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Email this10:30 am
November 8, 2021
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It appears Meridian is also present in QC. From their FAQ:
Anyone who lives or works in Canada can join
Is it possible to add Meridian CU to the QC. HISA filter?
Thank you.
10:37 am
December 12, 2009
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BlueSky said
It appears Meridian is also present in QC. From their FAQ:
Anyone who lives or works in Canada can joinIs it possible to add Meridian CU to the QC. HISA filter?
Thank you.
That's true. Meridian Credit Union is the only Ontario credit union open to anyone who is a Canadian resident. (Any Ontario credit union can open up to Canadian residents; it just needs their board to amend their articles of incorporation and their bond of association specifically.)
That being said, I suspect many others (FirstOntario, Libro, Windsor Family, etc.) do the same implicitly, even though they publicly say Ontario residents only. 🙂
Cheers,
Doug
10:56 am
September 30, 2017
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It was dropped because of non-competitive rate. You think it is back competitive (in Quebec) today?
3:54 pm
October 21, 2013
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Doug said
I suspect many others (FirstOntario, Libro, Windsor Family, etc.) do the same implicitly, even though they publicly say Ontario residents only. 🙂
The Ontario CUs that allow limited number of normally-ineligible members restrict that number. I read in the by-laws of one of them that it was restricted to 3% of membership. That may be typical.
5:31 pm
November 8, 2021
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hwyc said
It was dropped because of non-competitive rate. You think it is back competitive (in Quebec) today?
hwyc, thanks for providing the link to that thread. I did a search for that before creating this new thread, but didn't come across it. And to the point you raised, it's sitting at 2.50% for HISA/TFSA, and quite competitive with their GICs, at the upper end of the chart. Having said that, Tang is sitting at a lowsy 1.0% for their savings/TFSA and present on both charts. That alone, IMO, is competitive enough to be listed. It would be another option for folks to choose from.
7:32 am
February 16, 2013
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BlueSky said
Having said that, Tang is sitting at a lowsy 1.0% for their savings/TFSA and present on both charts.
I do not see Tangerine on the HISA/TFSA chart.
5:18 pm
November 8, 2021
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MG said
I do not see Tangerine on the HISA/TFSA chart.
You're right, my apology. Tang is on the GIC chart only.
In any case, I believe it would be beneficial for QC residents to have Meridian added to the table. Folks 60+ benefit the most.
7:55 pm
December 20, 2019
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They have some nice GIC's and as a Business Member they give me really good rates on my business account because it has a high cash value.
Only thing is I have to move it from the business operating account to the business savings account to get the rate but that is done is seconds.
12:11 pm
December 26, 2018
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It is my understanding that investment is insured up to 250K per account with Meridian. Am I right?
12:49 pm
November 8, 2018
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Canadianbull said
It is my understanding that investment is insured up to 250K per account with Meridian. Am I right?
Yes, but...
The insurance is provided by the Financial Services Regulatory Authority of Ontario (FSRA). The liability of FSRA to insure deposits held at Ontario credit unions is limited to the assets of the Deposit Insurance Reserve Fund (DIRF). As of March 31, 2021, the DIRF was $365 million.
Which means, your 250K is insured together with that same amount for approximately 1400 other depositors of all CUs in Ontario.
12:53 pm
December 26, 2018
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Is it safe to invest with Meridian?
2:21 pm
December 12, 2021
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Alexandre said
Yes, but...
The insurance is provided by the Financial Services Regulatory Authority of Ontario (FSRA). The liability of FSRA to insure deposits held at Ontario credit unions is limited to the assets of the Deposit Insurance Reserve Fund (DIRF). As of March 31, 2021, the DIRF was $365 million.
Which means, your 250K is insured together with that same amount for approximately 1400 other depositors of all CUs in Ontario.
You are right last year FSRA warns credit unions to comply with messaging requirements.
In the event of CU in trouble isn't the investors first suffer steep loss then FSRA that what happened with Pace only the investors suffered steep losses and no members lost $$$ or i am wrong?
2:39 pm
September 15, 2017
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Canadianbull said
Is it safe to invest with Meridian?
Meridian is the largest credit union in Ontario and the second largest credit union in Canada (outside Quebec).
2:50 pm
December 26, 2018
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THANK YOU!
7:19 am
December 26, 2018
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Rates gone down....
1 years 4.9%
2 years 4.9%
3 years 4.8%
4 years 4.7%
5 years 4.85%
Please write your comments in the forum.