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Concentra Name Change: Wyth Financial - September 27
August 27, 2021
10:16 am
Nehpets
Ontario
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Email received today:

We're very excited to introduce our new digital banking experience, and to let you know we’re not calling ourselves Concentra Bank anymore.

We will be called Wyth Financial. And we are The Bank That Does.

We are The Bank That Does connect with you. That does partner with you. That does grow with you. Wyth will be the bank that does feel like it’s truly with you, every step of the way. And that will be reflected in the specialized products we introduce and the innovations we develop as we grow. Together.

Your accounts remain the same
Our brand name may be changing but there are no changes to your accounts, investments and deposits.

Digital banking. Working with you.
We’re launching a new digital banking experience to make it easier for you to bank with us. Our new online and mobile banking service will include enhanced features to help you manage your money more conveniently and securely.

Introducing our new mobile banking app
•Take control of how you bank with our new mobile app. Log in with face or fingerprint ID on your phone for a secure mobile banking experience.
•Use secure two-way messaging in your app to contact us when you need help.

Managing your accounts is easy
•Link your accounts with other financial institutions to move money seamlessly.
•Receive free unlimited transfers to your linked external accounts at other financial institutions.
•Set up automated recurring transfers or direct deposits to your accounts.

Let us say again that your accounts will remain the same but managing them will be a whole lot easier.

IMPORTANT: How to prepare for your new Wyth experience

We’re putting the final touches on the Wyth experience, and we’ll send you instructions next month explaining a few simple steps to set up your online access. We plan to launch on September 27.
•You’ll need to log in using your account number or MemberDirect card number and email address.
•Please be sure we have your most recent contact information and mobile number. This allows us to enable security features associated with our new digital banking experience and will make your transition smooth and easy.

View your new deposit agreement

In preparation for your new Wyth experience, we’ve updated your Personal Deposit Agreement (formerly titled your Personal Account Services Agreement) which you can review online. The key changes to the agreement are:

•Simplified language to make the agreement easier to read and understand.
•Information related to our new brand.
•Details about our new digital platform and related electronic services we offer to set up and manage your accounts.

Our email address will change
Things may look a bit different as we transition to our new brand name over the next several weeks. You may see both brands at times as we update statements and notices. Our email address will also change. Watch for future emails from @wyth.ca and add them to your regular contacts to keep them from ending up in your junk/spam folder. Change takes time and we appreciate your patience.

If you have any questions or if you need to update your contact information, just give us a call at 1.800.788.6311.

In case it’s not obvious, we’re excited about what’s coming your way. We hope you are, too. We can’t wait to welcome you to Wyth and to your new, improved digital banking experience.

Wyth Deposit Agreement

Stephen

August 27, 2021
12:30 pm
Loonie
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So, why exactly do they need Neo Financial if they are so "wyth it"?
I guess we'll see how it pans out.

August 27, 2021
2:07 pm
Alexandre
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I wonder if Neo Financial will merge with Concentra Bank into Wyth Financial. Neo has technology, Concentra has back end. Synergy.

August 28, 2021
10:05 am
Norman1
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Concentra Bank will still be around. Concentra will market and brand some of their offerings with the Wyth name. That's what the first paragraph of the Wyth personal deposit agreement says:

Wyth Financial
Personal Deposit Agreement
HISA and GIC

The information below contains important details about your Account with Wyth Financial. Wyth Financial is a trade name of Concentra Bank.

Similar to what CIBC does with the Simplii name and Equitable Bank does with the EQ Bank name.

August 28, 2021
10:24 am
Norman1
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Loonie said
So, why exactly do they need Neo Financial if they are so "wyth it"?
I guess we'll see how it pans out.

They actually don't.

It is actually Neo Financial that needs Concentra to accept and back the savings account deposits and ATB Financial to issue and fund the credit cards.

August 28, 2021
11:08 am
Loonie
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As I thought.
So, why is Concentra involved with Neo?
I hope it's not just another example of outsourcing to "save money". The Wyth T&C refers to HISA, presumably under the Wyth label. Isn't that enough? I didn't read the documet.

August 28, 2021
11:55 am
Nehpets
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Right now, Concentra is paying 1.35% on their HISA. (was 1.55% up until August 10). You need to own a GIC with Concentra to get a HISA, which is why they don't advertise the HISA rate publicly now.

Presumably this might change and they might advertise publicly, once they "get wyth it"

Stephen

August 28, 2021
12:16 pm
Norman1
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Loonie said

So, why is Concentra involved with Neo?

I hope it's not just another example of outsourcing to "save money". The Wyth T&C refers to HISA, presumably under the Wyth label. Isn't that enough? …

Concentra Bank used to be a wholesale bank for the credit unions and didn't serve consumers directly. I guess that is changing with their new Wyth Financial brand.

I suspect Neo approached Concentra to see if Neo could "retail" a savings account from Concentra and have access to the transaction info of those accounts. So, Neo would be a "retailer" like some of the online brokerage firms, such as Scotia iTRADE, that "retail" Concentra's GIC's.

August 28, 2021
1:39 pm
Loonie
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I don't see why Concentra would continue to use Neo as Neo is undoubtedly taking a cut from Concentra. If Wyth is an online retail brand, it should be able to handle its own accounts and not need Neo - I hope. Why give Neo a piece of the action?

August 28, 2021
2:31 pm
Norman1
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Not all the consumer deposits to Concentra will come through directly via the upcoming Wyth Financial online storefront. Neo will get a cut of the business that Neo brings to Concentra.

There are limits of how far one can go on one's own in retailing, financial products and other products. For example, Canon Canada has its own site. But, Canon continues to maintain the relationships with retailers like Best Buy, Amazon.ca, and Staples.

Another example is Equitable Bank. Even with its own EQ Bank online storefront, it continues to maintain its distribution of GIC's and ISA's through deposit brokers and mutual fund dealers.

I think these kind of branding initiatives are to avoid awkward conversations. If Home Trust had used the same "Home Trust" brand for the GIC's from their Oaken site and their GIC's through deposit brokers, some of the deposit broker clients would notice. Those clients would start asking their broker why the Home Trust GIC's the broker is offering have a lower rate than same GIC's from the Oaken site!

August 28, 2021
4:44 pm
Doug
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Norman1 said
Concentra Bank will still be around. Concentra will market and brand some of their offerings with the Wyth name. That's what the first paragraph of the Wyth personal deposit agreement says:

Wyth Financial
Personal Deposit Agreement
HISA and GIC

The information below contains important details about your Account with Wyth Financial. Wyth Financial is a trade name of Concentra Bank.

Similar to what CIBC does with the Simplii name and Equitable Bank does with the EQ Bank name.  

Time will tell, I guess, but I tend to think here they will apply to OSFI for a name change of Concentra Bank to Wyth Financial Bank or something like that. They've talked of both a rebranding and name change for over a year now.

Interestingly, legal name changes to a bank's Letters Patent can be approved administratively by OSFI and do not require advance publication in the Canada Gazette.

Cheers,
Doug

August 29, 2021
2:04 pm
LK
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Doug said

Time will tell, I guess, but I tend to think here they will apply to OSFI for a name change of Concentra Bank to Wyth Financial Bank or something like that. They've talked of both a rebranding and name change for over a year now.

Interestingly, legal name changes to a bank's Letters Patent can be approved administratively by OSFI and do not require advance publication in the Canada Gazette.

Cheers,
Doug  

Hi Doug,

Based on the Deposit Agreement, Wyth will just be a brand (trade name) of Concentra, as Norman1 mentioned above. Their email notice said "Your accounts remain the same
Our brand name may be changing but there are no changes to your accounts, investments and deposits."

There is no indication that the name of the federally regulated entity (bank) is changing; rather, they seem to be rebranding. If Norman1 and I are wrong in this, yes, Concentra would need to go through the various regulatory requirements, most importantly under the Bank Act (Superintendent approval etc), and the other regulatory requirements (OSFI, etc).

Will be interesting to see if Concentra is actually ready to launch "Wyth" on September 27. The email says "We plan to launch on September 27."

A search of the Canadian trade-marks database shows that the six trade-mark applications regarding "Wyth" (Wyth, Wyth Financial, Wyth Trust, and logos for each) and the one trade-mark application regarding the tagline "the bank that does" -- seven trade-mark applications that I can see -- are only at the "formalized" stage (not approved by the Canadian Intellectual Property Office, and thus not in effect).

Further, the CDIC page does not yet include Wyth, as it does with other trade names: https://www.cdic.ca/your-coverage/list-of-member-institutions/.

So, my guess is that until Concentra has the approved trade-marks, and until the CDIC page is updated to include Wyth as a trade name of Concentra, the launch of Wyth will be on hold. September 27 might be optimistic.

When CDIC is updated, it will likely say something similar to when one searches for Motive: "Motive Financial is a trade name used by Canadian Western Bank, a CDIC member. Eligible deposits under Motive Financial are combined with deposits held at Canadian Western Bank for up to $100,000 of deposit protection, per category."

August 29, 2021
3:00 pm
Loonie
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I think the proliferation of names and brands can be confusing. Anyone who is concerned about staying within CDIC limits is going to have to be very careful to be sure they are aware of all the monikers that go with a given FI's insurance.

Concentra Bank is now branded as both Neo and Wyth as well as Concentra. Oaken is Home Trust, Home Bank and Home Capital Group but 2 CDIC entities. Tangerine is owned by Scotia but insured separately. Simplii is included in CIBC. And so on. As far as I can see, there doesn't seem to be any limit on how many brands they can create. There are real opportunities here to accidentally over-invest in one FI. Perhaps they like it that way.

August 29, 2021
3:24 pm
LK
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Loonie said
I think the proliferation of names and brands can be confusing. Anyone who is concerned about staying within CDIC limits is going to have to be very careful to be sure they are aware of all the monikers that go with a given FI's insurance.

Concentra Bank is now branded as both Neo and Wyth as well as Concentra. Oaken is Home Trust, Home Bank and Home Capital Group but 2 CDIC entities. Tangerine is owned by Scotia but insured separately. Simplii is included in CIBC. And so on. As far as I can see, there doesn't seem to be any limit on how many brands they can create. There are real opportunities here to accidentally over-invest in one FI. Perhaps they like it that way.  

I agree with you. It takes a lot of effort to keep track of.

One minor point though - Neo is not a "brand" of Concentra. Neo is not listed on CDIC as a trade name of Concentra (like Motive is as a trade name of CWB). Concentra outsourced the delivery of one of its savings accounts to a tech company, and (confusingly) agreed to that savings account being the same name as the tech company.

Now it appears that Concentra will have a separate brand (trade) name in Wyth, with Concentra presumably providing both the (1) Neo Savings Account and (2) Wyth HISA. Concentra seems to be competing against itself in the HISA market.

For CDIC purposes, regarding the Neo Savings Account, one would have to know to search for Concentra by reading the fine print in the accounts terms & conditions or the fine print in the footer bar on the Account web site. And with both the Neo Savings Account and the Wyth HISA going towards the 100k CDIC under Concentra (along with any other savings accounts with Concentra), folks will need to track different account names and brands carefully. As you say "There are real opportunities here to accidentally over-invest in one FI. Perhaps they like it that way."

August 30, 2021
3:36 am
Loonie
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Yes, and it's not just savings accccounts. Concentra offers GICs too, which must be included in the 100K. Thus, if an account holder has 50k in GICs with Concentra/Wyth, and 50k at Neo HISA, they're done.

I heard one of our candidates for Prime Minister speaking the other day about "open banking". He is eager to encourage fintechs in this regard and told his audience that it will enable them to have control of their own data and get away from the big banks. What a joke! Another finger in your pie means less control, not more. It seemed he'd say anything to get a vote.
I am pretty sure the "average person" doesn't have any idea what we're getting into here. And I know that I can't make sense of it all.

August 30, 2021
7:09 pm
Norman1
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For CDIC limits, the CDIC member issuer is usually indicated on the account statements. The former PC Financial, now Simplii, account statements used to say Amicus Bank and now CIBC.

Open banking won't help escapes from the big banks. One can escape today!

According to FCAC: Open Banking, the intention is to allow secure sharing of info from the banks, include the Big Banks!

August 30, 2021
9:15 pm
AltaRed
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Loonie said
He is eager to encourage fintechs in this regard and told his audience that it will enable them to have control of their own data and get away from the big banks. What a joke! Another finger in your pie means less control, not more. It seemed he'd say anything to get a vote.
I am pretty sure the "average person" doesn't have any idea what we're getting into here. And I know that I can't make sense of it all.  

It may be true the candidate was simply electioneering, or it may have been factual for the most part. Open Banking will give one more (and quicker and easier) access to fintechs by using big 6 credentials, and by definition, more ways to obtain services at places other than the big banks. I have a bit of discomfort about the implementation aspects of Open Banking but I would welcome being able to do a variety of transactions with a variety of financial providers without jumping through silly hoops like micro-deposits, separate PayPal account, etc.

As Norman's link said, the current 'screen scraping' concept of having to provide big bank login and password credentials to a fintech is an absolute non-starter.

September 15, 2021
10:11 am
Nehpets
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Update: from today's email

We recently shared exciting news about our new digital banking experience and our new brand name, Wyth. We are getting ready to introduce the beta version of our new online banking platform and mobile app. This is a big moment for us, and we couldn’t be prouder.

Sign in using these simple steps:

On September 27, sign into our new online banking platform or download the Wyth mobile app (we’ll share links to the Beta version of the app for iPhone and Android on September 27).

Step 1: Register by going to online.wyth.ca or downloading the app.

Step 2: Click on “Are you an existing customer? Register now” to start the registration process.

Step 3: Enter your email address and either your card number or account number.

Step 4: Request a temporary password when prompted. Check your email and enter the six-digit temporary password you received.

Step 5: Create a strong password (follow the tips on the screen to guide you)

Step 6: Sign in and get started

You need the email address you’ve registered with us and the account number or card number you currently use to sign in to MemberDirect.

Let’s do this
We’re excited about our new digital banking platform, and we hope you are, too. Our improved digital banking will make it easier for you to manage your money and watch it grow.

If you have any questions or need assistance, just send an email or give us a call at 1.800.788.6311.

Concentra

Stephen

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