First Ontario Cu HISA Promo for 90 days @ 3% | General comparisons | Discussion forum

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First Ontario Cu HISA Promo for 90 days @ 3%
September 21, 2019
4:50 pm
miro
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Link

No monthly fee
No minimum balance
Daily interest, paid monthly
Deposit cheques using your mobile device with Deposit Anywhere™
Access to 3,300 ATMs across Canada
Unlimited, free deposits through online and mobile banking and THE EXCHANGE Network ATMs
Free 24/7 online and mobile banking
Access to online and mobile banking with free eStatements

September 22, 2019
7:01 am
Oscar
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I clicked the link and tried to find a standard fee schedule but had no such luck. But under this promo 's terms and conditions ( posted below ) it appears that it has ended anyway .
3. The Promotional Rate will be paid on the balance of the account, up to a maximum of $1,000,000, for the first 90 days from opening provided the account is opened between July 1st, 2019 and August 30th, 2019. Date subject to change without notice.

$7.50 for in branch transactions sf-yell Is that a record ? Do the tellers have a tip jar at each wicket too ? I could see a marketing angle here similar to the Naked News website to justify the fees, or perhaps if they had a liquor license and they poured you a drink with your transaction.
I realize it's an E account but they would be wiser to just not allow in branch transactions. And $3.50 to pull 20 bucks from an ATM ? No wonder their fee schedule is so hard to find.

September 22, 2019
8:16 am
Norman1
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Looks like service fee information is scattered across the individual account information pages.

I did find this Personal transaction and service fees page listing services fees that are not specific to an account.

Also, if one is not already a member of the credit union, one will need to visit one of their branches. Their branches are in the Oakville, Hamilton, and Niagara area:

5. Existing Members can open their first eSavings account at their branch, at a Personal Assisted Teller (PAT), by calling our Member Solution Centre, or by logging into online banking.

6. Any individual who is not currently a Member of FirstOntario and would like to open their first eSavings account must become a Member at one of our local branches.

September 22, 2019
9:23 am
Norman1
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Once the 90 days of 3% are over, the account's regular rates are not that great:

High Interest eSavings RATE
$0.00 - $100,000.00 1.30%
$100,000.01 - $200,000.00 1.35%
$200,000.01+ 1.50%

I guess it is a big step up from what their Investment Savings account pays:

Investment Savings RATE
All Balances 0.20%
September 22, 2019
10:51 am
Oscar
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Norman1 , thanks for looking that up , I still can't find it on my own even now that I know it's there.
Those fees don't match the fees listed on the E account specific page . For example there is no mention of a $7.50 in branch fee and it lists ATM exchange fees as free yet E account page shows one free transaction/month and then $3.50/transaction afterwards and also for electronic transfers. Sort of pricey for an E account and confusing too. Maybe they are slow on updating their website as the promotion seems to have ended on September 1st , according to their T&C , same day as service fee list was updated. And as you pointed out the rates aren't all that hot otherwise.

September 22, 2019
11:58 am
Norman1
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I suspect that (one free transaction per month and $3.50 each afterwards) is just for the debit entry to the account and not the total cost.

First withdrawal of the month at an EXCHANGE network ATM would be

$0.00 EXCHANGE ATM fee
$0.00 Debit fee
$0.00 Total

Subsequent withdrawals at the ATM would be

$0.00 EXCHANGE ATM fee
$3.50 Debit fee
$3.50 Total

I think an in-branch withdrawal to a draft would be

  $7.50 In-branch debit fee
$10.00 CAD draft fee
$17.50 Total sf-surprised

September 22, 2019
4:35 pm
Oscar
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Ding ! Ding ! ouch ! Couldn't help but wondering if they would have the nerve to charge $7.50 for opening an E account since it's an in-branch transaction .
Just thinking out loud here but wondering if there is a want or need of a service fee chart of all the institutions listed in the GIC or promos chart ? Might be beyond the scope of this site though.

September 22, 2019
7:45 pm
Bud
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FO has had some deals over the years. Some of u guys quivering over a few dollars whats ur game. dont mind a ding if im pickin up yield. Just wish they had a branch closer to

September 23, 2019
7:37 am
hwyc
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T & C from website

3. The Promotional Rate will be paid on the balance of the account, up to a maximum of $1,000,000, for the first 90 days from opening provided the account is opened between July 1st, 2019 and August 30th, 2019. Date subject to change without notice.
...  

So I got email reply today regarding the dates.

Thank you for your email. They have extended the offer of 3.00% for 90 days. Also in terms and conditions (#3), it states that the “date is subject to change”. I hope this information has been helpful.

... extended but no mention of another firm date.
Pls double check before proceeding if you are eyeing this.

September 24, 2019
2:55 pm
Oscar
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Bud said
FO has had some deals over the years. Some of u guys quivering over a few dollars whats ur game. dont mind a ding if im pickin up yield. Just wish they had a branch closer to  

I was looking at their accounts and it seems that the way to avoid most fees on this E savings account is to open a basic chequing account and link them. Then they appear to be quite competitive with other credit unions in regards to fees. Still think they should drop the in - branch fee on their promo as it leaves a bad first impression, especially on those of us who are " quivering " over a few dollars , and if you input "service fees" into the search bar on this site you'll see there are quite a few threads that discuss service fees in general.

September 24, 2019
5:28 pm
Norman1
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I'm not that sure one can avoid most of the High Interest eSavings Account fees by having one of their chequing accounts. Each debit after the first one is $3.50 even when it's an electronic debit to one of their chequing accounts.

Their eSavings account doesn't offer unlimited free electronic transfers to another one of their accounts, like Alterna Bank's eSavings account or the RBC High Interest eSavings account does.

September 24, 2019
7:49 pm
Oscar
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Norman1 said
I'm not that sure one can avoid most of the High Interest eSavings Account fees by having one of their chequing accounts. Each debit after the first one is $3.50 even when it's an electronic debit to one of their chequing accounts.

Their eSavings account doesn't offer unlimited free electronic transfers to another one of their accounts, like Alterna Bank's eSavings account or the RBC High Interest eSavings account does.  

That's also how I understand it. So one would have to rely on that one free debit per month to transfer over money you would need for your monthly transactions. It's a workaround if someone is interested in their promo.
Alterna Bank is a good example of an online bank that has an easy to find service fee listing that is pretty straightforward as well.
https://www.alternabank.ca/SharedContent/documents/Fees/AlternaBank_ServFee-Personal_EN_Mar11_18.pdf

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