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Online Banking
September 3, 2011
8:35 am
Bil
Guest
Guests

I'd like to know what mean Online Banking with Accelerate Financial ? Can we transfer money IN and OUT by using online banking ?

I'm from Quebec and I think Accelerate is the best for my money (since I cannot open an account with Hubert).

Thank you for your answer.

Bil

September 5, 2011
11:56 am
julius
Guest
Guests

No, you cannot transfer money online. All withdrawals (they will mail you some cheques, one free per month) and deposits are done by cheques or by debit card (they will mail you) to be used ONLY in any Credit Union's so-called ACCULINK network, which may or may not be available in Quebeck and subject to debit card limits. However, you can check your account online. Julius.

September 6, 2011
10:21 am
Doug
West Kelowna
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Forum Posts: 2682
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Oh, that's very lame of them. They really should change that - online and EFT transfers are more cost-efficient than cheques. I like that they offer cheque withdrawals but offer people the full gamut of options. Good to know - I've moved AcceleRate into the "don't deal with" column until they fix this. :)

Cheers,
Doug

September 6, 2011
3:22 pm
Bil
Guest
Guests

Thank you Julius.

2.2% is the best rate that I can get so I will give it a try and send them check.

Bil

September 6, 2011
11:40 pm
NorthernRaven
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I hadn't bothered looking into the details of the Manitoba credit unions until Hubert, and I assumed they all had online ETF transfers to external accounts (as Hubert does). It looks like besides AcceleRate, Outlook and MAXA also lack this capability (and Achieva seem to have it)? Might be something Peter wants to incorporate into the "OB" column on the chart.

September 7, 2011
1:52 pm
Bil
Guest
Guests

For me, the problem is that Hubert does not accept people from Quebec yet. They said they are working on it. Accelerate does. So it is my best choice for now.

September 7, 2011
8:09 pm
Jim
Guest
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Because your Accelerate account is a full chequing account, you can easily push money to it, or pull money from it, via Ally. I assume you can open an Ally account in Quebec? It makes a great free money transfer hub. Test deposits make it easy to link your accounts with Ally as you don't have to mail in paper cheques.

September 7, 2011
8:34 pm
NorthernRaven
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Ally doesn't offer Quebec accounts yet, although they've been "working to bring our products to" Quebec ever since they started... :)

Actually, Ally (and Hubert) can connect to savings accounts just as easily as chequing accounts - you just need the bank/transit/account info.

September 10, 2011
8:29 am
Jim
Guest
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True, but my use of the term "easily" was referring to the setup since you have to dig up the required bank/transit/account info numbers which are right there on cheques.

September 10, 2011
8:34 am
Bil
Guest
Guests

I just sent 2 cheques to open 2 accounts (my wife and me). Don't know how much time it will take before accounts open and money deposit.

I'm little bit afraid of the Deposit Guarantee Corporation of Manitoba. Don't know if it is REALLY 100% safe. I guess so.

September 10, 2011
6:19 pm
julius
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Good choice, Bill. The link to check out the guarantee is depositguarantee.mb.ca; notice the coverage is not limited to 100K (thus is excellent to park all cash in a joint account these days) and is not limited to max 5 years deposits (in today's environment you wouldn't want to go longer than 3 years anyway) as with CDIC. The 100K sounds like a big chunk, but for a day-to-day use of any checking account you would not be worrying about CDIC equivalents. Julius.

September 11, 2011
10:21 am
Bil
Guest
Guests

Julius, I checked this link before and it seems to be safe, but nobody ever had to used the guarantee. I hope Accelerate will stay in business for long time... :-)

I was with ING and ICICI before. 2.2% is better than 1.5 and 1.6. And money stays in Canada. So we'll see how good it is !

September 12, 2011
9:42 am
toto
Guest
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Bil said:

I just sent 2 cheques to open 2 accounts (my wife and me). Don't know how much time it will take before accounts open and money deposit.

I'm little bit afraid of the Deposit Guarantee Corporation of Manitoba. Don't know if it is REALLY 100% safe. I guess so.

I have read the guarantee, it does sound good, I have lots of money in Accelerate and Maxa, problem is I have more money to put in GIC's and no one can compete with the Manitoba CU rates, I want their rates but a bit nervous about putting most of my savings in Manitiba. Does anyone else on this blog put all savings with Manitoba CU, Thank

September 12, 2011
10:43 am
NorthernRaven
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I've currently got a large chunk with Hubert, but it isn't close to the value of my total assets or cash-like substances. I wouldn't be very worried about an individual CU going bust – pretty unlikely for these larger institutions and the deposit insurance corp would be able to clean it up. If an unlikely monstrous catastrophe hit the Manitoba economy and the entire CU sector was on the edge, there would be a lot of pressure on the Manitoba government to keep the deposit guarantee corp afloat, since if it failed to make good on any losses people would flee from all credit unions. Still, everyone should make their own decision on their level of comfort, and prudence would probably suggest not putting your entire portfolio in Manitoba.

You might check Peoples Trust. Apparently, although their publicly quoted rates are well below the Manitoba CUs, they offer better rates directly to their customers, and pretty much match the Manitoba GIC levels. There is info available on how to log in and view these rates. My guess is that they want to avoid giving these rates to GIC brokers and such, but I don't know what it takes to qualify for the direct rates (just a bank account with them, perhaps). They are a CDIC-insured chartered bank, so there might be a greater comfort level, although I don't know much about them otherwise.

September 12, 2011
3:17 pm
Bil
Guest
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toto said:

I want their rates but a bit nervous about putting most of my savings in Manitiba. Does anyone else on this blog put all savings with Manitoba CU, Thank

Exactly the same for me. I'm also a bit nervous about putting a lot of money in Manitoba. It's a lot of cash. But I can't imagine a guarantee that cannot covers a failure. So I decided to trust it. Right now, most of my cash (which is part of my total asset) will be with Accelerate Financial. I also hope it's safe.

September 12, 2011
6:17 pm
Kanaka
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Bil said:

toto said:

I want their rates but a bit nervous about putting most of my savings in Manitiba. Does anyone else on this blog put all savings with Manitoba CU, Thank

Exactly the same for me. I'm also a bit nervous about putting a lot of money in Manitoba. It's a lot of cash. But I can't imagine a guarantee that cannot covers a failure. So I decided to trust it. Right now, most of my cash (which is part of my total asset) will be with Accelerate Financial. I also hope it's safe.

I used to subscribe to a Money Magazine in Canada and I asked their gurus about the guaranteed and was re-assured it is safe. Keep in mind these are virtual off shoots from the main stream CU and they are not full service operations and offer us good rates and wonderful service as a result. If any one here is from BC….do you remember Citizens Bank an off shoot of VanCity. Great service and great rates. VanCity shut it down but no one lost any money. And keep in mind even though CU's in BC are covered by the BC Govt some still go awry and then they silently merge to re-align them selves ….like Envision and First Savings. The CUDC is NOT govt. backed though. I deal with Accelerate and Outlook for the reasons of rates and early withdrawal policies. And it is always a good idea to spread your money around….don't put all of your eggs in one basket. If these folks in MB can offer the rates….then are the big 5 ripping us off….absolutely!!!

September 12, 2011
9:55 pm
toto
Guest
Guests

thank you for all the responses, this blog is very helpful, I am going to check out people's trust

September 13, 2011
11:10 pm
toto
Guest
Guests

thanks Northern Raven, I got my rates from people's trust that I wanted with the link you gave me, I wasn't a client but no problem, same rates as Manitoba CU , with the CDIC insurance, very helpful!

September 15, 2011
2:20 pm
Bil
Guest
Guests

I opened 2 accounts, one for my wife and one for me. Debbie called my wife because she has no credit history at Equifax so she asked to send a copy of an ID plus a commissioner signature (I don't understand that part but it was easy for us). We did that and it's now fix. She said my account was opened yesterday and my wife today. So if it's right, our account was opened in less than a week.

Everything was fast and I'm really happy. Debbie is really a nice person to deal with. So now I'm waiting for my all paper.

Great job Accelerate.

December 27, 2011
8:55 am
rick
Guest
Guests

the saying goes, if it is too good to be true then their is a big question...the reason Manitoba Credit Unions pay high interest rates is that they are NOT CDIC insured....they are not even Manitoba Provincial government insured..if the Achieva's /Accelerate's and Maxa's were to go bankrupt the Government would not step in to cover losses for investors across Canada with Manitoba taxpayers funds.. and how much does the Credit Union insurers have on deposit? I could not find this amount anywhere...you would think they would make this public.....as for bailing out the investors in a run on deposits or a collape this would not be political acceptable and not likely to happen...so buyer beware and take this risk seriously...

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