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Integration weekend: Sep 22-24, we've been warned!
August 16, 2023
7:03 am
savemoresaveoften
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maybe by turning off self serve transfer option, the immediate goal is to avoid any deposit erosion (by making it "harder") ? Or they want to behave like a big bank...

August 16, 2023
7:10 am
Pewter
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savemoresaveoften said

Warwick111 said
I guess I am not prepared for the new Hubert digital experience. This reminds me

I will not accept their new "lack of digital experience". Not able to self transfer and unable to buy a GIC online is the digital part that I care, and something they are removing.

I chat with a rep yesterday and he confirmed one can still initiate a pull from a linked FI, just cant initiate a push or pull from within Hubert.  

For Hubert Customers there are take aways and for Accelerate some gains. I had planned on closing my Accelerate and keeping Hubert. But I do feel I will be closing both accounts. The Exodus will begin next week. Hubert will be a similar headache as what we have with Peoples Trust. I just need to find another FI first.

LOL ... NO Hubert is not prepared for the fall out of no longer having the competitive edge with a good system.

August 16, 2023
7:18 am
NorthernRaven
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savemoresaveoften said
maybe by turning off self serve transfer option, the immediate goal is to avoid any deposit erosion (by making it "harder") ? Or they want to behave like a big bank...  

I suspect "logistics" rather than "conspiracy" will be closer to the truth for most of the feature regressions... sf-smile

They kept the unique quarterly 1-year GIC, which if they were trying to pull back Hubert goodies would have been the thing to get the axe. The rest of this really seems like awkward staged implementation of whatever linking and transfer stuff they are eventually heading for, and some of the "we're all doomed" stuff seems a bit much.

They know what volume of their transactions and new business comes from people linking accounts, and are presumably willing to make that higher amount stuff hard or unavailable while they get the transition stuff successfully launched.

August 16, 2023
7:23 am
Pewter
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NorthernRaven said
I wouldn't be surprised if the loss of self-serve transfers "at this time" is in some way an IT or transitional issue. They may still be working on the interface, or don't want to turn loose the underlying transfer tech to unattended customer interaction until they are sure it is working cleanly. The transfer ability sounds like it is still there under the hood for their staff to trigger for you, and with staff in the loop they'll be able to keep an eye on things for awhile. It might be something similar with the UI for GIC purchase, etc - I have trouble believing it would be a deliberate longterm goal to have humans in the loop for transfers outside the interac limits.

Interac transfers would be a different tech system they are connecting into.

The annoying thing is that of course you can't set up transfer accounts at a bigbank like TD to push into Hubert.  

I think this:
They want to use the Access System for all
The packaged software isn't good enough and they need it upgraded or a better package.

August 16, 2023
7:24 am
Pewter
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NorthernRaven said
Yeah, the "Term Deposits" section actually has an explicit "We are working on a new account opening experience...While we work through [that]...Additional details regarding self-serve options to follow."  

In my opinion they should have put it all on the table and rolled out a transition what Pi$$ed NO one off!!!

August 16, 2023
10:03 am
AltaRed
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I tend to align with post #63 that there is likely too much to come together in one weekend and that some stuff must be 'frozen' while they get the fundamentals (core business) merged. No one will be fully pleased, if for no other reason, than change upsets people. Why not just be patient until the end of September and see what the end product might be?

I suspect both the HISA and GIC charts here will look quite different in 5 years. The fintech evolution (revolution?) might be starting to gather momentum. With upcoming changes in payment processing (soon) and open banking (presumably soon but sputtering), there may be dramatic changes in the transactional landscape.

August 16, 2023
10:30 am
HermanH
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NorthernRaven said
I wouldn't be surprised if the loss of self-serve transfers "at this time" is in some way an IT or transitional issue. They may still be working on the interface, or don't want to turn loose the underlying transfer tech to unattended customer interaction until they are sure it is working cleanly. The transfer ability sounds like it is still there under the hood for their staff to trigger for you, and with staff in the loop they'll be able to keep an eye on things for awhile. It might be something similar with the UI for GIC purchase, etc - I have trouble believing it would be a deliberate longterm goal to have humans in the loop for transfers outside the interac limits.

I agree with you, share the same sentiment, and hope that the loss of function is only temporary. However, if it was a planned staged implementation, they would likely have included that goal in their notification. The absence of such declaration makes me think that it will be gone.

August 16, 2023
11:26 am
Winnie
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HermanH said
I agree with you, share the same sentiment, and hope that the loss of function is only temporary.  

But, all self-transfers between Access members will be available immediately.
I think, that they want to keep money inside Access and for that very reason, they decided to permanently disable self-transfers to other institutions.
I have very strong feeling, that I'm right here.

August 16, 2023
11:36 am
RetirEd
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Pewter: I seem to remember - unless it's changed recently - that Oaken only allows direct credit/direct debit transfers initiated on THEIR end, not from other institutions. So there's no loss of function from Hubert in this case. Am I wrong?

If Interac transfers are going to be the norm for Accellebert in the future, are they going to be free? Interac has been a rather expensive option at many financial instititutions. And it looks like they will be slower.

I considered Hubert as attractive a few years ago, but never went with them because they told me they didn't want customers to use mail or phone service much.
RetirEd

RetirEd

August 16, 2023
11:38 am
NorthernRaven
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Internal transfers between their own banking clients is "just" book-keeping within their own system. Transfers to accounts at other institutions involves interaction with yet another, external clearing system. Presumably they've got all that plumbing in place, so it can be used by the CS agents on their internal tools, but for whatever reason they don't have that functionality working and ready for battle on the customer-facing interface.

Despite the various goofs and glitches you see, banking computing systems are on the conservative end of the spectrum, and most FIs err on the side of caution and lots of testing when deploying them.

August 16, 2023
2:37 pm
Nehpets
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Considering the number of Hubert clients on this Forum with substantial investment potential, most of whom are passionate about the proposed / anticipated / speculated changes all to the detriment our collective relationship with Hubert, my wishful thinking would hope that a qualified representative of Hubert would avail him/her self to our Forum and address these legitimate concerns.

Reality check: Wishful thinking and a dollar will get you not so much

Stephen

August 16, 2023
3:52 pm
Pewter
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RetirEd said
Pewter: I seem to remember - unless it's changed recently - that Oaken only allows direct credit/direct debit transfers initiated on THEIR end,
YES
===
not from other institutions.
YES
===
So there's no loss of function from Hubert in this case.
Correct if set up at Oaken push pull, to from, Hubert should work.
YES
===

If Interac transfers are going to be the norm for Accellebert in the future, are they going to be free?
That’s what they say, free. But what are the limitations?
To be honest I use interac amongst family only for no more than $500, but I don’t trust it.
===
Interac has been a rather expensive option at many financial instititutions. And it looks like they will be slower.
Interac usually takes no more than an hour. The push pull is usually over night.
===

I considered Hubert as attractive a few years ago, but never went with them because they told me they didn't want customers to use mail or phone service much.
Email is useless with them and phone is the best. Although you have to go through identifying yourself. Phoning is not an issue.
====

RetirEd  

August 16, 2023
4:49 pm
mmlt
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"The sky is falling down". Relax. Everything will get sorted out in a couple months. I'm sure the money is safe.

August 17, 2023
7:50 am
phrank
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I'm more concerned about Huberts horrible rates offered on most of their products now than any of this other news. I like their service and do prefer to deal with them when they are competitive, but currently they aren't competitive except for with their new 1 year GIC.

Services during a transition always suffer temporarily, but their recent bad rates are a more worrying concern of policy change.

August 17, 2023
8:39 am
Dean
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mmlt said

"The sky is falling down". Relax. Everything will get sorted out in a couple months. I'm sure the money is safe.  

    Agreed ⬆

There's far too many here, doing the 'Chicken Little' thing . . .

As for some of Huberts present low rates ... they've been low before, and then recovered. They will most likely recover again.

My Two Nickels,

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

August 17, 2023
9:03 am
NorthernRaven
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phrank said
I'm more concerned about Huberts horrible rates offered on most of their products... 

People seem to treat rate policies as some sort of moral failing, rather than supply and demand. Manitoba credit unions are making personal and commercial loans in Manitoba, and they are not going to pay more than they have to to attract funds to lend profitably in that market. You'll see most of those Manitoba CUs hover in the same general range, as they are now. National alt-mortgage companies like EQ and Oaken are going to be in different positions at times, and will set their rates differently. I'm pretty sure last time I did a chunk of GICs the Manitoba CUs were a bit closer to them, currently they look like they are able to drift down a bit.

Similar things for deposit account rates. EQ is willing to pay 4.65% for demand deposits in the ISA broker channel, because that's what it has to do in that environment. But they are able to keep their personal HISA rate at 2.5%, because they've built a decent-enough sticky customer base with useful services that they don't have to throw any more money at. Higher relative rates are a sign of need, not kindly and superior business acumen... sf-smile

I suspect that if someone is set up at one of the Manitoba CUs and one of EQ/Oaken/Peoples, one of those two will provide GIC rates close enough to not make a huge difference in returns, unless someone is offering a big rate special and you have serious dinero being invested.

August 17, 2023
9:42 am
Rail Baron
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NorthernRaven said

...

I suspect that if someone is set up at one of the Manitoba CUs and one of EQ/Oaken/Peoples, one of those two will provide GIC rates close enough to not make a huge difference in returns, unless someone is offering a big rate special and you have serious dinero being invested.  

I agree. I'd add in Tangerine to the mix, especially if one wants joint accounts for GICs, something EQ lacks, or RRSP/RRIF HISA accounts which Oaken lacks.

The bottom line is that it takes a suite of FIs to optimize rates, account features, and fee structures. Depending on the size of one's portfolio, at least three, and as many as ??? FIs are needed to optimize the mix. That's still a lot less to juggle than building a balanced portfolio of equities and fixed income on a self-serve brokerage like QTrade.

Hubert will stay part of my mix, if for no other reason than my 5 year RRSP GIC with them, purchased last year. But after today's redemption of a 1 year term at the 6 month anniversary, my next GIC comes due in 2025. That should give Hubert time to sort out their new "enhanced" account opening experience on the old school web interface that they will consolidate on in September. If they improve on the 1990s manual/phone system by 2025, they will stay in my investment mix. And if they have a big enough premium over national FIs, I might also put up with the phone order system.

August 17, 2023
10:27 am
NorthernRaven
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I suspect if at all possible they'll want to have GIC and transfer self-serve options available for the RRSP/TFSA season in the new year, or they'll have a Peoples-like customer service apocalypse... 🙂

August 17, 2023
10:47 am
AltaRed
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Rail Baron said
The bottom line is that it takes a suite of FIs to optimize rates, account features, and fee structures. Depending on the size of one's portfolio, at least three, and as many as ??? FIs are needed to optimize the mix. That's still a lot less to juggle than building a balanced portfolio of equities and fixed income on a self-serve brokerage like QTrade.

And that is the difference in opinions here. I consider the former a chaotic, highly intensive headache that I am not prepared to engage in, and the latter one no effort at all. Technically, all I need in the latter is 1 ETF and that could be my entire investable net worth...seriously. I would not do that since I want some cash reserve in a brokerage ISA or a digital bank ISA, and I would like my RRIF, TFSA and non-registered assets to be in slightly different things but I could do that.

I think it is simply important to recognize that having a brokerage portfolio can be extremely simple if one is inclined to do so. Some historical views (biases?) of self-directed brokerage accounts are no longer valid.

August 17, 2023
11:36 am
Rail Baron
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And that is the difference in opinions here. I consider the former a chaotic, highly intensive headache that I am not prepared to engage in, and the latter one no effort at all. Technically, all I need in the latter is 1 ETF and that could be my entire investable net worth...seriously. I would not do that since I want some cash reserve in a brokerage ISA or a digital bank ISA, and I would like my RRIF, TFSA and non-registered assets to be in slightly different things but I could do that.

I think it is simply important to recognize that having a brokerage portfolio can be extremely simple if one is inclined to do so. Some historical views (biases?) of self-directed brokerage accounts are no longer valid.  

I agree that that are different approaches that fit better or worse with different investment strategies. If simplicity is a higher priority than customization/optimization, then running all one's money through a single self-serve investor's platform makes sense. There's even a simpler strategy along that continuum, in my view. Convert one's capital into laddered annuities, and just wait for the payments to roll in each month for life!

There could well come a time when I shift priorities from optimum investments to convenience. And there could even come a time when I want only monthly income for life.

I find this web site particularly useful for the "optimizing" strategy because it contains so much information on the particularities of each FI. But I've learned a thing or two about investment brokers (e.g., ISA's) that have helped my bottom line, too.

Please write your comments in the forum.