Integration weekend: Sep 22-24, we've been warned! | Page 19 | Hubert Financial | Discussion forum

Doug said

Oh yes, I forgot to include them. That's an accurate description of them. My rough "back of the napkin" calculations on MAXA Financial's total deposits (for the virtual division only) suggest it's $50 million or smaller, and total number of clients at around 500 (based on disclosed numbers of their peers, Westoba's total deposits, and publicly disclosed growth rates). So they're definitely a minnow in the space. I figure Achieva Financial remains the largest, with about $500 million in deposits, Outlook Financial and New Hubert Financial are roughly tied with anywhere from $200-300 million apiece. Alterna Bank is down a bit, to $550-650 million in deposits. Motus Bank is about $175 million in deposits, and Motive Financial is about $700-900 million.

By comparison, Wealthsimple Cash has easily exceeded $3-5 billion in total deposits by now, EQ Bank is on pace to top $10 billion in deposits soon, and Oaken Financial is about $6-8 billion. Peoples has about $3-5 billion as well, but if you included their non-regulated balance sheet AUA, they're north of $20 billion, as they custody assets for prepaid card companies (including Koho Financial) through Peoples Card Services, L.P.

Cheers,
Doug  

Some one here, years ago, provided a link of consolidated information for all CUs in Canada. Perhaps would be informative as well.

Doug said

Was it this thread:

https://www.highinterestsavings.ca/forum/general-financial-discussion/financial-review-of-canadian-mid-sized-banks-and-credit-unions/

It was a lot of work to maintain. 🙂  

Sorry no. It was and external link. Maybe AltaRed posted it?
Summary by government, CU association or governors, or an auditor??

I have posted the CCUA list of Canadian CUs (ex Quebec) a number of times as Doug has just noted https://ccua.com/app/uploads/private-files/top100-2Q23_22-Sep-23-1.pdf on consolidated assets. No reference to sums on deposit, in aggregate or by division/branch.

Added: Off-topic.... the semi-annual updates to this list are primarily interesting (to me) to look at as regards rate of consolidation (now 198 CUs). There are about 10 fewer total CUs every 6 months as (mostly) the smaller ones have to merge (or be acquired by a larger entity) to survive. The trend will continue because even #100 on this list with just over $300M in assets has no hope of long term survival.

i got through this morning after waiting in cue, to ask about my RRIF, all my accounts were messed up with conversion.
A Hubert rep told me it could happen in the future too , check your interest every month. That was a little unsettling.

Doug said

They killed the Sunova Credit Union member share program, so those shares earn nothing anymore. Profit sharing at CUs is a joke is it's typically based on fee-based products you hold (i.e., chequing accounts, mortgages, investments, etc.).  

I emailed Greg Rutherford, and he answered me that the Hubert surplus and common shares ( excluding the membership share ) will continue to pay a dividend in the form of surplus shares, until further notice. In addition, they are not selling any additional shares above the initial membership share and over the next 5 years the plan is to buy these shares back.

toto said
i got through this morning after waiting in cue, to ask about my RRIF, all my accounts were messed up with conversion.
A Hubert rep told me it could happen in the future too , check your interest every month. That was a little unsettling.  

All your accounts or all your RRIF accounts?

Are you saying I need to watch my interest payments to my RRIF HISA or my RRIF GICs?? If GIC is interest paid daily, weekly, monthly or annually?

My experience today: Login requires only your username and password. No security questions are required for online login. Then I phoned with some questions. There is no request asking to allow the call to be recorded, nor for our verbal password. As for waiting time, at 8:30 a.m. PDT I was #6 in line, was told "12 minutes", and decided to use call back. The call back was in 20 minutes.

Here are a few things I learned on my call:

Yet to be posted is the second Sept. statement, showing activity in the Sept 23-30 period, and it will be posted "sometime between Oct. 16-20."

Also, when looking at any transactions screens, when it says at the top "transaction period from Sept 11 through Oct 11," that is not currently correct. Transactions before Sept. 22 do not appear. (Note: On any transactions screens, she said it will always show the last 30 days by default, unless we change the dates we desire to see.)

As for the statements, the CS rep said she thinks that eventually the statements will list our accounts by completely filling the pages, rather than the present method of listing each account on a separate page.

Finally, to call them we are still to use the 1-855-448-2378 number appearing on the Hubert screen, not the 1-800 number appearing at the bottom of every online.accesscu.ca screen.

Oh, re maturity instructions, I track my own, so was not looking to see them online. I cannot answer your question on that, Dean.

Dean said
.
I guess I'll have to call in just before each maturity, to make sure it all goes back into my Hubert SA, and not automatically reinvested in new GICs.

Rome wasn't built in a day, eh

Dean

  

One of the new features outlined on https://cusuccess.accesscu.ca/hubertfinancial is a 14 day grace period on renewals, so even if a GIC accidently renews, you have 2 weeks to make a cash call before it locks in.

I'm not cutting them a ton of slack, they have had over a year to build Rome since the merger was official. That being said, I will still leave a couple quarterly GIC's with them to see if the ship can be refloated, though it will never sail as high as it did under Sunova.

Hubert CSR informed me today by email that online statements for Sept. 30th are supposed to be available tomorrow, Oct. 13th.

I was also advised that duplicate membership shares for those who were members of both Accelerate and Hubert will not be refunded until "sometime in 2024"!!!!!