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Integration weekend: Sep 22-24, we've been warned!
August 17, 2023
4:25 pm
phrank
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NorthernRaven said

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.  

That's because most people read into peoples comments to suit their personal broken record of assumption and judgement. It makes them feel more intelligent to spew off a bunch of facts well known by most educated people, as they are their own intelligent conclusions and everyone else needs to be educated by their superior enlightenment which has escaped people who are doing nothing more than making a statement about how they feel and nothing more.

August 17, 2023
5:27 pm
RetirEd
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NorthernRaven:

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.

By comparison, Peoples (who I like and now hold the biggest chunk of my change) have their PT and PB organizations very separate. Last I checked (about 18 months ago) I was told that direct credit and debit transfers and holds between them were identical to those between them and other institutions, despite their common ownership.

If anyone has more recent data, please share.

RetirEd

August 18, 2023
7:39 am
Rail Baron
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RetirEd said
NorthernRaven:

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.

By comparison, Peoples (who I like and now hold the biggest chunk of my change) have their PT and PB organizations very separate. Last I checked (about 18 months ago) I was told that direct credit and debit transfers and holds between them were identical to those between them and other institutions, despite their common ownership.

If anyone has more recent data, please share.  

We set up a joint GIC with PT earlier this year at 5.4%. Then, when rates started dropping about one month later, we decided to do another joint GIC, and to stay within CDIC limits, we needed to place that with PB.

Setting up our PB account took 10% of the time that setting our initial account with PT. All of the personal info and verification that we had done for PT was transferred directly to the PB account. So there is a common database at the back end of these institutions.

August 18, 2023
9:41 am
NorthernRaven
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Rail Baron said
Setting up our PB account took 10% of the time that setting our initial account with PT. All of the personal info and verification that we had done for PT was transferred directly to the PB account. So there is a common database at the back end of these institutions.  

Both their Peoples Trust and Peoples Bank entities are using CCUA's MemberDirect infrastructure for the online-facing website stuff, but I don't know how far down their stack you'd go before you hit proprietary stuff. They may be running separate stacks for each (no shared info database), and doing info retrieval and sync for your info (I don't have a PB account to check). That would explain holds even on PB PT transfers if they are routing out through the external clearing systems - it may not be worth their while to try and special-case those from the standard hold that happens.

I do know that even though the warty old PT site has an interface for Interact transfer, it doesn't actually work, and you get an obscure message instead of a clean "this doesn't work" indication. They said Interac does work on the PB site though. Hopefully someday they'll burn down the PT site and rebuild something like Oaken has with both issuers handled by one system, although aside from one last legacy GIC I don't use Peoples these days.

August 18, 2023
4:20 pm
pooreva
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This is thread regarding Hubert.

STOP talking about People's and other banks here. Go to proper thread.

August 19, 2023
10:44 am
Dean
Valhalla Mountains, British Columbia
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.
We hear ya , Pooreva.

Some forum members have a hard time keeping on-track (yes, we know who they are sf-wink), and they can sometimes turn a thread/subject into a major
'Gong Show'.

I guess they just can't help themselves ... LOL

*&^%$# happens,

    Dean

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

August 20, 2023
1:30 pm
RetirEd
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Sorry, Pooreva. I thought the Peoples' comparison about transfers between same-owner transfer speed worth adding to.

RetirEd

August 21, 2023
6:46 pm
Doug
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Peter said
Some highlights to me:

* Free Interac e-Transfers
* Mobile cheque deposit
* 1-year quarterly redeemable GIC is staying
* No more ability to transfer funds to/from external accounts (from within the Hubert online interface)?!?
* No more self-serve option for GICs within online banking?!?

Those last two might be deal breakers for me.  

That's a good summary, Peter. sf-cool

Basically, AcceleRate Financial is taking the Hubert Financial name, but the AcceleRate Financial user interface is what is surviving. They say existing account links will transfer over (that's good), but new account links will require VOID cheques and paper-based forms (i.e., no more micro-deposits). On the other hand, the free Interac e-Transfers was an unexpected surprise I hadn't expected. sf-cool

I am undecided if I will keep it. I may decide to completely exit the Manitoba credit union landscape as there's really no need. I'm happy with Tangerine + EQ Bank. At some point, I may add Peoples Bank / Peoples Trust.

Cheers,
Doug

August 21, 2023
10:19 pm
implode
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I haven't decided to keep or not, but I've decided to transfer out what's left in there. Only thing left currently is the $5 share.

August 22, 2023
4:29 am
canadian.100
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implode said
I haven't decided to keep or not, but I've decided to transfer out what's left in there. Only thing left currently is the $5 share.  

Spoke to one of the staff by phone this week and sensed their “lack of excitement” and discomfort trying to put on a good front when trying to explain the regressive approach to this reorganization.

August 23, 2023
3:01 pm
Winnie
Ontario
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I called to redeem all of my GICs yesterday and also sensed their “lack of excitement”.
Tone of our conversation was a bit different, not as usual, not happy tone.
My question was not answered, also unusual thing, that never happened before.

August 23, 2023
3:40 pm
cgouimet
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Winnie said
I called to redeem all of my GICs yesterday and also sensed their “lack of excitement”.
Tone of our conversation was a bit different, not as usual, not happy tone.
My question was not answered, also unusual thing, that never happened before.  

The question was?

CGO
August 23, 2023
3:49 pm
pooreva
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Winnie said
I called to redeem all of my GICs yesterday and also sensed their “lack of excitement”.
Tone of our conversation was a bit different, not as usual, not happy tone.
My question was not answered, also unusual thing, that never happened before.  

Do you gays and gals REALLY expect any negative emotions during conversation with Hubert staff? Who would be nuts enough to express ANY negative feeling when all calls are monitored and most likely recorded for later weeding off unloyal 'team members'.
I did call today and have lovely conversation with Real Hubert staff (not one from AcceleRate trained to handle Hubert calls).
All my questions were answered. After integration support will be split and calls to 'Hubert' will be answered by REAL Hubert employees who know what they are talking about.
Push and pulls from other FI will be without human intervention as they are now. Only push/pull from Huber will have to go through calls. And as mentioned before, opening joint or any other GIC has to go through calls as cashing out 1y GIC after 3 months blocks.

WHAT questions you asked were not answered?

August 24, 2023
7:10 am
Winnie
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I asked question regarding One Time Passcode (OTP) validation.
OTP will be sent via cell/email on file.
How customer who don't have cell phone and email will get that OTP?

August 24, 2023
7:54 am
savemoresaveoften
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Winnie said
I asked question regarding One Time Passcode (OTP) validation.
OTP will be sent via cell/email on file.
How customer who don't have cell phone and email will get that OTP?  

Well Hubert is an online FI. if someone has neither an email address nor a cellphone, prob should not even be a customer to begin with...

August 24, 2023
12:58 pm
Winnie
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savemoresaveoften said

Well Hubert is an online FI. if someone has neither an email address nor a cellphone, prob should not even be a customer to begin with...  

I politely disagree, that Hubert is an online FI.
Hubert do not allow to view and download CRA tax slips after integration. Only via Canada Post.

I personally do have cellphone and many email addresses too, that I'm using for my online shopping, etc, but I prefer not to provide my cellphone and email to any FI.

I prefer not to connect my financial dealing with FI's and CRA to my cellphone and emails.

I have decided not to continue with Hubert because of that "happy New Hubert Digital Experience" and "improved service" after integration.

August 24, 2023
1:50 pm
cgouimet
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Winnie said

I politely disagree, that Hubert is an online FI.
Hubert do not allow to view and download CRA tax slips after integration. Only via Canada Post.

I personally do have cellphone and many email addresses too, that I'm using for my online shopping, etc, but I prefer not to provide my cellphone and email to any FI.

I prefer not to connect my financial dealing with FI's and CRA to my cellphone and emails.

I have decided not to continue with Hubert because of that "happy New Hubert Digital Experience" and "improved service" after integration.  

Online Shopping safer than Online Banking. Hmm ... OK then ...

CGO
August 24, 2023
2:22 pm
Winnie
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cgouimet said

Online Shopping safer than Online Banking. Hmm ... OK then ...  

It absolutely has nothing to do with safety.
Safety is NOT the issue at all.
Bunch of other reasons, but not safety.

August 24, 2023
4:12 pm
AltaRed
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Winnie said

It absolutely has nothing to do with safety.
Safety is NOT the issue at all.
Bunch of other reasons, but not safety.  

Some folks here might be interested in some of those reasons. I cannot think of a single reason myself.

August 24, 2023
4:26 pm
mmlt
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"I personally do have cellphone and many email addresses too, that I'm using for my online shopping, etc, but I prefer not to provide my cellphone and email to any FI."

You mention the CRA and FI connecting the dots as a reason for not giving out your email and phone. How do you do take care of business at FIs without providing personal information? I'd really like to know how this ties in with avoiding the CRA.

Please write your comments in the forum.