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Email this9:32 pm
June 3, 2015
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With all the turmoil in the banking/finance sector lately, it got me thinking about how safe is Hubert bank. I keep some US $ there....thinking of adding more. Ive looked at there website, they seem somewhat diversified.....any one have any insight or knowledge/opinions to share.
Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.
10:00 pm
April 7, 2017
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At first it was pointless to deposit US dollars in Hubert as it was costly to transfer the funds out to use US cash. I believe now the process is easier but for some reason I am skeptical that it would actually work say from Hubert US$ account to my BMO US$ account. I buy US dollars at BMO online to avoid FX fees and hold a small amount at BMO for holiday use and any larger amounts at Vancity a credit union in BC. US cash is not covered buy CDIC but is covered by CUDIC. The only con is....less interest, but for the amount I have.....not to worry.
8:51 pm
June 3, 2015
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Thanks for the input Cranston.
I have been transferring USD in/out of Hubert (from TD and Tang)for 2.5 yrs , and it hasn't cost me anything. Up until about 5 months ago, all you had to do was set it up with Hubert, and they would initiate the transfer in or out at no cost by a simple phone call....it took 1 or 2 days just like online banking. I did it literally dozens of time. Now they are all set up for me to do it online like Tangerine (about 5 months now).
My initial Hubert query has more to do with all the calamity facing the "trusts" we see now, and could it cause a run on deposits such as at EQB (cr)Oaken and Home trust. Does anyone know if Hubert is into mortgages in Canada or the US?
Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.
10:08 pm
April 6, 2013
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Hubert is an online storefront of Sunova Credit Union. All Hubert-branded deposits are actually deposits at Sunova.
Yes, mortgages are available through Hubert online and through the brick-and-mortar branches of Sunova.
Sunova: Borrowing lists all their loan products.
12:38 am
October 21, 2013
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I think it would be very difficult to find a deposit-taking FI that wasn't into mortgages. I remember reading about one that seemed to specialize in car loans once, but that's even worse as it's an asset with declining value built in.
6:48 pm
April 6, 2013
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I think that was former Ally Canada which specialized in car leasing.
8:16 pm
October 21, 2013
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There was another one that I was thinking of. I think it is or was in Alberta, but not sure. I think it was purchases, not leases. Sorry I can't remember.
9:01 pm
June 3, 2015
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Thanks Norman and Loonie for your thoughts......why do you think Hubert offers such a good rate on USD (relatively speaking)....have so for over 2 yrs(TD HISA USD just went from .25 to .4 , ING is still .15) I don't see anything about US mortgages on their website and Sunova deposit rates are as follows.
US Superior Savings – Up to $99,999 0.25%
US Superior Savings – $100,000 to $249,999 0.50%
US Superior Savings – Over $250,000 0.75%
Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.
10:06 pm
April 7, 2017
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Joe said
Thanks Norman and Loonie for your thoughts......why do you think Hubert offers such a good rate on USD (relatively speaking)....have so for over 2 yrs(TD HISA USD just went from .25 to .4 , ING is still .15) I don't see anything about US mortgages on their website and Sunova deposit rates are as follows.
US Superior Savings – Up to $99,999 0.25%
US Superior Savings – $100,000 to $249,999 0.50%
US Superior Savings – Over $250,000 0.75%
Assuming you are not in Manitoba and would use Hubert their rates are:
Daily Savings
CDN High-interest savings account 1.70%
US savings account 0.75%
11:53 pm
October 21, 2013
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I don't know why they would want to get into US mortgages. I would think it would be way too complicated with different regulations, differences between states etc.
Perhaps the question is not, why do they offer higher rates (which are still not especially high), but why do the others offer such low rates?
It's a credit union, remember. They are supposed to be responsive to what their members want (although this is not necessarily the case), and there are no external shareholders to siphon off the profits or stock exchange/stock brokers to deal with.
10:17 am
April 6, 2013
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Sunova Credit Union can offer better US$ rates, and other rates, through their Hubert online-only storefront than through their physical branches in Manitoba. The Hubert storefront costs much less than one of their physical branches.
In the August 2011 Globe & Mail article Skimpy GIC rates? Try an online bank instead, the Sunova president said that each of their three new Sunova branches cost them about $4 million to build. Those new branches had staffing costs around $50,000/day. In contrast, Hubert was just under $100,000 to launch and $1,000 a day to run.
10:25 am
April 6, 2013
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Sunova is a provincial Manitoba credit union. They may not be allowed to offer mortgages on properties outside of Manitoba. As a result, they may not have any mortgages in the rest of Canada.
Also, provincial credit unions could still not be legally allowed to market and solicit for deposits outside their province. Sunova got into some legal issues around 2010 when they had ads for Hubert outside of Manitoba. The March 2013 Maclean's article Manitoba shakes its money maker has some details about that.
1:35 pm
October 21, 2013
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Norman1 said
Sunova Credit Union can offer better US$ rates, and other rates, through their Hubert online-only storefront than through their physical branches in Manitoba. The Hubert storefront costs much less than one of their physical branches.In the August 2011 Globe & Mail article Skimpy GIC rates? Try an online bank instead, the Sunova president said that each of their three new Sunova branches cost them about $4 million to build. Those new branches had staffing costs around $50,000/day. In contrast, Hubert was just under $100,000 to launch and $1,000 a day to run.
Bricks and mortar certainly add costs. However, there are other online financial institutions which offer very poor rate on USD, such as Tangerine, so I don't see that it's about whether they have bricks and mortar. They have made a choice.
According to our Services chart, none of the other MB CUs that we follow offer USD, and all the FIs that do are for-profit banks. So, there is really nothing to compare Hubert's offer with in online FIs. Either you go with Hubert and get more for your money or you go with a for-profit bank and give it to the shareholders, excessive advertising, and call centres. Some CUs in Ontario offer USD, but they are bricks and mortar as far as I can see and their USD rates are poor.
Services chart probably needs a bit of updating to include some of the more recent FIs that we are following.
7:25 pm
June 3, 2015
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Thanks for your thoughts gentlemen.
Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.
10:18 am
June 4, 2015
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Joe said
Thanks for your thoughts gentlemen.
I normally rail against political correctness, but how do you know Cranston and Loonie are gentlemen? Might be nicer to say something a little more generic. Yes, as it is, we have dearth of women on these here financial forums, but maybe let's do what we can to encourage more of them to visit, rather than go elsewhere.
3:33 pm
October 21, 2013
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Funny you should mention that, Brainer.
I saw this in the paper the other day, but didn't think of posting it. It may surprise some folks:
https://www.thestar.com/business/2017/05/18/women-could-be-better-investors-than-men-financial-service-finds.html
I do try to be generic as much as possible. Some members, however, have identified their gender in the past, and can be referred to as such. I tend to assume that someone who calls themselves "Bill" is a guy, and someone who calls themselves "Saver-Mom" is female.
We now have women who are bank VPs, professors of finance, and Bonita Then is the interim CEO at HCG (whether or not you like what is happening there). I think it's fair to assume that women are very capable of talking knowledgeably about finance and that any knowledgeable member of this forum might equally be female or male unless otherwise signified.
It isn't a "boys' club" any more. Many of the managers at the FIs I deal with are women.
6:49 pm
June 3, 2015
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Thank-you for your comments my good men
Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.
11:31 pm
December 1, 2016
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Norman1 said
Sunova is a provincial Manitoba credit union. They may not be allowed to offer mortgages on properties outside of Manitoba. As a result, they may not have any mortgages in the rest of Canada.
They don't, their mortgage rates are for Manitoba residents only.
Please write your comments in the forum.