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Casera Financial - Online Manitoba CU
October 18, 2017
7:59 pm
Shawguy
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Hello,

I thought I knew all the Manitoba Online Credit Unions, but I saw this one pop up on https://creditunion.mb.ca/find-a-credit-union/links-to-credit-union-co-op-sites/#more-452 and just thought I would share.

https://www.caserafinancial.ca/

High Yield Savings
$0.00 to $4999.99 - 0.25%
$5000.00 to $24999.99 - 1.4%
$25000.00 to $49999.99 - 1.4%
$50000.00 to $99999.99 - 1.55%
$100000.00 and up - 1.80%

I know there are better option out there like EQ, Ideal, or even Tangerine Promos, I just thought I would share since I have never seen this mentioned before.

April 13, 2019
6:02 am
hwyc
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I come across this Casera Financial ad while surfing today.

Limited Time Offer
30 Month Term 3.25%
GIC, TFSA, RRSP

... better than today's GIC chart top 2-year or 3-year rate

May 30, 2019
7:24 am
hwyc
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Revisited May 30th, 2019, 30 Month GIC offer is now @2 .90%

As per FAQ
(1) Casera Financial account is not available to current Casera CU members.
(2) Have to purchase a $5 share to become a member of Casera Credit Union.
...wonder if these applies to GIC depositor

May 30, 2019
7:39 am
Doug
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hwyc said
Revisited May 30th, 2019, 30 Month GIC offer is now @2 .90%

As per FAQ
(1) Casera Financial account is not available to current Casera CU members.
(2) Have to purchase a $5 share to become a member of Casera Credit Union.
...wonder if these applies to GIC depositor
  

Yes, the $5.00 share purchase would be required if you wanted to hold only a Casera Financial GIC. It's a requirement of membership.

Casera Financial is unique in not making available Casera Financial to local trade area customers (i.e., in Winnipeg), probably because they don't want to cannibalize the branch business. However, it's not unprecedented in that even Windsor Family Credit Union has Omnia Direct, which is available outside of WFCU's local trade area of Windsor and Essex County in Ontario.

Cheers,
Doug

May 30, 2019
8:21 am
hwyc
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Thanks Doug, it was your proposal led me back to the revisit.

DGCM list Casera Financial (Casera) seperately under Virtual Credit Unions. However, I don't really know Manitoba CUs. As an Ontarian, I don't mind knowing how offerings from other provinces stacks up against ours.

May 30, 2019
8:26 am
Doug
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hwyc said
Thanks Doug, it was your proposal led me back to the revisit.

DGCM list Casera Financial (Casera) seperately under Virtual Credit Unions. However, I don't really know Manitoba CUs. As an Ontarian, I don't mind knowing how offerings from other provinces stacks up against ours.  

Essentially, Deposit Guarantee Corporation of Manitoba is like your Deposit Insurance Corporation of Ontario in terms of deposit insurance except that instead of a $250,000 deposit insurance limit on non-registered deposits, DGCM guarantees all deposits. They're a provincial Crown corporation and are supervised by the Manitoba government and, by extension, their debt obligations would be thus guaranteed by the Manitoba government. That's not to say the Manitoba government would definitively bail out their provincial credit unions, but neither would the B.C. or Ontario governments by comparison.

Generally, Manitoba credit unions have moved to an open, unrestricted bond of association, which means any Canadian citizen or permanent resident of Canada can join. Up until the past year, only the eight Manitoba CUs operated virtual banking "brands" to operate outside of/market outside of Manitoba (i.e., all Canadians). However, since then, many Manitoba credit unions have joined the fray, with Fusion, Niverville, Access, Steinbach, and Rosenort adding all digital membership applications, as I pointed out here. So far, only Niverville meets or exceeds all of the main HISA comparison chart's inclusion criteria; however, all of them would seem to meet potential criteria for potential inclusion in the GIC chart.

Hope that helps,
Doug

Full and fair disclosure: I am based in B.C. and am a member of Entegra Credit Union and Sunova Credit Union through their Implicity Financial and Hubert Financial, respectively, divisions, and would recommend either of them. I don't have personal experience with Casera Financial, but they seem to be quite good. Very similar to AcceleRate Financial, I would say.

May 30, 2019
9:29 am
GR
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Quote from Doug above re. Deposit Guarantee Corporation of Manitoba:
"DGCM guarantees all deposits. They're a provincial Crown corporation and are supervised by the Manitoba government and, by extension, their debt obligations would be thus guaranteed by the Manitoba government."

With all due respect, I believe the above comment to be somewhat misleading. Refer to their website for Q & A.

"Is the Deposit Guarantee Corporation of Manitoba part of the Manitoba Government?
No. The Deposit Guarantee Corporation of Manitoba is established under The Manitoba Credit Unions and Caisses Populaires Act. A Board of Directors, appointed by the Lieutenant Governor in Council of Manitoba, oversees the Deposit Guarantee Corporation of Manitoba."

May 30, 2019
9:32 am
Doug
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GR said
Quote from Doug above re. Deposit Guarantee Corporation of Manitoba:
"DGCM guarantees all deposits. They're a provincial Crown corporation and are supervised by the Manitoba government and, by extension, their debt obligations would be thus guaranteed by the Manitoba government."

With all due respect, I believe the above comment to be somewhat misleading. Refer to their website for Q & A.

"Is the Deposit Guarantee Corporation of Manitoba part of the Manitoba Government?
No. The Deposit Guarantee Corporation of Manitoba is established under The Manitoba Credit Unions and Caisses Populaires Act. A Board of Directors, appointed by the Lieutenant Governor in Council of Manitoba, oversees the Deposit Guarantee Corporation of Manitoba."  

It wasn't intended to be misleading. I didn't want to imply a provincial guarantee as other forum members (can't remember who, but doesn't matter) have said, rightly in my view, that being a Crown corporation doesn't imply that the Manitoba government would guarantee DGCM's liabilities.

That being said, I am comfortable with DGCM's deposit guarantee, just as I am with DICO and with CUDIC of BC.

Cheers,
Doug

May 30, 2019
4:15 pm
Briguy
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Here's a nice post on the differences between the different provinces in their provincial guarantees of credit unions on the financialwisdomforum. https://www.financialwisdomforum.org/forum/viewtopic.php?t=118047

Basically the poster says that while some provinces (Manitoba,Saskatchewan) specifically say they will not guarantee the credit unions, the others don't say that they will, besides Alberta. So it's really not much difference if SHTF between provinces for credit unions, besides Alberta.

May 30, 2019
4:22 pm
Top It Up
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The Deposit Guarantee Corporation of Manitoba IS NOT, I repeat IS NOT a provincial crown corporation - it is a private corporation.

May 30, 2019
4:54 pm
Doug
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Top It Up said
The Deposit Guarantee Corporation of Manitoba IS NOT, I repeat IS NOT a provincial crown corporation - it is a private corporation.  

No, that's actually not correct. I'm not sure the Act under which it was incorporated, but it absolutely is a Crown corporation owned and controlled by the Province of Manitoba. What seems to matter is whether it is an agent of the government of Manitoba. However, any corporation owned, with or without share capital, is either a provincial Crown corporation or agency.

For example, even though British Columbia Ferry Services, Inc., which operates under the trade name BC Ferries, is a normal corporation under B.C.'s Business Corporations Act. BC Ferry Services, Inc., has 1 common share which is owned by the British Columbia Ferry Authority, which was established by the provincial government to hold its common share in a re-organized BC Ferries. Thus, BC Ferry Authority is a provincial Crown corporation without share capital and BC Ferries is a provincial Crown corporation incorporated as a normal corporation.

Cheers,
Doug

May 30, 2019
4:57 pm
Top It Up
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Peter, I trust as moderator you'll ensure the removal of the incorrect and misleading information from this thread - the DCGM is NOT a crown corporation.

May 30, 2019
5:00 pm
Doug
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Briguy said
Here's a nice post on the differences between the different provinces in their provincial guarantees of credit unions on the financialwisdomforum. https://www.financialwisdomforum.org/forum/viewtopic.php?t=118047

Basically the poster says that while some provinces (Manitoba,Saskatchewan) specifically say they will not guarantee the credit unions, the others don't say that they will, besides Alberta. So it's really not much difference if SHTF between provinces for credit unions, besides Alberta.  

Some of the information she posted was not accurated, which NorthernRaven, who I suspect is our NorthernRaven, debunked.

As I said, whether or not the provincial governments will backstop their own provincial deposit insurer Crown corporations is arguably semantics. In the same way, the federal government has not guaranteed CDIC deposits beyond the ~$20 billion authorized borrowing limit it has established. So, while not an explicit guarantee, federal and provincial governments alike would almost certainly step in as a last resort to prevent depositors from losing their shirts in a massive financial calamity that brought down the entire banking sector. The Bank of Canada, as the country's lender of last resort, could even be used.

That comment about "how risk averse are you" made me laugh. If you absolutely have zero risk tolerance, I would still recommend a provincial credit union insured deposit to you. I wouldn't, however, recommend you for anything more than that.

Cheers,
Doug

May 30, 2019
5:02 pm
Doug
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Top It Up said
Peter, I trust as moderator you'll ensure the removal of the incorrect and misleading information from this thread - the DCGM is NOT a crown corporation.  

Top It Up, I reject, categorically, your assertion that what I said is misleading and I ask that you withdraw your comment. It absolutely is a provincial Crown corporation. Regardless of the statute it's incorporated under, it is. I have researched this thoroughly. Trust me.

I will have nothing further to say on this matter, but couldn't let your incendiary comment stand.

Thanks,
Doug

May 30, 2019
5:19 pm
Doug
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Top It Up said
The Deposit Guarantee Corporation of Manitoba IS NOT, I repeat IS NOT a provincial crown corporation - it is a private corporation.  

https://www.gov.mb.ca/finance/publications/pubs/annualreports/pubacct_4s4_18.pdf

I refer you to Table of Contents unnumbered page 2 of the Province of Manitoba's Public Accounts (Annual Financial Report) for the fiscal year April 1, 2017-March 31, 2018 (most recent fiscal year). Note under "Government Business Enterprises" the list of government-owned and established corporations. Note the other Crown corporations established there. #micdrop sf-cool

Thanks,
Doug

May 30, 2019
5:54 pm
Top It Up
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The Deposit Guarantee Corporation of Manitoba (DGCM) is designated as a government body for purposes of the Public Interest Disclosure (Whistleblower Protection) Act (the Act). The Act requires that government bodies disclose, in their annual reports, any activities regulated by this legislation.

The Act came into effect in April 2007. This law gives employees a clear process for disclosing concerns about significant and serious matters (wrongdoing) in the Manitoba public service sector, and strengthens protection from reprisal. The Act builds on protections already in place under other statutes, as well as collective bargaining rights, policies, practices and processes in the Manitoba public service.

Nothimg more, nothing less - it is NOT a crown corporation,

May 30, 2019
6:04 pm
Doug
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Top It Up, respectfully, I think what you're arguing is semantics. It's a publicly established corporation of the provincial Crown, just like Manitoba Hydro, Manitoba Public Insurance, and the like. If the provincial Crown decided to privatize it (which would be highly unlikely, but I'm speaking hypothetically), they could.

I'm sure you would agree that Canada Deposit Insurance Corporation is a federal Crown corporation, that CMHC is a federal Crown corporation, and the like. This is the same thing. It matters not what provincial legislation it is incorporated under - what matters is who owns it. If private interests own it, then it's not a Crown corporation. sf-cool

Relevant example: Assuris is the corporation established as the insurance guarantee fund for life insurance policies, annuities, and insurance GICs/GIOs. It is a deposit insurance fund. However, it is not a Crown corporation because it is privately established and its members are the member regulated life insurers.

Cheers,
Doug

May 30, 2019
6:15 pm
Top It Up
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https://www.gov.mb.ca/government/other.html

Crowns and other Government Links

the DGCM is no where to be found

It is NOT a crown corporation.

May 30, 2019
6:16 pm
Doug
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Top It Up said
https://www.gov.mb.ca/government/other.html

Crowns and other Government Links

the DGCM is no where to be found

It is NOT a crown corporation.  

It's a provincial Crown corporation, Top It Up. The fact it isn't listed on a specific government webpage that you've cherry picked matters not. I've provided the evidence. I'm done explaining this.

Thanks,
Doug

May 31, 2019
6:35 am
rodeworthy
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From DGCM website:
http://depositguarantee.mb.ca/faq/

Is-DGCM-part-of-MB-government-.gif

Can we move on?

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