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CT lowers HISA rate....
February 3, 2022
9:36 am
cgouimet
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KamWest said

I was thinking that but the setup process seems cumbersome, then there is the whole merger thing etc.

I thought Saven for the rates until the merger at Hubert and then if they hold the rates move it there for the deposit protection.  

It's really not that cumbersome.

As you know, the merge has been approved. If it results in Hubert "eventually" unable/unwilling to competitively meet my needs/wants, I'll shift elsewhere then ...

CGO
February 3, 2022
9:39 am
canadian.100
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savemoresaveoften said
if u need a "lot" of $50k clip transactions to move money out, I will say while CT bank is safe in general, its not like the big 5 nor Tangerine when it comes to the ultimate safety. Certainly dont want to get caught in the middle like Lehman or Bear Stearns which were considered some of the most safe names, until $hit hits the fan....My nickel's worth of advice  

I believe Scotiabank has a % ownership of CT and its financial operations.
Would think that Scotiabank would absorb CT Bank in the unlikely event it was needed. I would not compare CT Bank to Lehman, Bear Stearns which were involved in high risk derivatives etc. CT Bank is really a very simple operation and certainly not very state of the art.

February 3, 2022
10:52 am
Loonie
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Re: Hubert, one has to consider, what would be the alternative for unlimited insurance, if that is a priority?
I'm not convinced there is anything that's going to be better.
My guess is that while Hubert offerings will suffer, it will still be a fairly good bet compared to other MB CUs.

February 3, 2022
12:41 pm
smayer97
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KamWest said
I meant to ask this as well...

Has anyone done a pull from CTC?

How would I set that up so I can pull out my funds in one step.
Without a cheque to send to the receiving bank for linking I am shit out of luck.  

I have done pulls from CTC from Manulife. Linking was possible because Manulife accepted the CDN Tire Direct Deposit form instead of a cheque, which you can print off yourself online. So you can do likewise if your bank accepts this.

Normally pulls do not have have limits. My notes state that pushes have limits of $50K from CDN Tire but you can call for an override.

Last time I did a pull was in May 2021, so YMMV, as things can change.

February 3, 2022
2:48 pm
Norman1
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People have reported mixed results linking to the Canadian Tire HISA at another financial institution.

Some people had their confirming microdeposits bounced back by Canadian Tire Bank. Others found their microdeposits were accepted and were able to complete the linking process at the other financial institution.

February 3, 2022
5:52 pm
Bill
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Yes, last I heard Scotiabank owns 20% of Canadian Tire Bank with option to buy another 29% until 2024 or so. Scotiabank also holds Tangerine as a wholly-owned subsidiary.

I'm not sure how likely it is that Scotia would absorb the former in the unlikely event of trouble, I'd assume pretty likely to do so re. Tangerine if needed.

February 3, 2022
6:46 pm
Norman1
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Bill said

I'm not sure how likely it is that Scotia would absorb the former in the unlikely event of trouble, I'd assume pretty likely to do so re. Tangerine if needed.

No sane shareholder would do that and become liable for a troubled bank's liabilities!

February 4, 2022
5:41 am
savemoresaveoften
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Norman1 said

Bill said

I'm not sure how likely it is that Scotia would absorb the former in the unlikely event of trouble, I'd assume pretty likely to do so re. Tangerine if needed.

No sane shareholder would do that and become liable for a troubled bank's liabilities!  

+1
I peg it 0% chance BNS will assume any CT bank liabilities
I peg it 50%-100% chance BNS will assume Tangerine liabilities if it fails.

Tangerine is 100% owned by BNS, so they will at least "think hard" to rescue it unless doing so will put BNS under stress as well. BNS executives will not think twice to let CT bank fail.

And while some said "cant compare to Lehman / Bear Stearns cuz they do high risk derivatives". The truth is the normal Joe Smith had ZERO clue what those 2 banks did and even the whole world of financial whizkids and the most conservative CROs did NOT label those as "high risk" back then. One only knew those 2 names as massive financial powerhouse of the US and the world.
OF course it is easy to label them after the event and the cause and effect were dissected... I was in the industry so I knew the story better than most. Just saying I will have more faith in big 5 to survive than CT bank any day, under any stress situation. As such I keep it at 100k and thats it.

February 4, 2022
10:48 am
HermanH
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savemoresaveoften said I peg it 50%-100% chance BNS will assume Tangerine liabilities if it fails.

Tangerine is 100% owned by BNS, so they will at least "think hard" to rescue it unless doing so will put BNS under stress as well. BNS executives will not think twice to let CT bank fail.

The only reason BNS would take on Tangerine liabilities is if BNS thought they might suffer repercussions from a Tang failure. i.e. a Tang demise causing significant loss of confidence in BNS. The potential BNS losses would need to massively outweigh the known Tang liabilities at the time of failure.

February 4, 2022
11:06 am
cgouimet
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I simply ensure that we stay within CDIC limits at TNG (and elsewhere). So that's $300k between my wife and I, and only if the rates are competitive. This way, I don't need to think/worry about all the what-if's of any kind of TNG/BNS failure.

I'm not a fan of MB weather or politics but I am a fan of the DGCM (Deposit Guarantee Corporation of MB) which guarantees every dollar on deposit in MB Credit Unions without limit. So that's where we keep our Cash and GIC's except when TNG have better offers for at least 3-4 months ...

CGO
February 9, 2022
8:58 pm
KamWest
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I am happy to say my account at Hubert is setup and once my micro deposits arrive I am doing one large pull out of CTF.

A live person answered at Hubert and helped me set everything up.
So by the time the rate decreases at CTF I will be safely nestled at Hubert.

I tried unsuccessfully for 3 months to get Saven Financial hooked into CTF and was able to achieve that with one phone call to Hubert.

The Hubert 1 year flexible term at 2% is now my preference and the fact that the deposit is 100% guaranteed regardless of size is a pleasant side benefit.

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