November 21, 2015
September 11, 2013
Based on what he's told us, Julio appears to have met the "new money" conditions, i.e. the money is from outside Meridian or was deposited to Meridian by about July 16.
However, the T&C clearly indicate other conditions may apply, and they perhaps put that there to deal within individual cases, and maybe based on branch manager's decision, where they don't want to give the promo. And one of those cases might be people who are just there for promos, who transfer their money out after the promo, because the point of the promo is to recruit long-term, "loyal" customers. Who knows?
In any event, Meridian is perfectly entitled to do what it wants, within the law, it is not required to provide a personalized suite of services on the terms every single individual wants - and consumers are perfectly entitled to decide whether or not their products or way of operating suits them. Any fi can terminate our accounts if they feel like. Maybe some folks confuse the private sector with the public service (where, in theory, everyone is entitled to the same services and treatment).
October 21, 2013
Meridian is a credit union. Julio is or was a "member". Members have rights that account holders in banks don't have, such as turfing out the Board of Directors. This is highly unlikely, however, since most members take a very passive position, upon which the management depends.
Members might decide to put forward a resolution at the next AGM requiring management to clarify ALL conditions on promos in future. You could never do this with a bank.
Perhaps some folks confuse banks, where Julio has no rights as an account holder except those given by law, and credit unions where he has a vote and, theoretically at least, has the right to sit on the Board, if nominated.
That said, I doubt that the majority of membership would ever vote to enable promo-chasers to take advantage of the FI, if that's what they felt it was.
I think they would agree, however, that the rules should be the same for everyone and that they should be clear. It would not be a complicated matter to include a line which specified that members who had received a similar promo within the last X months would not qualify, if that's what they really meant. I think we could all understand and appreciate that.
But maybe it's not what they really meant. Maybe Meridian needs to reach out and restore members' good will after they reduced the basic interest from 1.5 to 1.4 while the Bank of Canada was raising theirs and local competitor Luminus CU kept steady at 1.75. In any case, the terms of this promo need to be clear. Management discretion should be limited to improving the offer, not reducing it, in the same way that mortgage rates can sometimes be negotiated at various FIs.
January 16, 2017
April 16, 2014
September 14, 2017
October 21, 2013
they are still offering 2.5 on 90 days, new money only.
As of Jan 1, 2018, deposit insurance on non-registered funds for Ontario CUs will rise to $250,000.