3% 5 Year GICs at Talka Credit Union | GIC discussions | Discussion forum

To reiterate somewhat, thanks to m77 for the heads up on this rate.

First of all, if I would have to go to Hamilton for this rate, I will politely decline. If one lives closer to Hamilton, or if this could be done by phone, it would be worth the risk . I feel confident in DICO's ability to monitor their members.

As for asking for a 3.5% rate, I think that's a stretch and unreasonable, especially in today's climate for investment rates. For a larger investment maybe 3.1% might work for them or you could just ask them what they might offer for a large investment. Negotiation is good. I agree with Koogie, doesn't hurt to ask, if the ask is reasonable. I have, on occasion, in the past successfully negotiated higher rates with CUs.

Koogie said

This is a business transaction. He can ask for anything he wants. And they are equally empowered to say no. There was no need for a personal insult to a forum member.

For the record, it's not a personal insult as it's not directed at anyone in particular. It is directed at the same general public as the previous post's curt advice, which has been repeated ad nauseam in many posts. It is intended to give an alternative perspective.

Bud said
Koogie you dont think dico would pay out in any member fail? What would make Ontario turn its back on dico? Soverign credit rating aside and printing money you dont think dico is as solid as cdic? No need to get into too much technicality theres been discussion before on this topic  

I am not doubting DICO (as I have no reason to do so). I am just saying that a small company of 8 employees isn't equivalent in my eyes to a Meridian or a First Ontario. YMMV.

As to whether or not DICO is explicitly backed by the Ontario government, fully funded, etc.. You are right, this has been discussed ad nauseum here. I doubt we will know until it is actually tested. Until such time, I am trusting them with half my ladder rungs, so I am obviously comfortable with them at this time.

Koogie said

The use of the pronouns "you" and "yours" would indicate otherwise but as Bud doesn't care...... fini.  

"You" can be ambiguous, so needs to be looked at in context. I wrote in the same voice as my predecessor, the imperative, and addressed the same general audience. If I'd wanted to address him in particular, I would have quoted him or used his name.