1% bonus promo for transfers into RRSPs and TFSAs and 3% for 4 months in your first account | Page 3 | Meridian Credit Union | Discussion forum

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1% bonus promo for transfers into RRSPs and TFSAs and 3% for 4 months in your first account
January 25, 2020
6:23 pm
fitzy7
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Hmm... well that's not promising. Credit checks are not something I worry much about normally, but we are starting the mortgage renewal process in 1 month and I've been working hard to keep our credit scores at their highest possible level.

January 25, 2020
7:37 pm
Loonie
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I don't think it will make a significant difference to your credit record for mortgage purposes.
I also think it's on the CU application form process that you have to give permission for them to do a credit check. You could, at that time, write in "soft check only" or words to that effect, and see how they respond to that. This will force them to go check with a manager. I recommend doing this in-branch in person if at all possible.
If you don't like their response, pick up your applciation papers and walk

January 27, 2020
7:48 pm
Bud
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the 1% 500 bonus is classified as interest, not part of contribution, payable inside a registered plan

January 31, 2020
12:39 pm
COIN
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Bud said
the 1% 500 bonus is classified as interest, not part of contribution, payable inside a registered plan  

Does this mean the $500 bonus is taxable income when you file your 2020 tax return?

If it is credited to your RRSP, it will be taxable eventually when you withdraw the funds in the future.

Note: I had to pass on the offer as it only applies to transfers of registered funds from another institution. It does not apply to new contributions.

January 31, 2020
1:00 pm
Bill
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Bonus interest credited to your RRSP would not be taxable income as long as it's within the plan. Also no deduction, it's not a contribution. As you note, it's taxable when withdrawn.

January 31, 2020
6:57 pm
Bud
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Same rule applies to tfsa 500 not considered a contribution so ur contribution room this year still 6k

January 31, 2020
7:45 pm
fitzy7
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Loonie said
I don't think it will make a significant difference to your credit record for mortgage purposes.
I also think it's on the CU application form process that you have to give permission for them to do a credit check. You could, at that time, write in "soft check only" or words to that effect, and see how they respond to that. This will force them to go check with a manager. I recommend doing this in-branch in person if at all possible.
If you don't like their response, pick up your applciation papers and walk  

I ended up applying and so far it doesn't look like there was a hard hit.

February 11, 2020
6:22 pm
James
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Londonguy said
So here's the poop from my Meridian rep.

It doesn't matter if you did this same program last year, you are eligible for the 1% bonus this year as long as it's new money coming into Meridian from somewhere else.

As for the maximum bonus you can earn, it's $750 if you put the money into mutual funds, otherwise it's capped at $500.  

Hey Londonguy, I’d suggest try to get them to put in writing that you get the 1% bonus. They sent me a terms and conditions that says if you transferred money out with the last promotion (within 12 months), you’re not eligible for this one. The rep said you’re also not eligible for the 3% rate if you have an existing account (even if the balance is nil).

February 11, 2020
7:30 pm
smayer97
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James said

Hey Londonguy, I’d suggest try to get them to put in writing that you get the 1% bonus. They sent me a terms and conditions that says if you transferred money out with the last promotion (within 12 months), you’re not eligible for this one. The rep said you’re also not eligible for the 3% rate if you have an existing account (even if the balance is nil).  

They have changed the language for this promo and it clearly states "...in your first account", so if it is not your first, you likely are not eligible.

That said, I know that some companies have a varying definitions of what is your "first"...but is seems like James' quotes suggests that you need to not have an account with them for at least 12 months to be considered a "new" customer, and hence any account would be your "first".

I agree... any deviation from what is written needs to also be in writing. Otherwise, it is just wishful thinking. Opinions do not matter, even from staff who are supposed to know.

February 12, 2020
12:31 pm
Londonguy
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James said

Hey Londonguy, I’d suggest try to get them to put in writing that you get the 1% bonus. They sent me a terms and conditions that says if you transferred money out with the last promotion (within 12 months), you’re not eligible for this one. The rep said you’re also not eligible for the 3% rate if you have an existing account (even if the balance is nil).  

If that's the wording, then perhaps it explains why I'm still eligible. Last year I transferred in $75K of RS money to earn the $750 bonus, all of which is still at MCU, so I didn't "take the bonus money and run" so to speak, nor have I ever had a HISA with them.

This year's bonus cap is lower at $500, so I only gave them another $50K batch of RS money. That arrived from TDDI on Feb 10, whereupon the bonus and transfer fee rebate was added to the principal of an 18-month GIC. I can already see it in my online account

February 12, 2020
4:26 pm
James
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Londonguy said

If that's the wording, then perhaps it explains why I'm still eligible. Last year I transferred in $75K of RS money to earn the $750 bonus, all of which is still at MCU, so I didn't "take the bonus money and run" so to speak, nor have I ever had a HISA with them.

This year's bonus cap is lower at $500, so I only gave them another $50K batch of RS money. That arrived from TDDI on Feb 10, whereupon the bonus and transfer fee rebate was added to the principal of an 18-month GIC. I can already see it in my online account  

Yes that might explain why you got it. The second part of that wording might apply if you still had that ‘existing’ RRSP account from when you first contributed. If you already received the bonus, I’m guessing you’ll be fine - especially within GIC. For others, the rep told me I was showing an existing RRSP account even though it wasn’t showing in my online accounts (no balance). Anyway glad you got the bonus!

February 12, 2020
5:48 pm
Bud
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existing account meaning rsp or gic ? if want to open say a tfsa n get 500bonus

February 13, 2020
10:08 am
Londonguy
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James said

Yes that might explain why you got it. The second part of that wording might apply if you still had that ‘existing’ RRSP account from when you first contributed. If you already received the bonus, I’m guessing you’ll be fine - especially within GIC. For others, the rep told me I was showing an existing RRSP account even though it wasn’t showing in my online accounts (no balance). Anyway glad you got the bonus!  

Not sure I understand you there. I do indeed still have the retirement account at MCU that I opened last year, as does my spouse (she actually has 2), and those accounts didn't disqualify us from this year's bonus program, nor was there any indication to us from MCU that we might not qualify as existing clients.

What I was told in January (point blank in an email) is that the only thing that mattered to them was whether the incoming money was new to Meridian (i.e. you couldn't just move it from another MCU account), and that you had to buy their mutual fund products with your transfer money or the maximum bonus would be reduced to $500 from $750

Perhaps there's a more restrictive rule on eligibility surrounding their 3% HISA promotion, but it doesn't seem to apply to RS money being transferred in from another FI

February 13, 2020
4:46 pm
James
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Londonguy said

Not sure I understand you there. I do indeed still have the retirement account at MCU that I opened last year, as does my spouse (she actually has 2), and those accounts didn't disqualify us from this year's bonus program, nor was there any indication to us from MCU that we might not qualify as existing clients.

What I was told in January (point blank in an email) is that the only thing that mattered to them was whether the incoming money was new to Meridian (i.e. you couldn't just move it from another MCU account), and that you had to buy their mutual fund products with your transfer money or the maximum bonus would be reduced to $500 from $750

Perhaps there's a more restrictive rule on eligibility surrounding their 3% HISA promotion, but it doesn't seem to apply to RS money being transferred in from another FI  

Yeah like I said, I don’t think you’ll have to worry based on your situation but for others, the specifics from the rep were that any money transferred out in the past 12 months wouldn’t earn the 1% transfer in bonus and any accounts you had in the past 6 months wouldn’t qualify for the 3% BUT if you had a TFSA you could use RRSP or vice versa.

You could probably push it and try your luck but I had trouble getting the bonus last year so I’m holding off on this one and taking advantage of another opportunity instead.

February 18, 2020
6:35 pm
fitzy7
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Londonguy said

No, Meridian isn't very tech-enabled in that way, I wish. I suppose you could ask if they'd be willing to fill out the paperwork for your wife and then you could take the T2033 home to get it signed and bring it back, but they might balk at that plan because of their know-your-client obligations since theoretically you could be up to no good.
it  

Well I am definitely living this first hand right now. I have never had a more frustrating experience trying to set up any kind of account. I've been trying to do it online through their secure messaging, through their website itself, and via the phone. I'm a patient guy, I read all the T&C (and this forum obviously), and I even became a member of Meridian well in advance to make the process smoother. But so far I'm making no progress and getting close to giving up. Going into the branch may be the only option but that's just not possible for us unfortunately.

February 19, 2020
5:36 pm
fitzy7
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The only thing their digital advisors seem to be able to do expediently is close accounts 🙂 After even more confusion today I gave up and told them to close my accounts with them - just a few hours later the member number is not active. Impressive! This my second time trying bank with Meridian, the first time also went badly. Never had issues like this elsewhere.

February 20, 2020
12:18 pm
Londonguy
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fitzy7 said
This my second time trying bank with Meridian, the first time also went badly. Never had issues like this elsewhere.  

I'm only a member because there's a bricks & mortar location 10 minutes from my house that I can visit for paperwork purposes, and I only keep dust-collecting registered GICs with them -- no chequing, no savings, no nothing else, certainly nothing requiring online efficiency. I actually like the personal contact aspect of our relationship as far as it goes, but I have no intention of using them in anything more than a custodian role

February 21, 2020
6:04 pm
fitzy7
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For all I know the staff at our local branch are awesome... Anyways I went for a People's Trust GIC today instead and they were infinitely more helpful.

February 29, 2020
3:06 pm
summer2020
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can anyone clarify if i am eligible for the 3% promo? i have an existing rrsp hisa with meridian but never open a non registered hisa, i am thinking to open a non registered hisa but i get inconsistent info from member connect centre and my home branch, my home branch told me i will get 3% on the non registered hisa, but member connect centre told me i am not eligible because i have a rrsp hisa. anyone can help?

February 29, 2020
4:41 pm
Loonie
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Just go to the branch and do it there if they are saying you can. Branches have more latitude. But you'd better hurry. Originally this offer ended beginning of March but may have been extended.

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