Hubert @ 2.0% :( :( :( | Page 3 | Hubert Financial | Discussion forum

Jess said:

Jenna said:

Jess, from which date is Vanessa's statement?

It is the previous Topic - 2.25% - on August 21, 2011.

I wonder if the rate will go back since the market has increased the last few days.

We will see how serious Sunova is..

Vanessa..............when will you respond? For every one comment here, there must be 10 more silent customers

Steve O said:

My wife set up our first Hubert Account last week with a small 100 dollar deposit only to find now that rate has dropped to 2.0. We have 90,000 dollars to invest but now I wonder if I should or not! Will Hubert lower the rate again?

We tested the electronic deposit system from our online account at TD Bank. It took 4 business days to clear! Isn't that too long? Now we are testing a transfer back to TD. If this takes 4 days it makes me worry a little about Huberts capabilities? Does anyone have comments on the transfer in and out times?

Last question. Would Hubert ever hold my money or delay a transfer out of a large amount? Say 90,000 dollars?

no they would not delay the transfer out, I took out 197,000 dollars, 3 business days tops, Thursday night-monday it was in my pc account

Steve O said:

My wife set up our first Hubert Account last week with a small 100 dollar deposit only to find now that rate has dropped to 2.0. We have 90,000 dollars to invest but now I wonder if I should or not! Will Hubert lower the rate again?

We tested the electronic deposit system from our online account at TD Bank. It took 4 business days to clear! Isn't that too long? Now we are testing a transfer back to TD. If this takes 4 days it makes me worry a little about Huberts capabilities? Does anyone have comments on the transfer in and out times?

Last question. Would Hubert ever hold my money or delay a transfer out of a large amount? Say 90,000 dollars?

Hi Steveo..

Disappointing that the rate was slashed twice in a week but its old news at this point.. Hubert is truly no-fee.. Sunova Credit Union is the backbone.. Their savings rates are lower then what Hubert offers.. As for the transfers I've only done TD to Hubert.. It does take a few days.. If you initiate it through the website they will place a hold on the money.. It will show in actual balance however.. What i'm not sure is if you earn interest in that hold period.. I've seen the TD money show-up and be drawn from td account and money still held.. I'm using it for true savings so far.. If you use the PAC form there wont be any holds.. I don't know about a large amount.. Check out the fee structures with any other credit unions you look at..

I think I'll stick with Ally for the time being (still at 2% where its been for some time now). They take my savings and use it to lend people mortgage money through Resmor Trust (currently 2.2% variable, 3.7% 5 year closed). Unlike the story in the USA, I think most mortgages up here are getting paid off (although maybe too slowly... 35 year amortizations should be banned) so Resmor should have steady cash flow, good volumes, and a decent spread between what they pay out and what they take in. Nothing is guaranteed of course and they could drop their rate any time for no reason, but they've had a pretty good history so far...

88kanaka said:

guest said:

I think I'll stick with Ally for the time being (still at 2% where its been for some time now). They take my savings and use it to lend people mortgage money through Resmor Trust (currently 2.2% variable, 3.7% 5 year closed). Unlike the story in the USA, I think most mortgages up here are getting paid off (although maybe too slowly… 35 year amortizations should be banned) so Resmor should have steady cash flow, good volumes, and a decent spread between what they pay out and what they take in. Nothing is guaranteed of course and they could drop their rate any time for no reason, but they've had a pretty good history so far…

Funny you mention US mortgages. If you research Ally and Resmor….you will see Ally and Resmor have US roots along with a strong relationship to GM and auto loans!! From my research Ally USA was bailed out by the US Treasury.

http://en.wikipedia.org/wiki/A....._Financial

I think most people know this. Bottom line for me is that ResMor gets most of its cash from Canadian residential mortgages which are a lot safer than US mortgages. Ally has consistently kept its rate at 2% for some time now, and the first $100K is CDIC-insured. Good enough for me.

Andrew said:

Anyways, I don't support the bailouts and would not bank with Ally on principle alone. Vote wisely with your dollars, and to each his/her own.

My sentiments, exactly. Well said.

I doubt Canada will see anything close to what happened in the US in terms of a residential real estate "crash". We have much tighter regulation up here when it comes to who qualifies for mortgage financing. Yes the taxpayer is ultimately on the hook for guaranteeing these mortgages in the case of CMHC-insured loans, but the quality of those loans is higher than in the US, where the taxpayers there had to bail out their versions of the CMHC (Freddie and Fannie) after all those "liar loans" blew up and caused chaos. I think residential real estate growth in Canada will flatline or decline slightly over the next decade, but I doubt there will be a crash (with Vancouver as a possible exception). As for keeping money with Ally, I will continue to do so because I believe they are a relatively secure bet for reasons stated previously in this thread. When it comes to "principled" investing, well, in my experience people will often publicly deride companies like GMAC for taking bailouts, but will privately invest with them anyway. At the end of the day principles don't help feed families.

Andrew said:

guest said:

When it comes to "principled" investing, well, in my experience people will often publicly deride companies like GMAC for taking bailouts, but will privately invest with them anyway. At the end of the day principles don't help feed families.

To each his/her own, do what you feel is most consistent with your values. If you don't value principles, then they have no meaning to your decisions, so be it.

I have started a new topic about the housing market here: https://www.highinterestsavings.ca/forum/general-financial-discussion/housing-market-bubble/#p5251 so that this thread does not get cluttered up.

Exactly…it is like buying Money's Mushrooms (Made In China) at Costco and putting them back on the pallet. Principles, Ethics and Loyalty to pure Canadian business.