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Online Banking
December 27, 2011
10:13 am
88kanaka
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rick said:

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...

Rick....read on
http://depositguarantee.mb.ca/

December 27, 2011
10:20 am
reg
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I "read on" and am wondering what you meant by that.

Is it a good thng, a bad thing?

I have money invested in Achieva and Outlook and with the bank rates being a ripoff am going to stick my money in the credit unions unless I can negotiate something decent with a bank as there is a huge amount coming due in a few years.

I am so annoyed with the banks, they make billions of profit and couldn't care less about people wanting to expect a decent return for their hard-earned money. I honestly don't understand why anyone deals with banks anyway. Anyone care to enlighten me?

December 27, 2011
11:20 am
88kanaka
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reg said:

I "read on" and am wondering what you meant by that.

Is it a good thng, a bad thing?

I have money invested in Achieva and Outlook and with the bank rates being a ripoff am going to stick my money in the credit unions unless I can negotiate something decent with a bank as there is a huge amount coming due in a few years.

I am so annoyed with the banks, they make billions of profit and couldn't care less about people wanting to expect a decent return for their hard-earned money. I honestly don't understand why anyone deals with banks anyway. Anyone care to enlighten me?

As I mentioned earlier in this post.

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!!!

I agree with you. The big 5 have poor rates, are service fee driven, and have increased profit by creating less costly ways of doing business by taking calls over seas, ATM's and Online Banking and they have not realized when you do make the odd visit to a branch their customer service should be outstanding. They have let their good people go and have kept the ones that are brain washed with corporate philosophy and have increased the percentage of employees that offer poor customer service. The big 5 have lost the concept of what investment customers want.

December 27, 2011
11:27 am
cmore@shaw.ca
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Go Bankrupt...p-l-e-a-s-e!

I have dealt with Achieva Financial for over 10 years and will routinely review the financial statement of their parent company Cambrian each year --- which you can access as well online. Achieva Financial, as well as all Manitoba credit unions are regulated and have deposit insurance through the Deposit Guarantee Corporation of Manitoba, which is has annually tested Actuarial Reserves.

I wish people would do their homework and have all their facts before making statements such as going bankrupt, which is totally unfair. Also, while I can not comment on Accelerate Financial, they too appear to have a very strong credit union baking them financially.

As for Achieva, you can open your account online and transfer funds electronically to and from your bank account.

December 27, 2011
1:05 pm
88kanaka
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Guests

rick said:

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...

Rick...just to add to cmore's comment.....Credit Unions that begin to have financial issues usually merge with a stronger institution and often the reason is transparent to the consumer!!

December 31, 2011
12:09 pm
NorthernRaven
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I think if Rick were willing to provide an indication of his professional affiliation it would provide interesting context to his comment.

The Manitoba GIC rates are somewhat anomalous at first glance, and I've put in a bit of spare time to understand them. The short version is that part of the cost is merely money that would otherwise be paid to members as dividends and patronage refunds – for a bank shareholders and customers are not the same group. Also, Manitoba credit unions tend to be quite "efficient" (a technical term) – Crosstown and Cambrian in particular have some of the lowest operating costs of any credit union in Canada. If you look at the various financial numbers, Manitoba credit unions seem to fall well within the Canadian range – Saskatchewan for instance is at the conservative end of things, but major Manitoba credit unions certainly don't seem wildly out of place compared to say, BC or Ontario.

Staying with CDIC is a perfectly reasonable decision. But if one actually wants to make a judgement on Manitoba or provincial guarantee systems in general, it would probably be better to do a little info gathering before tossing off a silly FUD-fest… :)

Perhaps when I get a little free time I'll start a thread and provide some of my impressions after having looked into this a bit.

December 31, 2011
2:40 pm
NorthernRaven
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I've started a thread on the general topic of Manitoba rates and provincial deposit guarantees.

August 28, 2012
6:18 pm
paj
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I think Rick's concerns are valid. Many people have invested in CROCUS, an alleged Manitoba backed "Labour Sponsored Investment Fund" (LSIF.) Most have lost most of their investment while waiting for years for a final court settlement for a few cents for their dollars invested. Seems to me the government or courts aren't too keen on rescuing the investors.

People's Trust does have good rates, but don't believe them when they say they are working on internet access (ie to view your accounts) or on-line banking (ie to trsf money on-line). They have been saying for years that by the end of the current year they may have internet access. I doubt they ever will and think they will continue to say they are working on it, which cost them nothing but attracts customers.

April 22, 2013
2:56 pm
smithjames
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Bil said

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

hey,
I think,you can not transfer money through online service , you can transfer it via cheque or you can use your debit card. these are the ways via which you can transfer you money.

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