Meridian Credit Union - $100 gift! | Meridian Credit Union | Discussion forum

Thanks, JenE.

Note these fees
$25 for closing account within 90 days.
$30/year for inactive account - time not specified.
$15 Balance of account transfer.

Going interest rate is 1.5%

https://www.meridiancu.ca/personal-banking/accounts/fees/Pages/default.aspx

Does anyone know if this promo really works or is still on?
I can't find it on their site.

I was in the Leaside branch today and the staff there, including the manager, had never heard of it!

toto, do you have any evidence you can share?

I called and asked. They said the gift would be in account by October 6th just like amidat said. I opened one for me and one for my husband

I think this may have been it:

http://www.meridiancu.ca/perso.....0tfsa.aspx

Dates match what was initially reported by JenE. Some of the terms and conditions from OMO_Offer_August8.pdf:

1. This offer is available to new Members of Meridian Credit Union who open an account online, reside in Canada and are the age of majority in the province in which they reside. “New Members” excludes persons who were previously Members of Meridian at any time between August 8th, 2015 and August 8th, 2016. To be eligible to receive the offer, the eligible recipient must, have applied for and been accepted into Membership by Meridian.

2. Eligible recipients must fully complete a non-registered Good To Grow High Interest Savings Account or registered Good To Grow High Interest Savings Account (TFSA or RRSP) online application available from the promotional landing page and make a qualifying deposit of at least $1,000.00 to receive the $100.00 incentive from Meridian. The new Meridian account must have a balance of $1000 by September 21st, 2016 to receive the incentive from Meridian. The qualifying deposit can be made by depositing a personal cheque using our mobile app or by uploading a copy of a recent bank statement from another Canadian financial institution along with a request for an Automated Funds Transfer (AFT) as part of the online application process. Awarded funds for accounts opened online will be deposited by October 6th, 2016 once we have the opportunity to verify the account, the qualifying deposit and your eligibility.

3. The awarded matching funds are funds credited by Meridian to the Meridian Member’s account or certificate in the eligible recipient’s name opened or obtained by the recipient, in the amount of $100.00 in funds.

4. Recipients must accept the offer in the form that it is awarded; no substitutes are permitted.

5. The offer is awarded on the condition that the recipient agrees to keep the awarded funds on deposit with Meridian for at least 90 days from the deposit date of the awarded funds (October 6th, 2016), and therefore the funds are not available for withdrawal or other use by the recipient until January 4th, 2017.

…

10. This is a limited time offer. The terms of this offer, including the overall availability of this Offer, are subject to the absolute discretion of Meridian Credit Union and may be changed at any time by the Meridian Credit Union without further notice to you. Meridian reserves the right to withdraw this offer any time, without further notice to Members.

Date: August 8th, 2016

I guess I know my way around the Internet and Google.

I can't tell either whether the offer has been withdrawn or not. Condition #2 indicates that the offer is online only. So, the Meridian branches may not be aware of the offer. One may need to call the 1-866 number on the offer page to check.

As well, condition #2 requires that one sign up for membership from that offer page. Looks like the two "Open Now" buttons on that page put a special promo code into the URL for signing up.

In such cases, I would look for debt ratings for Meridian Credit Union from ratings agencies, like DBRS, S&P, or Fitch.

I didn't find any ratings for them. It looks like Meridian has not been rated by any ratings agency. As a result, deposits with Meridian that exceed DICO coverage limits carry an unknown risk of default.

Loonie said
…
I found Annual Reports here https://www.meridiancu.ca/meridian/about/corporate-reports/Pages/default.aspx but, as usual, they are not written with the lay person in mind. From what I can make out of it, they seem to be growing at a fair clip by expanding with more branches. It looks fairly solid to me for the next little while, but I am not the best interpreter.

Any further thoughts?
….

Annual reports are a start. But, I don't think they are sufficient to do the kind of credit rating that rating agencies, like DBRS, does.

I don't take much risk with deposits. The upside is quite small, +1½% per annum or about +16% per decade. If anything goes wrong, the partial loss of principal would undo many years of interest.

It makes more sense with stocks where the expected upside is +100% or more per decade. Losses from the 1-in-4 to 1-in-5 that don't work out are more than offset by the gains from the 3-in-4 or 4-in-5 that are the winners.

I would be comfortable depositing money with Meridian, up to limits of DICO coverage. I would place the rest with Hubert, who is currently paying a higher 1.7%, or EQ Bank, who is paying 2%.

I had said in an earlier post that I had trouble with the online account because of people's trust breach that showed up on equifax
An advisor noticed that problem and walked me through a manual open by sending me all the forms by purolator as well as a paid return envelope that I had to send my ID and the cheque in.
She was very helpful, did all the linking and qualified me and my husband for the 100 dollar promotion.
She allowed me to send her contact info if you have the same problem I did with opening the promotional account.
Margaret.Beatty@meridiancu.ca 905-938-6490. Ext 3162

I finally got my 100 dollars but I had to make multiple phone calls. To receive the promotion you had to open the account online, which I did, got flagged because of the people's trust breach a while back and then they had to open it manually.
I'm glad I kept the email that stated by the advisor opening my account that I would still qualified, because they were trying to weisel their way out of it by saying the account wasn't opened online. I just received it.