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Hubert Happy Savings, new Manitoba CU at 2.25%
November 25, 2010
12:12 pm
leonard
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well you have to understand mike each prov is governed independently and money moving out of one prov to another is bad in thair eyes because they lose out on money in thair economy.

November 25, 2010
1:25 pm
cme@shaw.ca
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OSFI has also issued a warning.

http://www.osfi-bsif.gc.ca/app.....e_89_e.pdf

November 25, 2010
1:34 pm
Prag
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NorthernRaven said:

The full announcement from the Sask regulator is at http://www.sfsc.gov.sk.ca/fina.....dfs/Sunova Credit Union Nov 18 2010.pdf

Looks like someone was sloppy! Either they have to register with Sask, or do some rewording to get rid of "Bank" and add "of Manitoba" to their CUDGC references, or the Saskatchewan position is that none of the Manitoba CUs should be accepting deposits.


Yeah, in addition to removing the bank wording, perhaps Sunova/Hubert should stick to using services like Google AdWords for online marketing their products to people outside of their province, rather than these print methods. You can target your online ads to specific geographic areas from what I recall (especially useful now that many browsers can be set to share you geographic location to third parties through Google), or just have the ads show up for anyone, and the regulators can't really do anything about that kind of advertising, especially when the ad web server is located outside of their jurisdiction/country instead of physically in their jurisdiction like a newspaper is. Google was even considering moving their servers into barges in international waters a couple years ago to be tax free and regulation free.

Ally really leveraged AdWords and other online advertising -- I noticed I couldn't really go anywhere on the Net in 2010 without seeing their ads. A recent study rolled into my inbox showing that, behind word of mouth, online advertising and websites is by far the most successful marketing method. Print was back at the bottom below 5% or less, along with bus ads and radio.

I bet Hubert will be much happier if he does the same.

November 26, 2010
7:14 am
Doug
British Columbia, Canada
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Sunova Credit Union is indeed a registered credit union of Manitoba and its deposits are 100% guaranteed by the Credit Union Deposit Guarantee Corporation of Manitoba regardless of where you live in Canada (like Achieva, Outlook, etc.). Nonetheless, by them calling themselves a "bank" in Canada, that constitutes inappropriate or unauthorized use of the word (since they're a credit union, not a bank). All they need do is remove the word "bank" from all materials and they should be fine.

Cheers,
Doug

December 1, 2010
5:26 pm
stylintheo
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anyone bank with this CU yet?

December 11, 2010
11:14 am
stylintheo
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anyone?

December 13, 2010
2:55 am
mike
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stylintheo said:

anyone?


I will when I get back to Canada. I value the 100% guarantee and the high savings rate. The fees don't bother me as it would be for savings anyways. 😀

Might even do a GIC ladder with them as well.

Have a great day

December 17, 2010
9:18 am
J Ryan
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I agree with you, mike. Until Hubert Happy Savings adopts a competitive fee structure (i.e., at least 1-2 free debits per month), I won't be opening an account even if their rate was 3%. I'll stick with Ally - so far no competitor as emerged to them that offers: super fast customer service response times, high interest rates, no fees, little to no EFT hold times and superior online banking. They may be 1/10th of one percentage point lower than Peoples Trust but consider Peoples Trust doesn't even offer online banking - they are operating in the proverbial stone ages! And, Peoples Trust's explanation that online banking is expensive to operate and that's how they pay the higher rates is the most asinine statement I've ever heard - they don't operate any branches and besides these branchless-banks all said not operating branches and offering online banking only were the reasons for the higher rates!! Besides which, how come the Manitoba credit unions Sunova and Crosstown Civic can offer online banking and pay higher rates than even Peoples Trust?

Something's fishy with People's Trust and I would be very leery to park even $1.00 with them...I think they could be the next CDIC member institution failure. 🙁

Cheers,
Doug

Doug - that's a strong statement re Peoples. Why? Agree re online banking is good, but "fishy" and "failure" are strong!! What do you have to back up those words? Just curious becuase the rate is great

December 18, 2010
10:57 am
stylintheo
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Accelerate offers great rates, better then ally and service is great, and the hold times are nil if you go to the acculink network

July 10, 2011
7:07 pm
Yatti420
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I am gonna be taking a look at Hubert.. In the process of opening an account.. Up to 2.5% now.. Not really worried about past issues.. Accounts look very promising.. I like the ideas Sunova has come up with so far.. Drive through lock boxes?? Pod Banking.. Auto-Sorting change machines.. Dogs greeting customers at the branch.. Interesting and that alone earns it a shot from me.. See ya!..

July 12, 2011
6:10 pm
Doug
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I think that's the issue, both Saskatchewan and Manitoba have a credit union deposit insurer of the same name but different provincially incorporated entities.

Oh, this is interesting: I just checked and the legal name for the Manitoba insurer has changed from "Credit Union Deposit Guarantee Corporation of Manitoba" to "Deposit Guarantee Corporation of Manitoba" and they have a new website.

Saskatchewan's big kerfuffle must've caused Manitoba to act to alleviate the confusion.

Rest assured, the deposit insurer of Outlook, Achieva, MAXA, AcceleRate and Hubert is DGCofM.

Cheers,
Doug

July 12, 2011
6:12 pm
Doug
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stylintheo said:

Accelerate offers great rates, better then ally and service is great, and the hold times are nil if you go to the acculink network

What's the hold policy at AcceleRate, styl? Is it based on your credit bureau and is it no holds for good credit and maximum holds for bad credit (like HSBC) or more of a tiered structure like other institutions where, based on your credit history and relationship, your hold release limits are on an increasing scale? Do they do "soft" or "hard" checks?

Cheers,
Doug

July 12, 2011
6:38 pm
NorthernRaven
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http://depositguarantee.mb.ca/.....n/history/

They merged the old CUDGC and the one for caisses populaires to create the new single entity for Manitoba.

July 12, 2011
8:31 pm
88kanaka
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Doug said:

stylintheo said:

Accelerate offers great rates, better then ally and service is great, and the hold times are nil if you go to the acculink network

What's the hold policy at AcceleRate, styl? Is it based on your credit bureau and is it no holds for good credit and maximum holds for bad credit (like HSBC) or more of a tiered structure like other institutions where, based on your credit history and relationship, your hold release limits are on an increasing scale? Do they do "soft" or "hard" checks?

Cheers,
Doug

Doug...why are you so concerned about hard or soft checks. If someone is going to hold that against you for investing and having number of bank accounts and or an investment at other financial institutions through your financial adviser.....so what???? I give a financial institution 2 chances....if they screw up the third time I am gone...so I dont know how many bank accounts I have had over the years....should I be concerned???

July 13, 2011
8:42 pm
Doug
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88kanaka, the reason I'm concerned is if I'm not applying for credit and there is the ability out there to do so-called "soft" checks for ID verification without a "hit" on one's credit bureau, they should exercise that ability. If they don't want to, then I hold that as one strike against that institution in refusing to open an account with them.

So far, I've been lucky, every institution I've opened accounts with have been "soft" checks (ResMor Trust dba Ally, ING Bank dba ING Direct and supposedly now Sunova Credit Union). The last institution to do a "hard" check on me was HSBC Bank Canada back when I joined the bank in January 2008. At that time, I had something like a 284 and a 786 beacon score, both of which are very good. I just want to make sure it stays that way.

Thanks,
Doug

July 13, 2011
8:44 pm
Doug
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NorthernRaven said:

http://depositguarantee.mb.ca/.....n/history/

They merged the old CUDGC and the one for caisses populaires to create the new single entity for Manitoba.

Actually, that makes sense. Didn't realize they had a separate provincial regulator and insurer for Caisses Poopulaires. Thanks, Raven! *nominates Raven for helpful post of the week* :)

Cheers,
Doug

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