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Coast going national
March 15, 2019
1:50 pm
Loonie
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Maybe they're waiting for Motive to spend down its advertising budget first! sf-wink
Or waiting for mobus or motus or whatever it's called to show its hand?

More seriously, I think you can sign up to receive notifications. Pretty sure I did that anyway, but nothing has come.

March 15, 2019
5:18 pm
Rick
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I think (hope) they are updating their web site. Not much use going national if you can't link any of your other FI's to CC from their end.

March 16, 2019
8:12 am
Doug
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Loonie said
Maybe they're waiting for Motive to spend down its advertising budget first! sf-wink
Or waiting for mobus or motus or whatever it's called to show its hand?

More seriously, I think you can sign up to receive notifications. Pretty sure I did that anyway, but nothing has come.  

Maybe, but what's curious is Coast was well ahead of Meridian Bank in their re-incorporation bid (started 4-5 years ago in initial internal planning). Meridian took a number of years for their application, too.

I will have more to note on Motive Financial's deposit figures in a forthcoming review of their balance sheet data versus other so-called "digital banking disruptors." sf-cool

Cheers,
Doug

March 16, 2019
8:41 am
Shawguy
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I wonder if the delay could also be related to the customers that had their accounts hacked in the fall - https://www.cbc.ca/news/canada/british-columbia/coast-capital-savings-cyber-attacks-1.4977944

But that is also a good point about the bank to bank transfers. I did not know they did not have that feature yet. However if they offer free e-transfers is that even going to be an issue?

If I recall - Innovation CU in Saskatchewan will take outside members and they don't have me to me transfers either do they? (but they do have free e-transfers)

March 16, 2019
10:10 am
Doug
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No, SG, that's another problem actually: Interac e-Transfers are still at the arguably high $1.50 per transfer fee. They also don't provide free cheque orders on the free chequing account. I've suggested they either offer one (1) free cheque order every year or two, at a minimum, or make Interac e-Transfers free and unlimited (customer demand seems to favour the latter as cheques are declining in usage rapidly and there are great non-bank suppliers of discount cheques including ASAP Cheques, DiscountCheques.com, and ChequesPlus). HSBC Bank Canada also took away bank-to-bank transfers a couple years ago, but at least they have free and unlimited Interac e-Transfers, not to mention free cheque orders. sf-cool

Innovation Credit Union is the only is the Saskatchewan credit union that will take out of province residents, whereas Conexus and Cornerstone credit unions either require Saskatchewan residency or finalization in a branch, unfortunately. Last I checked, Innovation does have free and unlimited Interac e-Transfers whereas Conexus and Cornerstone revoked that (or added a monthly fee of approximately $5.00 to get that add-on feature). Innovation Credit Union is slightly behind Coast in terms of their federal reincorporation - it's currently before the Minister of Finance and Superintendent of the Office of Superintendent of Financial Institutions, but once approved, assuming their timeline is similar to Coast, they should be about 6-9 months from federal continuation.

As to the first point, I don't think that's delayed it. Despite customers' claims to the contrary (they're trying to get reimbursed, of which Coast legally has no obligation to do so but is doing so on a goodwill basis and on a case-by-case basis), this was just another well-organized phishing scheme that suckered Coast members into providing their banking details on a phony, albeit apparently good, Coast branded website. This happens to all FIs.

Cheers,
Doug

March 17, 2019
1:14 pm
Briguy
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Innovation Credit Union looks interesting for diversification purposes since it's in Saskatchewan rather than Manitoba. However the HISA interest rate is only 1.05% and 3yr GIC rate for example is only 2.8% vs 3.3% for Hubert.

March 17, 2019
1:18 pm
Doug
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Briguy said
Innovation Credit Union looks interesting for diversification purposes since it's in Saskatchewan rather than Manitoba. However the HISA interest rate is only 1.05% and 3yr GIC rate for example is only 2.8% vs 3.3% for Hubert.  

I wouldn't really call that "diversification" based on who the deposit insurer is. Ultimately, if a provincial government couldn't guarantee provincial deposits, who is on the hook? The federal government, which would be under tremendous pressure to "make people whole." The Bank of Canada may even step in, if need be. 🙂

That said, Innovation will probably have juicy temporary GIC rates, so could be good for that. Otherwise, they're really just an alternative for a free chequing account / "hub". sf-cool

Cheers,
Doug

June 14, 2019
7:24 am
Nehpets
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It seems that trying to access any earlier URL address for Coast Capital redirects the inquiry to a page "To sign up for early access" for their anticipated National roll out.

The message on their landing page:

We’re coming.
Coast Capital Savings is Canada’s largest credit union by membership, with more than 550,000 members across British Columbia. We’ve delivered simple financial help to our members for over 75 years.

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.

Any updates on when Coast Capital expects to go National?

Stephen

June 14, 2019
8:55 am
GICinvestor
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They are.......they have CDIC decals on their entrance doors.

June 14, 2019
9:14 am
Doug
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I got an e-mail notification from Coast saying they're busy working on yet another new online banking system and website rollout, including randomized two-factor authentication (by mobile or e-mail). Another reason to ditch them! 🙁

So, unfortunately, I'm now pushing back the time they roll out nationally in terms of accepting out of province members to 2020 from late 2019. They seem to have their hands full (no idea doing what). I now expect Innovation Credit Union to roll out nationally before Coast (irrespective of the fact that Coast has re-incorporated nationally already). With Manulife adding new no-fee banking products and becoming a digital banking disruptor, a forthcoming PC Financial "banking product" (will likely be a no-fee prepaid credit card with Interac e-Transfers and bill payments, from the sounds of it), and at least two new planned national digital banks before year's end, Coast may get left in the dust.

They still champion the fact that they were the first full service financial institution with branches to offer a no-fee chequing account, which is true. However, since then, they've taken away free cheque books and still do not have Me-to-Me/bank-to-bank transfers and free & unlimited Interac e-Transfers. Their deposit rates are now among the bottom of the pack.

Cheers,
Doug

June 17, 2019
9:07 am
Rick
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Seems they are going about it backwards. They are certified as a national bank now, but aren't taking on national customers. With no real way to link other FI's from CC's side, what's the point if the only way to move your money around is with EFTs or a cheque? They are long overdue for a website upgrade. Would think that making it possible to take on out of province customers should have been first on the list of necessities to address before opening the doors nationally.
The only reason I bank outside of BC is the interest rates. If CC thinks they are going to be a national player, they better compete.

The High-interest Savings Account - $0 + 0.750%

That isn't going to cut it. Their GIC rates are nothing to gloat about either. So what's the incentive for the average Ontarian to store their money in BC?

Yeah...I have a CC chequing account as a buffer between the online world and my money, I did take advantage of their 4% 33 month GIC, and I would even consider using them again for my main FI if they had decent rates (I CAN be bought), but as of now, they are still on my list as arrogant and rigid with no real customer appreciation. Good luck.

June 17, 2019
9:33 am
GICinvestor
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Seems they are going about it backwards.

Nailed it!!! As that is their normal direction.

Are they going federal to offer online only to provinces?

Are they looking for actual presence in other provinces?
Ie. In a grocery store or do some acquisitions of some smaller CU’s

Are they going to pick up more customers with their cutesy and very very subliminal commercials?

I doubt if they would be even close to being competitive with the Manitoba and Oaken etc. rates and fees.

I just can’t see them changing their culture of arrogance.

June 17, 2019
1:39 pm
Doug
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Rick said Yeah...I have a CC chequing account as a buffer between the online world and my money, I did take advantage of their 4% 33 month GIC, and I would even consider using them again for my main FI if they had decent rates (I CAN be bought), but as of now, they are still on my list as arrogant and rigid with no real customer appreciation. Good luck.

Yeah, I completely agree with you, Rick. I, too, can be bought with higher rates, but Coast seems to living on their own coattails of having been the first B&M financial institution to offer a free chequing account. Well, that doesn't cut it. Nor does their ho hum Desjardins credit card offerings, sub-par deposit rates, and general slow pace of innovation. I also am tiring of their "community contributions" as the expense of not paying a dividend or at the very least, a patronage allocation! However, as was seen recently, Coast has been offering higher deposit broker rates. It may well be faster and cheaper to raise deposits by deposit brokers, but at the expense of the cross-sell potential. If they're going to offer higher rates in the deposit broker channel, then I have no need for a branch-based chequing account at a branch with no safe deposit boxes (Kelowna branch). I can get that, minus the branch, from Alterna Bank or Motive Financial. Heck, I'm sure I could get a safe deposit box at Canadian Western Bank and have them code in my Motive chequing account as the debit account. 😉

GICinvestor said

Seems they are going about it backwards.

Nailed it!!! As that is their normal direction.

Yep, Rick sure did. Agree with you there 100%! sf-cool

Are they going federal to offer online only to provinces?

That's what I thought as well, but reading the tenor of their 2018 annual report and after listening to the presentations and Q&A at the Members' Open Forum following their 2019 AGM last month, I'm wondering if they intend to establish a a single branch (or two) in each province before they launch federally.

If they are still considering a digital only strategy, then I'd suggest that I don't see that happening until next year at the earliest because they've got no sign for making Interac e-Transfers free & unlimited, adding an initial free chequebook, or adding Me-to-Me Transfers (or some other variant of bank-to-bank, self-to-self transfers). If they try and launch digitally without at least two of those, they will be universally panned by the general public writ large. 😉

Are they looking for actual presence in other provinces?
Ie. In a grocery store or do some acquisitions of some smaller CU’s

I think they might be - see my comments in response to your previous question immediately above. To add to that, I don't think they'd consider a grocery store banking pavilion or kiosk model. Instead, I see them potentially launching province-by-province, one or two provinces per year, each with one (possibly two) organically built branches in a major population centre of each province. When they've established that single branch (or two branches), they'll expand with further branches where they're seeing growth in book of business and which regions are economically "booming," but they'll also "open up" digitally in that province.

They might be trying to grow by amalgamation with provincially-regulated credit unions that would like to expand in all areas of their business (i.e., lending, auto finance, leasing, deposits, etc.) outside their provincial borders but don't want the expense and hassle of continuing federally or incorporating a federal bank subsidiary. If they are considering this approach, again, I go back to my comments about lacking digital-first infrastructure. 🙁

Are they going to pick up more customers with their cutesy and very very subliminal commercials?

I doubt if they would be even close to being competitive with the Manitoba and Oaken etc. rates and fees.

Agreed.

I just can’t see them changing their culture of arrogance. 

Yep, well put as well.

Cheers,
Doug

June 17, 2019
4:46 pm
Loonie
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I'm not generally known for unbridled optimismsf-wink, but I'm hoping CC is delaying in order to avoid the mess that motus has presented me with as a national online bank.

June 17, 2019
11:27 pm
Rick
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Doug said

Are they going federal to offer online only to provinces?

That's what I thought as well, but reading the tenor of their 2018 annual report and after listening to the presentations and Q&A at the Members' Open Forum following their 2019 AGM last month, I'm wondering if they intend to establish a a single branch (or two) in each province before they launch federally.

Cheers,
Doug  

Never considered they might actually build brick/mortar branches. Seems counter-intuitive in these times when others are closing branches and online banking is becoming the standard. Guess it's handy for the types that always seem to be in front of me in the line and want to pay by cheque.
Maybe they'll change their name to Coast-to-Coast Capital

June 17, 2019
11:54 pm
Loonie
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Clever name, Rick!

From where I sit in TO, while it's true that Big Bank branches are consolidating and closing, new credit union branches are opening. Meridian, the largest in the province, has opened a great many branches in the last few years, and ComTech Fire opened one recently that I know of. The new CU branches tend to be physically small, significantly smaller than your average Big 5, but they are busy enough from what I can see.

That said, I have no idea what CC's plans are.

July 27, 2019
4:59 pm
Loonie
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Coast Capital ran a quarter page colour ad in the Toronto Star today letting us know they are "growing" and have appointed a few new senior managers. It mostly seemed to have to do with commercial banking. Some of them are to be based in Toronto.
There was no mention of personal banking, but the ad ran in the first section of the paper on a Saturday, suggesting they wanted us all to know about these changes.

July 27, 2019
7:39 pm
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Loonie said
Coast Capital ran a quarter page colour ad in the Toronto Star today letting us know they are "growing" and have appointed a few new senior managers. It mostly seemed to have to do with commercial banking. Some of them are to be based in Toronto.
There was no mention of personal banking, but the ad ran in the first section of the paper on a Saturday, suggesting they wanted us all to know about these changes.  

If anyone remembers the best Bank ever, Citizens, owned by Vancity Savings credit union, they, Citizens ran quite successfully from their phone centre and their one and only Main and First Ave. Branch, across Canada for mortgages, loans and investments. Their only walk in branch with a huge call centre above it.

Perhaps Coast Capital intends to do something similar. If I recall Oaken did same in running huge newspaper ads at first and they only have offices in Vancouver, Calgary and TO.

BUT from my bad experiences in branch, online and via a broker at Coast Capital I can only reiterate that they are a horrendous and NON Customer oriented FI.

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