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October 20, 2019
8:27 am
Bud
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It's worth browsing https://www.dico.com/design/1_1_Eng.html once in a while. Reminding everyone to search for and post deals.

Will ask if they would do tfsa rates for non-reg new accts and if a referral from a friend or relative in the muni public service is allowed

https://theenergycu.com/

TFSA Rates
VAR @ 2.65%
1 YR @ 2.90%
2 YR @ 3.00%
3 YR @ 3.35%

Term Deposit Rates
1 YR @ 2.20%
2 YR @ 2.40%
3 YR @ 2.90%

"The Energy Credit Union serves active and retired employees of Toronto Hydro Corporation, Signals, Electrical, Communications (SEC) of the Toronto Transit Commission, Gerdau, as well as individuals employed by any municipality as defined in the Municipal Act, 2001, individuals employed in any health care facility operating in the Province of Ontario and related persons or affiliated entities of the aforementioned."

October 20, 2019
10:49 am
hwyc
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Bud said
It's worth browsing https://www.dico.com/design/1_1_Eng.html once in a while. Reminding everyone to search for and post deals.

Aye aye. 252 credit unions nationwide - according to CCUA.com ūüôā

[ p.s. ... individuals employed in any health care facility operating in the Province of Ontario ? ... Energy CU ? I should never judge a book by its cover. ]

October 20, 2019
2:39 pm
Bud
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doctors qualify then

October 22, 2019
8:37 am
Bud
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off 401hwy
theyll do 3.4@3yrs for select non-reg accounts
other benefits bus trips for members
around 70mill assets

October 23, 2019
9:45 pm
LeBronBMT
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Bud said
off 401hwy
theyll do 3.4@3yrs for select non-reg accounts
other benefits bus trips for members
around 70mill assets  

I can see the form to apply for membership online, but it says nothing about where to send the forms. They have multiple locations, I assume one should send the forms to the closest location but I guess I will have to call and ask. Do you have any experience with this credit union? The terms are quite scary and unforgiving:

WAIVER OF PROTEST 1. Subject to any specific instructions given to the Credit Union in writing by the Member,

(a) the Member hereby waives in favour of the Credit Union any presentment, notice of dishonour and protest of all bills of exchange, promissory notes, cheques, orders for payment of money, securities, coupons, notes ( all or any of which are hereinafter called ‚ÄúInstruments‚ÄĚ or ‚ÄúInstrument‚ÄĚ as the case may be) drawn, made, accepted or endorsed by the Member, now or hereafter delivered to the Credit Union or any branch thereof for any purpose whatsoever and the Member shall be liable to the Credit Union in respect thereof as if presentment notice of dishonour and protest had been duly made or given;

and (b) if the Credit Union should consider it in the best interest of the Member or the Credit Union that any Instrument should be noted or protested because of any endorsement other than that of the Member, or for any other reason, then, at the discretion of any officer of the Credit Union, the Instrument may be noted or protested accordingly, but the Credit Union shall not be liable to the Member for any failure or omission to note or protest any such Instrument.

And this too:

If I cease to be a member of your Credit Union or any account Agreement I may have with you terminates, you may keep the Personal
Information in your records so long as it is needed for the purposes described in subsection l(b) above.

October 23, 2019
9:52 pm
Bud
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terms scary unforgiven? not clear explain

October 24, 2019
7:40 am
Loonie
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Bud said
terms scary unforgiven? not clear explain  

You could try asking them for the "plain language" version. See what they say. They may never have heard of such a concept, but it's time they did.

October 25, 2019
1:34 pm
LeBronBMT
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Called in. Apparently you can't call any of the branches directly. They all use one number that leads to a call center. You give them your info and the branch will call you back if you want to talk to them.

$100 membership share fee (cheque or bank draft only). Account opening must be done in person. Account can only be funded by cheque or bank draft if funds exceed e-transfer limit. Wouldn't budge on the rates for me.

Not so bad except for the $100 membership fee. That basically takes away from any extra interest you would get getting 3% from them vs like 2.8% at Motive or 3.3% at B2B.

For example ($100,000 x 0.03) - $100 = $2900.
$100,000 x 0.028 = $2800.

October 25, 2019
3:17 pm
Briguy
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These are new member rates only. So this credit union will appeal more to the churners since at the end of the term you will most likely transfer your money out.

October 25, 2019
7:48 pm
gicjunkie
Ontario
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LeBronBMT said

Not so bad except for the $100 membership fee. That basically takes away from any extra interest you would get getting 3% from them vs like 2.8% at Motive or 3.3% at B2B.

For example ($100,000 x 0.03) - $100 = $2900.
$100,000 x 0.028 = $2800.  

I may be wrong (my wife indicates that I am on occasion), but member fees are generally refundable to you when you quit the credit union. Any credit union I have been part of has refunded it. Don't know why you are writing it off.

October 25, 2019
7:55 pm
Bud
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LeBronBMT said
Wouldn't budge on the rates for me.
  

I assume you weren't investing more than 25k.

I said before but was shut down. Bunch of us go into FI(s) as a buying group, no money changes hands between us just intentions of interest to take to FI, and cut a volume deal. Generally volume buys a better rate. The buying group appoints a representative to discuss with the FI branch. We become a small institution with advantages. A bit like a gic investment discussion club.

October 25, 2019
8:07 pm
Loonie
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I would agree with gicjunkie UNLESS this is an annual fee in addition to a membership fee when joining. I doubt that it is but we need clarification.

I'm also unclear about the "new member" rates. I read it as "new money", which is not the same. "New money" gives more flexibility down the road. Please clarify.

October 25, 2019
8:28 pm
Norman1
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Their Tired of Promotional Deposit Rates? page indicates that the rates are new money rates:

* Some conditions apply. New Money Only. Rates subject to change at any time. Limited time offer. $1000 Minimum Deposit required for all 1, 2 & 3 year term.

October 26, 2019
4:31 am
Briguy
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Norman1 said
Their Tired of Promotional Deposit Rates? page indicates that the rates are new money rates:

* Some conditions apply. New Money Only. Rates subject to change at any time. Limited time offer. $1000 Minimum Deposit required for all 1, 2 & 3 year term.

  

That's good news ! Probably worth doing if you live near one of their locations.

October 26, 2019
2:26 pm
LeBronBMT
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Bud said

I assume you weren't investing more than 25k.

I said before but was shut down. Bunch of us go into FI(s) as a buying group, no money changes hands between us just intentions of interest to take to FI, and cut a volume deal. Generally volume buys a better rate. The buying group appoints a representative to discuss with the FI branch. We become a small institution with advantages. A bit like a gic investment discussion club.  

Actually I am thinking of investing more than 25k. They still wouldn't budge on the rates.

A buying group would be something I'm interested in.

October 26, 2019
2:28 pm
LeBronBMT
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gicjunkie said

I may be wrong (my wife indicates that I am on occasion), but member fees are generally refundable to you when you quit the credit union. Any credit union I have been part of has refunded it. Don't know why you are writing it off.  

Ah. I have no experience closing accounts at a credit union. Especially since once the account is opened it's easier to re-invest during high interest offers. So I haven't closed any (yet).

October 26, 2019
2:33 pm
LeBronBMT
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Loonie said
I would agree with gicjunkie UNLESS this is an annual fee in addition to a membership fee when joining. I doubt that it is but we need clarification.

I'm also unclear about the "new member" rates. I read it as "new money", which is not the same. "New money" gives more flexibility down the road. Please clarify.  

There is an annual fee for 'Essential' members according to their website. Essential members have less than 10k in 'total dollar participation' at the credit union. Here's a link: https://theenergycu.com/everyday-banking/chequing-and-packages/banking-package-essential/

If you scroll down to annual membership fee it says $25. This annual fee is apparently waived if you have more than 10k with them. So this $100 membership share thing was a total surprise to me. It's not on the website as far as I can tell. They told me over the phone.

October 26, 2019
4:47 pm
Loonie
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Thanks for the details.
Yes, a membership fee is normal with credit unions. The cost can vary from $1 to $100, from what I"ve seen. It's refundable when you leave, without interest.

Some of them also charge an annual fee, but that is less common in my experience.

October 26, 2019
6:22 pm
Briguy
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Loonie said
Thanks for the details.
Yes, a membership fee is normal with credit unions. The cost can vary from $1 to $100, from what I"ve seen. It's refundable when you leave, without interest.

Some of them also charge an annual fee, but that is less common in my experience.  

They have you contribute 100.00 for 20 shares at 5.00 ea, but you can also spend an extra 1000.00 and get a total of 220 shares. 2019 dividend on Energy CU shares was 3.65% , not too shabby.

October 26, 2019
9:36 pm
Bud
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100k could be minimum for a rate exception

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