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1% transfer in promo
January 29, 2019
2:44 pm
Jim Sherat
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Thanks for your comments, links, and clarifications Loonie, Norman, Londonguy.
Clearly, I have some homework, and a bit of "light" reading to do. 😉

The good news is that I'm now aware that what I assumed would be a seamless process to convert my RSP > RIF, may if fact, be more complex, and possibly A LOT more complex? Better to be starting the journey in Jan. than in Dec.

As for exiting TDDI for another FI, I'm definitely thinking about it. All but one of my non-redeemable GICs, will mature by late Nov., so an option will be to park all of it into the TDB8150 (Manulife) high Interest fund, currently at 1.6%, whilst I research what else is out there.

I'll probably have just enough time before year-end to execute a transfer to another FI with better HISA and GIC rates than I can get at TDDI, then convert it to a RIF.

I would plan to leave enough cash behind to cover the min [4.x%] withdrawal of my remaining GIC, and of course do the RSP > RIF conversion, with TDDI.
When that one has matured, later in 2020, I'd then be in a position to transfer the final portion of my (then) TDDI RIF. Sound ok ?

Edit: having said all that ... I realize the RSP > RIF discussion is better suited for the thread that Norman linked to so, I'll try to keep any further comments here, more in the spirit of this [Meridian promo] thread.

January 29, 2019
3:54 pm
JustMe2016
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Loonie said

I just want to clarify what has happened, since people are getting different messages from Meridian.

As I understand it, from your post on Jan 20, you were told on the phone by a Meridian person that you could have the 1% deal by making a direct deposit into a new TFSA but that the bonus would go into an Advantage savings account. (That is their most commonly used savings account.)

On the 19th (Saturday), you made the deposit and were told that some of the previous information was wrong and the bonus would not go into Advantage savings but would go into your TFSA.

Please let us know when the money shows up, and in which account you find it. That will confirm that someone was able to get the bonus without doing a transfer. Thanks.
It will also be helpful if anyone else reports receiving the bonus through non-transfer deposit into TFSA. To me personally, it doesn't matter as I don't have any qualifying funds by any definition.  

Hi Loonie, I was waiting until the money shows up to reply but it is taking Meridian HQ a bit longer due to the popularity of this campaign.

I can assure you that yes we will get 1% after opening two new TFSA accounts for the simple reason that we got a sheet clearly stating that fact when the accounts were opened.

A few days later we decided to open two new RRSP accounts at Meridian. Money is also invested for 18 months at 3.25% and since the accounts are a transfer we will also get 1%. So the $750 is not per person but per account and per type.

I can also tell you the decision is made at HQ and not at the branch. And the 1% will be added to the TFSA amount as confirmed a second time when we met the Meridian employee in order to open the RRSP accounts.

To reply to what you wrote in your third paragraph; there was never a discussion that the original info given on the phone was wrong. It didn't come up during our first meeting.

So to summarize: We opened two new TFSA accounts (not a transfer), invested for 18 months and got the additional 1% that will be added to the TFSA amount. RRSP accounts are a transfer and we are also getting 1% added to the RRSP accounts.

January 29, 2019
6:55 pm
Norman1
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Jim Sherat said

… Sound ok ?

Edit: having said all that ... I realize the RSP > RIF discussion is better suited for the thread that Norman linked to so, I'll try to keep any further comments here, more in the spirit of this [Meridian promo] thread.

Continue discussion in this new thread.

January 29, 2019
7:06 pm
Ed
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JustMe2016 said

I can assure you that yes we will get 1% after opening two new TFSA accounts for the simple reason that we got a sheet clearly stating that fact when the accounts were opened.

So to summarize: We opened two new TFSA accounts (not a transfer), invested for 18 months and got the additional 1% that will be added to the TFSA amount.

The FI's Eligibility Criteria statement makes it quite clear that "members must satisfy the following in order to qualify for the 1% Cash Bonus Offer:
3. Registered cash, investments, or a combination thereof (“New Assets”) must be transferred into a new or existing registered account at Meridian (“Qualifying Accounts”) from a financial institution outside of Meridian Credit Union."

January 29, 2019
9:40 pm
Loonie
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JustMe2016 said

Hi Loonie, I was waiting until the money shows up to reply but it is taking Meridian HQ a bit longer due to the popularity of this campaign.

I can assure you that yes we will get 1% after opening two new TFSA accounts for the simple reason that we got a sheet clearly stating that fact when the accounts were opened.

A few days later we decided to open two new RRSP accounts at Meridian. Money is also invested for 18 months at 3.25% and since the accounts are a transfer we will also get 1%. So the $750 is not per person but per account and per type.

I can also tell you the decision is made at HQ and not at the branch. And the 1% will be added to the TFSA amount as confirmed a second time when we met the Meridian employee in order to open the RRSP accounts.

To reply to what you wrote in your third paragraph; there was never a discussion that the original info given on the phone was wrong. It didn't come up during our first meeting.

So to summarize: We opened two new TFSA accounts (not a transfer), invested for 18 months and got the additional 1% that will be added to the TFSA amount. RRSP accounts are a transfer and we are also getting 1% added to the RRSP accounts.  

Here's why I thought the initial info was wrong:
Your post #20 above states “I was also told that the 1% would not be added to the TFSA account but would be deposited in a regular saving account. I believe they call it 'Advantage' account. Yesterday the accounts were open and I was surprised to being told that the 1% would actually be added to the $63,500 instead of being deposited in a separate account as I was told 8 days prior. And it would be added in a few days.” (my emphasis)

Good to know you got it in writing! Let us know when it shows up - and where.

January 29, 2019
9:44 pm
Loonie
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Ed said

JustMe2016 said

I can assure you that yes we will get 1% after opening two new TFSA accounts for the simple reason that we got a sheet clearly stating that fact when the accounts were opened.

So to summarize: We opened two new TFSA accounts (not a transfer), invested for 18 months and got the additional 1% that will be added to the TFSA amount.

The FI's Eligibility Criteria statement makes it quite clear that "members must satisfy the following in order to qualify for the 1% Cash Bonus Offer:
3. Registered cash, investments, or a combination thereof (“New Assets”) must be transferred into a new or existing registered account at Meridian (“Qualifying Accounts”) from a financial institution outside of Meridian Credit Union."  

True, but that doesn't prevent them from making some other kind of deal with some members.

January 29, 2019
9:56 pm
Loonie
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JustMe2016 said

A few days later we decided to open two new RRSP accounts at Meridian. Money is also invested for 18 months at 3.25% and since the accounts are a transfer we will also get 1%. So the $750 is not per person but per account and per type.
 

According to T&C #11, the maximum is not per account or type of account.
" The maximum bonus payable is $750 per Member."
https://www.meridiancu.ca/Meridian/media/images/PDFs/2019-1-Percent-Cash-Bonus-Offer-Terms-and-Conditions-On-Book-Nov-16-20.pdf

January 30, 2019
8:37 am
Ed
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Loonie said

True, but that doesn't prevent them from making some other kind of deal with some members.  

I'm a member and my Financial Advisor said: "Sorry, Ed. No deal for you!" Aha...

January 30, 2019
1:30 pm
Londonguy
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Loonie said

JustMe2016 said

A few days later we decided to open two new RRSP accounts at Meridian. Money is also invested for 18 months at 3.25% and since the accounts are a transfer we will also get 1%. So the $750 is not per person but per account and per type.
 

According to T&C #11, the maximum is not per account or type of account.
" The maximum bonus payable is $750 per Member."
https://www.meridiancu.ca/Meridian/media/images/PDFs/2019-1-Percent-Cash-Bonus-Offer-Terms-and-Conditions-On-Book-Nov-16-20.pdf  

My local branch stuck to the $750 per member limit, otherwise I would have gladly given them more business

January 31, 2019
1:43 pm
Rick
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Londonguy said
Between the two of us we'll lose about $46 a week in ISA interest @ 1.60% on the $150K while the transfer is in limbo (which I'm thinking could be 5 weeks) so that's a $230 hit at least. We'll also have to eat TD's transfer-out fees in excess of the $50 per account that Meridian said they'd cover. As a total package, however, still quite tolerable when compared to the $1,500 transfer bonus we're getting, plus we'll be getting a 3.25% GIC rate going forward that we could never hope to access inside our TD self-directed plans.
 

One thing about these registered transfers is the banks strive to keep costs as low as possible so they use regular snail mail. Not sure if TD will accommodate you, but I swallowed the cost of a 2 day pre-paid envelope (about 20 bux) at Motive and the funds arrived and were in the receiving bank account in 2 days. Not sure why they can't do these transfers electronically, but prior to using overnight postage, my best transfer time for registered funds was around 3 weeks, at worst ALMOST 5 weeks. The 20 bux was well worth it (wonder if I can claim it as a tax deduction sf-confused ). Just some food for thought.

January 31, 2019
2:25 pm
Londonguy
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Rick said

Londonguy said
Between the two of us we'll lose about $46 a week in ISA interest @ 1.60% on the $150K while the transfer is in limbo (which I'm thinking could be 5 weeks) so that's a $230 hit at least. We'll also have to eat TD's transfer-out fees in excess of the $50 per account that Meridian said they'd cover. As a total package, however, still quite tolerable when compared to the $1,500 transfer bonus we're getting, plus we'll be getting a 3.25% GIC rate going forward that we could never hope to access inside our TD self-directed plans.
 

One thing about these registered transfers is the banks strive to keep costs as low as possible so they use regular snail mail. Not sure if TD will accommodate you, but I swallowed the cost of a 2 day pre-paid envelope (about 20 bux) at Motive and the funds arrived and were in the receiving bank account in 2 days. Not sure why they can't do these transfers electronically, but prior to using overnight postage, my best transfer time for registered funds was around 3 weeks, at worst ALMOST 5 weeks. The 20 bux was well worth it (wonder if I can claim it as a tax deduction sf-confused ). Just some food for thought.  

That sounds like a great idea, thanks -- I will definitely see if I can do that for my next transfer

January 31, 2019
10:35 pm
Loonie
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My plan, going forward, is going to be that whenever I am in the market for a new GIC, I will contact my preferred FI and ask them if they can match whatever the best offer out there is - or at least come close.

This will be a friendly conversation. I am letting them know I am interested, and i am telling them what the competition is. I am giving them an opportunity, if they are able to take it. If not, no hard feelings.
I would accept a slightly lower rate in order to have my money in my preferred FI.

February 6, 2019
11:21 am
HISAhopper
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It took a week and half transferring $28,000 TFSA from Tang to Meridian TFSA GIC 18 months.
The GIC principal became $28,247.16, so the amount $247.16 appears to be the 1% bonus paid at the time the account was opened (not sure why $247.16 as opposed to the expected $280? maybe the transfer-out fee to be reimbursed later?)

February 6, 2019
2:08 pm
Loonie
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The transfer fee would have brought it down to 235. Perhaps you had some daily interest at Tang that brought it up to 247?
Why not ask Meridian about the transfer fee? They gave it to me, but that was a couple of years ago.

February 6, 2019
3:47 pm
rk
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HISAhopper said
It took a week and half transferring $28,000 TFSA from Tang to Meridian TFSA GIC 18 months.
The GIC principal became $28,247.16, so the amount $247.16 appears to be the 1% bonus paid at the time the account was opened (not sure why $247.16 as opposed to the expected $280? maybe the transfer-out fee to be reimbursed later?)  

Did you open the Meridian account online? Did you initiate the transfer online/on the phone, or from a branch? 10 days or so is not bad, could you share some tips?

February 6, 2019
7:49 pm
HISAhopper
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Loonie said
The transfer fee would have brought it down to 235. Perhaps you had some daily interest at Tang that brought it up to 247?
Why not ask Meridian about the transfer fee? They gave it to me, but that was a couple of years ago.  

You are probably right about $7.16 as the interest which earned for around 10 days at 1.25%. It looks though Tang deducted $40 transfer-out fee (as per Tang's website) from the transferred fund and I might have to show Meridian proof of the fee to get reimbursed as stated in the TFSA agreement.
My Meridian GIC account says that it will renew with the same term upon maturity, I hope to change it to "deposit to TFSA savings upon maturity"
Will call Meridian to find out.

February 6, 2019
8:07 pm
Loonie
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I see.
Their fee used to be $45, which was the one I remembered.

February 7, 2019
6:38 pm
HISAhopper
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rk said

Did you open the Meridian account online? Did you initiate the transfer online/on the phone, or from a branch? 10 days or so is not bad, could you share some tips?  

I am already a Meridian member prior to opening the TFSA in person at Kennedy Commons branch which the transfer was initiated from.
I phoned first, got the rep agreed with all the terms: 1%, cover transfer-out fee, booked the appointment with the same rep, brought my ID, showed proof of TFSA source, out in 15 mins.
Opened Meridian GIC on Mon Jan 28, TFSA account was removed from Tang Feb 1st, fund showed up on Meridian GIC on Feb 6th.

February 8, 2019
12:09 pm
HISAhopper
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The transfer-out fee ($45) was reimbursed and added to the TFSA principal amount without me having to call in. I also had the "renew to the same term" upon maturity changed to "transfer to TFSA Online Advantage savings"

February 9, 2019
6:29 am
rk
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HISAhopper said

I am already a Meridian member prior to opening the TFSA in person at Kennedy Commons branch which the transfer was initiated from.
I phoned first, got the rep agreed with all the terms: 1%, cover transfer-out fee, booked the appointment with the same rep, brought my ID, showed proof of TFSA source, out in 15 mins.
Opened Meridian GIC on Mon Jan 28, TFSA account was removed from Tang Feb 1st, fund showed up on Meridian GIC on Feb 6th.  

Thank you so much for getting back to me with the details. I am a new Meridian member/client and have decided to try it online. I have just opened my account and also initiated the transfer online (the process was quite easy). Now let's see how long it takes until the money reaches my new Meridian account.

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