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Email this4:50 pm
November 4, 2014
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Meridian Credit Union has a promotional 3.50%, 3 month GIC, RRSP, RRIF, TFSA rate until March-2-2015.
Here is the info, http://www.meridiancu.ca/rates.....fault.aspx.
Another short term savings account or GIC promotion that makes me think about that they are pushing much higher short term rates compared to longer term GIC rates expecting rates to stay low or fall.
It just seems these financial institutions don't want people to get a fixed, longer term rate of 3.00% or 3.09%, 3.10%, 3.00% or 3.30%, offered currently through ICICI Bank of Canada, State Bank of India Canada, Duca Credit Union, QuintEssential Credit Union, Luminus Financial, CFF Bank.
Why didn't they give people a choice for a longer term 3.50% GIC, RRSP, RRIF, TFSA, RESP rate?
I think this will be answered in the coming year, 2015.
5:49 pm
October 21, 2013
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Meridian is just fishing for new members and new money.
The deal is only offered for registered funds, which are more difficult to transfer out, not to mention fees for doing so, which are usually in place.
I couldn't find a list of fees online. Perhaps someone else can.
Watch out for automatic rollovers. Their regular 90 day rate is .95%.
I would not touch this one. I find it sad that a credit union would stoop to these kind of shenanigans.
7:36 pm
April 6, 2013
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I found this page Meridian CU: Personal Banking Fees which has a link to PDF document Meridian Personal Accounts and Services.
On page 2 of the PDF document, these registered account closing fees are mentioned:
| RRSP/RRIF/TFSA | $100.00 if collapsed within 90 days of opening $50.00 for T2033 transfer out |
| RESP Transfer Out | $50.00 |
8:05 pm
October 21, 2013
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Thanks, Norman. Confirms my suspicions.
9:26 pm
November 4, 2014
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I would not touch any short term gimmicks, promos for 3 or 4 months. It is a waste of time. Tangerine Bank, P.C. Financial, Meridian Credit Union, Duca Credit Union, Parama Credit Union etc.
We are glad that we stuck with 3.00% to 3.50% 5 year GIC's so we don't have to deal with this fake rate increase.
We are glad we got Oaken's 3.05%, real GIC rate not these fake look-a-likes.
Watch out people, be careful. New and increasing fees, short term rates that look higher or high but are not.
Now with Peoples looking like going to 2.55% on their variable TFSA savings account, this is looking like lower rates coming soon!
I would not be surprised at another rate decrease by in 2015 by CWB and Canadian Direct Financial on their TFSA savings account like they did already in 2014 about 3 or 4 months ago.
9:30 pm
November 4, 2014
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By the way, I have been trying since Saturday morning to get access to Peoples Trust's website, http://www.peoplestrust.com and going through Google as well but there is no access to their website.
Is anyone else having trouble getting access to their website?
9:34 pm
November 4, 2014
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Also, I did not notice that Meridian Credit Union's 3.50% 3 month promotional GIC is not available for non-registered accounts.
This is probably because they can't charge a transfer fee or withdraw fee of $50 or $100+ H.S.T if or when you move your money.
9:45 pm
November 4, 2014
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I am not surprised by this type of GIC promotion and their fees because if I am not mistaken, Meridian Credit Union is still the largest credit union in Ontario the last time I checked.
It is probably how they got so large in the first place using similar type larger financial institutions like banks buying out smaller financial institutions but in this case, credit unions.
I remember when they bought out Hepcoe Credit Union many years ago, maybe 10 years or more.
9:50 pm
November 4, 2014
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As for automatic rollovers, renewals or whatever they want to call them, this is just plain wrong. They should not be able to do this because if the GIC contract is for 5 years, it is a 5 year contract or term.
They should have to get your permission, authorization etc. from us if they want to renew, rollover, reinvest our money.
They can send us a reminder or notice that our GIC, term deposit etc. matures say 20, 30 days in advance but they should not be able to keep our money hostage with automatic renewals, rollovers etc.
They should have to be interested and earn our business not just expect it as a done deal if we do not give them written instructions to not renew, rollover our GIC, term deposit.
11:32 am
November 4, 2014
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Now their Peoples Trust website works, it was maybe down for maintenance because as we learned today, there is no more 3.00% TFSA savings account after almost 6 years.
It was good while it lasted but now people have to decide what to do next, stay, add money, take out money etc.
Please write your comments in the forum.