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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

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