ↑they said they will cover the transfer fee

I do not see this mentioned anywhere in the T&C.

Jan 21st, 2018 3:12 pm

#20

jamrock16: Jr. Member; Sep 15, 2014; 106 posts; 49 upvotes

Jan 21st, 2018 3:12 pm

LoDown wrote: ↑ https://www.meridiancu.ca/Meridian/medi ... n-Book.pdf

"Meridian reserves the right to suspend, disqualify, limit or revoke this Offer to any Member it finds or
believes to be manipulating or otherwise abusing the process, fairness, or integrity of the 1.0% Cash Bonus Offer."

Seems they can interpret as they please. I wonder if this type of ambiguous language is allowed by Canada's Financial Services regulator?

Right?! Like what in the world does that even mean?