Steinbach CU - more trouble than it's worth | Steinbach Credit Union | Discussion forum

Loonie said
I am about at the end of my tether with this CU.
Just spent a total of 40 minutes on hold because I couldn't log in. While in the queue, I was hung up on once and had to start all over again. 10 people ahead of me each time.

It turns out that the reason I couldn't login is because the accounts now go Inactive after only 90 days if you don't login!!! I've had no reason to login since April. They don't pay interest until the end of the calendar year, which further decreases any motivation to login.

When I add these problems to the other issues I've had with them, it seems like too much aggravation for me to continue with them.

The other issues have included:
In order to get the good savings rates, when they have them, you have to leave the money in for the entire calendar month because it's based on minimum daily balance, but the statements don't come on a calendar month basis; they come mid-month.
They made errors with my account, charging unwarranted fees. I got them reversed, but too much hassle.
Staff are unable to calculate accumulating interest during the year - they leave it as a surprise at the end. This is dysfunctional for those of us who calculate our RIF withdrawals based on other income received.

I know there were other issues but that's all I can remember at present.

Opening the account was a nuisance too, which makes me reluctant to close it in case they ever offer good rates again (ha!), but I am thinking seriously of doing so.

The staff are pleasant and knowledgeable, but that's not enough.

I do not like recommending FI to people. My mother had a RIF with GIC's at Outlook Financial. The withdrawal process was simple. December 31, XXXX determine withdrawal for year XXXX + 1. She had only one withdrawal on December 31, XXXX + 1. The process of withdrawal procedure was simple.
1. All GIC's compound interest. Accrued interest added to GIC on anniversary date.
2. December 31, XXXX + 1 withdraw money from account that pays lowest interest rate (i.e. savings account)
3. Next withdraw money from GIC with the lowest interest rate.
4. Repeat 3 until you have your annual withdrawal amount.
5. Pay funds to non-registered HISA.

I had to cash her check to transfer the funds to her checking account (i.e. to pay bills).

i know NOTHING about moving RIF GIC's to another FI RIF GIC account.

A while after she passed I started using Outlook. I am pleased with rates, service, and reporting.

Hope this helps your priorities.

You are correct, regarding Tangerine's minimum $1 transfer limit. However, EQ bank allows for 10 links and has no problem handling amounts under one dollar.

Loonie said
It turns out that the reason I couldn't login is because the accounts now go Inactive after only 90 days if you don't login!!! I've had no reason to login since April. They don't pay interest until the end of the calendar year, which further decreases any motivation to login.
  

I spoke to an SCU agent today about a matter and asked if Accounts go Inactive after 90 days at SCU - she said NO that is not correct. Perhaps you should recheck with SCU - if your agent told you that and the one I spoke to said another thing about the Inactive status. If true, it would seem very strange for Accounts to be considered Inactive after 90 days. I know that FIs will sometimes make accounts Inactive if you have $0 Balance. That did happen to me once - I needed the agent to reactivate the account so I could deposit funds.

The agent may have meant the online login account goes active if not used for 90 days and not the bank accounts.

Loonie said
IF an agent gave one of us wrong information about inactivity dates, then that is another complaint that I would have about Steinbach.
What time frame were you given for inactivity?
  

I was discussing another issue/product with the Steinbach agent - for which I did not get a clear answer. My question about the inactivity was just an aside and I did not get into the nuts and bolts of that. My main concern was not really answered clearly so it was a short conversation. Their not having do it yourself "me to me" transfers is not very state of the art. Credit Unions, in general, have never impressed me. Obviously Loonie's experience supports that feeling.

Loonie said

It's true Steinbach doesn't support me to me transfers, and that is a weakness for many of us on this forum. But, then again, I don't know of any of the big banks that offer it either, so I guess you wouldn't consider them very state of the art either.

I deal with Scotiabank and iTrade and I am able to do me-to-me transfers - I do it via my iTrade account which is linked to external accounts and also linked to my Scotiabank Chequing and Savings - works very well to transfer "me to me" to/from Scotia from/to external.
You are correct each CU is "unique" some are just too unique. I actually do like Hubert because you can link a huge number of external accounts so easily.

I agree completely, Loonie. Steinbach Credit Union staff do get strong marks for customer service and overall pleasantry, but for me personally, the unnecessary sundry fees and, principally, the interest calculation and annual payment methodology are my strongest reasons why it's a fairly hard avoid for me (not as hard as Motus Bank/Meridian Credit Union, though).

Cheers,
Doug