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NEW! MCAN Financial Digital GICs - no more need for a broker
February 19, 2024
10:19 am
Doug
British Columbia, Canada
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RetirEd said
Doug: Wow, that's a lot of acronyms! It is always helpful to fully spell out an acronym the first time you use it, unless it's as generic as GIC (Guaranteed Investment Certificate).  

RetireEd, for sure, completely agree! Which acronyms, though? 'MCAN' and 'MCAP' are the names of two companies and do not stand for anything (as far as I'm aware).

Edit: If it's KYC, that means Know Your Customer, and is banking parlance for the processes, procedures, and policies, whether automated or manual, by which banks and regulated financial institutions undertake in order to ascertain their customers' identities and financial transactions at required points in the customer lifecycle with the financial institution. This is most commonly at the customer onboarding process, but continues through to significant transactions through their accounts.

An Alt-A mortgage is essentially a mortgage between subprime and prime (permalink) and an Alt-B mortgage is, more or less, a subprime mortgage (permalink).

Cheers,
Doug

February 23, 2024
12:20 am
RetirEd
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Thanks, Doug! Alt-A and Alt-B were the ones new to me. It took your pointers to remind me of KYC. I'm sure you helped others, too.

RetirEd

February 26, 2024
11:46 am
Koogie
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Although we have had three term deposits with MCAN in the past, their new online channel is only open to individual accounts not small business.

Pass, unfortunately.

March 1, 2024
8:29 am
sk
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There are issues with their Flink that does not allow transfer of funds at the end of their process for purchasing GIC. The bigger issue is you have to authorize the transfer and wait for them to send you a confirmation and then try your User ID and Password to get in to see your profile and maybe your GIC. Not sure if that is what I am comfortable with sending the cash and then waiting for confirmation to get in. I think I will not pursue any further.

March 1, 2024
11:10 am
MattS
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Do they do rrsp and TFSA or just non registered.. thru the broker channel they were doing everything a while back at leading rates

I sent them an email a few days ago and never received an email back.. I also couldn’t get thru on the phone.
I’ll combine these two as I’m gracious and call that STRIKE ONE

March 2, 2024
5:27 am
kesa
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growing pains…

Screenshot-2024-03-02-at-8.26.23 AM.png

March 2, 2024
10:45 am
kesa
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MCAN false advertising!

same day response, the one image with the higher rates received in an email, the other image is buried in a link when one is about to book!

Screenshot-2024-03-02-at-1.42.20 PM.pngScreenshot-2024-03-02-at-1.42.02 PM.png

March 2, 2024
10:57 am
savemoresaveoften
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kesa said
MCAN false advertising!

same day response, the one image with the higher rates received in an email, the other image is buried in a link when one is about to book!

Screenshot-2024-03-02-at-1.42.20 PM.pngScreenshot-2024-03-02-at-1.42.02 PM.png  

u r comparing Feb 8 posted rate vs Mar 2 posted rate if I am not mistaken...

March 2, 2024
11:00 am
musicalmaestro
Ottawa
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kesa said
MCAN false advertising!

same day response, the one image with the higher rates received in an email, the other image is buried in a link when one is about to book!

Not false, turns out they updated their rates just today. (Website check out) .. And ouch. Guess February was last chance as those new rates aren't so appealing and a sign of what is to come.

March 2, 2024
11:21 am
kesa
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I understand an FI can change rates at any time…I guess I was soooo unlucky as to get an email with rates at xx:01 and wind up purchasing with a substantially lower rate at xx:02!

MCAN wins today, but probably not again sf-frown

March 2, 2024
6:37 pm
MattS
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STRIKE TWO

March 7, 2024
1:52 pm
kesa
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kesa said
MCAN false advertising!

same day response, the one image with the higher rates received in an email, the other image is buried in a link when one is about to book!

Screenshot-2024-03-02-at-1.42.20 PM.pngScreenshot-2024-03-02-at-1.42.02 PM.png  

Screenshot-2024-03-07-at-4.51.07 PM.png

??

March 7, 2024
4:23 pm
musicalmaestro
Ottawa
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kesa said

??  

whoa, this puts MCAN at top of GIC Chart, though gosh what swings.
Buyer beware

March 27, 2024
2:19 pm
hwyc
GTA
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The March 7th rates still stand on their site! Probably soon as 1-yr rates are falling in general.

On the side, considering entry #7, MKP price dropped quite a bit since Feb peak this year ... perhaps the coming quarter.

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