1% transfer in promo | Page 5 | Meridian Credit Union | Discussion forum

Our appt. is today. The first order of business is that my spouse and I need to sign up as Members. I was told they will need to do a "credit check" as part of the process, which surprised me a bit, not that I have a problem with it.

Just wondering if others who have jumped on this TFSA promo, and were not members prior, had the same experience? Perhaps is just standard procedure, to cover potential loan applications down the road? Thanks.

aha ... thanks for the quick response, Loonie.
Gonna have to postpone today's appt. anyway, due to ice / snow storm ... street not plowed, and car completely encrusted in thick ice, including the door handles.
Gotta love Canada in the winter. 😉

My understanding from branch mgr. is that this promo will NOT be suddenly dropped, even if they hit their target for incoming funds; I had been concerned about that, but as long as paper work is signed before Mar 1st, you get the 1% bonus and 3.25% rate for 18 month GIC.

I'm also going to be able to include an extra $10K from a GIC maturing Mar 6th, at the target FI, along with funds already in place. Again, the branch mgr was very helpful, in this regard.

Jim Sherat said
Our appt. is today. The first order of business is that my spouse and I need to sign up as Members. I was told they will need to do a "credit check" as part of the process, which surprised me a bit, not that I have a problem with it.

Just wondering if others who have jumped on this TFSA promo, and were not members prior, had the same experience? Perhaps is just standard procedure, to cover potential loan applications down the road? Thanks.  

Performing a credit check is mostly a compliance thing that helps keep them onside with "know your client" requirements and money laundering legislation

semi-retired said
Wife & I joined Meridian in Jan. to use this promo.Credit checks were done during our first in house meeting.The TFSA transfers from Hubert were started Feb/2.The funds were withdrawn from our Hubert TFSA accounts on Feb/5.They have not arrived yet to Meridian as of yesterday.Meridian will call us as soon as they arrive.I guess they send funds by check in the mail.In the era of E transfers between FI's this is nonsense unless it has something to do with registered funds.  

Canada Revenue considers funds sent electronically to be a contribution and NOT a transfer. That’s why the FIs use snail mail. However, there is no trackable option offered by the banks and unless you badger them, they will take their sweet time in actually putting the cheque in the mail because it is in their interest to hold on to your money as long as possible. Canada Post says that “regular letters are delivered within 2 business days within a city, in 3 business days within a province, and in 4 business days nationally (excluding the day of mailing).” If you haven’t received anything within Canada Posts’ standard delivery timelines, call the “relinquishing institution” out for withholding your funds and you will not only see the funds posted in your account the following day, but they will also be backdated to comply with the post office’s standard delivery times. Guaranteed!

semi-retired said
Update.Both our TFSA promo accounts are up & running at Meridian as of today.The 1% promo interest had been added to the transferred account total & all is well.Transfer paperwork started Feb/02 at Meridian,accounts up & running Feb/14.  

It usually takes 5 to 7 business days for funds to arrive at and be posted by the receiving institution.

If you don't get a timely transfer, you can goad the receiving institution to pester the transferring one on your behalf. It's in their interests to receive the money, and, generally, they will pursue it is you remind them.

I had one that did not arrive when it ought to have. Turned out that the receiver (Oaken) had used the wrong address when making the request. I gave them the correct one but they didn't use it. When I got after them, they realized their error.

Londonguy said

If I could find an FI in this country with decent rates and fair fees that knew what the phrase "customer service" meant, I would give them all my money and go to the beach. After a lifetime of experience however, I've learned that I have to stickhandle things all over the place and do most of the legwork myself -- especially nowadays  

Very well said, londonguy!
I've learned that you have to watch them - all the time!

My wife's TFSA transfer from Simplii went well; 7 business days / 11 calender days (our mtg with Meridian FSA was on Sat. Feb 16).

After the transfer out / admin fee transactions appeared (Feb 20), I dropped off a copy at Meridian, and the Principal, bonus, and admin fee reimbursement ($50), all appeared at the same time and are included in the GIC.

At an effective interest rate of 3.92%, as noted earlier in this thread, it will definitely be worthwhile to have gone through the effort to make this happen.

My TFSA transfer from a different FI is in progress, but I delayed the execution date to allow for a GIC maturing in early March to be included.

rk said
20 days and counting ... I can see that the 1% bonus has been applied, but not the transfer fee reimbursement. Talked to Meridian and they need some proof from Tangerine ... not an easy task, as this was a full transfer, so there is no trace of the TFSA account online. Called Tangerine for proof. They cannot email it, but will mail it, so I should get it sometime next week. A lot of work, but I guess it is worth it for the 1% bonus.  

You could perhaps try printing out the information from the Tangerine website which specifies the fee; or give Meridian the link so they can see for themselves. I can't promise they will accept this, but they ought to, and it might be faster.

I'm sorry they are being so sticky, but you'll get it eventually.