I find this disturbing on a couple levels | Page 2 | Coast Capital Savings | Discussion forum

Thanks toto for the insight, as I also seek best options for high interest savings. I never have invested with CC however have heard about the poor CS and lack of communication.

I spoke with a representative of GIC Direct late yesterday and was told the offer is now available across Canada through brokers - 36 months, 3.75%, not convertible.

I’ve been satisfied with them, but of course individual offices may differ in expertise.

Well, that’s a disappointment! I’ve just called GIC Direct again, in BC, reaching another rep., who indeed says that the offer is for BC residents only. The rep who misled me is supposed to return my call to offer an explanation. I’ll keep you posted.

Top It Up said

I'm skeptical of this, given Coast Capital's provincial regulations!

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UPDATE: from GIC Direct's website

GIC RATE SPECIAL
3 Year at 3.75%

Max. deposit $100,000
Non-registered, RSP & TFSA
New funds only
100% guaranteed by CUDIC

Availabe for BC residents only

http://gicdirect.com

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It continues to be of great importance for readers of anonymous forums to be diligent with any and all of the information/advice that is imparted on those same forums.  

Was that a "slam" at me, again, Top It Up? I've taken issues with your comments towards me in the past and demanded an apologies (not sure I ever received one or them).

However, in the direct-to-consumer (i.e., online or branch), I stand firm on my earlier comments:

B.C. and Alberta do not permit out of province residents to join their provincially regulated credit unions.

I am someone you can trust; I research things well and have experience in the industry. I also use my real first name and frequently disclose my relevant bank equity investments (not to mention which banks/CUs I deal with!) on these forums. Top It Up, on the other hand, prefers to "sling mud," whether at companies like Home Capital Group or as veiled insults at other forum members. 🙁

Now that that is out of the way, they it is possible for non-B.C. residents to sign up for Coast GICs through deposit brokers. In this case, GICdirect.com is B.C.-based and has dealings with Coast. However, due to issues with electronic signatures not being accepted by Coast and other FIs, they've suspended indefinitely their online account opening process with GICDirect.com so you'd need to visit a GICdirect.com broker to sign up. Moreover, brokers that aren't B.C. based deal with Coast and other FIs through FundSERV (also used for mutual fund sales) and the funds are held in book-entry, nominee form (i.e., the broker's or FundSERV, as clearing agent for its member brokers) with you as beneficial owner. Not a big deal, but important to keep in mind.

Also, the rates to brokers are different than those offered directly.

Cheers,
Doug

Rick said
Kinda veered off topic here. Maybe this conversation should be in the "4.00% 33-month Convertible GIC offer" thread?  

Great point, Rick. 🙂

Also, I just noticed JenE's response and it appears she tried to contact her GICdirect.com broker and was told it's still only for B.C. residents, even in the broker channel!

Perhaps Top It Up ought to heed his own advice and thou shalt post accurately before throwing dirt and casting aspersions, Top It Up? 😉

Just like the mainstream news media and paid political strategists, Top It Up appears to be using the age old propaganda tactic of casting those with a viewpoint or even facts contrary to your own supposed "facts," as "nut jobs," "conspiracy theorists," or untrustworhy, anonymous online sources. Top It Up, you've just made my point for me. Thank you! Now why don't you go away!? These forums were far better a couple years ago when you weren't here! 😉

Cheers,
Doug

Top It Up said
In all your haste, you passed right over post #24.  

Yes, as did your post # 27, which is the one I was referring to. 😉

Cheers,
Doug

I haven’t, as yet, heard back from GIC Direct. I will say again, however, as stated in post #16 “4.00% 33-month Convertible GIC offer, Coast Capital Savings”, that I have held GICs with Coast Capital in the past, brokered through GIC Financial. Specifically, in August 2010. So at some point, Coast Capital was allowed to accept ‘outside’ money.

I hear two different deals being discussed, 33 months @ 4% and 3 years @ 3.75%, the latter only from broker. Broker's website specifies that it's only for BC, as I said earlier (#23) - or at least that's what it said when I looked at it at that time.
The fact that someone went to the bother of putting this on the website speaks more loudly to me than what any CSR might say.

Perhaps CC got their knuckles rapped since 2010?

Perhaps (only guessing ) some brokers have a kind of trust account or something through which they can funnel deposits from out of province, so that they appear as local deposits?

It wasn't me who made the controversial remarks about the CEO of Tangerine, and I too don't remember who it was. However, complaints about questionable posts can be made by hitting the "Report" button. Hence, we really have no idea how many people might have complained.

JenE said
I haven’t, as yet, heard back from GIC Direct. I will say again, however, as stated in post #16 “4.00% 33-month Convertible GIC offer, Coast Capital Savings”, that I have held GICs with Coast Capital in the past, brokered through GIC Financial. Specifically, in August 2010. So at some point, Coast Capital was allowed to accept ‘outside’ money.  

Still, see my above post, JenE - that's with respect to brokers, not direct-to-consumer operations. 🙂

Cheers,
Doug