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Omnia Direct
March 14, 2017
6:54 am
Twotons
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I did not see anything posted on the forum about Omnia Direct (its a division of WFCU Credit Union located in Windsor, Ontario). It's an online only service with current GIC special rates of 18m@2.18%, 30m@2.3%, and 52m@2.52%. Only non-registered GICs are available, however, the bricks and mortar WFCU branch can provide both registered and non-registered products.

March 14, 2017
3:18 pm
AltaRed
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Unless it provides service to Canada overall (sometimes Quebec excepted), it is not of much use/interest here. I couldn't find any of the info on its website.

March 14, 2017
6:48 pm
JenE
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You can find information at Omniadirect.ca

March 14, 2017
6:58 pm
Norman1
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AltaRed said
Unless it provides service to Canada overall (sometimes Quebec excepted), it is not of much use/interest here. I couldn't find any of the info on its website.  

Found the following from their Join Now page:

We’ll ask for some personal details, including your Social Insurance Number (SIN). You’ll also need a valid email address and a personal cheque preprinted with your name and address. As long as you have all that and you’re an Ontario resident over the age of 18, you’re ready to get started.

March 14, 2017
7:25 pm
Loonie
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Ssme people (JenE?) might be able to use this offer as a bargaining tool with other CUs rather than adding another FI to their roster.
I know Luminus has sometimes been sensitve to this, for instance.

I had never heard of this FI before, so I checked it out on the credit union central list. The parent, WFCU, is listed.
I looked at the WFCU site and could not find a link to Omnia, although clearly they are related. Oddly, WFCU does advertise these special rates, but doesn't tell you how you could access them through Omnia, unless I missed something.
https://www.wfcu.ca/Personal/ProductsAndServices/InvestmentServices/
Nowhere could I find what "WFCU" stands for. It struck me as an unfortunate name because all that came to mind was "whatthef*ck credit union"...sf-embarassed

More seriously, I am beginning to wonder how many other offers may be out there but are hidden to some degree. I am at a loss as to how to find out. Alterna CU's site doesn't mention its bank which has much better rates. What's going on? And how do we get around it?

Thanks to Twotons for bringing this to our attention - and Welcome!

March 14, 2017
8:42 pm
Norman1
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omnia direct is not actually a separate financial institution from WFCU Credit Union.

In small print, at the bottom of their main page https://omniadirect.ca, it says

omnia direct is a service provided by WFCU Credit Union.

On their About Us page, I found this PC Financial-like statement:

omnia direct is a division of WFCU Credit Union. …

March 14, 2017
8:50 pm
Norman1
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Loonie said
… I looked at the WFCU site and could not find a link to Omnia, although clearly they are related. Oddly, WFCU does advertise these special rates, but doesn't tell you how you could access them through Omnia, unless I missed something.
https://www.wfcu.ca/Personal/ProductsAndServices/InvestmentServices/

I don't think one needs to go through Omnia for those rates.

I think those special 18-, 30-, and 52-month GIC rates are available in the WFCU Credit Union branches too.

March 14, 2017
8:58 pm
Norman1
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Loonie said
…Nowhere could I find what "WFCU" stands for. It struck me as an unfortunate name because all that came to mind was "whatthef*ck credit union"...sf-embarassed

I don't think they would like that interpretation!

The SSL certificate for omniadirect.ca has the following verified legal entity in its subject:

CN = *.omniadirect.ca
O = Windsor Family Credit Union Limited
L = Windsor
S = Ontario
C = CA

March 14, 2017
8:59 pm
Loonie
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Right.
I am OK with Omnia being part of WFCU, and it's what I expect as they do not have an independent existence at DICO or CDIC.

What I'm not OK with is the difficulty in finding out about such an alternative. When I search for a credit union offering that I might not know about, I go to the list of CUS provided by Credit Union Central because I know anything listed there will be legit. When those CUs choose to act as if parts of them don't exist, I am at a loss.
Maybe they don't really want to hear from us?

March 15, 2017
11:25 am
Twotons
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AltaRed said
Unless it provides service to Canada overall (sometimes Quebec excepted), it is not of much use/interest here. I couldn't find any of the info on its website.  

Your comment is noted. I will quote "Ontario only" next time for us Ontario centric peeps. sf-cool

Norman1 said
I don't think one needs to go through Omnia for those rates.

I think those special 18-, 30-, and 52-month GIC rates are available in the WFCU Credit Union branches too.  

Agreed. The Branch will provide the same GIC rates and expand the offering to registered products which is not an option with the online service.

What I liked about this site was multiple non 12 month cycle maturity dates with comparable rates so that you can structure your cashflow a little better.

Please write your comments in the forum.