NEW! MCAN Financial Digital GICs - no more need for a broker | Page 2 | GIC discussions | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
NEW! MCAN Financial Digital GICs - no more need for a broker
February 19, 2024
10:19 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4283
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 1164
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 335
Member Since:
November 19, 2014
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 16
Member Since:
June 18, 2019
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 152
Member Since:
January 11, 2020
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 234
Member Since:
February 14, 2023
sp_UserOfflineSmall Offline

growing pains…

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

March 2, 2024
10:45 am
kesa
Member
Members
Forum Posts: 234
Member Since:
February 14, 2023
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 2990
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 60
Member Since:
January 15, 2014
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 234
Member Since:
February 14, 2023
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 152
Member Since:
January 11, 2020
sp_UserOfflineSmall Offline

STRIKE TWO

March 7, 2024
1:52 pm
kesa
Member
Members
Forum Posts: 234
Member Since:
February 14, 2023
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 60
Member Since:
January 15, 2014
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 1270
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

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.

April 24, 2024
2:25 pm
BCgeorge
Member
Members
Forum Posts: 6
Member Since:
September 17, 2019
sp_UserOfflineSmall Offline

I am thinking of signing up with MCAN. If you have signed up, are
you happy with the process?

Has the sign up process stabilized? Do you have to use the
Flinks system, where you give them your login and password for
the funding bank? Do you have to use Flinks every time you fund a
new GIC, or is it done once to generate a link to the external
account?

Thanks

April 24, 2024
6:21 pm
Fritz23
BC
Member
Members
Forum Posts: 81
Member Since:
April 11, 2020
sp_UserOfflineSmall Offline

Any experience with their online platform regarding linking external accounts (like at Oaken), transfering funds in and out, reporting etc. Thank you.

April 24, 2024
6:31 pm
Peter
Admin
Forum Posts: 1444
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

Fritz23 said
Any experience with their online platform regarding linking external accounts (like at Oaken), transferring funds in and out, reporting etc. Thank you.  

June 19, 2024
6:16 am
kesa
Member
Members
Forum Posts: 234
Member Since:
February 14, 2023
sp_UserOfflineSmall Offline

anyone having login success?

June 19, 2024
12:20 pm
canadian.100
Member
Members
Forum Posts: 975
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

kesa said
anyone having login success?  

I tried to sign up earlier in the week - it went okay until the linking part - it would not link my external account. I will pass on this one.

June 19, 2024
12:39 pm
Nehpets
Ontario
Member
Members
Forum Posts: 993
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

canadian.100 said ...- it would not link my external account. ... 

Their system uses Flinks, is that correct? I don't recall that has been confirmed in this thread. If not, how is linking and funding done?

Stephen

No permission to create posts

Please write your comments in the forum.