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[EXPIRED] $500 bonus to new member opening chequing (conditions apply)
September 11, 2019
11:26 am
hwyc
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Can this be a good deal for some? Coast Capital Promotions Link

The Coast Capital Savings Federal Credit Union (the “Credit Union”) New Member Bonus Offer (the “Offer”) of $500 is available between September 9, 2019 and October 6, 2019 to New Members who (i) open a membership with the Credit Union and a Chequing Account (the “Account”) and (ii)(a) switch their eligible payroll direct deposit or other recurring direct deposit, or (ii)(b) set up an eligible recurring preauthorized payment of at least $50. The first qualifying payroll direct deposit or other recurring direct deposit must be received within 90 days of successfully opening a membership and an Account. The first and second withdrawal taken from the Account for the pre-authorized payment must be successfully withdrawn within 90 days of successfully opening an Account. For Joint Memberships and Joint Accounts, only the Primary Member is eligible to receive the Offer. Staff of the Credit Union are not eligible for the Offer. New Members must be ages 18 or older and must be residents of Canada (excludes Quebec) in order to be eligible for the Offer. New members must not have been members with Coast Capital Savings since January 2014. The $500 bonus will be paid within 30 days of eligibility criteria being met. Limit of one $500 bonus per person.

Payroll direct deposit or other recurring direct deposit conditions
Deposits categorized under the Canadian Payment Association code as payroll qualify for the Offer. In addition, pension, Employment Insurance, Old Age Security, Canadian Pension Plan, Workers Compensation, Parental Assistance and Income Security Benefit deposits qualify for the Offer.
Preauthorized bill payment conditions

This includes preauthorized bill payments or preauthorized loan, mortgage or credit card payments. It does not include transfers into other accounts or into accounts with other financial institutions.

The Credit Union reserves the right to terminate the Offer at any time.

Hm - "Coast Capital Savings" discussion forum is the only footprint here. So they are BC based with online access. It is the 2nd federally regulated credit union in Canada. So savings accounts deposits are CDIC insured.

September 11, 2019
11:55 am
Doug
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I don't know if this is worth adding at this point since, functionally, only B.C. residents are eligible to join Coast Capital Savings. I checked the fine print and it says if you have been a Coast Capital Savings member at any time since January 1, 2014, you are not eligible, regardless of whether you received a previous promotion at the time. I tried to see if this offer was being furnished by Canadian Credit Union Association, successor managers of the Get Your Share program, but it seems like this is a separate offer (otherwise, per terms of Get Your Share, you'd be ineligible if you have been a member of any credit union since April 1, 2013).

When Coast finally opens it up nationally, and it's by no means clear that'll happen this year, then we could add it to the "Promotions" page.

Cheers,
Doug

September 11, 2019
12:49 pm
hwyc
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@Doug, can you take another look ? I think it is already national (with the exception of Quebec).

September 11, 2019
1:41 pm
Winnie
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Doug said
When Coast finally opens it up nationally, and it's by no means clear that'll happen this year, then we could add it to the "Promotions" page.
 

    What's better than free chequing?
    Free chequing plus $500.

    New Members get a $500 bonus, plus no monthly fees with our Free Chequing, Free Debit and More Account.

    You must be the age of majority within the province you reside in. At this time we are not accepting applications from residents of Quebec.

As far as I understand, only Quebec is excluded at this time.

September 11, 2019
2:57 pm
Loonie
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I'm not too keen to initiate yet another bank account at this time, but it's a good deal, or seems to be, for non-QC and probably non-BC in most cases as most people who are interested in this FI probably already belonged to CC.

Does anyone know if the bonus will be taxable income? I know bonus interest is taxable, but maybe not this kind of bonus? I think other similar promos have not been taxed in the past but can't remember for sure.

I signed up for notifications from them ages ago but did not receive this info. Thanks for posting.

September 11, 2019
3:12 pm
Winnie
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Loonie said

Does anyone know if the bonus will be taxable income? I know bonus interest is taxable, but maybe not this kind of bonus? I think other similar promos have not been taxed in the past but can't remember for sure.

I had many similar bonuses before and none of them were included in my T5 slips.
I assume, that you can add bonus as your income, if you want them to be included in your taxes, but I never reported my bonuses, because I personally treated them as a gifts to me from banks or CU's.

September 11, 2019
3:44 pm
Doug
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Winnie said

Doug said
When Coast finally opens it up nationally, and it's by no means clear that'll happen this year, then we could add it to the "Promotions" page.
 

    What's better than free chequing?
    Free chequing plus $500.

    New Members get a $500 bonus, plus no monthly fees with our Free Chequing, Free Debit and More Account.

    You must be the age of majority within the province you reside in. At this time we are not accepting applications from residents of Quebec.

As far as I understand, only Quebec is excluded at this time.  

Correct, Winnie, that's what the promo T&C state; however, to be a Coast member, you must reside in British Columbia as that's what their current membership rules state. As a federal credit union, there's nothing restricting them from operating outside of B.C., but for some odd reason, they've chosen not to expand beyond B.C. yet nearly 1 year in to being a federal credit union.

Cheers,
Doug

Loonie said
I'm not too keen to initiate yet another bank account at this time, but it's a good deal, or seems to be, for non-QC and probably non-BC in most cases as most people who are interested in this FI probably already belonged to CC.

Does anyone know if the bonus will be taxable income? I know bonus interest is taxable, but maybe not this kind of bonus? I think other similar promos have not been taxed in the past but can't remember for sure.

I signed up for notifications from them ages ago but did not receive this info. Thanks for posting.  

Generally speaking, these sort of bonuses are deemed to be gifts (Norman probably can cite the correct passage in the Income Tax Act) and thus are non-taxable.

hwyc said
Sorry to be a pain but I just cannot find evidence on Coast Capital Savings to support the saying below.

however, to be a Coast member, you must reside in British Columbia as that's what their current membership rules state.

  

@hwyc, it doesn't say that within the promo T&C, as noted previously, but try and become a Coast member by changing your "region" in the top-right corner? See what I'm saying now? 😉

Cheers,
Doug

Edit note: Edited to reply to @hwyc's question #8 requesting clarification. sf-cool

September 11, 2019
5:39 pm
hwyc
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Sorry to be a pain but I just cannot find evidence on Coast Capital Savings to support the saying below.

however, to be a Coast member, you must reside in British Columbia as that's what their current membership rules state.

September 11, 2019
7:59 pm
GICinvestor
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I clicked the drop down and selected Newfoundland and it says.

And now, we’re hard at work so that we can bring financial well-being and our innovative products and services to Canadians from coast to coast. While we’re not available outside of BC yet, we will be soon. So get excited, Canada. And get ready for a different kind of financial institution.

I guess if you lived in BC and moved away you could still be a customer.

But trust me....they are not worth dealing with.

September 11, 2019
8:32 pm
Shawguy
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I opened it and I'm in Manitoba. I called them and they said while they don't actively market outside of BC... Anyone outside of Quebec can apply for membership.

September 11, 2019
8:55 pm
hwyc
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They don't actively market it outside BC ? I think there is already quite some publicity on RFD. Over 600 entries since yesterday. Here is a linked quote from somebody who called as well - #327 dated Sep 11th, 2019 3:05 pm

I only selected Ontario earlier, so I missed all the other provinces screen.

As for myself, I make no plan to pursue this further.
For those who are interested, I strongly recommend you follow the above RFD thread. There seems to be plenty of challenges along the way ... door crashers sf-frown

September 12, 2019
8:27 am
Winnie
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hwyc said
As for myself, I make no plan to pursue this further.
For those who are interested, I strongly recommend you follow the above RFD thread. There seems to be plenty of challenges along the way ... door crashers sf-frown
  

I completely agree with you.
I have no interest in this offer too, I don't like this promo T&C and challenges.

September 12, 2019
10:17 am
Doug
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GICinvestor said
I guess if you lived in BC and moved away you could still be a customer.

But trust me....they are not worth dealing with.  

+1, @GICinvestor (on both counts). Especially the first part, if you're an existing member (and thus ineligible for this promo), you can absolutely still be a customer out of province, and they can now even lend to you outside of B.C. (if they want to, of course).

Cheers,
Doug

September 12, 2019
10:26 am
Doug
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Shawguy said
I opened it and I'm in Manitoba. I called them and they said while they don't actively market outside of BC... Anyone outside of Quebec can apply for membership.  

Interesting, @Shawguy, thanks for testing that. I assume you used the "B.C" version of the website? Assuming that's the case, this, tangentially, supports my suspicion that a non-Ontario resident could, in theory, open one or more products (non-lending, at least) with an Ontario credit union if they have an all-digital membership opening process.

Was your account opened straight away? That is, once you passed online verification and other KYC verifications, were you able to login to online banking? That seems to be key into whether, unofficially, one can become a member of CU with rules that normally have geographic residency restrictions.

So, while, officially, Coast still is limited to B.C. residents, it seems that, unofficially, one can join. And, I suspect one could use a similar process to join an Ontario credit union with residency restrictions. Want to be a guinea pig again, @Shawguy? Pick an Ontario credit union outside of Meridian or Libro, which permit current Canadian or declared future Ontario residents, respectively, that have an all-digital membership opening process (C1's OpenAnywhere™, Cumulus, or Coast's third-party technology platform developer (begins with the word Third) that you'd be interested in joining.

Cheers,
Doug

September 12, 2019
5:32 pm
hwyc
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What a twist !!! sf-surprised Now their screen says "The Offer applies to residents of BC only." in bold. ... stirring confusions to BC outsiders who've applied in the last few days.

September 12, 2019
6:00 pm
GICinvestor
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I told ya! They are not worth dealing with.

September 12, 2019
6:48 pm
Doug
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hwyc said
What a twist !!! sf-surprised Now their screen says "The Offer applies to residents of BC only." in bold. ... stirring confusions to BC outsiders who've applied in the last few days.  

They are known for retroactively renigging on their offers. I've previously written about this (if someone wants to find the thread for me, that'd be awesome!) whereby even though their T&C didn't state as much, they decided that, "oh no, you can't convert a convertible GIC to another convertible GIC." Since it didn't state that, I managed to convince the branch to do it for me, but still had to surrender my conversion privilege. @Rick was surprised they did that for me.

I bet when someone, either @hwyc or @Shawguy pointed that out, they retroactively edited promo T&C!

Now @Shawguy is going to have to fight for his $500. Hopefully he took screenshot. 🙁

@hwyc, as spite and to forewarn everyone, you should edit this thread's title to:

$500 bonus to new member opening chequing with payroll direct deposit [retroactively revised by Coast to B.C. residents only!]

Cheers,
Doug

September 12, 2019
7:03 pm
Loonie
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We seem to be going through a spate of ethically questionable offers right now. I hope it's not a trend!

Doug was able to successfully argue his case in person at a branch - and I imagine he was quite persistent and articulate and wouldn't leave until he got what he was owed. sf-wink
This may be more difficult for people whose only access is telephone or email.

Here's another thought. This is still a credit union, now federally incorporated. Can they really get away with giving some members a better deal than others based solely on residence? Perhaps it conflicts with a by-law?
Doug (or any BC member), would you be willing to raise this question at next AGM, if you were able to attend?

September 13, 2019
11:06 am
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Only for residents of B.C. Not available outside of B.C. says right on their website.

Good offer.

September 13, 2019
11:26 am
Doug
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Good said
Only for residents of B.C. Not available outside of B.C. says right on their website.

Good offer.  

Yes, it's always said that membership is open to B.C. residents via the "region" selection; however, as pointed out by @Shawguy, of Winnipeg, Manitoba, he was able to register by using the B.C. province "region" selection. Similarly, others were able to access the main website via "Ontario" as the "region" selection, which suggests Coast as unofficially launched in Ontario as its first province (I had thought they'd go for Alberta first, but it makes sense - larger market!).

At the same time, as @hwyc pointed out, that verbiage was added retroactively only recently. Prior to this week, it did not exist as he/she and others have observed.

As @Loonie mentions, this is indeed a disturbing pattern of offers being retroactively edited, with, of late, Meridian Credit Union, Motus Bank, Manulife Bank, and Tangerine all retroactively editing offers (which the T&C allow, but is somewhat bad form). Scotia's offer wasn't so much as retroactively edited, but it is confusing and its graph could be better illustrated.

Cheers,
Doug

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