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Ontario Educational CU
October 18, 2019
8:59 am
hwyc
GTA
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Don't think Ontario Educational CU was ever mentioned on this site.

[ Currently seen on Home page ]

Offer #1 - 3 Year GIC - 3.00% APR.

Hoewever, it is stated on their profile page

Ontario Educational Credit Union is open to all active or retired educational employees and their families throughout Ontario.

So I called and was told general public deposit approvals will be considered on a case-by-case basis. Good to know, IMO.

Capture-1.PNG

* APR means Annual Percentage Rate (source from Investopedia)

October 18, 2019
7:55 pm
Bud
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Offer2 what do you think?
Cant find their annual report size of this cu?

NEW MONEY Promotions!

Your money while working for you will be earmarked to readily assist those in the educational community who may require financial support during the ongoing negotiations. We have been dedicated to the educational community since 1962 and we are once again preparing for increased demand for assistance with personal financial stability.

Please help us prepare by forward this offer pdf version to your family and friends.

Offer #1 - 3 Year GIC - 3.00% APR.

Offer #2 - 5 Year “Rate Protector” GIC – 3.25% APR.

A one-time option is available on each anniversary date. Funds can be transferred to a higher rate GIC for remainder of original term.

Minimum: $2,500 -New money deposit to OECU

Eligible: Non-Registered
Registered Retirement Plans
Tax Free Savings Plan

October 18, 2019
8:26 pm
Loonie
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Evidently not available to RIFs?

I can't see anything about how/where to join. Can you?

Perhaps you have to go in person - apparently to Barrie or Mississauga - in order to be vetted as a member of their bond? There is no info at all about joining as far as I can see. This seems odd for a CU that purports to serve all educational workers in Ontario who are not part of a similar professional bond. I don't even see what hours they keep.
Note that there are a lot of picky fees - somewhat like Luminus.

These are very good rates though - if you can get them.

October 19, 2019
7:52 am
gicjunkie
Ontario
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I believe you can join via snail mail. You can provide a lot of the applicable ID info by fax or email, but they need original signatures on applications.
Generally, fees for a lot of products don't bother us if we are not using them for regular banking. I believe annual interest payments on the 5 year GICs can be mailed out to you.

October 19, 2019
5:21 pm
Loonie
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Thanks, gicjunkie.
There are no forms to send in on their site as far as I can see, so I guess they would send them by post if you qualified?

October 20, 2019
6:40 am
gicjunkie
Ontario
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Loonie said
Thanks, gicjunkie.
There are no forms to send in on their site as far as I can see, so I guess they would send them by post if you qualified?  

I think they could fax or email the forms to you and then you would print and sign them and mail them back. You'd have to ask them about it.

October 28, 2019
1:54 pm
Bud
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rsp/rif available Loonie maybe for select accounts only

Any of you guys gals see any "holes/traps" in offer#2 ?3.25%@5yrs anniversary reset at prevailing rate seems pretty good deal

October 28, 2019
6:10 pm
gicjunkie
Ontario
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I haven't seen any red flags in the wording provided. To get to the small print you'd have to call them. I'm just happy that, in today's market, we have the opportunity to invest at 3.25% for 5 years, never mind the possibility of a future rate hike. But, it is nice to know that the option is available if that should happen. It is an interesting incentive of sorts.

October 29, 2019
2:50 am
Loonie
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I agree it's an excellent rate for those who might qualify, and it helps out the teachers who may have to go on strike or get locked out and thus suffer shortage of income and need to borrow. It's nice to see a CU doing something concrete to actually help out its own members rather than funding buildings they may never enter (Meridian - entertainment venues). That was supposed to be the whole idea behind CUs, and is a good reason for closed bond.

But I doubt the reset thing will amount to anything. I think their regular rates are low and we'd have to see a very substantial increase in regular rates before we'd see this CU's 5 yr rate exceed 3.25. But, yes, it could theoretically happen. If it does, I won't care if I got this deal or not!

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