Innovative Promotional Product Offer | General comparisons | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Innovative Promotional Product Offer
July 13, 2022
9:41 am
ASAPP OXP
Member
Members
Forum Posts: 3
Member Since:
July 13, 2022
sp_UserOfflineSmall Offline

We work with Canadian credit unions by providing account and lending origination software. One of our customers, 1st Choice Savings and Credit Union of Lethbridge, Alberta just launched an innovative HISA product, that is linked to the Bank of Canada Prime Rate. Their Prime Time Savings Account is offering bonus interest until October 10th that results in the HISA rate being equal to the Prime Rate. With today's BOC increase, their HISA rate will jump tomorrow by 1% to 4.7%. Worth checking it out: https://www.1stchoicesavings.ca/en/primetimesavings.

July 13, 2022
10:51 am
dancerneverstop
Member
Members
Forum Posts: 4
Member Since:
March 22, 2019
sp_UserOfflineSmall Offline

Are this 1st Choice Saving and Credit Union account only available to Alberta residents? Can Ontario residents apply it as well? And what is the cap/max allowable deposit amount?

July 13, 2022
11:15 am
HermanH
Member
Members
Forum Posts: 606
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

Yes, this CU is limited to those living in AB or moving to AB.
The CUDepositGuarantee Corp guarantees :

All deposit amounts are 100% guaranteed and include accrued interest to the date of payout. Deposit amounts include chequing and savings accounts, RRSP deposits, RRIF deposits, TFSA deposits, foreign currency deposits, and term deposits, including those with terms exceeding five years. The deposit guarantee does not cover non-deposit investments, examples of which include common shares, investment shares, mutual funds, and self-administered RRSPs that are not deposits.

July 13, 2022
11:19 am
JohnnyCash
Member
Members
Forum Posts: 169
Member Since:
April 21, 2022
sp_UserOfflineSmall Offline

dancerneverstop said
Are this 1st Choice Saving and Credit Union account only available to Alberta residents? Can Ontario residents apply it as well? And what is the cap/max allowable deposit amount?  

I never found any provincial residency requirement on their website, it may exist though. The maximum deposit limit is $100,000 and is guaranteed by the Alberta provincial government through the Credit Union Deposit Guarantee Corporation.

I just went through the somewhat lengthy online sign-up process and will await to see if the application is approved.

July 13, 2022
11:40 am
HermanH
Member
Members
Forum Posts: 606
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

JohnnyCash said

I never found any provincial residency requirement on their website, it may exist though. The maximum deposit limit is $100,000 and is guaranteed by the Alberta provincial government through the Credit Union Deposit Guarantee Corporation.

I just went through the somewhat lengthy online sign-up process and will await to see if the application is approved.  

I just called the CSR and was told differently. AB residency is required.
Also, there was no maximum deposit limit. Did you encounter the 100K limit during your registration process? Where did you see it? I specifically and pointedly asked the CSR to confirm the coverage and she did. Said that it was unlimited. This is an important point, if you found contradictory information.

Edit: Is this what you saw under the Terms and Conditions?

6. Bonus Interest is calculated daily at the current rate on each day’s full closing balance (up to a balance limit of $100,000) and paid monthly. Regular Interest is calculated daily at the current rate on each day’s full closing balance and paid monthly.

Edit2: You are correct. Only the first 100K enjoys the bonus 4.7% rate. Excess funds just get the "Regular Interest Rate paid on Eligible Deposits (0.75%)". Also, funds must be new money. Phew, that was a close call. sf-smile

July 13, 2022
12:32 pm
Loonie
Member
Members
Forum Posts: 8436
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Peter: Could we have a clarification on who posted this recommendation? It sounds like it could be a Flinks-type company. The post doesn't say who "we" are, and this site is not supposed to be used to post unpaid advertising. Can we at least be clear on who it is?

July 13, 2022
12:38 pm
hwyc
GTA
Member
Members
Forum Posts: 746
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Just click on the username to see the profile. There's a link. I'm good with the disclosure.

1st Choice Savings & Credit Union currently rank 60th on the CCUA top 100 largest ... that's all I know. Is there any local in the audience ?

July 13, 2022
2:08 pm
ASAPP OXP
Member
Members
Forum Posts: 3
Member Since:
July 13, 2022
sp_UserOfflineSmall Offline

Good afternoon, ASAPP OXP (ASAPP Financial Technology Inc.) is a Canadian account origination software vendor (we actually utilize Flinks technology as one of our identity verification partners). 1st Choice Savings is a customer of ours and we thought this innovative product that they launched would be of interest for this Forum.

July 13, 2022
2:19 pm
JohnnyCash
Member
Members
Forum Posts: 169
Member Since:
April 21, 2022
sp_UserOfflineSmall Offline

ASAPP OXP said
Good afternoon, ASAPP OXP (ASAPP Financial Technology Inc.) is a Canadian account origination software vendor (we actually utilize Flinks technology as one of our identity verification partners). 1st Choice Savings is a customer of ours and we thought this innovative product that they launched would be of interest for this Forum.  

Slightly off topic, I imagine you're quite familiar with Flinks and can perhaps go into some detail as to how secure it is for clients? There is a prevailing inclination by many to avoid utilizing Flinks due to the perception that their data ( login credentials) are at risk when inputting sign in details for external banks.

July 13, 2022
3:06 pm
Loonie
Member
Members
Forum Posts: 8436
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

You can't expect this person, who makes a living from working with Flinks, to give an unbiased appraisal of Flinks security.

The real question is whether this CU requires you to use Flinks to get enrolled in this promo.

I don't live in AB and it doesn't matter to me what people there do but fintech remains an unregulated industry, so be careful and don't rely on promoters for unbiased info.

I am disturbed but not surprised that they are making inroads into the CUs. They are a very aggressive company. This carrot of a very high rate is being dangled before you to help you abandon caution.

On the bright side, I am confident that other
FIs wil be increasing their savings rate in the near future. DUCA raised its promo rate twice in June if I remember correctly.

July 13, 2022
3:47 pm
JohnnyCash
Member
Members
Forum Posts: 169
Member Since:
April 21, 2022
sp_UserOfflineSmall Offline

Loonie said
You can't expect this person, who makes a living from working with Flinks, to give an unbiased appraisal of Flinks security.
 

True enough, I was not so much looking for an appraisal, more so trying to get some insight into how Flinks functions in respect to security of clients credentials. I'm sure the OSFI would have shut them down by now if there was a unacceptable risk, or illegal behavior, at least I would hope so.

July 13, 2022
5:17 pm
JohnnyCash
Member
Members
Forum Posts: 169
Member Since:
April 21, 2022
sp_UserOfflineSmall Offline

Loonie said
The real question is whether this CU requires you to use Flinks to get enrolled in this promo.

My curiosity got the better of me. I was able to get through the signup steps without using Flinks, it was prominent through the process though. I received an email shortly after indicating they are processing my application, we'll see.

July 13, 2022
5:27 pm
ASAPP OXP
Member
Members
Forum Posts: 3
Member Since:
July 13, 2022
sp_UserOfflineSmall Offline

Here's a bit of insight on the questions / comments that will hopefully be helpful. ASAPP OXP | Omnichannel Experience Platform works with a number of identity verification partners including Flinks, Jumio, and Equifax. Our customers, regulated financial institutions, determine their specific configuration of the software and are subject to FINTRAC and provincial or federal regulations. Separately, we have one of Canada's largest national accounting / assurance firms conduct annual FINTRAC and other security reviews of our software for compliance purposes. Products and offers are financial institution driven campaigns, not Fintech direct-to-consumer products. 1st Choice Savings and Credit Union is one of many great Canadian credit unions offering innovative new product ideas and rates.

July 13, 2022
5:55 pm
Loonie
Member
Members
Forum Posts: 8436
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Well, I take that as "promotional spin", as expected.

The fact remains that fintechs are not yet regulated as such and probably won't be until at least 2024. And the big banks have warned their customers not to give Flinks their access info.

July 13, 2022
7:20 pm
canadian.100
Member
Members
Forum Posts: 669
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

Loonie said
And the big banks have warned their customers not to give Flinks their access info.  

I was unaware the big banks have warned their customers not to give Flinks their access info. I have not received anything from my big bank that I remember. Did you receive this warning in writing from your big bank?

July 13, 2022
8:23 pm
Loonie
Member
Members
Forum Posts: 8436
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Other forum members have reported receiving this advice informally at big banks as it would be a violation of the existing client agreement regarding keeping one's login confidential. So, no need to provide new advice although they may choose to do so. If there is a problem, they will blame you, the customer.

July 13, 2022
11:02 pm
HermanH
Member
Members
Forum Posts: 606
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

Financial institutions will take every opportunity to try and pass the blame for any security compromise onto the client. For example, if you try to help a parent log onto their banking system via the computer, they will try to place the blame for any security problem on the user and say that if you knew their credentials, then they likely disclosed them to others, too.

July 14, 2022
1:00 am
Loonie
Member
Members
Forum Posts: 8436
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I think that, rather than expecting the big banks to advise us in writing of this issue, we should ask for confirmation that it is OK with them if we disclose to Flinks etc. I'd be willing to bet that you wouldn't get that in writing. And thus they would hold you liable if anything ever went wrong anywhere along the line now or in the future.

July 14, 2022
1:19 am
HermanH
Member
Members
Forum Posts: 606
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

I would not put it past the banks to actually want clients to use the FLink system, at some time. That way, if there ever was a breach, they could claim that, at some point, you self-compromised your credentials. It will not matter if you changed the PW afterwards, the fact that you gave something to FLinks will be all that they feel necessary to say that you are the security risk and thereby refuse to accept any responsibility for the breach.

July 14, 2022
11:56 am
JohnnyCash
Member
Members
Forum Posts: 169
Member Since:
April 21, 2022
sp_UserOfflineSmall Offline

JohnnyCash said

Loonie said
The real question is whether this CU requires you to use Flinks to get enrolled in this promo.

My curiosity got the better of me. I was able to get through the signup steps without using Flinks, it was prominent through the process though. I received an email shortly after indicating they are processing my application, we'll see.  

I received an email confirmation that the account has been opened and a Membership package is being sent in the mail. Their website has been updated to reflect the BoC rate change and now indicates 4.70% for the HISA.

https://www.1stchoicesavings.ca/en/personal

No permission to create posts

Please write your comments in the forum.