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Email this10:01 am
December 12, 2009
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Following the successful three-way merger vote, which will see exit the Manitoba market when its independent Manitoba affiliate, Caisses Financial Group, together with Westoba Credit Union, amalgamate(s) with Assiniboine Credit Union. Given that both Westoba and Assiniboine use the same core banking system and online banking platform, I suspect we can safely say MAXA Financial will be fully absorbed into Outlook Financial on January 1, 2025, the effective merger date, just as Implicity Financial was absorbed into Outlook Financial on or almost immediately after Entegra Credit Union merged with Assiniboine a few years ago.
In any case, it's safe to remove MAXA Financial from the HISA and GIC charts now, and move it to the archived section of the Profiles page.
Cheers,
Doug
10:31 am
November 3, 2022
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This thread led me to check my records from MAXA, and I can confirm that no further announcement following the vote to amalgamate has been made to members.
All of my statements show "business as usual" and make no mention of upcoming changes.
Perhaps waiting for an official announcement of MAXA's integration into the new amalgamated entity would be appropriate before disappearing it from the HISA and GIC charts?
11:06 am
December 12, 2009
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Rail Baron said
This thread led me to check my records from MAXA, and I can confirm that no further announcement following the vote to amalgamate has been made to members.All of my statements show "business as usual" and make no mention of upcoming changes.
Perhaps waiting for an official announcement of MAXA's integration into the new amalgamated entity would be appropriate before disappearing it from the HISA and GIC charts?
Relying on 'official records' is a fool's errand, given that companies often do not make advance announcements. For something like this, particularly if there is little to no transition required to migrate accounts, they won't want to make an advance announcement (as happened with Implicity Financial accounts). I think it's better to simply give forum users an advance head's up of what is almost certain to happen. Moreover, I believe it's disgenuous, at best, and misleading, at worst, to be recommending non-MAXA customers sign up for a MAXA account and membership when they may already have an Outlook Financial membership, resulting in duplicate memberships that later need to be consolidated and duplicate member equity share issuances refunded.
Cheers,
Doug
10:19 am
November 3, 2022
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I'm not familiar with the Implicity amalgamation, but I do know what happened with Hubert's integration into Access Credit Union. That amalgamation took over a year, with advance notice given months ahead of the much lamented decommissioning of the Hubert web site and its transition to the inferior Access system. There were no surprises in that process.
Another reason that a sudden transition is less likely is the commitment to make the new amalgamation fully bilingual, which was made prior to the vote on integration. I expect that will add time to the amalgamation efforts.
MAXA still offers some very good rates, and even if an extra $5 membership was purchased to take advantage of them, the financial advantage being offered could be material.
I did some math for my investments in 2022 since MAXA has relatively higher fees for cheques and registered investment transfers compared to other FIs tracked on this site. I found that the thousands in higher income over a 5 year GIC more than made up for the extra hundred dollars in fees down the road.
1:55 pm
April 6, 2013
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Rail Baron said
I'm not familiar with the Implicity amalgamation, but I do know what happened with Hubert's integration into Access Credit Union. That amalgamation took over a year, with advance notice given months ahead of the much lamented decommissioning of the Hubert web site and its transition to the inferior Access system. …
That's more likely what will actually happen.
There was no migration and integration of the Wyth accounts when EQ Bank took over Concentra. When the takeover closed November 1, 2022, Wyth account holders were given at least 90 days to onboard themselves to EQ Bank and move their funds over before the Wyth accounts would be closed.
The Wyth accounts remained open until May 2, 2023, six month later.
In the Access-Sunova-Noventis credit union merger, Access was the largest of the three. Yet, it wasn't Access' online-only AcceleRate offering that was continued. Instead, it was Sunova's Hubert that was chosen to continue.
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