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Email this4:14 pm
March 5, 2013
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Can someone advise if this bank is CDIC insured. Their site shows guaranteed, but there is no CDIC stamp and I don't see them, or their parent, listed on the CDIC site (Canadian Deposit Insurance Corporation)
4:39 pm
December 23, 2011
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in2deep97 said
Can someone advise if this bank is CDIC insured. Their site shows guaranteed, but there is no CDIC stamp and I don't see them, or their parent, listed on the CDIC site (Canadian Deposit Insurance Corporation)
NO, check here http://depositguarantee.mb.ca/
FYI most credit unions are NOT covered by CDIC and have some other coverages based on what province they are in.
2:07 am
July 10, 2011
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More info here.. http://www.cucentral.ca/SitePa.....gures.aspx
and
2011 annual..
http://depositguarantee.mb.ca/.....lications/
See ya..
6:13 pm
March 7, 2013
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2% sounds good, but I'm concerned that Implicity is very new and has no established history, and its parent company, Entegra Credit Union, is not even listed on the top 100 Canadian credit unions, so probably very small holdings:
6:54 pm
February 22, 2013
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Deb said
2% sounds good, but I'm concerned that Implicity is very new and has no established history, and its parent company, Entegra Credit Union, is not even listed on the top 100 Canadian credit unions, so probably very small holdings:
[snip
Deb:
They are covered by the Deposit Guarantee Corporation of Manitoba, which also covers the Steinbach, Assiniboine and Cambrian Credit Unions, all based in Manitoba and which are number 7, 8 and 9 on the list respectively.
My thinking is someone has to be number 1 and someone else has to be number 100 or number 1000 and as long as the guarantee is in place and and long as you didn't need the money urgently (if a problem occurred) then your money is "safe".
Having said that Outlook Financial appears to be paying 1.95% and is number 8 on the list and Achieva Financial appears to be paying 1.8% and is number 9 on the list. I've yet to research those two but you do have choices.
Being able to sleep at night has always been the deciding factor for me as to where my money goes.
Greg
PS - added after a second look - Entegra's website (which is Implicity's parent says their assets under administration total $445,000,000 which would put them around number 58 on the list of top 100. Not sure how to reconcile that just yet.
G
8:00 pm
August 4, 2010
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I think Deb just overlooked Entegra - they are at #55 on the very list she posted the link for. The next smallest of the online HISA CUs is Sunova (Hubert) at #32.
8:16 pm
March 2, 2013
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Size is one thing, for me it is about the financial performance of the overall institution, the rate guarantee, the self serve functionality and how disciplined they are with their rate offer. While I can't comment specifically about Implicitly or Entegra, I do know that Achieva was the first virtual offering from a Manitoba credit union. They opened the year after ING Direct in 1998 and they always publish their financial performance each quarter on Cambrian's web page. Although Achieva lowered their savings rate last week, this was the first time they adjusted their rate since late 2010 and they continue to offer very strong term deposit rates, which I have laddered out much of my deposits over the past 5 years. Obviously you need to select a virtual savings account that you're most comfortable, however, the decision should not simply be based on the size of the credit union or bank. If it was, we would all be with RBC --- gag me!
6:25 pm
December 12, 2009
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Well said, Greg. The Deposit Guarantee Corporation of Manitoba (and similar provincial CU regulators and deposit insurers) in other provinces likely have processes in place to cover the failure of a credit union that allows a central credit union to assume operations (temporarily) of a troubled credit union and, where necessary, transition members' deposits and loans/mortgages to another credit union within the same jurisdiction.
I'm happy with Entegra's size - they're geographically focused in Winnipeg, not spread out with tonnes of branches in rural areas and they seem to be expanding at a measured, slower pace.
Like Greg said, someone has to be #1 and someone has to be #100; what matters is how they are managing members' assets. 
Cheers,
Doug
10:51 am
April 3, 2013
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Guys quick question -- are these deposits insured against any limit with the Manitoba insurance? I called and I was told yes which would make this insurance a better option than the CDIC?
My family is about to put a large amount of $ with Implicity so this is one of the requirements...
Would you guys recommend diversifying against two different credit unions?
Thanks.
3:03 pm
February 22, 2013
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dantm said
Guys quick question -- are these deposits insured against any limit with the Manitoba insurance? I called and I was told yes which would make this insurance a better option than the CDIC?
My family is about to put a large amount of $ with Implicity so this is one of the requirements...
Would you guys recommend diversifying against two different credit unions?
Thanks.
"Any amount" is what Deposit Guarantee Corporation of Manitoba guarantees. But, if my family had just won the Powerball Lottery and had $200,000,000 to deposit, I might want to diversify, just so I could sleep better. If I won $200,000 I would be fine with putting it at Implicity. I don't know what the maximum "number" I would be happy with using DGCM's "insurance". I can envision having $1,000,000 in an insured account, having the institution fail and getting "some" "now" and the rest "later". Your guess as to the definition of "some" and "later" is, is as good as mine, and so is "now" for that matter.
When recent US institutions have failed or been taken over the FDIC moves in at 4 pm Friday afternoon, works all weekend and the bank is open Monday morning, either with new signage (in a takeover) or with FDIC staff (in the event of a shutdown). This really helps to prevent a run on the neighbourhood banks.
We haven't seen a Canadian institution fail since 1997 if I recall correctly. Internet banking wasn't quite as big a deal as it is today, so who knows how DGCM/CDIC would treat a "failed" institution.
Best answer I can give after all this rambling is that Implicity isn't the biggest, but it isn't small on the Manitoba CU list. DGCM guarantees "any" amount. Your family needs to sleep at night and that is the real decision point - "can I sleep at night?".
Greg
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