Ganaraska Credit Union | GIC discussions | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
sp_Search Search
Advanced Search
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Search Search
Go to Bottom
No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Ganaraska Credit Union
June 29, 2016
8:18 am
gicjunkie
Ontario
Member
Members
Forum Posts: 658
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline
Go to Top
1sp_Permalink sp_Print

For those of you in the Port Hope, Cobourg, Peterborough (3 branches) area of southern Ontario, this credit union has a 3 year GIC @ 3.00%. Interest can be payable to a Ganaraska account. You must go in to a branch to set it up. May be worth the drive from the GTA. This rate has been available for a while. Don't know how long it will last.

June 29, 2016
9:22 am
Loonie
Member
Members
Forum Posts: 9408
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline
Go to Top
2sp_EditHistory sp_Permalink sp_Print

Thanks for the info.
Have you ever dealt with this CU?

I looked at their website and could not find any info about current staff, names of board of directors, annual reports, updated service fee list, or membership criteria. All of these things should be there.
Judging from an old newsletter, it appears they imposed a membership fee of $3.95/MONTH last year.

Negative report here from a few years back. CEO is still in place, I believe..
http://www.northumberlandtoday.....ged-at-agm

June 29, 2016
7:33 pm
Norman1
Member
Members
Forum Posts: 7292
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline
Go to Top
3sp_EditHistory sp_Permalink sp_Print

I found the 2015 annual report and financial statements at Ganaraska Financial: Corporate Reports.

Their accounts and service fees are at Ganaraska Financial: Accounts. Minimum monthly fee is $3.95.sf-frown Maybe that's the $3.95/month membership fee.

The disclosure is not that good. Not sure why anyone would want their REGULAR Chequing account over their Free Chequing account. Maybe it is like Luminus: One needs to redirect payroll deposits to get the better account.

June 30, 2016
9:18 am
gicjunkie
Ontario
Member
Members
Forum Posts: 658
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline
Go to Top
4sp_Permalink sp_Print

We paid a basic member fee (may have been $50.00 per person) to join. No monthly fees. Interest is deposited to a no fee account. Only problem is if you want to access the interest, you must do so in person or have them issue a company cheque to you for a fee of $7.50. We have been dealing with them since January of this year.

June 30, 2016
10:49 am
Loonie
Member
Members
Forum Posts: 9408
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline
Go to Top
5sp_Permalink sp_Print

Thanks for further info.
So, the interest is not compounded, and it's hard to get at it to reinvest it.
$50.00 is a very high membership fee. The CUs that I have dealt with are usually about $5.
Probably best for people who do live locally.

June 30, 2016
11:00 am
gicjunkie
Ontario
Member
Members
Forum Posts: 658
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline
Go to Top
6sp_Permalink sp_Print

Interest can be compounded and, I forgot to add, may be accessed by ATM, to a maximum of $500.00 per day. (ATM limit)

June 30, 2016
11:03 am
gicjunkie
Ontario
Member
Members
Forum Posts: 658
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline
Go to Top
7sp_Permalink sp_Print

Should clarify that, obviously, the interest won't be available if it's compounded. Annual interest would be available via ATM.

No permission to create posts
sp_Feed All RSS
Go to top

Please write your comments in the forum.