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Recent experience?
April 21, 2022
1:16 pm
Windrider6
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Can anyone provide information about their recent experiences with AcceleRate Financial? The reviews are all old.

April 21, 2022
4:01 pm
pcs
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If Aug/Sep 2021 is recent enough ... I'm quite happy with my experience to date, Full disclosure : I'm using them only as one of my HISA&GIC repositories, not for everyday banking/bill-payment/etc; but they did issue paper cheques and an ATM card so I have the ability to do more if desired.

* account opening was straightforward : although it did involve filling/printing/mailing PDF forms, they emailed me as requested as soon as they received the paper forms (so didn't have to wait for return postal delays) and everything else I could do over the phone or (once set up) online ... from memory, took less than 2 weeks from starting to fill the forms to having funds deposited into the Accelerate HISA, including elapsed time (5 days) to link to another institution (EQ as it happens) and do test-push and -pull transfers each way (and some of that 5 days was my delay).

* their telephone support is comparable to Hubert (i.e. excellent) IMHO

* one point to note : when opening a GIC I did have to phone them to get the "AccelerateFinancial" GIC rates. Using the underlying AccessCU online banking platform one can only get the AccessCU GIC rates. This limitation was described as "might change in the future" : we'll see what happens post-merger (see next).

* second point to note (JIC you're not aware) : AccessCU(Accelerate), SunovaCU(Hubert) and NoventisCU are merging July 1st 2022. They are each saying publicly that it'll be "business as usual" after the merger but some changes are to be expected in the product offerings, the interest rate competitiveness, the online banking platform functionality and the overall experience as the parent CUs and online divisions evolve subsequently (months/years).

Hope this helps.

April 21, 2022
4:03 pm
pcs
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BTW : welcome to the forum !

April 21, 2022
4:16 pm
Windrider6
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Thank you pcs.

I've only dealt with one major bank at a time, and never an online bank/credit union, but I'm sick of the inconsequential interest on my savings.

I'll e-mail this company with questions. I'm enthused by the high interest rate, but not by what seems to be the necessary filling out and mailing of forms for everything. I thought that transfers from bank to bank were easy, but not according to the list of forms that AccelerRate has. I wonder how easy it will be to transfer money from/to my main bank account. Thus my questions to them.

April 21, 2022
4:37 pm
pcs
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Sorry, one other thing I've remembered which I should have mentioned : they do allow only one withdrawal per month from the Savings account (which kinda limits the usefulness for everyday banking IMHO (:^)). See https://www.acceleratefinancial.ca/service-solutions/fees
if you haven't already.

Re online transfers : as I say, I have set up the link the e-transfers between ACL and
* EQBank, at the EQB side
* Hubert, at the HBT side (which will of course become redundant post-merger)
and had no problems. ACL don't implement the links themselves(*) but they process the transfers just fine. So really it depends on whether the other FI will support linking to ACL.
(*) again, may chnage post-merger, since Hubert does do linking quite happily

Hope you get your questions answered : as I say, actually phoning them might be surprisingly pleasant if you're used to dealing with hour-long-holds at the Big Banks and elsewhere.

April 26, 2022
1:54 pm
Windrider6
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They replied to me:

"Accelerate does not have the capability to set up any links to another Financial institution."

It is clear that the only way to transfer large amounts of money (more than $1500), into and out of an Accelerate account, is by cheque. Since the reviews for their Android App make it clear that it is unreliable, the only way to deposit into an Accelerate account is by mailing the cheque to Accelerate.

I noticed that their Terms & Conditions still list their old credit union name, despite the change 15 months ago.

I've learned that other FIs listed here do better than this, so I will not go with Accelerate.

April 26, 2022
2:22 pm
pcs
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Sorry to hear that Accelerate doesn't fit your needs : hope you find something more to your liking.

April 26, 2022
2:56 pm
Nehpets
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Windrider6 said
.......I've learned that other FIs listed here do better than this, so I will not go with Accelerate.  

Indeed! Why bother with Accelerate when you can deal with Hubert, their affiliate since the recent Manitoba mergers.

Hubert provides excellent service, full online banking services, easy links to external FI's and has the same Manitoba deposit insurance coverage as Accelerate?

Unfortunately Accelerate has fallen behind the times and is really unworthy of consideration by most people like those who participate in this Forum who require FI's to provide swift and comprehensive online services.

Stephen

April 26, 2022
5:11 pm
Shawguy
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I have an access credit union account as I am in Manitoba. I decided to open an Accelerate account last week. Because I already banked with Access, there was no additional credit check, and the Accelerate accounts were added to my Access login, so I can see both my Access and Accelerate accounts under one profile. I also have Hubert...so it will be interesting when that is also moved over to Access. They seemed hesitant to want to send an ATM card...and made it very clear that if I don't use it at least once every 12 months they will cancel the ATM card. But overall no issues 🙂

April 27, 2022
6:56 am
BlueSky
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Shawguy said
They seemed hesitant to want to send an ATM card...and made it very clear that if I don't use it at least once every 12 months they will cancel the ATM card. But overall no issues 🙂  

Most bizarre policy, I must say.

April 27, 2022
1:23 pm
pcs
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Shawguy said
[Accelerate] seemed hesitant to want to send an ATM card...and made it very clear that if I don't use it at least once every 12 months they will cancel the ATM card.  

Interesting : they had no hesitation, in fact insisted, to send me an ATM card and a cheque book for the savings account when I opened it, even though I had said on the phone while setting up online that I didn't really need either of them. However, they did also say that the card would be automatically invalidated after 12 months of non-use.

I just phoned today to re-check some other related points : even with no transactions, the savings account will remain active through the term of the GIC, and even without a GIC running, would remain active indefinitely if the balance is > $100-00. The cheques will remain valid while the savings account is active, as one would expect.

April 27, 2022
6:11 pm
RetirEd
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When I tried to set up at Hubert (now with Accelerate) about for or five years ago, they said they were not interested in clients - even with large deposits - who wanted to do all their business by phone or mail. So I didn't open anything. Accelerate itself said they could, but at the time their rate, fee and transfer structure didn't suit me.
RetirEd

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