Omnia Direct | Omnia Direct | Discussion forum

I've made some inquiries by calling Omnia Direct, further to this Forum discussion, to better understand their protocols and operations.

Their administration, at this time is rather clunky, when compared to many of the online FI's several Forum members are accustomed to dealing with.

Every, that is, every new transaction with Omnia requires paperwork to be completed, to either book another GIc or to transfer funds in or out of Omnia, to provide written and signed authorization for an Omnia CSR to execute the transaction or transfer.

The client cannot push / pull funds in or out of Omnia on his/her own...all transactions are performed by an Omnia CSR.

A paper check is required for the first GIC booked (application completed online) but the check must be post office mailed.

Subsequent GIC purchases require written forms sent by Omnia by email or post office mail, and returned by email or post office mail in order for Omnia to execute the transaction.

Sending signed forms with sensitive information by email, which is not secure, in itself has the potential for security breaches.

The final restriction, although not surprising, is that an Omnia Direct client has no access or rights to participate in any banking operations of WFCU unless one can physically present oneself to one of their offices in the Windsor, Ontario region.

Omnia appears to have potential as a player in the High Interest market, though, wouldn't it seem they need to streamline many of their administrative protocols?

What do you think?

Stephen

Norman1 said
Unfortunately, not everyone has a fax modem and landline these days.

Another possibility is a secure HTTPS web page that people can upload scans of their signed forms through.  

I've overcome the problem of faxing by using an online Free Fax service:
https://faxzero.com/

Alternatively with E-Fax https://www.efax.ca/ one can receive faxes in PDF form as an email for free but sending faxes does require a subscription.

Using a combination of both services can provide incoming and outgoing fax online for free.

And, yes, providing a web based secure mail alternative would be best, but even Hubert doesn't have that at this time. The only FI with a secure mail capability I am aware of is Meridian.

Stephen

nephets said:

The only FI with a secure mail capability I am aware of is Meridian.

FYI and FWIW, so does Simplii -- I've used it a few times setting up external links

Londonguy said
nephets said:

The only FI with a secure mail capability I am aware of is Meridian.

FYI and FWIW, so does Simplii -- I've used it a few times setting up external links  

I thought Simplii required hardcopy forms or void cheque mailed to them to set up link(s) to external accounts. Were you able just to scan the documents / void cheque and email them to Simplii?

Jon said
I just got cold call by OmniaDirect 2 days ago, have anyone have such experience with them, or with any virtual bank ?  

No.
And, if I did, it would make me nervous. I assume you are not a client of theirs?
I got one from CIBC last week, but I have an account there.

Jon said
I just got cold call by OmniaDirect 2 days ago, have anyone have such experience with them, or with any virtual bank ?  

I've never been cold called by any bank, other than my own bank calling me all the time to offer me new financial products.

I would rather deal with Hubert for GIC's ,since it has the same interest rate, and Hubert features very easy account set up, makes it very easy to link outside accounts, free to transfer out GIC's and TFSA's, and has excellent customer service.

I did have an account with them, I guess it maybe a normal thing to get cold call as a client of a FI. But I have never experience it before with any FIs other than RBC. So I didn't expect one from a small CU in this case.