[BC Only] GFFG GIC: first 9 months at 1.25%; second 9 months at 2.75% | GIC discussions | Discussion forum

It says "earn 2.75%* in 18 months". So it's not an annual rate?

Have to be a BC resident.

Sneaky marketing like that does not leave a good impression regarding the integrity and ethics of the organization. AFAIK, a CU is supposed to serve its membership. If I was already a member of that CU, I'd be running as fast as possible to something more worthy of my participation.

It states very clearly in their online ad that the rate is "up to 2.75". This kind of language is a red flag if you have tried to deal with it before.
We have seen this sort of language several times in offers from the banks and it has normally meant that basically you will not get the stated rate. So I think it's clear where G&F got this bad idea. I don't know anything about this particular CU, but from what I have seen, CUs tend to draw their senior managers from people who have previously worked for the big banks, so perhaps we should not be surprised.

Members need to complain, but if you are not a member, you will have no more voice than a solitary vote at a shareholders' meeting of a big bank.

I rarely bother to investigate rates that contain that phrase "up to". When you think about it, it's not any kind of rate promise at all, so they can't be held to it.. It doesn't actually guarantee that anybody will get it. I assume that "up to" really means "something less than" unless someone shows me that it doesn't. Why else would they use that language? If you mean 2.75, then why not just say so? There is always a reason.

It reminds me of retail ads that proclaim "30% off" in large font bold, but fail to tell you their regular price. I ignore those too.

Ah, now it makes sense, when credit unions do (my word) "scummy" things "it's clear" it's because some of their senior staff came from big banks (by definition, major scumminess!) and poisoned, and forcibly imposed their scumminess on, the ethical credit union people who by definition are incapable of questionable activity. Though I am surprised the ethical credit union people would hire from the scummy big banks, it's well-known about the scumminess of those people who work for the big banks - ? But anyway, thanks, now I see.

I have driven by the one in Port Coquitlam for many many years. And for the longest time I thought it was a small grocery store. And after reading here I think I should just keep thinking that way.....grocery store.