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9:05 am
February 9, 2019
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Coast Capital now Federal with CDIC coverage.
2:14 pm
December 20, 2016
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Thanks for the information, Denise.
While there may be situations where CC might be an option, it would be hard to overlook the dual CDIC coverage of Oaken that currently offers 3.3% for 18 months and 3.35% for three years, unless the alternatives have been exhausted for CDIC, if that is a factor.
Surprising that CC has been conspicuously unaggressive since becoming a national player.
Stephen
2:24 pm
December 17, 2016
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Nehpets said
Surprising that CC has been conspicuously unaggressive since becoming a national player.
Likely because - as clearly stated on the link provided above -
Get ready, Canada. We’re coming.
Coast Capital Savings is Canada’s largest credit union by membership, with more than 550,000 members across British Columbia. We’ve delivered simple financial help to our members for over 75 years.
And now, we’re hard at work so that we can bring financial well-being and our innovative products and services to Canadians from coast to coast. While we’re not available outside of BC yet, we will be soon. So get excited, Canada.
5:13 pm
February 9, 2019
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10:16 pm
October 21, 2013
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8:41 am
December 17, 2016
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8:44 am
October 29, 2017
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10:16 am
February 9, 2019
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Why is it that so often they hit the news about members losing money? Their systems must have poor security? And have had dishonest advisers. They never fess up to help their members or report back wether issues are resolved or holes have been plugged. They are very secretive.
https://www.cbc.ca/news/canada/british-columbia/coast-capital-savings-cyber-attacks-1.4977944
10:26 am
December 17, 2016
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Denise Milani said
Why is it that so often they hit the news about members losing money? Their systems must have poor security?https://www.cbc.ca/news/canada/british-columbia/coast-capital-savings-cyber-attacks-1.4977944
Dave Cunningham, Coast Capital's vice president of public affairs and communications says an investigation initially revealed that criminals gained valid online account and password numbers using two different methods.
The first was a "phishing attack" where fake emails and texts were sent to members asking for security information. The second is described as a "brute force" attack where the fraudsters used a computer program to "guess" account passwords.
-------------------------------------
'I feel duped': Why bank employees with impressive but misleading titles could cost you big time
Most financial professionals in Canada are licensed as salespeople with no fiduciary duty to clients
https://www.cbc.ca/news/business/bank-s-deceptive-titles-put-investments-at-risk-1.4044702
4:09 pm
December 12, 2009
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I have to say, I've been disappointed in how unprepared Coast Capital is in terms of not launching nationally. Yes, they've reincorporated as a federal credit union and I get that there may still be some technological and staffing things to take care of, but I don't see why they couldn't have soft launched their national ambitions, by at least onboarding new members from outside B.C. (which they can legally do now).
It's strange...meanwhile, Meridian's Motus Bank subsidiary is set to launch soon after being long delayed and we've also got Innovation Credit Union set to reincorporate as Innovation Federal Credit Union later this year.
Cheers,
Doug
5:30 pm
February 20, 2018
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5:48 pm
December 12, 2009
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hotmony said
the 3yr 3.2% one rate adjustment allowed deal apparently say you held the gic for 2yrs the adjustment has to equal the amount of time left on the gic till maturity. What could go wrong?
Not sure what you're asking, but it's a convertible GIC which gives you a one-time option to convert to a new non-redeemable GIC (cannot be another convertible GIC, even though their terms don't say so - I ran into this problem but thankfully the branch staff honoured my conversion request) of a term that is equal to or greater than the remaining length of the existing term. No bonus interest is paid on conversion - you're just paid whatever the accrued interest is. It does offer you some inflation protection if rates should go up, so it's a good option for short- to medium-term GICs. 🙂
For what it's worth, I still have my 40-month 4.00% GIC and have yet to convert.
Cheers,
Doug
7:27 pm
February 20, 2018
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11:27 pm
October 21, 2013
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It sounds ike CC may have had to pull all hands on deck to deal with the security issue before moving forward - even though they haven't exactly admitted that there was a breach on their side.
It would have probably been very bad timing for them to try to go ahead with a big new launch with this issue hanging over their heads unresolved.
5:11 am
December 12, 2009
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Loonie said
It sounds ike CC may have had to pull all hands on deck to deal with the security issue before moving forward - even though they haven't exactly admitted that there was a breach on their side.
It would have probably been very bad timing for them to try to go ahead with a big new launch with this issue hanging over their heads unresolved.
Unlike the Loblaw PC Plus data breach, which was a data breach on their end and they refuse to admit, this wasn't a data breach on Coast's end. Every indication I've read indicates that this was a customer-responsible problem. Scam artists created a surprisingly good (apparently) lookalike phishing website of Coast's online banking login; customers provided login credentials and had money stolen. Coast is, as a goodwill gesture, looking to at least partially reimburse most, if not all, customers, but the error was technically on the part of the customers. Customers deny it because they are embarrassed.
Cheers,
Doug
5:12 am
December 12, 2009
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5:20 am
December 17, 2016
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Loonie said
It sounds ike CC may have had to pull all hands on deck to deal with the security issue before moving forward - even though they haven't exactly admitted that there was a breach on their side.
There's an incredibly simple rule of thumb when it comes to 'phishing attacks' - IF you didn't initiate anything OR you're not expecting anything then don't touch anything - S I M P L E.
12:52 pm
August 17, 2010
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3:26 pm
February 17, 2013
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Top It Up said
- they were head and shoulders above the BIG 5 bank the other accounts were at.
Comparing to the big 5 is setting a pretty low bar to surpass. Dealing with them first hand for daily banking is different than dealing with POA or executor. I stood in line last week just to get some bills changed. They had 3 tellers and I was 8th in line. Long story short, 20 minutes later, I was 7th in line. 1 person at a desk behind them repeatedly went over to help 1 teller, who was dealing with a commercial client at a non-commercial spot, but couldn't be bothered to open another station as the line got longer and longer. They just don't care. Even @ HSBC (#6??), I've seen managers and supervisors help out during busy periods.
Doug said
For what it's worth, I still have my 40-month 4.00% GIC and have yet to convert.
Me neither. I'm thinking it will mature @ 4% before it's worth it to convert
Doug said
I have to say, I've been disappointed in how unprepared Coast Capital is in terms of not launching nationally. Yes, they've reincorporated as a federal credit union and I get that there may still be some technological and staffing things to take care of, but I don't see why they couldn't have soft launched their national ambitions, by at least onboarding new members from outside B.C. (which they can legally do now).
I think they know their on line banking is woefully behind the times. Don't use it much, but last time I checked there was no way to easily link CC to your other FI's to do routine transfers. It's all has to be done from the other end. That would be a deal breaker for me.
Top It Up said
There's an incredibly simple rule of thumb when it comes to 'phishing attacks' - IF you didn't initiate anything OR you're not expecting anything then don't touch anything - S I M P L E.
NEVER click on email links to ANYTHING you have accounts of any kind set up for. Delete the email and log on through your usual methods. Saving a few seconds is not worth the risk. House Rule.
5:53 pm
December 12, 2009
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Sorry, Rick, if that's one of your major beefs with Coast, the line-ups, I don't really have any sympathy. People need to realize that banking can be done through alternate channels. Banks and credit unions can't just keep adding staff endlessly. At the Kelowna branch of Coast, they actually don't have any MSRs. They do do day-to-day banking transactions, but generally the branch manager (what Coast calls the Manager, Member Services now, which is kind of different because normally that's the Assistant Manager role at other FIs) works out of one of the three lobby workstations. She refers potential clients to existing RMs and Member Banking Specialists, books appointments, and handles the occasional day-to-day banking transaction.
I suspect the new-ish Courtenay branch does the same thing.
Cheers,
Doug
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