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Email this10:25 am
December 20, 2016
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According to Jody, Omnia Direct CSR, to whom I spoke this morning, ( I am currently a client of Omnia Direct), the statement in Savers Roundup July 2018:
There are plenty of GIC promotions giving you a lot of choice, such as a 3.00% 1-year GIC at Omnia Direct (Ontario only)....
is inaccurate.
Omnia Direct does in fact offer GIC's to out of Province clients.
To paraphrase Jody, "a certain percentage of Omnia Direct deposits can be held by members outside Ontario".
I don't know if the percentage of deposits factor is based on the bylaws of their parent WFCU, their own Omnia Direct charter or Provincial regulations governing credit unions.
Stephen
11:23 am
October 21, 2013
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However, if you go to their online application form, it specifies that you must be a resident of Ontario. I think I'd give Jody's opinion a pass unless I were a GIC broker, in which case I'd want to speak to a manager. Brokers can sometimes arrange deals for out of province folks, as we have seen elsewhere. Perhaps that's what she meant.
In the absence of something else in writing from a senior manager, I think that what was said in the newsletter must stand.
I recall that we have seen other situations where people were allowed to RETAIN an account or membership in a financial institution while living out of province after they had moved out of the province where the FI is located.
The Intro page of the application reads:
"Welcome
Thanks for investing with omnia direct. It’s a very simple process and will only take a few minutes of your time.
We’ll ask for some personal details, including your Social Insurance Number (SIN). You’ll also need a valid email address and a personal cheque preprinted with your name and address. As long as you have all that and you’re an Ontario resident over the age of 18, you’re ready to get started."
1:10 pm
December 20, 2016
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Point taken, Loonie! It has been a while since I completed the application for Omnia, so this tired old memory doesn't recall the stipulation for Ontario residency.
Interestingly, none of the brokers I am in contact with have mentioned availability of Omnia GIC's, but then, I'm in contact with Ontario brokers.
It may be different with brokers outside Ontario.
Thanks for the feedback.
2:11 pm
August 4, 2010
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It may be that they forgot to change the intro wording. Later on in the online application form, it asks "What province or territory do you live in?" and provides all 13 as options in the dropdown menu.
3:01 pm
October 21, 2013
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NorthernRaven said
It may be that they forgot to change the intro wording. Later on in the online application form, it asks "What province or territory do you live in?" and provides all 13 as options in the dropdown menu.
Or maybe they forgot to change the internal wording. Who knows?
If you followed the first page qualifications, you wouldn't get to the subsequent one if you were out of province.
7:58 pm
April 6, 2013
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Nehpets said
Interestingly, none of the brokers I am in contact with have mentioned availability of Omnia GIC's, but then, I'm in contact with Ontario brokers.It may be different with brokers outside Ontario.
…
The deposit brokers won't mention Omnia Direct GIC's likely because the GIC's are not available through them.
WFCU is likely not willing to pay the high Omnia-branded rates and pay the customary deposit brokerage commission of 25 basis points (¼%) per year.
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