Ganaraska Financial Credit Union | Page 3 | GIC discussions | Discussion forum

Nehpets said

GIC Wealth Management 3.75% for 3 years

Brokers often / usually provide better opportunities than FI retail direct.

Stephen  

FYI: Some financial institutions, eg. GFCU, will match or surpass competitor rates. All you have to do is ask and give them the competitor's information. They may occasionally even match a broker rate.

Nehpets said

Please elaborate on why you have concerns about dealing with a licensed deposit broker, with an established reputation dealing with recognized financial institutions in Canada.

I have been dealing with two deposit brokers for years, Scrivens in Ottawa and Wealth One in Toronto and have never heard of or experienced anything other than first class reliable and predictable service.

Funds are made out in the name of the FI in question, documentation records all details, and written confirmations from the broker and FI are sent to you.

Payouts are made to your bank account and on renewal the check is payable to you.

There's no mystery in dealing with a deposit broker, and the advantage is they are the channel where you can get "flash limited time deals" on higher than average rates.

And, yes, sometimes a call to the FI in question that has an offer available at a broker will be met or exceeded when the FI is approached directly, because they are not paying the broker a commission.

However, there seems to be a trend among many FI's to prefer the broker channel for GIC business as they avoid administrative costs on small deposits and generally receive higher dollar deposits through brokers.

What are your concerns?

Stephen  

As long as you're comfortable. There are a lot of scammers in many forms out there.
https://www.bing.com/videos/riverview/relatedvideo?q=deposit+broker+fraud&mid=E0B25055743DD9A62398E0B25055743DD9A62398&FORM=VIRE&ajaxhist=0&ajaxserp=0

"Agreed, "there are many scammers out there", but I respectfully submit your insinuation has no merit in connection with the names mentioned in this discussion."

Didn't mean to offend anybody but just a word of caution. I've been around long enough to witness Royal Trust blow up. The trust companies debacle. Pace Credit Union. Home Trust until Warren Buffet bailed them out. Maybe they ran into trouble because of incompetence and not scams.

"Over the years, CDIC has protected more than two million depositors and contributed to maintaining confidence in our financial system. You can view a list of member institutions that have failed and what year they failed on CDIC's website. Learn more."