PACE CU members who bought those private preferred shares agreed to drop the matter for 70% of their invested money back.

Alterna CU agreed to assume the insured PACE CU deposits as part of the purchase price for PACE CU's loans, branches, and other assets.

KPMG was appointed the liquidator of PACE CU in August 2022 and is still in the process of liquidating the credit union.

So, how are the PACE survivors doing? I guess they were all made whole except they lost their investment capital ($1,175.00). Did many former PACE clients move to Alterna?

Are there any current institutions at risk?

JohnnyCash said

Are you referring to this notice which I found in my RBC Messages Inbox?

https://www.rbcroyalbank.com/o.....26_eng.pdf

Seems to me the USD $3.00 fee only applies to paper mailed statements which can be avoided by choosing to have electronic statements.  

Thanks for pointing that out. I overlooked it.

BlueSky said
For a long while I was with RBC on both sides of the border. While RBC US didn't change their terms as of yet, I got notified that RBC CAN is going to charge a monthly fee of $3.00 on their US eSavings account come August. It used to be fee free. I have two questions:

1. Is there another cross border banking worth looking at? So far, CIBC is the least fee charging, least complicated (online setup, no advisors, etc...) at $0.75USD/transaction, even cross border transfer to their U.S. side.

2. I don't believe it's currently possible without a wire fee, but transferring from the U.S. to a Canadian USD bank account. This is in the event I close both sides of RBC accounts. My option at this time is to pay 3-4 months the fee until a GIC matures in the U.S. and transfer over to the Canadian side.

I am OK with keeping the US account under the current terms, but should a transfer be necessary, wire fees will apply if transferring to a Canadian bank.

Thanks for your input.  

Are you referring to this notice which I found in my RBC Messages Inbox?

https://www.rbcroyalbank.com/o.....26_eng.pdf

Seems to me the USD $3.00 fee only applies to paper mailed statements which can be avoided by choosing to have electronic statements.

1. Is there another cross border banking worth looking at? So far, CIBC is the least fee charging, least complicated (online setup, no advisors, etc...) at $0.75USD/transaction, even cross border transfer to their U.S. side.

2. I don't believe it's currently possible without a wire fee, but transferring from the U.S. to a Canadian USD bank account. This is in the event I close both sides of RBC accounts. My option at this time is to pay 3-4 months the fee until a GIC matures in the U.S. and transfer over to the Canadian side.

I am OK with keeping the US account under the current terms, but should a transfer be necessary, wire fees will apply if transferring to a Canadian bank.

Thanks for your input.

Norman1 said
Financial institutions can have provisions for those who cannot or do not wish to receive interest for religious or other reasons.

....  

This is fascinating information.

In case there are any people who spend time on this web site looking for the best GIC and HISA rates, and then choose to forego the interest for spiritual reasons, please PM me.

I would be pleased to receive your interest in lieu of it getting paid into your account, and thus cleanse you of that burden according to your beliefs.

Meet Wise Interest explains how the optional plan works. Those who opt into the plan will have their Wise account balance funds swept into interest-bearing bank accounts in Wise Payments Canada Inc.'s name. Interest earned will help fund the interest Wise pays on the Wise account balances.

Currently, the interest-bearing bank account is with the Bank of Montreal.

Details are in the Wise Balance+ Account Program Agreement.

JohnnyCash said
Effective today, if you have a Wise multi-currency account that holds funds in CAD, USD, EUR, GBP, you can now opt-in to earn interest on your balances.

https://newsroom.wise.com/en-N.....anada/  

Why is there even an option not to collect interest? Who, especially in this community would NOT opt in and choose to forego interest?

Hmm said
What are the extra/hidden fees for these accounts?  

Wise is quite transparent with fees, so no surprises. Its primary service is in currency conversions and wire transfers; the interest feature is something new.

Simplii is a different kettle of fish, they will sometimes announce a promo several days into a month, only to snapshot it within the few days prior to the end of the preceding month.

pentel said

This makes it difficult to make decisions. I have one month left with Simplii at 3.5%. Tangerine is offering at 4.5%. If funds previously from Tangerine now at Simplii are not counted as new funds when moved back to Tangerine, then I should just stay at Simplii to earn interest.  

Depends on the posted date that the funds were withdrawn from Tang. If the funds were still in an eligible account after the promo snapshot, then no promo rate for you. If the funds were taken out prior to the snapshot, they are eligible for the promo rate. Easy-peasy. Find it prudent to move the funds out of the Tang HISA into the Chequing account a few days prior to the end of the promo. Sometimes the start date of the next promo is on or close to the end of the previous promo. I'm currently on Coast Capital's 4.35% so didn't bother accepting Tang's 4.25 this time.