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8:22 pm
Hi,
I'm Interested in opening an account here but from viewing their website I can't seem to locate any information on Bank to Bank transfers.
Is anyone familiar with the ease/difficulty of moving funds to and from Achieva Accounts. I currently am at RBC but am moving a large sum to CanTire Financial soon and am also looking to move similar here if it is easy to do online transfers if a better option comes up else where.
Thx for any assistance
A.B.Ames
8:44 pm
I've read about these bank to bank transfer concerns and I have to tell you that once you consider the other ways you gain access to your funds with Achieva through online, direct transfers, ATM & cheques, this is a very small issue for the rates you recieve, with full insurance on savings, term deposits and RSPs. I opened my account first with these concerns, now I'm moving my RSPs over from BMO.
7:05 pm
I want to tell everyone that wants to listen...if you are looking for Great rates on all your investments, with an easy application and online banking system open an account with Achieva.
Yes, I too wish they have bank to bank transfers, however, I set-up a monthly direct transfer from my VanCity account to Achieva's high daily savings, I am laddering my retirement savings with their great term deposit rates and have full access to my savings with an ATM card and cheques (which I have yet to use).
Their staff have been very helpfull getting started, as I had some questions ragarding their 100% deposit guarantee and I love the fact they deposit $1.00 per month in my account for simply taking an online statement!!!
Go Achieva.
8:03 am
Achieva is a great place to park some money if you plan on leaving it there for a while AND you don't plan on using it as an emergency fund. You can withdraw funds with an ATM card, but only up to your daily limit ($500 I think), and you have to wait as long as two weeks to settle a bank-to-bank transfer (both good reasons why this account is not good for emergencies). Achieva's term deposits are also 100% locked-in, so once you deposit your money, only a court order can get it out again before the term expires. Having said this, I agree with previous posters that the customer service staff is excellent. Also, all your accounts are fully-insured even if they exceed $100K (unlike CDIC with insures upto $100K) by the credit union deposit corporation (or something like that).
4:17 pm
When I transfered RSP funds from bank to bank , there was a fee ($25-50), but not for regular account. However, the bank that I was moving the funds to was happy to pay the fee, as long as I was transfering a reasonable sum. It took 3 weeks for them to move the RSP funds but they tacked on some interest which was nice. I was told you can go to either bank to move the funds, so I went to the bank that I was moving the funds into, since they might take more interest and move it along quicker. (didn't happen)
4:12 am
Achieva is a great place to park some money if you plan on leaving it there for a while AND you don't plan on using it as an emergency fund. You can withdraw funds with an ATM card, but only up to your daily limit ($500 I think), and you have to wait as long as two weeks to settle a bank-to-bank transfer (both good reasons why this account is not good for emergencies). Achieva's term deposits are also 100% locked-in, so once you deposit your money, only a court order can get it out again before the term expires. Having said this, I agree with previous posters that the customer service staff is excellent. Also, all your accounts are fully-insured even if they exceed $100K (unlike CDIC with insures upto $100K) by the credit union deposit corporation (or something like that).
My question is how do people who are using Achieva make deposits and withdrawals? 2 weeks for bank to bank transfers is unacceptable. Do you have to do it through snail mail? It sounds to me like their online capabilities are very limited. How much do they charge you to withdraw your money? Their service fees seem extremely excessive. (eg. $25.00 if you don't use your account for 6 months?)
http://www.achieva.mb.ca/Produ.....eFees.aspx
6:54 pm
I am a long time Achieva Financial customer --- in fact, I opened my account just after they opened in 1998 and have steadily transferred all my primary savings to them over the years, as they consistently offer among the best rates on savings, RSP, terms & now TFSA. Plus they are much better to deal with than ING!
While my understanding is they will be introducing an electronic funds transfer later this year, I have never had a problem accessing cash through an ATM, in-fact I have a direct deposit going from my RBC account to Achieva every month as well.
In the meantime you can simply mail in a cheque from your primary bank and you can also write cheques on your Achieva account --- which I do from time to time. Yes, all new deposits have a seven day hold, however, that has never been an issue and you always earn interest starting day-one.
For the four to five transactions I do monthly, their fees are not an issue, in fact they give me $1 every month because I take my statement electronically online. I also called their customer service department (which is excellent) to ask about the $25 fee you quoted and that is used VERY rarely on accounts that have zero activity and next to no balances.
Hope this helps.
1:02 pm
As a long term customer of Achieva, I was thrilled to see they are now offering online electronic money transfers. 😎 You can sign-up through their online banking site or apply for it as a new customer when opening your account.
Having an account for over 7 years, this was my one and only complaint, as their rates are always one of the best, fully insured and offer a full product line for RSPs and locked-in RSPs, when I transferred my old pension from London Life.
It is simple, you, just have to sign-up and mail them a voided check from your other bank account.
5:02 pm
cm@gmail.com said:
As a long term customer of Achieva, I was thrilled to see they are now offering online electronic money transfers.
You can sign-up through their online banking site or apply for it as a new customer when opening your account.
Having an account for over 7 years, this was my one and only complaint, as their rates are always one of the best, fully insured and offer a full product line for RSPs and locked-in RSPs, when I transferred my old pension from London Life.
It is simple, you, just have to sign-up and mail them a voided check from your other bank account.
I have been doing some research on Achieva to try and figure out if opening an account and possibly moving my funds there is a good decision. I have found your comments helpful. I am just worried that they are not covered by the government and instead by the Manitoba deposit insurance which has around $200 million in reserves in case something should happen. That seems rather paltry sum when you consider they have to cover over $10 Billion. How has your experience with Achieve been? Do you work for them? Is it safe? Your input would be much appreciated.
7:11 pm
I have had an account with Achieva for many years and have moved most of my savings from RBC, ING and the old Citizens Bank. Over the years they have always had among the best rates available for savings and GICs, with all their deposits being RSP & TFSA eligible.
The only one complaint I had was not having a direct electronic money transfer as ING had, however, this was introduced last year and works very well between my primary RBC account and Achieva. It was easy to set-up and I can easily move funds from one account to another.
As for safety...what can I say? They have a 100% deposit guarantee and while I can't comment to the reserves you speak about, I do know that this fund would have to be externally monitored as any other fund of its type. That said, I also know that no depositor has ever lost money with a credit union in Canada for failure and specific to Achieva's parent company Cambrian Credit Union, they post their annual reports and quarterly financial position for all members to have access. They are a very stable, well capitalized company that has been in existance for many years.
At the end of the day...you have to put your deposits where you seem most comfortable.
7:56 pm
A.B.Ames said:
Hi,
I'm Interested in opening an account here but from viewing their website I can't seem to locate any information on Bank to Bank transfers.
Is anyone familiar with the ease/difficulty of moving funds to and from Achieva Accounts. I currently am at RBC but am moving a large sum to CanTire Financial soon and am also looking to move similar here if it is easy to do online transfers if a better option comes up else where.Thx for any assistance
A.B.Ames
How about Hyperwallet. It is kind of like Paypal but it allows movement from a CU to a bank etc. It is not immediate and the service charge is 75 cents.
7:06 am
Correct, the transfer will take one to two days to settle. It is explained under Manage Your Account on Achieva's Web Page, however, you need to set this service up after the account is opened. I believe transferring funds into Achieva is free, transfering out has a fee. I also have auto savings moving from RBC, which is done monthly and is at no charge as well.
10:59 am
Thanks for the tip on Achieva, I just finished opening my account last month, I've got an ATM card and cheques Ally don't provide and have set up a direct transfer from my VanCity account. Very simple process and some great RSP rates as well. Do you know the also pay you a buck a month for taking an online statement? Sweet!
5:59 am
I am living in the province of Quebec and I must admit that Achieva is the best among all the Financial Institutions regarding the rates and fees. I move a very large number of my RSP 7 years ago and I am fully satisfied of their service. Moreover, at the beginning of 2011, I have transferred interests earned in my TFSA to my Savings Account and then made a lump sum with my 2011 contribution to TFSA. As this is not allowed according to the rules on TFSA, I wrote through secure messaging to bring my doubt to their attention. The Achieva employee replied to make sure she understood me well and consequently was kind enough to remake the transfer in the proper way even though if we were 12 months later. Thus I shall not be penalized for my mistake about the way direct tranfers has to be done to a TFSA. I was, of course, the one who rings the bell about the problem I had created to myself. But overall, what a great service !
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