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Meridian 3.5% 5 year GIC
April 4, 2018
1:20 pm
AlainJF
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Wayno said
AlainJF,

It looks like Meridian updated the GIC terms and conditions ( April version) to make it clearer.

Perhaps Meridian is reading this forum ! sf-wink

regards,
Wayno
  

Great ! Thanks !

April 4, 2018
2:19 pm
Loonie
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Saver-Mom said
What happens if you have a savings account there, bring in more money for a GIC, then want to withdraw money from the savings account?  

I wondered about that too but didn't want to ask.

I've decided that I'll leave my savings amount there for sure for another 3 months.That's the usual point at which there are penalties for early withdrawals in banking. However, I don't have very much there in savings and have no pressing need to move it.

April 4, 2018
8:17 pm
Wayno
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Saver-Mom said
What happens if you have a savings account there, bring in more money for a GIC, then want to withdraw money from the savings account?  

The offer states:

1) Offer is limited only to new deposits to Meridian. 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 (March 12, 2018). Deposits that have been withdrawn and re-deposited within the Offer period are not eligible for the Offer.

Since the offer is to attract ONLY NEW MONEY , after you complete the transaction to purchase the GIC with "New Money", then, you are able to withdraw any amount of OLD Money (current Meridian deposits ) from Meridian.

April 5, 2018
6:45 pm
Saver-Mom
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Is that your interpretation or did they confirm?

April 5, 2018
8:52 pm
Wayno
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My interpretation!

It is clear in the text of rule #1 ... since there is no mention of any restriction AFTER the GIC transaction !

(see my post #18 in this thread for all Meridian terms and conditions. )

If Meridian wanted to restrict withdrawals after the GIC purchase, they would have to specify that in their terms and conditions...

However, if you have a very exception case ( for example) where you had $50K in a savings account and proceeded to withdraw the $50K one day after purchasing the GIC; then, Meridian would have the option to legally prevent you from doing that using rule #9 because you are abusing/manipulating their offer.

Rule (#9) Meridian reserves the right to suspend, disqualify, limit or revoke this Offer to any Member it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer.

I hope that helps you.

If you still have doubts/concerns ... then give them a call.

regards,

Wayno

April 6, 2018
3:25 am
Saver-Mom
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Thanks for your input, your logic appears sound to me.
Do you have an opinion on Meridian in general, how safe they are etc? Another post mentioned fearing that Tang was offering high rates due to having bad debts. Should we think similarly here?

April 6, 2018
7:11 am
gicjunkie
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Saver-Mom said
Thanks for your input, your logic appears sound to me.
Do you have an opinion on Meridian in general, how safe they are etc? Another post mentioned fearing that Tang was offering high rates due to having bad debts. Should we think similarly here?  

Meridian is one of the largest Canadian credit unions (#4 in 2017) and is DICO insured to $250,000. I have dealt with them for a number of years. No complaints.
They also have a policy where if you purchase a GIC and change your mind (within a week to 10 days - not sure exactly) you may cancel the investment. A nice touch. They also have that "Good to grow" high interest savings account which gives you 3% interest for the 4 months after you open the account. After that the rate reverts to the regular HISA rate (currently 1.4%). For convenience they have "me-to-me" transfer capability.

April 6, 2018
9:17 am
Wayno
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Saver-Mom said
Thanks for your input, your logic appears sound to me.
Do you have an opinion on Meridian in general, how safe they are etc? Another post mentioned fearing that Tang was offering high rates due to having bad debts. Should we think similarly here?  

Gicjunkie gave you a good reply !

Meridian historically has not offered high GIC rates.
However, last year they started to offer more attractive Saving/GIC attractive offersings.
In August 2016, they announced they were seeking a licence for a national online bank.
i.e. I assume a requirement to increase deposits is part of their strategy.

http://business.financialpost......n-big-five

Tangerine Bank, operating as Tangerine, is a Canadian direct bank and a subsidiary of Scotiabank. .

April 6, 2018
12:26 pm
Nehpets
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gicjunkie said

For convenience they have "me-to-me" transfer capability.  

It's not Me to Me but rather Money Mover, apparently a different protocol.

A bit slower than MtM, and has a limit of $10,000 push /pull per day, that can be overridden by a staff member.

Otherwise very pleased with Meridian service after one year, being selective, of course, offering their offerings.

May 27, 2018
5:25 am
HISAhopper
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Nehpets said

It's not Me to Me but rather Money Mover, apparently a different protocol.

A bit slower than MtM, and has a limit of $10,000 push /pull per day, that can be overridden by a staff member.

Otherwise very pleased with Meridian service after one year, being selective, of course, offering their offerings.  

Can you confirm if a pull initiated from an external account to get money out of Meridian is limited to 10K /day?
The Meridian term says limited to "10,000 for transfer requested", it did not specifically say push or pull. I will need to pull out a much larger sum than 10K.

May 27, 2018
7:02 am
Nehpets
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HISAhopper said
Can you confirm if a pull initiated from an external account to get money out of Meridian is limited to 10K /day?
The Meridian term says limited to "10,000 for transfer requested", it did not specifically say push or pull. I will need to pull out a much larger sum than 10K.  

Good question, and I don't know the answer at this time, as I have not, to date, pulled from Meridian; however, I'm in the process of linking my Meridian account to an external FI with the similar intention, so I'll find out from my local Meridian contact and share what I learn...if you don't find out sooner and share your findings.

Thanks for raising the question, hopper!

Stephen

May 27, 2018
7:23 am
Loonie
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This doesn't answer that particular question, but the 10K limit is per transaction, not per day. You can do it several times.

May 27, 2018
9:10 pm
HISAhopper
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Loonie said
This doesn't answer that particular question, but the 10K limit is per transaction, not per day. You can do it several times.  

Nehpets said

Good question, and I don't know the answer at this time, as I have not, to date, pulled from Meridian; however, I'm in the process of linking my Meridian account to an external FI with the similar intention, so I'll find out from my local Meridian contact and share what I learn...if you don't find out sooner and share your findings.

Thanks for raising the question, hopper!

Stephen  

As it is always the case for me, I will need to schedule a money pull out of Meridian to an external joint account in case something happens to me (a car accident, a heart attack...).
To achieve the above with more than a dozen scheduled recurring pulls of 10K seems awkward. Please share if you have new info and so will I.

May 28, 2018
6:55 am
Norman1
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I don't think one can pull money out of the Meridian Good To Grow HISA, from another financial institution.

At the bottom of their Good To Grow High Interest Savings Account (HISA) page, there is this small print:

1 Transactions available include deposits, transfers between accounts via: Branch, Online, Mobile or Telephone Banking, Interac® Direct Payment purchases, and withdrawals at Meridian and THE EXCHANGE Network ABMs. Bill payments and pre-authorized debits are not available on the Good To Grow HISA.

I think one will need to move the money into one of their chequing accounts first.

May 28, 2018
8:02 am
Norman1
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Nehpets said

It's not Me to Me but rather Money Mover, apparently a different protocol.

A bit slower than MtM, and has a limit of $10,000 push /pull per day, that can be overridden by a staff member.
… 

Money Mover is the same as Me-to-Me. Just a different brand name.

Money Mover Terms & Conditions mentions the same Canadian Payments Association and same preauthorized debits (PAD's) used to pull money into Meridian from another financial institution.

May 28, 2018
8:16 am
Nehpets
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Norman1 said
I don't think one can pull money out of the Meridian Good To Grow HISA, from another financial institution.

I think one will need to move the money into one of their chequing accounts first.  

Yes, that's right, Norman. The process is quite simple, and can be set up either by a telephone CSR or in branch. There is a "Senior Checking Account" for those who qualify (no fees, free checks) where funds can be transferred between Meridian accounts and can be linked to external FI's. Funds can also be pulled from the Meridian checking account, from an external FI.

HISAhopper said To achieve the above with more than a dozen scheduled recurring pulls of 10K seems awkward. Please share if you have new info and so will I. 

I called Meridian telephone CSR who told me Meridican transfer limits apply to external pull transfers: there is a $10,000 daily limit for Money Mover transfers which apparently also applies to all client initiated transfers, such as external pulls.

As has been my own experience at my local branch, transfer limits are easily overridden by a branch staff member or a telephone CSR.

Stephen

May 28, 2018
11:52 am
Loonie
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However, you can transfer 10K multiple times if you push it from Meridian. I have done htis several times. Unless the rules have changed...

This is just as easy as doing it the other way around, and I suppose it offers more security from M's point of view as they have verified your identity.

May 28, 2018
12:03 pm
HISAhopper
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Nehpets said

Yes, that's right, Norman. The process is quite simple, and can be set up either by a telephone CSR or in branch. There is a "Senior Checking Account" for those who qualify (no fees, free checks) where funds can be transferred between Meridian accounts and can be linked to external FI's. Funds can also be pulled from the Meridian checking account, from an external FI.

HISAhopper said To achieve the above with more than a dozen scheduled recurring pulls of 10K seems awkward. Please share if you have new info and so will I. 

I called Meridian telephone CSR who told me Meridican transfer limits apply to external pull transfers: there is a $10,000 daily limit for Money Mover transfers which apparently also applies to all client initiated transfers, such as external pulls.

As has been my own experience at my local branch, transfer limits are easily overridden by a branch staff member or a telephone CSR.

Stephen  

Thanks for all the info.
As I said the external pulls are used as a backup for when I am dead before the 4 months promotion end, so calling to CSR to transfer is a no go.
Multiple transfers are very awkward, I have to schedule tranfer from Meridian savings to Meridian chequing, then schedule transfer from Meridian chequing to Tangerine chequing, then from Tangerrine chequing to Tangerine savings. That is 3 scheduled transfers for $10K. Multiply that by 12 for $120K, total to 36 scheduled tranfers for something can be done by 1 scheduled transfer at other credit union example Duca.

May 28, 2018
12:41 pm
Loonie
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I think you'd be best to arrange not to be dead!

I'm not sure why you have to go through chequing, but perhaps there is a good reason. I don't normally do scheduled transfers. I push directly from M savings to BigBank.

You could open a joint chequing at Tang, which would cut out one level.

In any event, I think it's open to question whether a scheduled transfer after your death would be honoured. Have you asked about that? Upon death, everything is supposed to be changed to "the estate of" and is frozen until probate granted to the executor - if the FI is aware of the death at least. If not, I'm not sure.

May 28, 2018
6:43 pm
HISAhopper
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Loonie said
I think you'd be best to arrange not to be dead!

I'm not sure why you have to go through chequing, but perhaps there is a good reason. I don't normally do scheduled transfers. I push directly from M savings to BigBank.

You could open a joint chequing at Tang, which would cut out one level.

In any event, I think it's open to question whether a scheduled transfer after your death would be honoured. Have you asked about that? Upon death, everything is supposed to be changed to "the estate of" and is frozen until probate granted to the executor - if the FI is aware of the death at least. If not, I'm not sure.  

You read my mind precisely, I hope the FI would not know when its client dies. The transfer is scheduled pre-dead and automatic so I assume it would go through smoothly given the FI does not know. In the worst case where FI stops the transfer or take legal action after the transfer, I have it in the will.

No I have not asked about the scheduled transfer when a client dies! What would you do to make sure your money going to loved one(s) if you can't make all accounts joint? I am all ears.

You are correct that there is a good/personal reason that I couldn't make a joint chequing, hope that would change in the future.

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