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Email this1:38 pm
February 20, 2018
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Anyone know this outfit not much on website http://www.adjalacu.com
Rate offered thru deposit broker
2:24 pm
October 21, 2013
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Is this the one I referred to here? - https://www.highinterestsavings.ca/forum/gic/3-yrs-3-55/#p37423
3:19 pm
November 19, 2014
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Lol.. a one branch credit union located in a rural village that is only open limited hours 3 days a week.
No spanks. You better have lots of faith in DICO....
5:09 pm
October 21, 2013
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It's been around since 1946 - not too shabby.
Several larger CDIC-insured trustcos etc failed since then.
Size isn't everything.
5:23 pm
February 20, 2018
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Koogie said
Lol.. a one branch credit union located in a rural village that is only open limited hours 3 days a week.No spanks. You better have lots of faith in DICO....
Dico is fully guaranteed by Ontario taxpayers. A very small credit union if there was trouble is easier to bailout faster than a biggy. The bigger could need hundreds of millions become political smaller a few mill. Accrued interest is paid up to the hypothetical date of fail in either case. The price of real estate isn't so cheap in their region not so far from TO.
9:46 pm
October 21, 2013
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hotmony said
Dico is fully guaranteed by Ontario taxpayers.
Can you prove this?
3:20 am
February 20, 2018
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The Deposit Insurance Corporation of Ontario (DICO) is an agency of the Province of Ontario.
2:25 pm
October 21, 2013
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hotmony said
The Deposit Insurance Corporation of Ontario (DICO) is an agency of the Province of Ontario.
Agreed. But that does not mean it has promised to meet funding shortfalls of DICO. If that were the case, there would be no need for DICO to provide insurance as the government could just do it directly in the same way that it is responsible for its other budgetary liabilities. As I understand it, DICO is funded by premiums from member institutions in the same way that CDIC is. And, similarly, the federal gov't has never promised to bail out CDIC.
I'd be happy to be proven wrong on this but have not seen any convincing evidence.
5:08 pm
February 20, 2018
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Loonie said
As I understand it, DICO is funded by premiums from member institutions in the same way that CDIC is.
Then they have plenty to bailout a small cu if it was necessary.
7:16 pm
October 21, 2013
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Yes. i'm not concerned about Adjala at all.
9:22 pm
April 6, 2013
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Loonie said
Agreed. But that does not mean it has promised to meet funding shortfalls of DICO. If that were the case, there would be no need for DICO to provide insurance as the government could just do it directly in the same way that it is responsible for its other budgetary liabilities. …
As well, being an agency doesn't mean the agency acts as an agent of the government all the time.
Government of Canada: Agent status and Crown corporations gives two significant examples:
Partial Agency Status
The constituent act of a Crown corporation can make the corporation an agent for some purposes and leave the corporation a non-agent for other purposes.
For example, the Bank of Canada is designated in its constituent act as an agent for fiscal purposes only. If the Bank contracts for the construction of a building, the contract would not legally bind the Crown in the same manner as when the Bank intercedes in foreign exchange markets to support the Canadian currency.
The Canada Mortgage and Housing Corporation is an agent except for purposes of section 14 of its constituent act, under which the corporation is empowered to establish branches and employ agents. Effectively, the exclusion ensures that the agents employed by the Crown corporation are not agents of the Crown.
12:53 am
October 21, 2013
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Koogie said
Lol.. a one branch credit union located in a rural village that is only open limited hours 3 days a week.No spanks. You better have lots of faith in DICO....
It's not as rustic as you may think. Close to Alliston (Honda plant) and Newmarket (lots of jobs), not too far from Aurora (jobs). Personally, I would not rule them out on location by any means. I'm just not looking for a 3 yr rate right now.
7:32 pm
April 6, 2013
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I think they are rustic. 
I don't think they have an ATM! At least, not one that shows up in THE EXCHANGE Network ATM locator for the address
7320 St James Lane
Tottenham, ON
Not really looking for a 3-year deposit at the moment. But, I'd consider them if they offered a decent short-term 3-month deposit rate through a deposit broker.
7:51 pm
October 21, 2013
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It happens I have relatives who've lived in Tottenham for years although I have little to do with them. They moved there when they first married, I think. Husband and wife each had highly successful businesses which they ran there,
unrelated to Honda, retired wealthy a long time ago now. Children and grandchildren have remained in the area, which they wouldn't do unless they had jobs. The wife closed her business when she retired; not sure about the husband, who may have passed his on to son.
I would perhaps call it "quaint". Last time I talked to the wife, they had a very good transit set-up which was free for seniors, but I don't recall the details and it could have changed. Can't get that in Toronto!
I'm looking for some great short term rates too. Will consider anything under a year. Best seems to be Hubert's cashable or some HISA promos here and there - too much work!
7:46 pm
April 6, 2013
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Loonie said
…
I would perhaps call it "quaint". Last time I talked to the wife, they had a very good transit set-up which was free for seniors, but I don't recall the details and it could have changed. Can't get that in Toronto!
I don't think Tottenham is big enough to have a transit system.
There is a Community Transit Program run by the town of New Tecumseth, which includes Tottenham, Alliston, and Beeton. The program provides subsidized taxi rides ($3 or $5 each way) to seniors needing mobility assistance.
10:30 pm
October 21, 2013
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Yes, that's what I was referring to but I didn't remember th details.
Works great from what I hear.
12:33 pm
March 17, 2018
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hotmony said
Anyone know this outfit not much on website http://www.adjalacu.com
Rate offered thru deposit broker
I've never used a deposit broker- is that a better way to go than just opening up a HISA and getting GIC's from individual institutions?
1:14 pm
April 6, 2013
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Briguy said
I've never used a deposit broker- is that a better way to go than just opening up a HISA and getting GIC's from individual institutions?
Deposit brokers are another way to buy GIC's. Not necessarily a better way. But, they do provide access to financial institutions that don't want to build and maintain their own infrastructure to deal directly with the public.
For example, Street Capital Bank of Canada GIC's are only available through deposit brokers and investment dealers. Same with GIC's from Home Trust Company before they created Oaken Financial.
Deposit brokers can be preferable for a financial institution that wishes to raise controlled amounts of deposits. Through deposit brokers, it is perfectly acceptable to offer a leading rate for just one or two business days to raise a certain amount of money. There won't be a backlash as there would be if they did a "flash sale" through their own branch network or their own web site.
3:25 pm
March 17, 2018
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Thanks ! It was a bit off topic so I thought I'd thank you before Peter the moderator closes the thread 🙂
8:56 am
December 20, 2016
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Briguy said
I've never used a deposit broker- is that a better way to go than just opening up a HISA and getting GIC's from individual institutions?
As has been mentioned having a relationship with a deposit broker can be a helpful alternative. Brokers are sometimes offered limited time GIC rates from FI's that need to raise funds in a hurry, so being on the broker's speed dial list can make these offers available to you.
There can be other benefits, depending on the broker, such as no fee transfers of TFSA funds from one FI in the broker's "stable" to another in the "stable".
Another could be an arrangement where the broker is given the ability to purchase a GIC for you even though you may not be nearby, such as being out of the Country. This, of course, requires a level of trust that can only be earned with time and reputation.
I have two brokers I keep in touch with, as there seem to be several broker "networks" operating in Canada, each with their own access to specific FI's.
Stephen
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