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Email this12:09 pm
October 21, 2013
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I would like to know if anyone here has dealt with this bank, and what their experience was.
They have a peculiar kind of set-up as an organization. It almost looks like the branches are franchises. They also have a peculiar savings/lineofcredit account.
Please share your experience.
thanks.
12:15 pm
June 24, 2014
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Their TFSA 5-year GIC rate 3.3% looks good.
1:28 pm
November 4, 2014
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They have terrible GIC rates, http://www.cannex.com/canada/e...../index.htm. Their 1, 2, 3, 4, 5 year is 1.45%, 1.60%, 1.85%, 2.00%, 2.25%.
If you have a higher GIC investment, deposit, 1, 2, 3, 4, 5 year GIC rates, 1.65%, 1.80%, 1.90%, 2.05%, 2.30% are higher but not that much higher and are still uncompetitive, http://www.hjminsurance.ca/fin.....gh-enough/ with Oaken Financial, ICICI Bank of Canada, State Bank of India Canada, Accelerate Financial, Achieva Financial, Maxa Financial, Outlook Financial, Implicity Financial, Luminus Financial, QuintEssential Credit Union, Duca Credit Union and many more etc...
It looks like they are only interested, currently with TFSA GIC deposits and TFSA savings account deposits.
2:19 pm
August 9, 2014
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Greg, check their official website first, their rate in TFSA is much higher than that.
2:31 pm
October 21, 2013
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I don't need to know about their rates, unless someone has found that their website is misleading.
Has nobody dealt with them personally? I'm trying to figure out whether they are reputable.
4:16 pm
October 27, 2013
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Loonie said
I don't need to know about their rates, unless someone has found that their website is misleading.
Touche! Interesting how your question was completely misinterpreted. I've never heard of the group but looking at some of their website, and their rapid expansion, particularly in Western Canada which may now be faltering. I'd suggest looking at their financials, notwithstanding CDIC guarantees.
4:33 pm
October 21, 2013
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I found this article, which gives a bit of insight, especially towards the end.
http://www.canadianmortgagetre.....twork.html
I haven't been able to find anything recent on its financials, but it could well be that I don't know where best to look.
The idea of someone being able to buy a bank outlet/franchise for under $100,000 and then setting up shop makes me uncomfortable.
Who do you think they might be faltering, AltaRed?
4:40 pm
November 4, 2014
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Jon, I am talking about GIC rates not their 3.00% 3,4 year, 3.30% 5 year TFSA GIC rates and their 3.00% high interest savings account promo.
We all know they offer high TFSA GIC rates at http://www.cffbank.ca/sites/de....._rates.pdf.
As for GIC rates, they don't have any listed at their official website, http://www.cffbank.ca. If you can show me otherwise, please do, Jon.
4:48 pm
November 4, 2014
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AltaRed, they are only offering TFSA GIC rates that are much higher than their competition for 3, 4 and 5 years, 3.00% and 3.30%.
People need to know that their GIC rates, not TFSA GIC rates are pitiful because many people do not just have one type of account or GIC.
They usually have at least 2 or more deposit products, accounts, GIC's, TFSA GIC's, RRSP GIC's, RRIF GIC's, higher interest savings accounts etc.
I pointed this out for others that read this forum to be careful about their huge difference on their types of rates.
Also, beware of a possible future rate decreases and TFSA fees that can be added once they get their hundreds of millions in TFSA deposits.
We have now seen in 2015, how Peoples Trust has made a rate cut, 3.00% to 2.50% and all their types of GIC's, 2 to 5 years are not the best either giving not much choice to existing clients that stay with them.
5:05 pm
November 4, 2014
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As for the question is CFF Bank reputable? I have no idea and they are a pretty new named company, maybe 1 years old at most.
They are CDIC insured and I believe they changed their name about 1 year ago, if I am correct from MonCana Bank to CFF Bank.
I think AltaRed is pointing out about how rapidly falling oil prices may have a negative impact on western Canada and employment there.
This could ripple through the real estate market in western Canada, especially in Alberta. This would put alot of pressure on mortgages not being paid on time and increase foreclosures if these oil prices stay low for years. I heard there are a few big projects that are being cancelled because of this now.
I guess CFF Bank has a big presence in western Canada that may really hurt their mortgage, lending business and make them a more risky financial institution.
5:07 pm
October 27, 2013
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Loonie said
Who do you think they might be faltering, AltaRed?
Just a speculative thought. It seems timing of a rapid expansion of business in the West is unfortunate because mortgages might not be as robust in 2015 due to low oil prices, i.e demand could be down and quality could be down too. Albeit their Ontario business should remain strong, if not stronger, due to an improving economy in the East.
7:00 pm
October 21, 2013
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I see; thanks, AltaRed. (oops! Shoulda said "why".)
I have done a little digging and learned that CFF is privately held. However, the "franchisees", as I call them, say they are part owners or words to that effect. I guess that their fee to have a franchise entitles them to a vote or something?
8:38 am
June 15, 2015
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They have their AGM this week. They've been around for a bit over a year. They did an initial capital raise of about $35 Million in Private Equity. I'm hearing that they are going to announce a loss of about $25 Million for 2014 ... which probably leaves them with about $10 Million in capital. It sounds like they are teetering on the edge of insolvency ... although they are CDIC insured.
1:43 pm
October 21, 2013
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I see. If they fail, it would be the first loss for CDIC in a long time, I think.
Makes one wonder how they passed inspection in the first place. When a bank fails, we all lose because CDIC becomes less well capitalized to weather future problems.
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