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Do we all have enough money together to start our own bank/credit union and give ourselves our desired rate of return?
September 7, 2021
7:23 am
AR
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Do we all have enough money together to start our own bank/credit union and give ourselves our desired rate of return?

Please, no specifics on personal finances, just how much in total deposits required and general comments on who to loan out money to, etc.
From original comment: #18 https://www.highinterestsavings.ca/forum/simplii-financial/new-simplii-targeted-offer-of-2-on-new-deposits/#p65368

September 8, 2021
12:34 pm
COIN
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Not realistic to start and manage our own bank/credit union. The best we might be able to do is form a syndicate and pool our funds and hope for a better rate from a rational institution. (BTW: I spoke to Simplii in the past and the CSR said they don't care how much money you have it is still: "No offer for you!".

September 8, 2021
1:07 pm
Kidd
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COIN

The csr doesn't care BUT i wonder if those higher up in the chain of command care?

Years ago, i pulled 7 figures from tangerine over their moronic interest rate game play. The moment i hung up the phone, I'm sure the csr went back to looking at her nail polish, wondering if candy apple red was a better colour than passionate pink?

If her boss, or her bosses boss knew what was just lost and why... would they have cared?

September 8, 2021
1:12 pm
COIN
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Kidd said
COIN

The csr doesn't care BUT i wonder if those higher up in the chain of command care?

Years ago, i pulled 7 figures from tangerine over their moronic interest rate game play. The moment i hung up the phone, I'm sure the csr went back to looking at her nail polish, wondering if candy apple red was a better colour than passionate pink?

If her boss, or her bosses boss knew what was just lost and why... would they have cared?  

I wonder about the rationality level (or lack thereof) at Simplii and Tangerine as I have dealt with many institutions over the years and "high value" clients do get preferential treatment (including Maple Leaf hockey tickets and free lunches, LOL).

September 8, 2021
3:36 pm
Bill
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Re no rhyme or reason as to who gets promos, there is some rationality to being unpredictable, random, it can be very effective in certain situations - even some that don't involve child rearing!

Also, just as high value clients are actively wooed it could also be the case that low value (not worth the time consumed dealing with them) clients are actively encouraged to take their business elsewhere. If it was my bank I'd encourage young folks who are going to have mortgages, credit card or other debt, and discourage old folks who just want park their money with me as long as they can't get a better rate elsewhere. Don't assume you have something they want.

September 8, 2021
4:36 pm
Kidd
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Bill said
Also, just as high value clients are actively wooed it could also be the case that low value (not worth the time consumed dealing with them) clients are actively encouraged to take their business elsewhere. If it was my bank I'd encourage young folks who are going to have mortgages, credit card or other debt, and discourage old folks who just want park their money with me as long as they can't get a better rate elsewhere. Don't assume you have something they want.  

BILL, i agree with you.

Tangerine are continually sending me pre approved credit card offers and refinance your mortgage deals. All of their deals have an expiration date and when i don't inquire, they just extend the expiry date. I looked today. There was something else in my "insights" area, i just don't remember what it was. There was NO 1.4% interest rate offer. I wouldn't take 1.4% anyway.

September 8, 2021
6:46 pm
Bill
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True, they seem to know lots about us and then they send out mortgage offers to 60 and 70-somethings - ??

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