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Parama CU & Resurrection CU - Experiences, Feedback?
December 12, 2017
4:43 pm
Nehpets
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For the past few months both Parama CU (PCU) and Resurrection CU (RCU), both Lithuanian credit unions in the Toronto are have been offering one year promo GIC rates for new money at 2.4%. (RCU is actually 14 months at 2.4%)

Are they worth considering for their GIC promo rate?

What experience, if any, have any Forum members had in dealing with either or both of these institutions?

I see incoming funds can be deposited using their respective mobile apps, but withdrawals, based on limited information on their websites, are not so clear.

They both participate in INTERAC® e-Transfers but there are small limits to amounts being transferred, and it's not clear to me if INTERAC® e-Transfers can be used to transfer to another FI.

Critical question is whether electronic transfers can be accomplished by linking an external account to the account in either PCU or RCU.

Do brokers sell their GIC's to anyone's knowledge?

Any helpful insights would be appreciated.

Stephen

January 5, 2018
12:25 pm
Nehpets
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I learned today that Parama GIC's can be purchased through the broker GIC Wealth Management.

The broker rate is 2.32% for a one year term, while the rate directly from Parama is 2.40%

Trouble is Parama has only two branches in Toronto, requires new customers to apply in person and they have no EFT transfer capability.

Not really worthwhile unless you live within easy driving distance from their office, but interesting to see they are reaching out through a broker, at a rate lower than their storefront rate.

January 5, 2018
2:53 pm
Loonie
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They're on the subway (Royal York station), not hard to get to by transit. You can even take the subway down from Vaughan now! There is TD across the road where you could deposit any withdrawals in the form of bank drafts. More convenient than Luminus. But, yes, only really suitable for local folks.

The broker rate isn't bad though. At other times, it may turn out that the broker rate is the same or higher, as markets fluctuate. It's worth keeping an eye on them. That said, although it's easy for me to get to them, I have not done so - yet.

January 5, 2018
8:32 pm
GR
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If you phone Parama's management, they might make an exception and allow you to become a member and buy a GIC by mail, without attending the branch in person. However, signing up for direct business with Parama is a very long process with so many forms. Buying from an agent or broker seems simpler in this case.

May 14, 2018
2:33 am
Loonie
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GR, could you expand on your comment about the number of forms?
Have you joined Parama? If so, are their forms any different or more complicated than those of other FIs? If so, what is the difference? Are they more inquisitive?

May 14, 2018
6:48 am
GR
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Loonie said
GR, could you expand on your comment about the number of forms?
Have you joined Parama? If so, are their forms any different or more complicated than those of other FIs? If so, what is the difference? Are they more inquisitive?  

There are numerous forms, especially if a joint account. Nothing complicated or inquisitive. Once you become a member, buying a GIC is not difficult.
Parama's rate of 2.75% for 1 year is attractive, but note that GIC agents in Toronto such as Monarch Wealth and GIC Wealth are offering a promo on 1 year GICs at 2.85% and I believe the issuer is PACE Credit Union.

May 14, 2018
9:37 am
Nehpets
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GR said
1 year GICs at 2.85% and I believe the issuer is PACE Credit Union.  

Pace promo for 2 year GIC is 3.1% (direct)

May 14, 2018
9:59 am
Koogie
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Good to know about but probably of little interest.

You can get 2.30% at EQ or 2.50% at Tangerine on their HISAs and be fully liquid for the year.

Even at 100K invested at 2.75%, your gain for locking in for a whole year is only about $250

Fully taxable of course at high rates if held unregistered....

May 14, 2018
1:45 pm
Loonie
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Thanks for extra info, GR and Stephen.

Each to their own. Parama and PACE have 250K insurance and a guaranteed rate, as well as paying more. I wouldn't count on Tang to continue to offer 2.5 in HISA.

May 14, 2018
2:39 pm
Koogie
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Tangerine are already offering 6 month extensions on the rate to holders expiring in May. So, that has been 10-11 months depending on your timing.

Given the plethora of competition now and increasing rates in HISA and GICs, I doubt they'll stop doing it anytime soon.

May 14, 2018
6:01 pm
Loonie
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Since I last posted, a friend called to say he can only get 1.6 out of Tang now. He has called them twice and got the same answer both times. He has, on my advice, been getting good promo rates for a while now, but not as long as I have. As always, Tang is unpredictable.

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