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Savings account application rejected
August 25, 2011
2:53 pm
Sev
BC
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Forum Posts: 3
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August 25, 2011
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After carefully reading through all the fantastic information on this web site, I applied for a savings account at Achieva. I was quite excited about it since it's a much better rate than my BMO and ING accounts. To my great dismay... my application was rejected because of the "results of their credit investigation". I phoned them to find out what that means, exactly, and what I can do to get accepted in the future. But the lady would not give me a straight or helpful answer.

I was worried that Achieva's credit check would reduce my poor credit rating even further, but I had NO idea that my poor credit rating would actually prevent me from getting an online savings account.

August 26, 2011
7:42 am
sarben
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Just for intrest sake, what were the main reasons you went for Achieva?

August 26, 2011
12:56 pm
Sev
BC
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August 25, 2011
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I should first explain what I'm looking for: I have RSPs, a small savings account, and a small pension that I'm thinking of putting into a locked RSP (no idea if that's a good thing to do).

I wasn't comfortable with Hubert because I read about some security concerns (and some other poor feedback). And it's also such a new entity. I thought I would stick with someone with a little more experience in the virtual banking world.

I also looked at Accelerate, Achieva and Outlook. And they seemed to be pretty similar. Accelerate has a slightly higher rate but I don't like the $50 transfer fee for RSPs, and what really killed it is that they don't yet offer EFTs. Plus, Outlook offers locked in RSPs.

I originally didn't look at Ally because they don't offer RSPs. But since Achieva doesn't want my money, I applied for a HISA account with Ally.

March 2, 2013
7:12 pm
ttb
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November 12, 2012
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They have added a lot of rules ( they = government) I believe this institution rejects applications based on potential creditor risk, its really unfortunate considering this place is used mainly used for depositor/savings purposes, sorry for your experience. Cast your vote with your money and move your money to someone else.

March 2, 2013
11:40 pm
Doug
British Columbia, Canada
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December 12, 2009
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Sorry to hear that; that is indeed one of the bad things about credit unions. They aren't nearly as regulated as banks and have pretty much "free reign" in terms of who they choose to accept as members. :(

Cheers,
Doug

March 3, 2013
8:58 pm
Rick
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February 17, 2013
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Might want to go to Transunion and Equifax and get a free copy of your credit report. Errors do happen and they are a pain to fix, but at least you are aware of the situation.

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