Coast Capital targeted 4.5% HISA to Aug 31 | Coast Capital Savings | Discussion forum

I want to give anyone considering transferring their money to Coast Capital that my experience with them in the beginning of 2024 was horrible. It was easy enough to transfer my money there, but I had an INCREDIBLY difficult time transferring my money back out. The experience can be summed up using a quote from The Eagles' song Hotel California: "We are programmed to receive. [Your money] can check out any time you like, but [it] can never leave."

Nirvana7734 said
It was easy enough to transfer my money there, but I had an INCREDIBLY difficult time transferring my money back out.   

Sorry to hear that, Nirvana7734.

Did they freeze your account for some unknown "security" reasons? In that case, anyone should be able to resolve that fairly quickly by a visit to one of their branches. However, for non-BC residents, it would be tough.

Eagles: "This [Banking with Coast Capitals] could be Heaven or this could be Hell".

Well, this piqued my interest! Mind you, the CHISA "Promo" tab says:

Coast Capital: Up to $500 for opening a chequing account and credit card; 5.00% bonus interest rate in a new savings account. Offer ends June 30, 2025.

But I'll take what I can get. And the 5% seems only for new acounts. I'm awaiting a call back, so here's where it stands...

I've had a Coast High Interest Savings Account for over a decade, using them for GIC or savings account promotions.

Searching their web for this promotion, I find an incredible number of really bad reviews, most about slow phone response, long lines in branches, and constant errors in service. I have at times run into slow service - it can happen anywhere - but I've used telephone banking and direct deposit/direct debit there without problems, always initiated from the other institution.

So, when they open this morning, I call the customer line and get a rep in about 15 minutes. I start by saying I have $**,***.** to deposit and I'd like to get this rate. After some searching, I'm told yes, 4.5% until August 31. Great! But did I get an invitation E-mail? No. No E-mail on file, because I have no web access. I use live phone and touch-tone access, visiting the branch when I need to sign papers.

Some of you will remember I don't do on-line banking. But the amount sounds good and I already have a (near-empty) account set up, with a no-probs history with them. They even send me free statements in the mail. Rather than taking no for an answer, I just say I have a 2.8% account but I'll move for the 4.5%. Who wouldn't?

CSR heads to Some Superior, comes back with more questions, and then goes and comes, saying I'll get a call if approved. We'll see if that works!

The pressure to use only web or mobile banking gets stronger every day, and now all manner of businesses demand in app install for every coupon, discount, points code or whatever. Gotta push back! We should all make a point of mentioning we don't want to be forced into loading corporate Trojans!