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Hubert Financial
January 1, 2019
3:32 am
Canadianbull
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When I open savings account with meridian I was able to send them all required documentation via their secured online messaging system. I just open savings account with Hubert. They asked me to download my application and sign it and mail it to them with personalized cheque.
Q. After I open my account I closed the page without downloading my application summary. Now how can I find my application?
Q. Does Hubert have some kind of online system where I can send them my stuff without using mailing services?
Q. Does they allow you to link with your other FI?

January 1, 2019
5:04 am
Loonie
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I am unclear whether you filled out the form and submitted it online. If you did, I don't think you will be able to retrieve your completed application form. For this reason, I actually preferred to download the form and mail it in, so that I could keep a copy. As far as I could determine from previous conversation with Hubert, there is no provision to retrieve an online application. They expect you to take screen shots as you go.

Make sure, however, that you have a way to remember the password you submitted. You will not need it for online banking, on a regular basis, but you will need it if you contact them by phone in future. It's a bit of an odd system, but that's the way it works.

I'm not sure what kind of system you are looking for to submit your stuff. They do allow you to push and pull with other financial institutions. That's the only system I use. There are withdrawal limits:
$50,000 daily (every 24 hours),
$250,000 weekly (every seven days),
$500,000 monthly.
All transfers in the last 30 days will count towards the monthly limit.

January 1, 2019
11:26 am
Nehpets
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Canadianbull said
Q. After I open my account I closed the page without downloading my application summary. Now how can I find my application?
Q. Does Hubert have some kind of online system where I can send them my stuff without using mailing services?
Q. Does they allow you to link with your other FI?  

It's been a few years since I opened my Hubert account, so I don't recall if the initial application was mailed or sent online. The initial deposit with paper check is required to verify your account.

This from Hubert:

Transferring funds to and from your Hubert account:
Transferring funds to and from your Hubert account is as easy as one, two, three.
1. When you made your initial deposit, we had all the information we needed to verify your account with your other financial institution. Once your cheque clears, this account will be set up so you can complete transfers online through our internet banking service.
2. To initiate a transfer (doesn't matter if it's to or from a Hubert account), all you need to do is sign into Hubert Online and click on the "transfer funds in" or "transfer funds out" tab in the left hand
menu.
3. You can also add accounts with other financial institutions that you can then use to transfer funds to and from Hubert. Again, just sign into Hubert Online and click on the "manage transfer accounts" tab in the left hand menu.

When adding additional transfer account(s), Hubert will make a micro deposit into the new linked account, which you then verify by logging into your Hubert online account.

Easy way to clarify your concerns would be to call 1-855-448-2378. Hubert staff is always personable and helpful from my experience. I'm sure they will help you process your application when you call.

Many of your additional questions likely be answered on the Hubert FAQ page

Stephen

January 1, 2019
2:07 pm
Canadianbull
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Loonie said
I am unclear whether you filled out the form and submitted it online. If you did, I don't think you will be able to retrieve your completed application form. For this reason, I actually preferred to download the form and mail it in, so that I could keep a copy. As far as I could determine from previous conversation with Hubert, there is no provision to retrieve an online application. They expect you to take screen shots as you go.

Make sure, however, that you have a way to remember the password you submitted. You will not need it for online banking, on a regular basis, but you will need it if you contact them by phone in future. It's a bit of an odd system, but that's the way it works.

I'm not sure what kind of system you are looking for to submit your stuff. They do allow you to push and pull with other financial institutions. That's the only system I use. There are withdrawal limits:
$50,000 daily (every 24 hours),
$250,000 weekly (every seven days),
$500,000 monthly.
All transfers in the last 30 days will count towards the monthly limit.  

Thanks. I guess I will call them tomorrow to find out about my application. I still do not like that I need to mail them cheque/application. Eq and Meridian account were much easier to open. I guess I will open tfsa GIC with meridian and keep my savings account with EQ.

January 1, 2019
9:17 pm
Canadianbull
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Loonie said
I am unclear whether you filled out the form and submitted it online. If you did, I don't think you will be able to retrieve your completed application form. For this reason, I actually preferred to download the form and mail it in, so that I could keep a copy. As far as I could determine from previous conversation with Hubert, there is no provision to retrieve an online application. They expect you to take screen shots as you go.

Make sure, however, that you have a way to remember the password you submitted. You will not need it for online banking, on a regular basis, but you will need it if you contact them by phone in future. It's a bit of an odd system, but that's the way it works.

I'm not sure what kind of system you are looking for to submit your stuff. They do allow you to push and pull with other financial institutions. That's the only system I use. There are withdrawal limits:
$50,000 daily (every 24 hours),
$250,000 weekly (every seven days),
$500,000 monthly.
All transfers in the last 30 days will count towards the monthly limit.  

I open another joint account. I mailed them signed application with cheque today.

January 2, 2019
5:34 am
Nehpets
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Canadianbull said
I guess I will open tfsa GIC with meridian and keep my savings account with EQ.  

Factors to consider:
Transfer out fees for TFSA money
Flexibility of the GIC
Customer Service from the institution

Hubert does not charge transfer out fees, Meridian does and I don't know about EQ because I would not deal with them.

Hubert offers a quarterly redeemable one year GIC at a competitive yearly average interest rate...the others do not

Customer service at Hubert is excellent, Meridian very good and EQ, from my experience, terrible.

These are factors that would influence my choices.

January 2, 2019
6:59 am
SavingIsGood
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Nehpets said

Factors to consider:
Transfer out fees for TFSA money
Flexibility of the GIC
Customer Service from the institution

Hubert does not charge transfer out fees, Meridian does and I don't know about EQ because I would not deal with them.

Hubert offers a quarterly redeemable one year GIC at a competitive yearly average interest rate...the others do not

Customer service at Hubert is excellent, Meridian very good and EQ, from my experience, terrible.

These are factors that would influence my choices.  

All points are right to the point! I am not familiar with Merid/EQ but Hubert guys are top notch.
Hubert does not have 'secured messaging' system and only way to instantly communicate with them is by Chat or Phone. Ladies follow your instructions to the letter, are very efficient and knowledgeable.
Since joining Hubert I closed ALL hisa accounts I had all over the Canada as few 0.1% difference in 'limited time offers' interest is NOT worth all the juggling, transferring, etc. Unless you are moving millions of dollars per day bit NOBODY will allow you to do that anyway.

TFSA transfer fee is moot point; wait until Dec 31, withdraw money and move it to other fin.inst.

January 2, 2019
8:56 am
DavidAlta13
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Happy 2019, and Thanks to all for a great set of comments.
My adds are:

Limits mentioned are online only; you can phone to transfer more.

Not only can you redeem Hubert's 1-year terms on any quarterly interest due date, without penalty, but if you don't redeem, the interest is added to the principal every quarter. Although today's 4 quarterly rates (2.95%, 3.05%, 3.15% & 3.25%) average out to Hubert's advertised 3.10%, the compounding results in a total of 3.14%.

Buying their terms is two steps, and has advantages for those wanting to do Dec TFSA withdrawals for reinvesting the following Jan, or just earn more than 2.50% for as many quarters you want to:
Step 1: Open the term as an "account"; this fixes the term, the maturity & interest rate, even if the funds are transferred in later.
If it's for your TFSA, make sure to check the "make this a TFSA" button when opening the term account.
Step 2: Transfer funds into the term's account.

The TFSA year-end advantage works like this:
Open the TFSA term account near the end of the year, but do NOT transfer any money into it until Jan 2 the next year.
That way, it will mature on the date you opened it, plus a year, so if needed, you can withdraw it just before that year's end to redeposit the following Jan.

Another option: Today, in my TFSA, I bought a 1-year maturing Jan 2, 2020. On Oct 2, 2019, if it looks like I will want to withdraw the money on Dec 31, 2019, I will redeem the term with 3 quarter's compounded interest of 2.3%, collect the HISA's 2.5% for 90 days to Dec 31 and end up with a total of 2.93%, better than the normal 2.50% or Tangerine's special offer of 2.75% (unreliable; it's only good until Jun 30, and they made no special offer to me from Dec 1-20).

January 2, 2019
1:40 pm
AlainJF
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DavidAlta13 said

...
Step 1: Open the term as an "account"; this fixes the term, the maturity & interest rate, even if the funds are transferred in later.
If it's for your TFSA, make sure to check the "make this a TFSA" button when opening the term account.
...

Is this "Open the term as an account" product only offered by Hubert`s ?

This is something new to me ! Thanks !

January 5, 2019
2:29 am
DavidAlta13
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AlainJF:
I don't know for sure about other FI's, but I think at most, opening & buying (funding) a GIC or Term is a single step: it opens when you buy it.

Hubert's accounting system may be unique in requiring an "account" for the Term to be opened before you can "buy" it.

I am not sure they intended to set it up so folks could wait to start earning interest by paying for it later. Since you can wait, it's sure useful for setting TFSA Terms with year-end maturities and then waiting to fund them early in the year after they're opened.

January 5, 2019
3:05 am
Loonie
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DavidAlta13 said
Happy 2019, and Thanks to all for a great set of comments.

The TFSA year-end advantage works like this:
Open the TFSA term account near the end of the year, but do NOT transfer any money into it until Jan 2 the next year.
That way, it will mature on the date you opened it, plus a year, so if needed, you can withdraw it just before that year's end to redeposit the following Jan.

  

Have you tested this theory in practice? It doesn't make sense to me.
it's difficult to believe that if you set up the term on a given day with no money in it , that it will terminate a year hence. That seems to imply that you are either getting interest for money that wasn't there (for a few days) or that Hubert is making some kind of special calculation to allow for your first month to be short of deposit days.
Or have I misunderstood you?

I once set up an RSP there (no GIC) but never put any money in it. They said it cost them money to keep it open because of Concentra fees or whatever, and they closed it at the end of the year without notifying me. I was trying to get organized and had a plan to transfer funds into it in the new year but I didn't pursue it after they closed it on me.

January 5, 2019
1:13 pm
DavidAlta13
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Loonie said

Have you tested this theory in practice?
That seems to imply that ... Hubert is making some kind of special calculation to allow for your first month to be short of deposit days.

Yes, I have done this or I would not have posted it.
In the past, when I made a claim about Hubert's holds being only 4 business days, Loonie said I was wrong, so I posted screen shots to prove what I said was true.
This time I shall be proactive: screen shots are below.

Opened Dec 27, 2017 with maturity Dec 27, 2018, funded Jan 2, 2018 (rate shown is for 1st quarter):

Hubert-TFSA-Term-Dec2717.jpg

Dec 27, 2018: Withdrawn and matured (Hubert shows last item first):

Hubert-TFSA-Dec2718.jpg

Yes, Hubert calculates interest on based on amount X rate X days on deposit, although there is nothing "special" about it; it is the way most FI's calculate daily interest.

The one I opened Dec 27, 2017 was calculated as shown in the table below.
Note the # of days for the quarters ending the 27th of Mar, Jun, Sep & Dec was 84, 92, 92 and 91.

Calcs-Hubert-TFSA-Dec2718.jpg

January 5, 2019
5:50 pm
Loonie
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Unfortunately, Hubert's peculiar way of displaying things makes it impossible for me to be sure what happened. I'm not saying you're wrong. It's just unclear to me.
I assume that the table you show is what you constructed yourself.

However, if you've found a way to get your January deposit 1-yr GIC to mature the following December, more power to you!

I have no recollection of a previous disagreement about holds policy. In any event, so as not to confuse people, it is currently six days when pulled from Hubert and 0 when pushed in.
I received an email from Hubert on Nov 20, 2018 which stated that their hold period was going up from four days to six effective Nov 19. I imagine all their customers received this.

Here is the content of that email:
"INCOMING TRANSFER HOLDS
Effective November 19, 2018, we have increased the incoming transfer hold period from four days to six days. Here are a few things to keep in mind:
Funds pushed from external accounts to your Hubert account will not be held. 
When funds are pulled from external accounts to your Hubert account (using happysavings.ca) you’ll start earning interest that same day!* 
If you need a hold removed to purchase a term deposit, we’d be happy to accommodate your request. This is also a friendly reminder that you can create a term deposit and transfer directly into your new term from an external account.
*The transfer must be input on a business day before 4:00 pm CST."

January 5, 2019
6:30 pm
DavidAlta13
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Hubert-TFSA-Term-Dec2717-1.jpg

Let's go line by line then:
"TFS12Q" means it'a a TFSA ("TFS"), 12 means 12 months, Q means interest is calculated quarterly (every three months from date opened).
"#21" means it's Term # 21 in my Hubert accounts.
12months means what's written.
"Jan 01 0.00" means the balance was $0.00 on Jan 1, 2018.
"Matures Dec 27 2018" means what's written.
"Contract #96 ... 928" refers to Hubert's assigned unique contract number for this term, like an account number.
"Transfer In HS1 #1" refers to where the money was transferred from, in this case my High interest Savings Account ("HS") #1.
"Jan 02 3,200.00" shows the amount transferred in on Jan 2, 2018.
"Interest Rate 2.100%" shows the rate for the first quarter.

January 5, 2019
6:38 pm
DavidAlta13
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Hubert-TFSA-Dec2718-1.jpg

This view of transactions in my TFSA High Interest Savings Account shows that Term #21 was transferred in on Dec 27, 2018 for #3,271.50 to create a balance of $3,271.50.
It also show that $3,271.50 was transferred out to High Interest Savings Account HS1 #1, leaving a TFSA High Interest Account balance of $0.00.

January 5, 2019
6:44 pm
DavidAlta13
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Calcs-Hubert-TFSA-Dec2718-1.jpg

This table is copied from my spreadsheet showing how Hubert calculated the quarterly compounded interest to arrive at the final balance of $3,271.50.
On each line, the Interest = Open X Rate / 365 days X # Days and
Close = Open + Interest.

January 5, 2019
7:09 pm
Loonie
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I think I get it, thanks.
Very strange.
Glad it worked for you.

I can't help but wonder what would have happened if you'd not contributed until, say, March 28. Would they have cancelled your account by then, as they did with my empty RSP? Would they have started you on the rate for the second quarter?
Did you discuss your plan with them before you did it, or did you just go ahead and assume it would work?

A potential downside would be if they increased the rate between Dec 27 and Jan 2 (in this case). Presumably you would be locked out of that increase.

Also wondering, just out of interest, why you didn't upgrade quarterly to improved rates. For me, that is the main value of this particular GIC. Rates went up to 2.4 (first quarter) in June and to 2.7 for first quarter in August.

January 5, 2019
7:21 pm
DavidAlta13
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Thanks for the reminder about the hold period having changed from 4 to 6 business days.

With this new 6 business day hold, funds may be withdrawn on the 7th business day after a deposit made before 4 PM CST on the first day.
In weeks with no statutory holidays, a deposit made Mon before 4 PM CST would be held for 6 business days (Mon-Fri + Mon), and be free the following Tue.

January 6, 2019
3:00 pm
Rick
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DavidAlta13 said
Thanks for the reminder about the hold period having changed from 4 to 6 business days.

With this new 6 business day hold, funds may be withdrawn on the 7th business day after a deposit made before 4 PM CST on the first day.
In weeks with no statutory holidays, a deposit made Mon before 4 PM CST would be held for 6 business days (Mon-Fri + Mon), and be free the following Tue.  

I just pushed the funds I used for my wife's RSP out of Motive. No holds at all and was there same day.

January 13, 2019
3:54 pm
Dean
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Canadianbull said

Thanks. I guess I will call them tomorrow to find out about my application. I still do not like that I need to mail them cheque/application. Eq and Meridian account were much easier to open. I guess I will open tfsa GIC with meridian and keep my savings account with EQ.  

Yes, I find Hubert to be 'old school' and awkward to get an account set up. It's one of the reasons I haven't gone through with them yet. In addition, because we recently moved, our cheques no longer have our correct address on them.

So far, I've found EQ, Meridian & Tangerine to be much more easy to get started with ... they seem to be more up-to-speed, and in this century.sf-wink

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