1% bonus promo for transfers into RRSPs and TFSAs and 3% for 4 months in your first account | Page 3 | Meridian Credit Union | Discussion forum

Hmm... well that's not promising. Credit checks are not something I worry much about normally, but we are starting the mortgage renewal process in 1 month and I've been working hard to keep our credit scores at their highest possible level.

Bonus interest credited to your RRSP would not be taxable income as long as it's within the plan. Also no deduction, it's not a contribution. As you note, it's taxable when withdrawn.

Loonie said
I don't think it will make a significant difference to your credit record for mortgage purposes.
I also think it's on the CU application form process that you have to give permission for them to do a credit check. You could, at that time, write in "soft check only" or words to that effect, and see how they respond to that. This will force them to go check with a manager. I recommend doing this in-branch in person if at all possible.
If you don't like their response, pick up your applciation papers and walk  

I ended up applying and so far it doesn't look like there was a hard hit.

James said

Hey Londonguy, I’d suggest try to get them to put in writing that you get the 1% bonus. They sent me a terms and conditions that says if you transferred money out with the last promotion (within 12 months), you’re not eligible for this one. The rep said you’re also not eligible for the 3% rate if you have an existing account (even if the balance is nil).  

They have changed the language for this promo and it clearly states "...in your first account", so if it is not your first, you likely are not eligible.

That said, I know that some companies have a varying definitions of what is your "first"...but is seems like James' quotes suggests that you need to not have an account with them for at least 12 months to be considered a "new" customer, and hence any account would be your "first".

I agree... any deviation from what is written needs to also be in writing. Otherwise, it is just wishful thinking. Opinions do not matter, even from staff who are supposed to know.

Londonguy said

If that's the wording, then perhaps it explains why I'm still eligible. Last year I transferred in $75K of RS money to earn the $750 bonus, all of which is still at MCU, so I didn't "take the bonus money and run" so to speak, nor have I ever had a HISA with them.

This year's bonus cap is lower at $500, so I only gave them another $50K batch of RS money. That arrived from TDDI on Feb 10, whereupon the bonus and transfer fee rebate was added to the principal of an 18-month GIC. I can already see it in my online account  

Yes that might explain why you got it. The second part of that wording might apply if you still had that ‘existing’ RRSP account from when you first contributed. If you already received the bonus, I’m guessing you’ll be fine - especially within GIC. For others, the rep told me I was showing an existing RRSP account even though it wasn’t showing in my online accounts (no balance). Anyway glad you got the bonus!

James said

Yes that might explain why you got it. The second part of that wording might apply if you still had that ‘existing’ RRSP account from when you first contributed. If you already received the bonus, I’m guessing you’ll be fine - especially within GIC. For others, the rep told me I was showing an existing RRSP account even though it wasn’t showing in my online accounts (no balance). Anyway glad you got the bonus!  

Not sure I understand you there. I do indeed still have the retirement account at MCU that I opened last year, as does my spouse (she actually has 2), and those accounts didn't disqualify us from this year's bonus program, nor was there any indication to us from MCU that we might not qualify as existing clients.

What I was told in January (point blank in an email) is that the only thing that mattered to them was whether the incoming money was new to Meridian (i.e. you couldn't just move it from another MCU account), and that you had to buy their mutual fund products with your transfer money or the maximum bonus would be reduced to $500 from $750

Perhaps there's a more restrictive rule on eligibility surrounding their 3% HISA promotion, but it doesn't seem to apply to RS money being transferred in from another FI

Londonguy said

No, Meridian isn't very tech-enabled in that way, I wish. I suppose you could ask if they'd be willing to fill out the paperwork for your wife and then you could take the T2033 home to get it signed and bring it back, but they might balk at that plan because of their know-your-client obligations since theoretically you could be up to no good.
it  

Well I am definitely living this first hand right now. I have never had a more frustrating experience trying to set up any kind of account. I've been trying to do it online through their secure messaging, through their website itself, and via the phone. I'm a patient guy, I read all the T&C (and this forum obviously), and I even became a member of Meridian well in advance to make the process smoother. But so far I'm making no progress and getting close to giving up. Going into the branch may be the only option but that's just not possible for us unfortunately.

fitzy7 said
This my second time trying bank with Meridian, the first time also went badly. Never had issues like this elsewhere.  

I'm only a member because there's a bricks & mortar location 10 minutes from my house that I can visit for paperwork purposes, and I only keep dust-collecting registered GICs with them -- no chequing, no savings, no nothing else, certainly nothing requiring online efficiency. I actually like the personal contact aspect of our relationship as far as it goes, but I have no intention of using them in anything more than a custodian role