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Fall Deposit Campaign 2017 - Meridian CU - 2.75% 90 DAY GIC
August 17, 2017
3:59 pm
AlainJF
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August 19, 2017
6:17 pm
JenE
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Thanks AlainJF, I'll be sure to check this out.

August 22, 2017
3:53 pm
penniesfromheaven
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Has anyone determined exactly what additional terms and conditions may apply?

August 22, 2017
6:34 pm
julio
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I am a member since last year's 3% promo. I called my home branch, Brampton, to get enrolled. Branch manager responded through a sales rep that because I "took advantage of the 3% offer", I was " no more eligible for the current offer."
Then I called Meridian's call centre to see that fact in writing on their website. They could not find it.
Then I emailed Meridian through "contact us" tab on their website asking the same plus a note that I did not inquire yet about the legality of non written terms and conditions with the Financial Services Commision of Ontario (FSCO).
That was on the 19th of August. No reply yet. If and when I get a response and the topic will still be active, I will post their reply.

August 24, 2017
4:14 am
swan
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I am confused about this median is a manitoba credit union ? is it not regulated provincially by the manitoba government and its laws for credit unions ?

and if it is taking deposit from all over canada . dose the manitoba credit union stabilization fund . which offer unlimited deposit protection as opposed by the CIDC whose protection is caped at 100.000

but the stabilization fund in manitoba is backed by no government and the CIDC is backed by the fed and their taxing power is all this correct ?

August 24, 2017
4:22 am
AlainJF
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julio said
I am a member since last year's 3% promo. I called my home branch, Brampton, to get enrolled. Branch manager responded through a sales rep that because I "took advantage of the 3% offer", I was " no more eligible for the current offer."
Then I called Meridian's call centre to see that fact in writing on their website. They could not find it.
Then I emailed Meridian through "contact us" tab on their website asking the same plus a note that I did not inquire yet about the legality of non written terms and conditions with the Financial Services Commision of Ontario (FSCO).
That was on the 19th of August. No reply yet. If and when I get a response and the topic will still be active, I will post their reply.  

They would refuse to give you the new offer (special 2.75% 90 DAY GIC offer) on new money/new deposit because you have participated to some old offer in the past ? That would be a "new member" rule and not a "new deposit" rule.

Ref: "Offer is limited to new deposits to Meridian"

I did not use the offer, so I can`t share any real experience. Please let us know the outcome and if you are really talking about "new deposits".

August 24, 2017
4:27 am
AlainJF
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swan said
I am confused about this median is a manitoba credit union ? is it not regulated provincially by the manitoba government and its laws for credit unions ?

and if it is taking deposit from all over canada . dose the manitoba credit union stabilization fund . which offer unlimited deposit protection as opposed by the CIDC whose protection is caped at 100.000

but the stabilization fund in manitoba is backed by no government and the CIDC is backed by the fed and their taxing power is all this correct ?  

DICO:
https://www.dico.com/design/1_1_Eng.html

Meridian Credit Union Limited
75 Corporate Park Drive | St. Catharines | L2S 3W3 | Tel: 416-597-4444
Web site: http://www.meridiancu.ca

August 24, 2017
4:42 pm
Loonie
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The second link that Alain gave shows the T&C.

Specifically,
"New deposits are defined as dollars not currently on deposit with Meridian or money that has been on deposit for 30 days or less from
inception of the offer (August 15th)
." I think what this means is that as long a you had taken your money out of Meridian before Aug 15, you would qualify, but I find the wording confusing.

However, they have left themselves an "out": "Some additional conditions may apply." Weasel wording at its finest. Either there are or there aren't additional conditions. If there are, then members have a right to know, in writing - unless of course they were planning on making them up as they went along.

August 24, 2017
9:24 pm
swan
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AlainJF said

DICO:
https://www.dico.com/design/1_1_Eng.html

Meridian Credit Union Limited
75 Corporate Park Drive | St. Catharines | L2S 3W3 | Tel: 416-597-4444
Web site: http://www.meridiancu.ca  

I am unfamiliar with ontario deposit insurance I asked a ontaro credit union about it once they said . it only went to 100 thousand that is way to low . I am a manitoban and used to unlimited deposit protection . is the ontaro plan backed by the ontaro government by the power of taxation like the CDIC ? can they take deposit for other provinces ? the rate on any investment would have to be real high leading into the ontaro housing market . that just crazy . the place seems like a real disaster

August 25, 2017
12:45 am
Loonie
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Perhaps you should take a trip to Ontario some time and see what it's really like here.

DICO insurance is going up to 250K in January.

None of the provincial credit union insurance plans are backed by government, not even MB. And I wouldn't count on CDIC to access taxation in order to do big bail outs.

But, by all means, keep your money in MB and CDIC institutions if you wish.

August 25, 2017
5:23 am
AlainJF
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August 25, 2017
9:59 am
swan
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Loonie said
Perhaps you should take a trip to Ontario some time and see what it's really like here.

DICO insurance is going up to 250K in January.

None of the provincial credit union insurance plans are backed by government, not even MB. And I wouldn't count on CDIC to access taxation in order to do big bail outs.

But, by all means, keep your money in MB and CDIC institutions if you wish.  

why would you not count on the government of canada to back the CIDC .

I have been to toronto before seems like a disaster to me . only survives by taking the resources of the west and trading them for auto jobs . power system is screwed up government owes tones of money have taken a have province in canada and turn it in to a have not one housing market is a bubble that all the bank there are lending in to

August 25, 2017
12:52 pm
Loonie
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If what you really want to do is discuss how terrible you think Ontario is, perhaps that should be on a separate thread.

August 25, 2017
2:29 pm
swan
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How about the risk of putting money in an FI that lends into ontario housing market and the risk compared to an FI in manitoba were the money is being lent in to the manitoba house market of agricultural food market .

and if the rates that these entity in onerio reflect the risk . there is in ontario

August 25, 2017
8:56 pm
Loonie
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Default rates here are quite low. I don't know what they are in MB. The rating agencies rate ON and MB gov'ts similarly last time I looked.

In general, rates in Ontario CUs don't seem to be higher than those in MB. In many cases they are lower. You can't legitimately draw a sweeping conclusion from one promo.

If you don't want to send your money to an Ontario credit union, then don't! By all means, keep it in MB where it is supposed to be 100% guaranteed - but remember that guarantee is not backed by any government.

Why don't you pay us the courtesy of using capitals and punctuation?

I'm out.

August 26, 2017
6:53 am
swan
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when you talk about rating agency they rate provinces and not credit union

Who are these credit union and small bank in ontario lending to what is the collateral for the loan ? Is it house in toronto there is a housing bubble there
and it is riskier than lending money to other sectors of the economy or other place in canada were the house market is more stable they are riskier and have to pay more or are unacceptable
Is not the reason there is a needed and higher rate for deposits in manitoba is because there is a growing economy here . fi needed for money is driven by that and not a housing bubble . In ontario the auto bizzness has been a driver of growth but . the people of asia or robots do that now
as they say

A FOOL AND HIS MONEY ARE SOON PARTED

August 28, 2017
11:58 pm
speedwagen
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In response to Julio's post about having been denied participation in this current promo and AlainJF's call for clarification, I'm happy to report that I've participated both in the current 2¾% term as well as the last 3% term without any issues.

I never asked if I was entitled to participate. I simply presumed I was since the only stipulation was " new money", as AlainJF also mentioned and my current deposit was new, as I had transferred most of money out @ maturity back in July.

I can only presume that Julio left his money there and attempted to have it invested in the 90-day term @ 2¾%, which obviously won't fly. Otherwise, there's no reason he should be denied.

August 29, 2017
6:18 pm
julio
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Re: promo denial update from 22aug17.
The call center "escalated my request" - whatever that means, because they are "not allowed to provide me with other contact info then to the said branch manager". The result: "other conditions may apply" IS applying to you. The pleasant rep (=employee), over the phone, continued to explain, that written conditions do not exist and the Branch Manager Has Spoken. Today I wrote to FSCO asking them "if it is OK or even legal" to have such open ended conditions in promos. If and when I receive a response and the topic will be still relevant, I will post it.

August 29, 2017
7:27 pm
AlainJF
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julio said
Re: promo denial update from 22aug17.
The call center "escalated my request" - whatever that means, because they are "not allowed to provide me with other contact info then to the said branch manager". The result: "other conditions may apply" IS applying to you. The pleasant rep (=employee), over the phone, continued to explain, that written conditions do not exist and the Branch Manager Has Spoken. Today I wrote to FSCO asking them "if it is OK or even legal" to have such open ended conditions in promos. If and when I receive a response and the topic will be still relevant, I will post it.  

Are you trying to #1)get the special with "new money" or #2)trying to get it with "old money" for which you already had a special in the past ?

If it is #2, I have already tried this in the past, and it did not fly for me.

If it is #1, I do not see any reason why they would refuse you this special. speedwagen clearly got it, as mentioned in his reply above.

August 29, 2017
8:21 pm
Loonie
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I don't think you'll get anywhere with FSCO, but it's immoral to offer it to one person and not another if the circumstances are the same.

You could complain to members of the Board of Directors. I believe they are found somewhere on the site. Remember, you are a "member" and that's supposed to count for something. (hah!)

You could also try another branch, which may involve moving your funds, with another manager, if you have any left at Meridian. Don't mention your previous discussion with the previous manager. That one will likely never be any use to you.

Meridian has opened up a slew of new branches with the hope of developing longer term "relationships" with people and their money. You don't achieve that by having different rules for different folks. That said, managers always have discretion. That's why they're there. Normally, though, their discretion is used to open doors, not to close them.

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