Peoples and Oaken x 2 | Site suggestions | Discussion forum

GICinvestor said
Should the GIC chart somehow show:

Oaken = Home Bank and Home Trust, same rates = 2 x CDIC coverage

Peoples Group = 2 x CDIC coverage
Has 2 separate sites, same rates
2 separate savings accounts?
People’s Trust and People’s Bank.  

Hi GICinvestor,

(I wish I knew your first name, so I don't have to call you by a generic GICinvestor. Aren't we all GIC investors, to varying degrees? 😉 )

I think Oaken Financial should have one listing, but we could note via a footnote on the profile page that dual CDIC coverage is available through Home Bank and Home Trust Company GICs—different in terms of their product codes and the transits under which they're booked.

Peoples Trust and Peoples Bank, being separate brands with separate online banking platforms, should have separate listings, as we did with B2B Bank and LBC Digital—at least until B2B Bank no longer qualified for chart inclusion due to going advisor-only. 🙁

Indeed, Peoples Bank has said they plan to launch other products, and this will be their direct-to-consumer platform to provide expanded banking services. I expect them to launch an all-digital mortgage application system and a no-fee chequing account, probably later this year, or delayed to 2021.

cheers,
Doug

I agree with keeping one listing for Oaken and 2 for Peoples. Unlike Oaken, I don't think we don't know for sure that the 2 Peoples will necessarily retain the same rates. Further, as Doug said, Peoples has two completely separate set-ups, although staff are essentially the same as far as I can tell - but this could change. Down the road, it could be that PB and PT will be more like motus and Meridian - run out of the same offices with some staff overlap but quite different otherwise. (Yes, I know that motus is a bank whereas Meridian is a CU.) When motus was in its infancy, Meridian officials said that their rates would be in synch or something to that effect, but they have not been.

GICinvestor said
I guess it makes sense NOT make two listings, nor was I suggesting that, but it would make sense to inform those that are new or not aware of their options to be able receive 2 x CDIC coverage.  

Good point.
I have found that Oaken staff are quite alert to the issue of insurance coverage and will direct the customer to put their money in the account that will be covered. However,nobody should rely on that.

On the other hand, I don't feel it is the job of the chart to inform people of this. The default would be that someone would assume that coverage was limited to 100K. That is not unsafe for them; it just limits them.
If you are considering a new FI, it would be prudent to look over the previous posts, where you should learn about the double coverage. If not, Oaken staff and i think their website will tell you.
So, there are other routes through which this information can and should be received, it seems to me.

Peter said
Thanks for the suggestions.

I've added notes about the dual CDIC coverage to the Oaken Financial and Peoples Trust profile pages.  

That's probably fine for Oaken Financial, Peter, but with respect, it's not for Peoples Trust. We still need a separate profile page, HISA chart listing, and forum for Peoples Bank, particularly since Peoples Bank will be their primary platform going forward. They've said, in their most recent annual report just out, that they are going to be updating the branding used by Peoples Bank to Peoples Trust and Peoples Group, with Peoples Trust using a light blue 'P', Peoples Bank continuing with its red 'P', and Peoples Group using a green 'P'. More importantly than brand refreshes, new logos, and website updates, though, is the future of each. While Peoples Trust will continue to exist in the direct-to-consumer and brokerage channels for HISAs and GICs, they also said that all new products, including direct-to-consumer mortgages and even a future no-fee day-to-day transaction/chequing account, will be launched on the Peoples Bank of Canada platform only.

So, at minimum, we need to include Peoples Trust Company and Peoples Bank of Canada as separate listings (with notes about dual CDIC coverage available on both). We did this with LBC Digital and B2B Bank and would continue to have separate listings for them, had B2B Bank not gone "by advisor invitation only." There is already strong consensus here, in this thread, for separate listings.

Cheers,
Doug