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Email this12:10 pm
October 21, 2013
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Maybe it's time for a lobby by people with excellent credit ratings, no debts (or only manageable mortgage debt or student loans) and good sensible financial habits banding together. I, for one, am sick of being the victim of policies that have nothing to do with anything I've ever done. The banking system rewards those who borrow on credit cards by giving them even more - at 20% interest or whatever, keeping most of them in perpetual and increasing debt. it's that system that needs reform, not more nosy inquiries.
4:41 pm
September 11, 2013
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"The banking system rewards those who borrow on credit cards by giving them even more - at 20% interest or whatever, keeping most of them in perpetual and increasing debt."
Utter claptrap. The "banking system" is not "giving" anyone anything, SOME adults are freely choosing to excessively use credit card debt that's been offered to them (and in fact pretty well all of us that use credit cards, not just those that get into trouble, are at some point offered higher limits) - and that's on those who make that choice to take on that excessive debt, no-one or nothing else, i.e. refer to the concept of personal financial responsibility for grown-ups.
Also, it's simply not true that "most" are in "perpetual and increasing credit card debt", the data repeatedly shows MOST of us are quite capable of using credit cards responsibly - and the media regularly reports this - example, see link:
https://globalnews.ca/news/3933617/average-canadian-consumer-debt-ipsos-poll/
I like to give adults credit for being capable of acting responsibly, not interested in virtue signalling by calling for government regulation to fix a non-existent "problem" most of us demonstrate we are handling just fine.
10:32 am
May 20, 2016
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If we want to open a joint account, do both account holders have to go to a branch, or can just one of the account holders go to open account?
11:01 am
December 17, 2016
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Loonie said
Maybe it's time for a lobby by people with excellent credit ratings, no debts (or only manageable mortgage debt or student loans) and good sensible financial habits banding together.
NO need to lobby - individuals in good standing go to the front of the line with respect to mortgage applications, line-of-credit applications, credit card applications, and the like - and if NONE of that suits your fancy, there's always the mattress at home.
11:02 am
September 5, 2013
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Yes. Both need to present. First, contact them in advance, and ask whatever questions you have, and they will prepare the documents for you. Then drop by a branch, with two pieces of ID. And signed all the documents.
I just drive to Port Hope for it, and quite a good experience.
9:17 am
December 12, 2009
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While I don't know if I necessarily think we need to have stricter adjudication standards on credit card application approval processes, I do agree with Loonie completely, Bill, when he says that the banking system rewards users with easy access to credit (at exorbitant rates). Why? Because credit cards are a major profit centre for them. So, even if I'd prefer to have a simpler application process for credit cards, part of me wouldn't mind seeing them tightened up just to "turn the screws in" on the banks even more. 😉
This will force them to cut even more costs, some of which have already cut into "bone and muscle tissue" on the front lines that they'll accelerate their branch closures, giving a "leg up" and a boost to the CUs. And, if my bank stock prices take a 20% haircut, I'm OK with that. I've still made lots of money on each of them.
Cheers,
Doug
8:36 pm
March 5, 2018
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New member here. Thanks to the OP for pointing out this offer. Would otherwise never have known about this. Took the hour's drive from Toronto into Port Hope to get the offer. At 4%, it was a pretty easy decision. They tell you what ID to take. And if you tell them in advance what you want done, then they have all the documents ready waiting for you to sign when you get there.
3:10 am
October 21, 2013
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Welcome, Blue. Glad it worked out for you. Thanks for the report.
4:11 am
October 21, 2013
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I appreciate that Bill has a certain view of humanity which I do not share. We could argue about this indefinitely but that is not the purpose of this forum.
BTW, my earlier reference to people being kept in perpetual debt by usurious credit card interest rates was not to all credit card users; I referred to those who borrow on credit cards, which was intended to mean those who carry debt regularly, never pay it off, and use it effectively as a very expensive line of credit.
If anyone is interested, which I doubt, there was a good article about this in the New York Times Magazine a few weeks ago. It is online. I did not retain the reference. It gives both statistics and illustrations of how people find themselves sinking deeper and little they can do about it in their circumstances as the interest compounds faster than they have any hope of catching up to it. Yes, it's American, but the story is familiar.
As an aside, can any of you with a banking background explain to me why FIs charge much higher rates for credit card debt than for an unsecured line of credit? and why is it that, for some credit cards, they have figured out how to charge a much lower interest rate than for others?
4:44 am
November 19, 2014
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Why do certain members have to reminded, to keep their postings to the topic at hand ?
The rest of us don't appreciate having to wade through pages of fluff to read the few postings that address the thread topic.
If you think your questions have merit, start a thread addressing them.
A separate thread.
6:58 pm
April 4, 2018
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Newbie here. Is this CU safe place to save money, TBH, never heard of them. Secondly, do I pay tax every year (T5) or after 5 years if you reinvest? How do I get money in and out? Thank you very much.
7:24 am
November 7, 2014
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qweasdzxc63 said
Newbie here. Is this CU safe place to save money, TBH, never heard of them. Secondly, do I pay tax every year (T5) or after 5 years if you reinvest? How do I get money in and out? Thank you very much.
I have dealt with Ganaraska for a few years. You must go to one of their locations to join. (Port Credit. Cobourg or Peterborough). I deliver or mail them a cheque to invest. Interest is deposited to a Ganaraska account and can be transferred out electronically for a small fee. No "me-to-me" transfers as yet. T5s are issued for annual interest paid. Don't know how they handle T5 slips on compounded interest. You'll have to call them. Service has been pleasant and good. I go to the Port Hope branch, about an hour and a half from Toronto. Best 5 year GIC rates available in the GTA @ 4%! All DICO insured to $250,000.00
Toll free # 1.888.374.1717
7:41 am
October 21, 2013
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gicjunkie said
I have dealt with Ganaraska for a few years. You must go to one of their locations to join. (Port Credit. Cobourg or Peterborough).
i believe you meant to say Port Hope instead of Port Credit.
8:03 am
September 5, 2013
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qweasdzxc63 said
Newbie here. Is this CU safe place to save money, TBH, never heard of them. Secondly, do I pay tax every year (T5) or after 5 years if you reinvest? How do I get money in and out? Thank you very much.
It's like the other CUs in Ontario. They are very friendly in fact, but you need to drive to branches to open an account by appointment. For GIC, they do give you a printout certificate, and also an online login account.
The annual interests are taxable regardless of reinvesting or not. You can have other accounts like saving/checks. The maturity instruction can also be a cheque paying to you (by mail / in person).
In fact, I felt it is safer than most of other CUs. At least, you have seen them in person. It is a brick and mortar branch, although it is small by scale.
9:47 am
April 4, 2018
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Thanks gicjunkie and Brimleychen for replying. Yeah, never dealt with small CU before.( The smallest bank is with ING direct). I am assuming you can just blind trust them if they are listed under DICO. Giving you don't think Ontario Government is going belly up any time soon. I mean we are not going to get deep details about these CUs anyway as outsiders but as long as it covered by DICO , we should be ok. Maybe not as good as CDIC backed banks, but hi it is 4% and last time I saw it was more than 10 years ago 3.5% from ING.
12:32 pm
November 7, 2014
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Loonie said
gicjunkie said
I have dealt with Ganaraska for a few years. You must go to one of their locations to join. (Port Credit. Cobourg or Peterborough).
i believe you meant to say Port Hope instead of Port Credit.
Sorry. You are absolutely correct. Port Hope it is. Another senior's moment. Becoming way too frequent.
3:43 pm
November 19, 2014
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gicjunkie said
T5s are issued for annual interest paid. Don't know how they handle T5 slips on compounded interest. You'll have to call them. Service has been pleasant and good. I go to the Port Hope branch, about an hour and a half from Toronto. Best 5 year GIC rates available in the GTA @ 4%! All DICO insured to $250,000.00
Toll free # 1.888.374.1717
I bought one, thanks to your posting of this special.
Mine is compounded, paid at maturity and they indicated a T5 will be issued annually.
I visited the Peterborough branch. Nice folks.
4:50 pm
January 10, 2018
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qweasdzxc63 said
...I am assuming you can just blind trust them if they are listed under DICO. Giving you don't think Ontario Government is going belly up any time soon. I mean we are not going to get deep details about these CUs anyway as outsiders but as long as it covered by DICO , we should be ok......
You can actually review their financial reports and other documents at this link to better understand Ganaraska Credit financials and why they are increasing their deposits.
https://www.ganaraskacu.com/Personal/AboutUs/MediaCentre/CorporateReports/
regards,
Wayno
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