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Korea Exchange Bank of Canada
August 14, 2014
5:01 pm
Jack Manning
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I was just surfing the web looking for different GIC's and rates and I came upon an interesting item.

Korea Exchange Bank of Canada has an installment savings deposit. This seems to me what I read on their website, http://www.kebcanada.com/eng_index.asp that there is an automatic deposit 1 per month and it will earn as high as a 3.10% fixed rate for 60 months.

If someone is trying to get started and save every month for specific goal or whatever, I don't know any place where you can get 3.10% on your money for 5 years on an automatic savings plan.

I am in no way affiliated or associated with them. I thought this may interest someone looking for a decent savings rate but I don't know if it is available to everyone in Canada.

August 14, 2014
5:11 pm
Rick
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Looks like you can only open an online banking account by going into a branch, which appear to be few and far between.

August 14, 2014
5:40 pm
Jack Manning
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Rick, it looks that way so I guess it is good for those that live in Toronto and the surrounding area. They call it the GTA, Greater Toronto Area.

August 14, 2014
9:43 pm
Loonie
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I have always been nervous about Korean Exchange Bank because I find their website so difficult to follow. I have sensed a language issue at times, although not so bad right now.

I can't figure out what this offer truly is. It says it only pays the interest at maturity. I am not sure if there is any compounding or not. It appears that the rates may vary according to how long the money has been invested. If deposits are staggered, that would mean that only the first installment would have 5 full years, wouldn't it?
The rates they give are as follows:

Installment Saving Deposit
Term Rates (% p.a)
6 months 1.80
12 months 1.90
18 months 2.10
24 months 2.30
30 months 2.50
36 months 2.70
48 months 2.90
60 months 3.10

If someone know something more promising, please quote something from an email or on their website, as this is the best that I can figure out, and it is just not clear enough for me.

August 14, 2014
10:24 pm
Rick
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Jack Manning said

Rick, it looks that way so I guess it is good for those that live in Toronto and the surrounding area. They call it the GTA, Greater Toronto Area.

According to their web site, there are also branches in:

Sussex Center, West Tower, 90 Burnhamthorpe Road West, Suite 120, Mississauga,Ontario, L5B 3C3

4501 North Road, Suite 202A, Burnaby, B.C V3N 4R7

590 Robson Street, Vancouver, B.C V6B 2B7

100-4900 Kingsway Burnaby, British Columbia, V5H 2E3

1935 37st SW Suite 110, Calgary, Alberta T3E 3A4

I'm with Loonie....when I have to set the home page to english, I'm a bit leery.

August 14, 2014
10:47 pm
Jack Manning
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Rick, thanks for clarifying that they are located in many cities across Canada.

I noticed that they are the only financial institution with a K listed in member CDIC financial institutions, http://www.cdic.ca.

So it looks like they are CDIC insured. They also have Chinese translation on their website not just English.

In their introduction section under about KEBOC, they do say they are open since 1981 in Canada and have 120 Korean and Canadian employees.

I can see how someone may see there maybe some possible problems but I guess the only real way to find out is ask someone you really know and trust about them and their experiences or do some small deposits and see what happens.

They only are asking for $10 a month as a minimum.

August 14, 2014
11:00 pm
Loonie
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Does anybody have any experience with them? Honestly, their website used to be so bad that I doubted I would get any real clarity in English from anyone if I went there in person or spoke to anyone on the phone, so I have avoided it.
There are lots of people of Korean origin in Canada who do speak excellent English.

August 15, 2014
6:02 pm
Norman1
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I agree: Their English website is not clear.

I fed the Chinese and Korean versions of their Installment Deposit page through Google Translate.

The translated Chinese version suggests that one can pick a term for the plan, from 6 months to 5 years, in 6 month increments. Interest rate seems to be based on the length of the term chosen.

English version suggests that a fixed monthly deposit (between $10 and $10,000) must be agreed on. My guess is that if one picks a 1½ year term, then one must make 18 monthly deposits.

Seems to be more detail in the translated Korean version of the page. Some kind of 2% penalty seems to apply for late or missed monthly deposits:

You can not pay your monthly contributions in arrears when the contract expires and full, the net number of days delay (delay days - Prepaid days) period divided by the number of months in the contract for deferred due date (at least 1 day) or 2 days past due monthly payments and interest rates on savings calculated at a rate plus 2% interest deduction
Will be paid after.

If you, the monthly payment due date is not a banking day, will be deducted when calculating the number of days delay.

Bogota Savings will be paid a direct debit from their bank account and apply for a customer with us you do not have a bank account

Check jusyeodo will advance to the date of payment specified.

May 30, 2019
7:08 pm
Bud
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After careful consideration of the market and how to best serve our customers, we have decided to close and consolidate the following branches.

Information of branch under closure
-(Close)Richmond Hill Branch -> (Transfer)Bayview Branch
-(Close)Richmond Branch -> (Transfer)Burnaby Branch
The date planned for the branch closure: June 21, 2019

Upon the closure and consolidation, your account(s) will be automatically transferred. Please refer to the attached notice below for more details.

We apologize for the inconvenience caused to our customers and highly appreciate your understanding and support. Thank you.

May 30, 2019
7:26 pm
Doug
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hotmony said
After careful consideration of the market and how to best serve our customers, we have decided to close and consolidate the following branches.

Information of branch under closure
-(Close)Richmond Hill Branch -> (Transfer)Bayview Branch
-(Close)Richmond Branch -> (Transfer)Burnaby Branch
The date planned for the branch closure: June 21, 2019

Upon the closure and consolidation, your account(s) will be automatically transferred. Please refer to the attached notice below for more details.

We apologize for the inconvenience caused to our customers and highly appreciate your understanding and support. Thank you.  

Not a huge deal as Richmond Hill is still close to Toronto in the same way Richmond is close to Burnaby. Tangerine closed a few of their Cafes and Pop-Up Locations a few years ago.

Cheers,
Doug

October 30, 2019
8:03 pm
Bud
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Can someone make sense of their rates

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