Forced to close Savings Account | Achieva Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Forced to close Savings Account
July 9, 2015
2:38 pm
james1900
Member
Members
Forum Posts: 181
Member Since:
June 24, 2014
sp_UserOfflineSmall Offline

I was contacted by an Achieva customer officer to state that my account was "inactive". I initiated a transfer of $1.03 from Tangerine to Achieva immediately. Then she wrote: In reviewing our files, when this account was initially opened in 2011 you indicated that you had established it for General Savings Purposes. Since that time, no additional deposits have been made and therefore it appears this account may not be meeting your savings needs.

I bought a house in 2012 and every cent goes into the mortgage. So Achieva does not like me anymore. I will have to close it.

July 9, 2015
3:58 pm
Loonie
Member
Members
Forum Posts: 6440
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Interesting.
At least it doesn't seem that they have barred you for life! Are they also dismissing you as a CU member, or just closing this account?

Those questionnaires where they ask you what is the purpose of the account are annoying at best. I understand there is some regulatory requirement for them, but, honestly, it's nobody's business but our own as to the purpose. We are entitled to some privacy and the assumption that we are just going about our legitimate lives. They never give you any of the following options: to earn interest, to keep my money safe, it's better than hiding it under the mattress, etc.

They wouldn't care how many deposits you'd made if you had a lot of money in the account.

July 9, 2015
4:19 pm
Norman1
Member
Members
Forum Posts: 3452
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

According to Achieva: Online Statement Reward, Achieva pays members, who agree to online statements, $1 per month.

Achieva may not be interested in paying $12/year to members who don't have much deposited or who have no chargeable transactions because of inactivity.

July 9, 2015
5:47 pm
james1900
Member
Members
Forum Posts: 181
Member Since:
June 24, 2014
sp_UserOfflineSmall Offline

Norman1 said

According to Achieva: Online Statement Reward, Achieva pays members, who agree to online statements, $1 per month.

Achieva may not be interested in paying $12/year to members who don't have much deposited or who have no chargeable transactions because of inactivity.

If that is the case, they can expressively state what is the minimal balance to earn "$1/month" rewards.

July 9, 2015
6:04 pm
ertyu
Member
Members
Forum Posts: 104
Member Since:
January 4, 2015
sp_UserOfflineSmall Offline

It doesn't seem that unusual. Most financial services have inactive account policies. In what you pasted from them it seems like they didn't even ask you to close the account.

July 10, 2015
6:33 am
JustMe
Member
Banned
Forum Posts: 160
Member Since:
August 28, 2013
sp_UserOfflineSmall Offline

Those question 'purpose of account' are so silly... 'My purpose of account is to finance smuggling and money laundering as being a pimp I have to handle cash my girls bring in... should I mention I need liquid funds for all those 9mm'. Yeah, right. Criminals are dumb...

July 10, 2015
8:12 am
Bill
Member
Members
Forum Posts: 2018
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Initiating a transfer for $1.03 probably just reinforces to them that client is not serious about using their account with them.

I have a number of savings accounts with institutions, including Achieva, that have had virtually nothing in them for years and have never been asked about them. But I do make sure to keep a small GIC, $5K or so, with each institution, maybe that keeps them happy.

July 10, 2015
12:28 pm
james1900
Member
Members
Forum Posts: 181
Member Since:
June 24, 2014
sp_UserOfflineSmall Offline

I am more than happy to close the Savings account with Achieva. What I felt betrayed is that, they claim "no minimal requirement", but in fact they do not like low balance accounts. And what's more, they claim your account is inactive, no matter you make deposits or withdrawals. If they do not like low balance accounts, just say it. I will obey the game rules.

July 10, 2015
3:26 pm
jgclghrn
Member
Members
Forum Posts: 127
Member Since:
February 20, 2013
sp_UserOfflineSmall Offline

When I opened an account with them I was concerned that they considered an account dormant after 6 months with no activity. However if I remember correctly they said I had to keep more than $25 in the account to avoid it being declared dormant. Otherwise after 6 months they could declare the account dormant and the balance (up to $25) forfeit. So far my balance has been greater that $25 with stretches of 10 months with no activity and they haven't contacted me about dormancy.

Account fee link - See the dormant account info at the bottom of the page.

I also remember someone previously posting that they were contacted because of their very low balance and Achieva not being happy with giving them $1 a month for a paperless statement.

July 10, 2015
10:02 pm
Norman1
Member
Members
Forum Posts: 3452
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

jgclghrn said
...
I also remember someone previously posting that they were contacted because of their very low balance and Achieva not being happy with giving them $1 a month for a paperless statement.

I think this is the posting, from ttb in November 2012: Achieva Financial -> worst customer service experience ever

July 10, 2015
10:52 pm
jgclghrn
Member
Members
Forum Posts: 127
Member Since:
February 20, 2013
sp_UserOfflineSmall Offline

Norman1, thanks, that was the post.

July 11, 2015
8:24 am
Norman1
Member
Members
Forum Posts: 3452
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

james1900 said

I am more than happy to close the Savings account with Achieva. What I felt betrayed is that, they claim "no minimal requirement", but in fact they do not like low balance accounts. And what's more, they claim your account is inactive, no matter you make deposits or withdrawals. If they do not like low balance accounts, just say it. I will obey the game rules.

I think it is not as simple as that. I suspect they look at the entire "relationship" with a member.

I don't think Achieva would have a problem if a member were to have just $30 in their savings account but had $100,000 in five-year GIC's with them. Cambrian, who is behind Achieva, would at least be able lend the $100,000 out as a five-year mortgage at 2.64%. After paying 2½% on the GIC, they would have 0.14% or $140 left each year.

If they can be ahead at least $140 per year from the relationship, then I don't think Achieva would quibble over paying the $12/year paperless reward to that member with a $30 savings account. $12/year is 40% per annum on the $30! I can see some people becoming members just for the return from paperless reward.

There is a certain reality that all financial institutions face. They can't always serve everyone they would like to and have it be mutually beneficial. Having to show certain clients the door is not pleasant. I think the big banks take a less direct approach: Levy a $1/month maintenance fee on small accounts. The client will close it and leave on their own.

July 11, 2015
11:17 am
james1900
Member
Members
Forum Posts: 181
Member Since:
June 24, 2014
sp_UserOfflineSmall Offline

Norman1 said

james1900 said

I am more than happy to close the Savings account with Achieva. What I felt betrayed is that, they claim "no minimal requirement", but in fact they do not like low balance accounts. And what's more, they claim your account is inactive, no matter you make deposits or withdrawals. If they do not like low balance accounts, just say it. I will obey the game rules.

I think it is not as simple as that. I suspect they look at the entire "relationship" with a member.

I don't think Achieva would have a problem if a member were to have just $30 in their savings account but had $100,000 in five-year GIC's with them. Cambrian, who is behind Achieva, would at least be able lend the $100,000 out as a five-year mortgage at 2.64%. After paying 2½% on the GIC, they would have 0.14% or $140 left each year.

If they can be ahead at least $140 per year from the relationship, then I don't think Achieva would quibble over paying the $12/year paperless reward to that member with a $30 savings account. $12/year is 40% per annum on the $30! I can see some people becoming members just for the return from paperless reward.

There is a certain reality that all financial institutions face. They can't always serve everyone they would like to and have it be mutually beneficial. Having to show certain clients the door is not pleasant. I think the big banks take a less direct approach: Levy a $1/month maintenance fee on small accounts. The client will close it and leave on their own.

I totally understand "relationship" and respect all the rules any bank set. But the customer officer told me my account was INACTIVE. I made a deposit and it is still "inactive". This is not the correct way of communication. Just say what you mean.

Please write your comments in the forum.