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Hubert startup costs
September 1, 2011
10:29 pm
NorthernRaven
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An interesting tidbit in a Globe & Mail article on high-interest accounts. Sunova's president is quoted as saying it cost around $100,000 to launch Hubert (and staffing costs of around $1000/day).

September 2, 2011
9:33 am
Peter
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Interesting to read about the 50x difference between a branch staffing cost and the website staffing cost.

September 2, 2011
7:15 pm
NorthernRaven
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I'm pretty sure the $50K per branch per day is a misunderstanding somewhere along the way. It might be $50K/month/branch, or $50K/day for all branches combined. I sent an enquiry to Sunova just out of curiosity - I'll let you know if I hear anything back.

September 3, 2011
3:07 pm
Yatti420
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I saw the articles on the globe about Hubert.. I hope alot of people join up.. If you are a dedicated saver this is a nice account to have..

September 3, 2011
10:52 pm
Doug
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Umm, yeah I really don't buy the staffing costs per day for a retail bank branch number. Even a smaller, community-style branch with an FTE complement of 6 or 7, I would estimate the wages to be in the neighbourhood of $265,000-$300,000 pre-tax (based on $60,000 for a Branch Manager, $45,000 for an Assistant Manager of Operations, $35,000 x 3 for varying positions ranging from a Customer Service Supervisor to Retail Banking Account Managers, $30,000 for a FT CSR and $15,000 for a PT CSR).

Still, that does seem to be somewhat lower staffing costs than a retail bank branch. Quite impressive, then again, I do think Hubert needs to improve their online banking systems dramatically. That being said, I continue to park my money there and remain content. :)

Cheers,
Doug

September 5, 2011
7:05 pm
Yatti420
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Our money is being used for loans through Sunova.. Nice tidbit of info there..

September 6, 2011
12:19 pm
NorthernRaven
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Apparently the $50,000 number is a combined total for weekly staffing costs of their three new branches. That's something like $2500/day/branch.

Yatti420 said:

Our money is being used for loans through Sunova.. Nice tidbit of info there..

Of course Sunova is loaning it out - it sure isn't George Bailey... :)

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