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Implicity #59 of the largest Credits Unions in Canada
March 10, 2013
5:15 pm
kanaka
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Does any one have any concerns that they are only #59?

March 10, 2013
11:15 pm
GS1
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kanaka said

Does any one have any concerns that they are only #59?

I don't. My holdup right now is there lack of electronic funds transfer in or out. I simply don't want to fill out a paper form to get my money in nor do I want to have to find a local Credit Union to go and get a bag full of money out.

I have moved everything (almost) to PC Fin to take advantage of their 2% offer that ceases May 31st. At that time will need to think further.

I said somewhere here earlier that as long one believes the Guarantee Corporation will look after them if there is a problem and as long as one doesn't need immediate access to the cash then there should be no problem whether they are #1, #59, or #590. Someone has to be biggest and someone else has to be in the middle.

Greg

March 11, 2013
6:06 pm
Deb
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When deciding where to invest, personally I look at rate first. Then I look at rate history (very useful feature on the comparison chart - Thanks!). Have rates been stable for a long time, or dropping every few months? Then among those with the best rates, I consider the strength and longevity of the parent credit union. How large are their holdings, how long have they been in business?

As far as the Deposit Guarantee Corporation of Manitoba vs CDIC guaranteeing your funds, although DGCM is "unlimited" vs $100K for CDIC, that's not the whole story. I once contacted the MB minister responsible for this department, who explained that the fund was built up by assessments collected from credit unions based on their assets. The fund had about 160 million in reserves at that time (2011). He said, "Should there be some sort of catastrophic event within the financial market that is country wide or worldwide, then both CDIC and DGCM would not be able to protect all depositors without Government assistance with the reserves that exist." So it's not really "unlimited".

While I think it's unlikely any of these credit unions will outright fail rather than be taken over by another credit union, I do think it's prudent to look at rate stability and length of time in business, and be aware of what "guarantees" really mean when we're making our choices.

March 11, 2013
6:07 pm
Doug
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Well said, Greg. I have no concerns with Implicity Financial either. In fact, I have actually more confidence in them now knowing that they use the MemberDirect online banking platform and, having received my first e-Statement on the weekend (and paper statement in the mail today, which I wasn't expecting), their statement design is gorgeous and so easy to ready. Very polished and professional.

I agree that the lack of Electronic Funds Transfers (EFTs) is a bit of a hold-up and that's why I'm going to ensure I don't transfer any money that I don't need to access in the next few months. They've promised a feature like Hubert Financial and/or Ally is coming but, for now, the only EFTs they offer are fixed amount, recurring transfers from your external bank account. It's a feature that should be easy to add since their MemberDirect online banking platform seems somewhat "slimmed down" from the Canadian Direct Financial screenshots someone else (msl?) posted in another thread here, so obviously MemberDirect is customizable for each financial institution that uses it.

To Greg, I forgot to mention (haven't posted in this thread yet) that I received my initial book of cheques and welcome letter in the mail from Implicity Financial last week (I want to say maybe Wednesday or Thursday, something like that). I e-mailed Erin and got my debit card number so I could register for online banking, which I did. The process went very smoothly. I've since got my first e-Statement (and paper statement), as I described above). Did you know you can write a cheque or use your debit card with Implicity to withdraw funds (until the new self-to-self EFT transfer system launches)? You could also set them up with, say, Hubert Financial and ING Direct and use those FIs as your "hub" for doing the EFT transfers. What about PC Financial, do they offer paperless self-to-self EFT transfers or no?

Cheers,
Doug

March 11, 2013
10:55 pm
GS1
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Doug said

[snip]

To Greg, I forgot to mention (haven't posted in this thread yet) that I received my initial book of cheques and welcome letter in the mail from Implicity Financial last week (I want to say maybe Wednesday or Thursday, something like that). I e-mailed Erin and got my debit card number so I could register for online banking, which I did. The process went very smoothly. I've since got my first e-Statement (and paper statement), as I described above). Did you know you can write a cheque or use your debit card with Implicity to withdraw funds (until the new self-to-self EFT transfer system launches)? You could also set them up with, say, Hubert Financial and ING Direct and use those FIs as your "hub" for doing the EFT transfers. What about PC Financial, do they offer paperless self-to-self EFT transfers or no?

Cheers,
Doug

Doug:

Interesting differences in the Implicity process. My email "welcome" gave me my member number as well as my Debit Card Number and I was able to login as described elsewhere to discover my $0.00 balance and lack of EFT.

I cannot use ING as a hub as they limit you to three accounts. I have had my RBC Cdn$ and RBC US$ setup since my "day 1" with them and added BMO US$ to allow me to pay my BMO US$ Mastercard without having to mail a cheque or drive 18 or 30 km to reach my nearest two BMO branches.

PC Fin - I have one self to self EFT set up back to my RBC Cdn$ account. I just tried to set up an additional linkage and once again, am stymied as I need to eventually mail in a blank cheque. So, it would be possible to use PC Fin as a hub, but I continue to not like there policy whereby you cannot set up an transfer "today" but must date it for "tomorrow".

Greg

March 13, 2013
6:05 pm
Doug
British Columbia, Canada
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Greg, did you request a physical debit card? Erin's reply stated that they actually have two templates, one for members that request a debit card and one for those that don't. For those that request one, they don't provide the debit card number and for those that don't, they provide the debit card number in the "welcome" e-mail. I suggested they change it to provide it to everyone; not sure if they will or not. :)

That kind of sucks that ING Direct limits you to only three linked external bank accounts. :(

Cheers,
Doug

March 13, 2013
9:15 pm
GS1
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Doug said

Greg, did you request a physical debit card?

[snip]

I said "NO" during the online application and then sent an email saying "YES".

I have yet to see anything further from them since the email "welcome" letter dated March 5th. But then I just went back to Erin's email from February 25th and find this:

We will definitely order you an ATM card. Once we receive your initial cheque deposit we will order you a card.

and I have yet to send them any cash so perhaps that's why I've seen nothing further.

Greg

March 14, 2013
7:13 am
Doug
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That could be; maybe they do require an initial deposit, not just the member common share purchases?

That does sound like why you got the debit card number in the e-mail as you initially ticked the box stating you don't need a physical debit card; thanks for clarifying! :)

Cheers,
Doug

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