WealthONE Bank | Site suggestions | Discussion forum

Peter said
The site has no specific policy against Wealth One. I just typically wait until we have gathered several comments from real customers, so I think we're close to adding it to the chart.  

Peter, it is my recommendation that it be added to the comparison chart with immediate effect, speaking as someone who helped to craft the more defined "inclusion criteria," if that helps. My basis for that is, primarily:
- it uses a top-tier online banking platform, MemberDirect, from Central 1 Credit Union;
- its deposit interest rates are currently "top of market," above even EQ Bank; and;
- it has no monthly or transaction fees; and,
- it has a virtual account opening process which, I believe, involves sending in either a VOID cheque or initial cleared deposit cheque.

Similarly, you are welcome to use any of the above points as possible criteria for expedited inclusion in the comparison chart (i.e., without significant forum member feedback).

Also, it's worth noting, should WealthOne, or any of the other banks or credit unions, modify their account opening procedures or fee structure such that they are no longer available to all Canadians (except Quebec) or no longer allow virtual account openings, they can be removed from the chart, as has been done in the past with HSBC, Manulife, Tangerine and PC Financial, though the latter two were for their regular posted rates moving down to at or below that of the "Big 5" banks.

Cheers,
Doug

Loonie said
Just FYI, I sent a query to Wealth One several days ago, probably about a week, and still no response.  

I suspect that's likely because they're a small team, with several branches and they may possibly have an even smaller contact centre team or even, potentially, distribute incoming calls across several branches depending on staff availability.

FWIW, I would say that Motive Financial (nee Canadian Direct Financial) has a bit of a slower-than-normal response time. 🙂

Cheers,
Doug

Loonie said
On the other hand, if you're going to be an online bank, you are not going to be very attractive if people have to wait a long time for responses. If I go into bricks and mortar, I will get a response before I leave.  

Fine, but many of the online banks are this way, including Tangerine, whose online chat is frequently unavailable or cannot assist with certain queries (i.e., credit cards) and their e-mail response times vary from 24-48 hours, likely due to cutbacks in staffing under new CEO Rideout, who is likely a "yes ma'am" to her Scotiabank overlords.

Not sure why the comment was relevant to the discussion, though.

Cheers,
Doug

They have various kiosks setup at malls etc with a chance to win $ I presume would be deposited on account opening.. It should be added..

I've had no dealings with Wealth One yet but based on the 4 criteria indicated as needed for inclusion in the comparison chart Wealth One certainly qualifies, so I guess I agree with those who advocate for inclusion. Or the criteria should be changed so that a viewer can understand why a certain fi is not included. One reason I like this site is because it seems to be unbiased as to which fi's are included here, i.e. if an fi meets the criteria it is displayed, this is not a limited listing - or at least that's been my perception.

davidgeorge said
My experience with WealthOne is not so pleasant. I applied for a savings account online in September, and got an email message "Thank you for applying to be a client. Based on the information you have given us, we may need some more details in order to finalize your application. We will contact you soon.". I haven't received any further message from WealthOne, so I just gave up. I hope they will keep all my personal information confidential or delete all my personal information in their database if they are not going to process my application.  

That's a shame you had this experience. I do think they are busy, as there HISA rate is higher than anyone else. I had a question and emailed them and didn't hear back in day so I called and they sorted it out on the phone. Still a million times better than when I first signed up for E.Q. bank when they had that beginning 3%.

WealthONE simply messed up my application. I have credit score way over 800, and accounts in EQ, Tangerine, Simplii, Hubert, Motive, People Trust. I have never had any problem with opening an account in banks and credit unions until this WealthONE application. If I call them about my application, I will feel like I beg them to take my money. No way for me to do that, so I gave up.

davidgeorge said
WealthONE simply messed up my application. I have credit score way over 800, and accounts in EQ, Tangerine, Simplii, Hubert, Motive, People Trust. I have never had any problem with opening an account in banks and credit unions until this WealthONE application. If I call them about my application, I will feel like I beg them to take my money. No way for me to do that, so I gave up.  

There is almost certainly a red flag on your credit record because of the Peoples Trust breach, unless you contacted the credit agencies to get it removed. I suggest you pursue this so that you don't get a record for having been declined an account.
I have the same flag, and sometimes have to go through an extra hoop on account of it. Looks like you fell through the cracks or they havne't figured out a way to follow up with questionable applications yet. Some are more stringent than others, and it's actually to your advantage if they are - once you get it cleared up. If they're tough with you, they will be tough with someone impersonating you.
If you live in the GTA or VAncouver, suggest you go inperson.