Feedback request for "Your Neighborhood Credit Union" | GIC discussions | Discussion forum

I joined YNCU about 9 years back. I found them to be untrustworthy. When I first joined, the staff were super friendly. They assured me it was easy to move money in and out with linked external FI accounts and no fees. After 9 months, that all changed without notice. No more linked accounts. The only way to move money was to pay for cheques or interac transfers. Unfortunately, I had invested large sums in compound GICs by then. When the GICs finally matured, the interest payments were short. It took several conversations with the now grumpy staff and an escalation to the manager to have them admit they did not compound the interest calculation. I would have thought this calculation was automated. Which brings to question; how many people were short changed? I am sure most people do not check and for small GICs the amount of discrepancy would not have been worth the trouble of complaining. No apology was given. That was the icing on the cake. Needless to say I closed my membership as soon as I could retrieve my money. Things may have changed since then, but I won't be willing to go back.

Never heard the name before but it does not appear to be a backwater institution given both its size and longevity. https://www.yncu.com/assets/Documents/Annual%20Reports/2022-YNCU-Annual-Report.pdf

From what Iminterested described, it may be better to go through a deposit broker than directly with YNCU.

Deposit broker would recognize quickly that the value of a compounding GIC at maturity was short. As well, YNCU would have arranged a way for the money at maturity to be available without having to open a YNCU chequing account and pay for cheques or Interac e-Transfers.

Itellyouwutt said

Hi GR, can you please tell me where you find these rates listed?  

Clients of broker Monarch Wealth in the GTA can request weekday emails showing charts of comparative GIC rates from all their GIC issuers.
Some brokers websites show highest GIC rates available for each term, while other brokers list best rates by GIC issuers. You can check with brokers in your area.

Here are three sites, but the only meaningful sites for you would be brokers in your own geographic area.

https://www.fiscalagents.com/index.php/rates/rates-guaranteed-investment-certificates/

https://www.gicdirect.com/images/documents/ratesheet.pdf

https://www.finctr.ca/rates/newhighr.pdf