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Ganaraska Credit Union
June 29, 2016
8:18 am
gicjunkie
Ontario
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For those of you in the Port Hope, Cobourg, Peterborough (3 branches) area of southern Ontario, this credit union has a 3 year GIC @ 3.00%. Interest can be payable to a Ganaraska account. You must go in to a branch to set it up. May be worth the drive from the GTA. This rate has been available for a while. Don't know how long it will last.

June 29, 2016
9:22 am
Loonie
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Thanks for the info.
Have you ever dealt with this CU?

I looked at their website and could not find any info about current staff, names of board of directors, annual reports, updated service fee list, or membership criteria. All of these things should be there.
Judging from an old newsletter, it appears they imposed a membership fee of $3.95/MONTH last year.

Negative report here from a few years back. CEO is still in place, I believe..
http://www.northumberlandtoday.....ged-at-agm

June 29, 2016
7:33 pm
Norman1
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I found the 2015 annual report and financial statements at Ganaraska Financial: Corporate Reports.

Their accounts and service fees are at Ganaraska Financial: Accounts. Minimum monthly fee is $3.95.sf-frown Maybe that's the $3.95/month membership fee.

The disclosure is not that good. Not sure why anyone would want their REGULAR Chequing account over their Free Chequing account. Maybe it is like Luminus: One needs to redirect payroll deposits to get the better account.

June 30, 2016
9:18 am
gicjunkie
Ontario
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We paid a basic member fee (may have been $50.00 per person) to join. No monthly fees. Interest is deposited to a no fee account. Only problem is if you want to access the interest, you must do so in person or have them issue a company cheque to you for a fee of $7.50. We have been dealing with them since January of this year.

June 30, 2016
10:49 am
Loonie
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Thanks for further info.
So, the interest is not compounded, and it's hard to get at it to reinvest it.
$50.00 is a very high membership fee. The CUs that I have dealt with are usually about $5.
Probably best for people who do live locally.

June 30, 2016
11:00 am
gicjunkie
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Interest can be compounded and, I forgot to add, may be accessed by ATM, to a maximum of $500.00 per day. (ATM limit)

June 30, 2016
11:03 am
gicjunkie
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Should clarify that, obviously, the interest won't be available if it's compounded. Annual interest would be available via ATM.

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