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Meridian Credit Union - $100 gift!
August 9, 2016
1:31 pm
JenE
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Meridian are giving $100 if you open a high interest savings account online, minimum deposit of $1,000, limited time. Funds have to be deposited by Sept. 21. Promotion started Aug. 8. Unfortunately I experienced difficulty opening online - apparently they've had this problem before. They're going to call me back.

August 9, 2016
3:08 pm
Loonie
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Thanks, JenE.

Note these fees
$25 for closing account within 90 days.
$30/year for inactive account - time not specified.
$15 Balance of account transfer.

Going interest rate is 1.5%

https://www.meridiancu.ca/personal-banking/accounts/fees/Pages/default.aspx

August 26, 2016
7:20 pm
toto
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I couldn't open a online account with Meridian and once they called me back it was because of the security notice from people's trust when they had the breach a while back. My information triggered the alert because I have accounts there. So if you have accounts at people's trust you will have to talk to an administrator to open account.

August 27, 2016
7:28 pm
Loonie
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Does anyone know if this promo really works or is still on?
I can't find it on their site.

August 28, 2016
1:55 pm
toto
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Promotion is still on until September 21st .

August 28, 2016
2:42 pm
Loonie
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I was in the Leaside branch today and the staff there, including the manager, had never heard of it!

toto, do you have any evidence you can share?

August 28, 2016
2:54 pm
amidat
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I was also unable to find the promo on their website.
FYI, I opened an account on Aug 14 and at that time I found the promo by doing a Google search. However, I cannot find it now.
Meridian did confirm the following to me 2 days ago via secure message...
Member's need to have deposits in by September 21st and then Meridian will have the promotion in your account by October 6, 2016.

August 28, 2016
6:32 pm
toto
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I called and asked. They said the gift would be in account by October 6th just like amidat said. I opened one for me and one for my husband

August 28, 2016
7:25 pm
Loonie
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Thanks.

This page (dated, at the bottom, 02 Aug /16 ), says the "promotional offer is no longer available" but doesn't specify which offer they are referring to.
http://www.meridiancu.ca/perso.....oCNIbw_wcB

Those of you who already signed up are probably safe.

August 28, 2016
7:49 pm
Norman1
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I think this may have been it:

http://www.meridiancu.ca/perso.....0tfsa.aspx

Dates match what was initially reported by JenE. Some of the terms and conditions from OMO_Offer_August8.pdf:

1. This offer is available to new Members of Meridian Credit Union who open an account online, reside in Canada and are the age of majority in the province in which they reside. “New Members” excludes persons who were previously Members of Meridian at any time between August 8th, 2015 and August 8th, 2016. To be eligible to receive the offer, the eligible recipient must, have applied for and been accepted into Membership by Meridian.

2. Eligible recipients must fully complete a non-registered Good To Grow High Interest Savings Account or registered Good To Grow High Interest Savings Account (TFSA or RRSP) online application available from the promotional landing page and make a qualifying deposit of at least $1,000.00 to receive the $100.00 incentive from Meridian. The new Meridian account must have a balance of $1000 by September 21st, 2016 to receive the incentive from Meridian. The qualifying deposit can be made by depositing a personal cheque using our mobile app or by uploading a copy of a recent bank statement from another Canadian financial institution along with a request for an Automated Funds Transfer (AFT) as part of the online application process. Awarded funds for accounts opened online will be deposited by October 6th, 2016 once we have the opportunity to verify the account, the qualifying deposit and your eligibility.

3. The awarded matching funds are funds credited by Meridian to the Meridian Member’s account or certificate in the eligible recipient’s name opened or obtained by the recipient, in the amount of $100.00 in funds.

4. Recipients must accept the offer in the form that it is awarded; no substitutes are permitted.

5. The offer is awarded on the condition that the recipient agrees to keep the awarded funds on deposit with Meridian for at least 90 days from the deposit date of the awarded funds (October 6th, 2016), and therefore the funds are not available for withdrawal or other use by the recipient until January 4th, 2017.

10. This is a limited time offer. The terms of this offer, including the overall availability of this Offer, are subject to the absolute discretion of Meridian Credit Union and may be changed at any time by the Meridian Credit Union without further notice to you. Meridian reserves the right to withdraw this offer any time, without further notice to Members.

Date: August 8th, 2016

August 28, 2016
8:36 pm
Loonie
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Thanks, Norman. I don't know how you managed to find this.
And I am mystified as to whether it is still valid. The previous allusion to offer being cancelled pre-dates this one.

August 28, 2016
9:44 pm
Norman1
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I guess I know my way around the Internet and Google. sf-laugh

I can't tell either whether the offer has been withdrawn or not. Condition #2 indicates that the offer is online only. So, the Meridian branches may not be aware of the offer. One may need to call the 1-866 number on the offer page to check.

As well, condition #2 requires that one sign up for membership from that offer page. Looks like the two "Open Now" buttons on that page put a special promo code into the URL for signing up.

August 29, 2016
8:01 pm
Loonie
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Looks like the sign-up process from that page is operational although I didn't pursue it yet..

For complicated reasons, I am considering putting more than 100K into Meridian for short term - perhaps 150 or 200. I will take it out before the end of the year.

So, I am wondering what everyone thinks about Meridian as a safe place for one's money. I am not skilled at finding out how it would be evaluated.

August 29, 2016
9:04 pm
Norman1
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In such cases, I would look for debt ratings for Meridian Credit Union from ratings agencies, like DBRS, S&P, or Fitch.

I didn't find any ratings for them. It looks like Meridian has not been rated by any ratings agency. As a result, deposits with Meridian that exceed DICO coverage limits carry an unknown risk of default.

August 29, 2016
11:04 pm
Loonie
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thanks, Norman. I wondered if that might be the case as I couldn't find anything either.

I found Annual Reports here https://www.meridiancu.ca/meridian/about/corporate-reports/Pages/default.aspx but, as usual, they are not written with the lay person in mind. From what I can make out of it, they seem to be growing at a fair clip by expanding with more branches. It looks fairly solid to me for the next little while, but I am not the best interpreter.
Any further thoughts?

I don't know why they don't just join up with Alterna rather than starting a separate bank etc. I don't see that there is a significant difference between them in terms of what they are trying to achieve, although Meridian is bigger.

August 30, 2016
6:36 pm
Norman1
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Loonie said

I found Annual Reports here https://www.meridiancu.ca/meridian/about/corporate-reports/Pages/default.aspx but, as usual, they are not written with the lay person in mind. From what I can make out of it, they seem to be growing at a fair clip by expanding with more branches. It looks fairly solid to me for the next little while, but I am not the best interpreter.

Any further thoughts?
….

Annual reports are a start. But, I don't think they are sufficient to do the kind of credit rating that rating agencies, like DBRS, does.

I don't take much risk with deposits. The upside is quite small, +1½% per annum or about +16% per decade. If anything goes wrong, the partial loss of principal would undo many years of interest.

It makes more sense with stocks where the expected upside is +100% or more per decade. Losses from the 1-in-4 to 1-in-5 that don't work out are more than offset by the gains from the 3-in-4 or 4-in-5 that are the winners.

I would be comfortable depositing money with Meridian, up to limits of DICO coverage. I would place the rest with Hubert, who is currently paying a higher 1.7%, or EQ Bank, who is paying 2%.

August 30, 2016
9:54 pm
Loonie
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Thanks, Norman. I appreciate your taking the time to reply. I'll probably stick to the limits as there doesn't seem to be enough evidence to make much of a call on this one.

September 2, 2016
1:24 pm
toto
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I had said in an earlier post that I had trouble with the online account because of people's trust breach that showed up on equifax
An advisor noticed that problem and walked me through a manual open by sending me all the forms by purolator as well as a paid return envelope that I had to send my ID and the cheque in.
She was very helpful, did all the linking and qualified me and my husband for the 100 dollar promotion.
She allowed me to send her contact info if you have the same problem I did with opening the promotional account.
Margaret.Beatty@meridiancu.ca 905-938-6490. Ext 3162

October 22, 2016
7:00 pm
Axial
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I got kind of ripped off on this promotion while helping a friend make a new account. We submitted his bank statement to link the new account with his chequing account and get the $1000 transferred in - but when I found that the account still hadn't been verified and the funds hadn't been deposited, they said they never received the statement, so we were SOL.

And now because we made the new account already, I can't take advantage of the new promotion they've implemented to replace this one ($50 each to an old account and new account for a referral). A bit frustrating, though admittedly opening an account towards the end of a promotion was not ideal. Still, if the entire point of these promotions is to get people to put money into their bank, and we're obviously not going to bother to do that now with no incentive, what exactly is the point of denying us the promo?

October 23, 2016
9:38 am
toto
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I finally got my 100 dollars but I had to make multiple phone calls. To receive the promotion you had to open the account online, which I did, got flagged because of the people's trust breach a while back and then they had to open it manually.
I'm glad I kept the email that stated by the advisor opening my account that I would still qualified, because they were trying to weisel their way out of it by saying the account wasn't opened online. I just received it.

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