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Email this12:50 pm
March 24, 2015
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Perhaps Meridian Credit Union could be added to the site?
http://www.meridiancu.ca/rates.....fault.aspx
1:29 pm
May 15, 2007
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Thanks for the suggestion. One of the reasons why Meridian is not already on the comparison chart is that it is only available to Ontario residents. However, we could consider adding a separate chart or some addition to the current one if there's enough demand.
8:51 am
May 15, 2007
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It was just pointed out to me that the "Join Us" page for Meridian states that membership is open to anybody in Canada: http://www.meridiancu.ca/perso.....fault.aspx
Although, the FAQ says it's for Ontario residents only: http://www.meridiancu.ca/merid.....fault.aspx
Perhaps they only recently opened up membership and their website just hasn't been fully updated? All comments and experiences are welcome about membership and whether it should be added to the chat!
12:12 pm
February 20, 2013
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I've been a member of Meridian for many years and was slowly moving my funds out because their account rates and restrictions were usually no better than the big banks. This has been changing over the last number of years.
Recently, if I remember correctly, there was a proposal put to the membership to open up accounts to anyone in Canada. As noted in Peter's post, there is some conflicting information on their website about who can join so I e-mailed them for an official answer. I will post the result when I get it.
The high interest account they are offering is currently 1.55%. It was 1.6% prior to the latest Bank of Canada rate drop and 1.75% prior to the Bank of Canada drop at the beginning of the year. Its not the best rate but it also isn't the lowest.
Here is the preamble from their sign-up process and a link to their fee schedule. To join you have to purchase $25 in shares which are refundable should you cease to be a member.
Join Meridian - It only takes 5 minutes!
You must be a Canadian resident of at least 18 years of age.
For us to verify your identity, you’ll need to complete your account setup using any one of these convenient options:
Upload a recent bank statement from another Canadian financial institution.
Mail us a recent bank statement from another Canadian financial institution.
Take a photo of a personal cheque to deposit it digitally using Meridian’s Mobile Banking App.
Mail us a personal cheque from your current account at another Canadian financial institution.
To apply for a joint account, please call 1-866-592-2226.
I usually deal with them at a nearby branch. However, I have been disappointed by their poor or non-existent customer communications via e-mail. I will see how they respond to my recent inquiry.
12:40 pm
February 20, 2013
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I got a reply from Meridian regarding the discrepancy over whether anyone in Canada could join and the answer is yes as noted below. I must admit this is the first time I got a fast response from them which is good.
"Good afternoon,
Thank you for your e-mail. In response to your inquiry, the right answer is that anyone in Canada can become a Member at Meridian.
I will advise that the FAQ section needs to be updated. Thank you for bringing this to our attention."
1:24 pm
December 23, 2011
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7:58 pm
August 4, 2010
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That "federalized credit union" stuff requires that the CU switch to federal oversight and regulation by OSFI (and CDIC insurance). I don't think any credit union has actually applied to do this?
Meridian is regulated provincially by DICO, and it would be up to DICO as to what non-resident membership rules might be in place. Presumably if Meridian is offering memberships across Canada, it is a possibility for Ontario CUs.
Presumably, most credit unions have limited appeal to those outside their service areas, unless they open online-only deposit arms (like the Manitoba CUs did).
7:30 am
February 20, 2013
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jgclghrn said
To join you have to purchase $25 in shares which are refundable should you cease to be a member.
As of today they have dropped the share requirement to $1.
7:35 am
February 20, 2013
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NorthernRaven said
Presumably, most credit unions have limited appeal to those outside their service areas, unless they open online-only deposit arms (like the Manitoba CUs did).
It seems like the Meridian Good to Grow Account HISA is an online-only account.
11:42 am
August 4, 2010
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Here's the bylaw changes that Meridian recently made to accommodate this:
http://www.meridiancu.ca/merid.....utions.pdf
Previously, their membership criteria (known as their "bond of association") was "people residing or working in Ontario". Ontario CUs have what they call a "basket clause", where up to 3% of the membership can fail to meet the eligibility requirements (people who move after joining, or whatever other cases might have resulted in non-Ontario members), but this wouldn't be enough if they are going after Canada-wide money like the Manitoba CUs. They've now changed their "bond of association" criteria to anyone living or working anywhere in Canada.
They also changed the membership shares - they used to be $5 shares, and you had to buy 5 of them ($25 total) to be a member. Now they are $1 shares, and you only need one ($1 total). Basically it is merely a token amount to act as the legal trigger for the membership.
Please write your comments in the forum.