Korean Church Credit Union | 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

sp_Feed Topic RSS sp_TopicIcon
Korean Church Credit Union
June 16, 2024
3:27 pm
kesa
Member
Members
Forum Posts: 216
Member Since:
February 14, 2023
sp_UserOfflineSmall Offline

https://kcccu.ca

5.85% GICs
6.20% Savings account

Anyone deal with them?

June 16, 2024
4:49 pm
hwyc
GTA
Member
Members
Forum Posts: 1205
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

6.20% is meant for their Installment Savings.

June 17, 2024
9:58 am
canadian.100
Member
Members
Forum Posts: 957
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

Tried to do an extensive internet search for any information I could find on this CU.
Could find no financial information, no info re number of members, one location in Toronto - but I did learn that the Membership share(s) is $100 (refundable on ending membership) and also that their online system has had "issues" and they do not use it at this time. All transactions must be done in their one branch.
Not my cup of tea.

June 17, 2024
10:15 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 1992
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

.
Thanks Kesa.

It's interesting ... but it's not my cup of tea, either.

A few more details https://kcccu.ca/about-us/

Cheers,

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

June 17, 2024
10:53 am
savemoresaveoften
Member
Members
Forum Posts: 2946
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

lots of way to make money, trying to earn a higher interest and trust a name like that is NOT one of them.

June 17, 2024
1:09 pm
Jon
Member
Members
Forum Posts: 429
Member Since:
August 9, 2014
sp_UserOfflineSmall Offline

You got to have faith in FSRA when investing here.
I will pay them a visit and write about them.
5 dollars annual fees, 65 cent for cheque clearing
At least you get no fee cheqing and unlimited transactions.
fee schdule at the bottom

June 17, 2024
3:36 pm
kesa
Member
Members
Forum Posts: 216
Member Since:
February 14, 2023
sp_UserOfflineSmall Offline

I have concerns about FSRA.

I’ll probably stick with MCAN. MCAN has 1yr GICs at 5.45% and CDIC to boot.

June 17, 2024
4:15 pm
canadian.100
Member
Members
Forum Posts: 957
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

kesa said
I have concerns about FSRA.

I’ll probably stick with MCAN. MCAN has 1yr GICs at 5.45% and CDIC to boot.  

Having been able to access the Financial Statements of almost any Canadian Bank, but having been unable to easily access Financial Statements of any Credit Unions (except for the few of which I may be a member, I definitely have concerns about FSRA. I am able to analyze financial statements and by reviewing the statements and Annual Report, I am able to get an impression of their profitability, stability, viablility. In fact, I was always concerned about the "unlimited guarantee" by DGCM on Manitoba CUs and now we see the disappearance of Hubert and ongoing amalgamations - possibly because they knew the writing was on the wall as to their long term viability.

June 18, 2024
12:50 pm
Jon
Member
Members
Forum Posts: 429
Member Since:
August 9, 2014
sp_UserOfflineSmall Offline

Just been to this CU
Very small 1 branch CU
Opening account process is quick and standardized (Classic CU)
Chequeing account and saving account is mandatory.
NO debit card and NO interact e-transfer.
Online banking have 1500 CAD limit for external transfer, need to call for anything larger than that.
GIC auto renew by default, and have to cancel this in branch.
Manager promised to email me financial statement later today. (Canadian.100)

June 18, 2024
1:17 pm
Jon
Member
Members
Forum Posts: 429
Member Since:
August 9, 2014
sp_UserOfflineSmall Offline

2 more things
1. You can borrow against your GIC (website)
2. This GIC can be in register account.

June 18, 2024
1:43 pm
canadian.100
Member
Members
Forum Posts: 957
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

Jon said
Just been to this CU
Very small 1 branch CU
Opening account process is quick and standardized (Classic CU)
Chequeing account and saving account is mandatory.
NO debit card and NO interact e-transfer.
Online banking have 1500 CAD limit for external transfer, need to call for anything larger than that.
GIC auto renew by default, and have to cancel this in branch.
Manager promised to email me financial statement later today. (Canadian.100)  

Interesting information. Hope your dealings with them meet your needs.
If the Manager does send you the Financial Statements - could you post (at least) the Balance Sheet and Income Statement here? I basically want to see (at minimum) - Assets, Liabilities, Members Equity, Revenue, Expenses and Net Profit (Loss). Number of members would also be interesting to know. Thx.

June 18, 2024
3:50 pm
Loonie
Member
Members
Forum Posts: 9308
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

canadian.100 said

Having been able to access the Financial Statements of almost any Canadian Bank, but having been unable to easily access Financial Statements of any Credit Unions (except for the few of which I may be a member, I definitely have concerns about FSRA. I am able to analyze financial statements and by reviewing the statements and Annual Report, I am able to get an impression of their profitability, stability, viablility. In fact, I was always concerned about the "unlimited guarantee" by DGCM on Manitoba CUs and now we see the disappearance of Hubert and ongoing amalgamations - possibly because they knew the writing was on the wall as to their long term viability.  

On the other hand, with a population about the same as Ottawa, how many CUs does Manitoba really need??

June 18, 2024
4:41 pm
canadian.100
Member
Members
Forum Posts: 957
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

Loonie said

On the other hand, with a population about the same as Ottawa, how many CUs does Manitoba really need??  

The reduction in CUs is likely due to the move to online banking and cutting staff and overhead. (Amazing, isn't it when a business looks at its bottom line shrinking.) Look at how people complained when the banks closed down a large number of bank branches in populous Ontario - and when Post Canada closed down post offices all over the place. I believe Canada Post is still losing a pile of money. You and I probably grew up when the chartered banks had branches on every other corner in larger towns and cities and locations in most rural small towns - the banks needed to cut costs to satisfy shareholders. You are right that Manitoba probably needs to cut back on so many Credit Unions but not sure the rural folks feel that way.

June 18, 2024
8:04 pm
Loonie
Member
Members
Forum Posts: 9308
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

Some people will surely object to CU branch closures in rural MB, if that's what's happening. I suspect they will care less about how many different CUs there are.

However, it's not like the old days, perhaps 40 or 50 years ago, when the closure of branches of the big banks left people stranded. In many places the CUs filled the gap, and did it well.

But now most people have a computer, most FIs offer internet banking (and expect you to use it), roads and vehicles have improved, and, from what I hear, Manitobans expect to drive significant distances regularly.

In addition, if there is a need, I don't see why they can't provide in-person service to meet demand using mobile offices. Libraries do it; so can they. They can also use Zoom etc. and librarians can facilitate access to that for those who don't have or are not good with computers.
Shareholder sentiment does indeed drive a lot of decisions. Theoretically, with CUs, the shareholders are the members. They want the CU to thrive, but they also want reasonable service.

Personally, I enjoy the diverse offerings of a variety of CUs, and have found them very beneficial. It's a refreshing change from the essential uniformity of the large banks. However, some mergers will no doubt be needed.

Please write your comments in the forum.