Meridian CU New Accounts 3.15% for 6 months | Meridian Credit Union | Discussion forum

We added a bunch of money to our existing meridian savings account and the manager approved the deposit at the 3.15 percent rate f0r six months I also bought a 1 year gic at 3.25 percent.with money we don't need this year.
I like MERIDIAN local banking and great staff there.
Much better than our big CIBC bank, 30 years premium member. Useless people with no power to help you.

Kidd is right, from what I know. There were threads in the past that looked into this. My recollection is that it was the intention of the FI to maintain the promised rate. It would be foolish of them not to as this would cause a lot of bad publicity.
At the same time, this is not a GIC. Extreme circumstances might lead to a re-evaluation, but I think it would have to be of the magnitude that the rate threatened the survival of the FI.

For info and Warning! Nowhere does the Meridian site say to provide your account number!

REFER A FRIEND AND YOU’LL* BOTH RECEIVE $50.
Receive $50 for each friend, family member or co-worker you refer to Meridian who opens an account and makes a minimum qualifying deposit of $1,000. Best of all, each referred friend will also receive $50 and the opportunity to take advantage of some amazing offers.

Referring Member Information: Name:
Phone: Email:

Referring Members: Simply complete the information above and forward to friends you wish to refer.
Referred friends: Redeem this offer at any Meridian branch. Visit meridiancu.ca/referafriend for details.

I guess the rationale for making this an "in branch" promotion, forces the referrer to be a client of the same branch as the referred new client so the referrer can be authenticated "in branch".

If this is the case, the promo is much more limiting than, say the promos of Hubert and Duca where the referrer's name is all that is required.

Given the volume of deposits being made by most members of this Forum, it would seem highly risky to share anything more than one's name in the interests of a promo bonus.

This is not a reflection on new member bvishy, but it would seem careless and potentially dangerous to share one's name AND account number.

Without going into detail, there are ways malfaisants collect fragments of information about an individual, using separate and unrelated online and other sources to put together a profile of an individual, for the purpose of identity theft.

As previously stated, this is no reflection on bvishy just a statement of fact given the proliferation of identity theft related to the internet.

Best way to take advantage of this promo, is to hook up with a friend who deals with the same branch you want to join and go in together.

Perhaps if bvishy mentions in what City s/he is located, and a local Forum member wishes to meet bvishy at the local branch or telephone the branch and speak to the branch manager to authenticate the referral, the concerns about risk could be mitigated.

bvishy said .... It would be quite a risk to share information viz. a/c # etc., which is why I'm still puzzled as to why I was told that over the phone by the agent.....
 

It does seem odd, indeed! The coupon is a much more sensible way to go about it!

Meridian seems to employ junior and/or inadequately trained people in some branches, that sound like they make up what they don't know.

I am a client of Meridian, and deal with only one person at my local branch because I can count on that person's reliability.

Glad you found a satisfactory solution, bvishy!

I completely get the concerns expressed by Nehpets

Thank you for understanding!

No offense intended in my earlier admonition.

Stephen

Seems the 3.15% promo is gone as of about Dec 6, 2018.

Thanks for doing the calculations, Top It Up.
My account has had too many deposits to make this easy to calculate.
It's still a great deal, but will expire.

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