Yet another problematic financial institution... | Steinbach Credit Union | Discussion forum

I've been dealing with this CU for a few years. Had a couple of minor annoyances and snags along the way, and should have avoided. Made the mistake of trying to do business with them again (GIC purchases). Regretting it already. My advice to fellow forum readers is to avoid SCU. They're just not worth the hassle.

For example, they are the only FI that I know of that only gives you interest on money that is in the savings account for the FULL month. Got that? So if you transfer money into the savings account, waiting to buy a GIC or to leave it in that HISA, you get scr*w*d out of your interest until the first of the following month! How ridiculous is that? On top of that, they only pay the interest at the end of the year instead of monthly (like everyone else). For those reasons, I stopped using the HISA years ago.

But this time, I've been buying just GICs from them. They have a dumb way of doing it. First, the money goes into the HISA, and then a different department does the actual GIC placement. You lose a few days of interest from when they pull the money until the GIC start date, which isn't fair, but not too bad. No, the real problem is for some odd reason it takes the "other department" far too long to actually fill the purchase order for the GIC. In my case, they pulled the money last Friday, Sep 6th, supposedly the GIC is dated from the 9th, however it has still not shown up in my account - a full week later! Last time it took 4 or 5 days to show up, this time it's even worse (for a large sum of money).

Also, when you message customer service, it take 3-4 days to hear back from them.

Anyway. It's my own fault for ignoring my own advice to avoid them in the future. Just wanted to give a heads up to anyone thinking of doing business with them. Don't. Just like People's, they're simply not worth the hassle.