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Email this1:40 pm
August 26, 2022
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I wanted to move our (approx $60k) GIC's from a bank to a Credit Union. I chose Saven.
Called the number, answered immediately by a fantastic representative (which was part of my testing them out). Very pleasant, very efficient. 10 out of 10.
Unfortunately, despite offering a Canadian passport, a British passport (my country of birth), an Ontario driving license, and health card - I cannot be validated because TransUnion credit says 'no'. I'm debt free, and have been since I arrived in this wonderful county. I also don't use credit cards - preferring to use a debit card from a well-funded Scotiabank account (I've been their customer for 15 years).
I don't want to borrow money, I just wanted to save with you.
I know this might be a niche scenario - but is it usual for a C.U to do this?
p.s I'm also a Wealthsimple customer, and have been since the early days, and also a customer of Peoples Bank. They clearly didn't have the same requirements.
2:45 pm
September 30, 2017
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I cannot be validated because TransUnion credit says 'no'.
Have you reviewed your records at TransUnion? Anything unusual? That would be a greater concern than Saven not opening their door to you.
3:15 pm
August 26, 2022
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Hello, and thank you for replying.
Yes, I have. Scotiabank provide a free credit report via their online banking app.
There is nothing fraudulent or suspicious. But it does (naturally) say that my score is affected by:
"Insufficient mortgage experience. No retail experience. No presence of inquiry. No Credit Card history within 6 months."
4:20 pm
January 12, 2019
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.
It looks ⬆ like you Don't have a bad credit rating. You just don't have a credit rating at all (good or bad). TransUnion has nothing on file to measure your credit worthiness.
In a way ... you're being punished for being very Frugal.
- Dean
" Live Long, Healthy ... And Prosper! "
5:23 pm
August 26, 2022
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Hi, Dean! Thank you for your thoughts.
I wouldn't even call us particularly frugal - albeit that is certainly in the eye of the beholder. I spend far too much on gin and vegetable gardening supplies for example. 🙂
It's just that when we spend, we don't do it via a credit card and don't borrow to buy. I suppose I'm just surprised given my existing financial accounts, that a C.U uses a credit bureau to decide if I'm good enough to lend them my money!
CH.
5:25 pm
April 6, 2013
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No mortgages. No "retail experience" from loans or credit cards. There's actually no credit record at all!
In order for the credit record to confirm identity, FINTRAC requires the record to be open for at least three years and have at least two lenders who have verified the borrower's identity enough to grant credit:
Yes, when the information from the other creditors are purged from your credit file, the file will have less than two tradelines and will no longer meet FINTRAC requirements for the credit file verification method:
b. Credit file method
You may verify the identity of a person by referring to information that is in their credit file.4 To do so, the credit file must:
- contain information that is valid and current5
- be from a Canadian credit bureau (credit files from foreign credit bureaus are not acceptable);
- have been in existence for at least three years;
- contain information that is derived from more than one source (i.e. more than one tradeline); and
- match the name, address and date of birth of the person being identified.
…
…
Saven has rejected others who cannot be verified using their TransUnion credit record. See Saven Financial... Account Opening Nightmare.
5:35 pm
August 26, 2022
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Thank you, Norman1.
I was replying to Dean (above) as you were typing your reply, so I guess the same question remains for me. Namely, why do I need a good credit score to give a CU my money? Especially when someone else (Wealthsimple) have accepted me for an RRSP and TFSA.
I can prove my identity (for anti money laundering purposes I would think) through all the other forms of ID that I have had for 15 years.
I wondered if it was something to do with becoming a member of a CU, with their unique status - and therefore I'm not going to have any luck with any other CU
either.
EDIT 9pm EST: I'm sorry, I didn't scroll down your reply and see your link to other cases. Thank you for your answer!
7:20 pm
November 20, 2022
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Curry-Head said
I can prove my identity (for anti money laundering purposes I would think) through all the other forms of ID that I have had for 15 years.
I wondered if it was something to do with becoming a member of a CU, with their unique status - and therefore I'm not going to have any luck with any other CU
either.
You will be fine with federally regulated CUs (and any other financial institutions) as they are governed by Section 627.17(1) of the Bank Act.
8:18 pm
April 6, 2013
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Curry-Head said
…. Namely, why do I need a good credit score to give a CU my money? …
You don't. Saven is also not interested in your credit score. Saven is interested in the name, address, and date of birth on the credit record being confirmed by at least two lenders. Otherwise, the record is not enough.
I can prove my identity (for anti money laundering purposes I would think) through all the other forms of ID that I have had for 15 years.
Not easily online. The financial institution is allowed to eyeball you and the ID when the verification is done in-person. But, that's not enough for FINTRAC when it is not in-person, like over a video conferencing session. FINTRAC is clear about that:
Note: It is not enough to only view a person and their government-issued photo identification document through a video conference or another type of virtual application.
The financial institution may decide it is not worth the cost for the special software to verify the authenticity of the ID from video or facial recognition software to match the person in a selfie taken with the picture on the ID.
8:24 pm
April 6, 2013
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BTC said
You will be fine with federally regulated CUs (and any other financial institutions) as they are governed by Section 627.17(1) of the Bank Act.
Section 627.17(1) does not apply when one is not trying to open an account in-person.
4:51 am
November 18, 2017
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Curry-Head: That's disturbing. I've never had a mortgage, or borrowed any money since my (government-guaranteed) student loans a half-century ago. Sure am glad I got my Amex when it was still easy to get.
It's crazy for borrowing to be a prerequisite for saving!
Is there no way for you to attend at an in-branch office? Or ask them to check with Scotia or WealthSimple?
I remember that when I first got a phone (wired line) Bell Canada required me to give them a $100 deposit (which was a huge amount at that time) and didn't return it for three years.
RetirEd
5:30 am
August 26, 2022
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Good morning, and thank you all for replying.
I'm torn between digging my heels in and choosing to continue my lifestyle choices and put up with the inconvenience that it creates - or to maybe take out a free credit card with Scotiabank and transfer a couple of bills on to it instead of auto-paying from the checking account.
I'll have think on it.
8:15 am
October 17, 2018
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Currie Head,
Are you aware that they require you to have and use a current model smartphone with biometrics to log in to your account ?
https://www.highinterestsavings.ca/forum/saven-financial/saven-app-on-smartphone-only-way-to-login-soon/
They justify it for the sake of security yet their parent company First Ontario does not require it of their customers. Oh the hypocrisy
8:32 am
August 26, 2022
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Hello, Oscar! Yes - but only as recently as yesterday when another poster bumped up a different thread, which also referenced that one!
I already have to have a current model smartphone with biometrics for other reasons, so I'm not as put-off by that as others clearly have been for good reasons.
With it being GIC money, there's very little administration over the course of 12 or 24 months. So as much as I don't spend a lot of time on my phone, other than talking to people, a bit of infrequent app usage isn't a problem for me - but thank you for the heads up!
9:11 am
January 12, 2019
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.
In the end ... it's Saven's loss.
Time to move on.
Cheers,
- Dean
" Live Long, Healthy ... And Prosper! "
1:43 pm
August 26, 2022
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My first Q: "Why do I need a good credit score to give you money?"
A: "You don't. It's not the score. But you need to have a credit footprint to open an account online and be verified."
My other Q: "Why haven't other institutions asked me before?
A: "Some of them spend money to allow you to authenticate with official documents via camera, or digital upload. Some don't. "
Thanks all. That helps frame it a lot.
9:19 am
August 9, 2014
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Not much of a lost, there apps was buggy anyway, and they only allow fingerprint for logging in, and those in screen fingerprint sensors are terrible if you use screen protector .
12:45 pm
August 26, 2022
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Hello all. I thought I'd give a quick follow-up on this, after all your helpful comments and observations.
In the end, I decided to open a credit card account by making an appointment and visiting my local Scotiabank branch. Even though I have banked with them for ages, and they are able to see my balances, transaction history, including regular large deposits - they still needed to see copies of my last 2 years tax returns (self-employed), and assessments. No problem, but still....
In the end 'The Computer' said they could only offer me a $500 limit 'because it has nothing to do with how much money you have' - much to the embarrassment of the local banking officer with whom I was meeting - who did say however, to give it a few months and wait for the offer to upgrade the limit.
I said that would be fine, as every time I charge to the card, I'll be paying it back to zero. I've done some purchases with it, and also set up some recurring bills to charge to it.
Thank you again for your help!
CH
1:44 pm
August 16, 2024
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So, I had a similar experience with Saven even though I have a TransUnion credit report file. I can even see on my TransUnion consumer discretion file that Saven has inquired about my account.
But for whatever reason, Saven's website cannot verify my identity. The support people say that they don't know any more than I do about what's wrong.
3:58 pm
October 21, 2013
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In my view, TransUnion is out of control. They take no responsibility for accuracy in their files. It's always up to the innocent consumer to attempt to set them straight while they continue to hold all the cards.
They recently claimed that I lived at a branch of the TD bank. I'm not kidding. I was obliged, by them, to provide documentation that I still live at the same address where I've been since before their records seem to start. The fact that I couldn't live at the bank even if I wanted to was irrelevant to them even though they knew it was the bank's address. If I could though, I think I'd choose the Vault Suite! I imagine it comes in a fashionable shade of gray, with green highlights.
We need better regulation of this industry as they are obviously incapable of doing it themselves and the FIs are wedded to their verdicts.
Please write your comments in the forum.