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Meridian CU New Accounts 3.15% for 6 months
June 16, 2019
9:18 pm
Loonie
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From here, it should only be one direct flight to Wpg. This is considered a "short haul" flight by AC.
The pony express to Selkirk may only go every few days though. It certainly seems that way.

I'd give this one at least until the end of this week, by the time it actually gets in the mail and is opened and processed at the other end.
At motus,, even courier packages can take at least 2 business days to be opened.

June 17, 2019
6:32 am
Ed
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Loonie said
I'd give this one at least until the end of this week, by the time it actually gets in the mail and is opened and processed at the other end.
At motus,, even courier packages can take at least 2 business days to be opened.  

I doubt very much that you would be so accommodating if it was your own skin in the game, Loonie. However, if you do have problems with either Motusbank or Meridian in the future, my go to guy there is mike.hamel@meridiancu.ca or 905-938-6490x3159. Mike won’t give you the run around and gets things done directly.

June 17, 2019
3:32 pm
rk
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Ed said

my go to guy there is mike.hamel@meridiancu.ca or 905-938-6490x3159. Mike won’t give you the run around and gets things done directly.  

Hi Ed, thank you for the contact at Meridian. My wife called and left him a message, because it was after hours.
We have just checked my wife's Hubert account and the money has NOT arrived, yet. It has been a full week since it left Meridian.
Our experience, excluding this one, is different from others. We both opened accounts with Hubert using snail mail (because the online attempt failed). We mailed the paperwork on May 8th and we got the welcome email and our member numbers on May 10th. That is 2 business days. Maybe it is worth mentioning that we paid about $11 for the mail; we requested a tracking number. I also had a Meridian TFSA account and transferred it to Hubert. The transfer took just under 2 weeks. It only took 2-3 business days between my TFSA funds left Meridian and showed up in Hubert. Excellent service!
But not in my wife's case. 5 weeks and counting. One week since the funds left Meridian. Meridian CSRs could not even tell us when the cheque was mailed (we called and also asked via the secure messages), not to mention the tracking number info.

June 17, 2019
4:58 pm
Loonie
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Ed said

I doubt very much that you would be so accommodating if it was your own skin in the game, Loonie. However, if you do have problems with either Motusbank or Meridian in the future, my go to guy there is mike.hamel@meridiancu.ca or 905-938-6490x3159. Mike won’t give you the run around and gets things done directly.  

I don't consider that I'm being particularly accommodating, Ed. I'm just being realistic, based on my experience, and trying to help relieve your anxiety, given the date that the cheque was cut. I can certainly appreciate your frustration at how long it took to get this thing going.

Thanks for the contact. I have been working with staff at my own Meridian branch and feel they have done all that can reasonably be done in my situation. In the end, with my RIF transfer, I did not lose one solitary day when I transferred from Oaken to Meridian, but trying to do it through motus was a disaster and I gave up after almost a month of tyring to get the paper work processed. Now working on trying to set up a joint account with motus. Hah!

June 18, 2019
6:24 pm
rk
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Meridian to Hubert TFSA transfer - cash only - has completed. It took 5 weeks and one day. 7-8 days of no interest, as the funds were in transit. Many calls to CSRs. Not what we expected, but glad that it is now finalized.
For the record, my wife transferred her TFSA funds to Meridian for a 4 month promotion @ 3.25% sometime in February. The rate went down to 3.15% and then to 3.05%. 4 weeks or so before the promotion ended, we initiated the transfer out to Hubert. The funds were still at Meridian when the promotion ended, so for a few days the rate went down to 1.3% and then to 0% while the cheque was in transit for 7 days or so.
The conclusion is that it is not straightforward to transfer registered funds between FIs. Wondering why they do not allow me2me transfers for registered funds. That would be a nice improvement.

June 19, 2019
5:12 am
Nehpets
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rk said
....Wondering why they do not allow me2me transfers for registered funds....  

Perhaps because CRA would not have the paper trail required to follow the movement of registered funds, for which FI's are more easily held accountable than taking the word of a mere citizen.....sf-wink

Stephen

July 19, 2019
8:22 pm
Loonie
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For future reference, if not mentioned above, the rate on this offer did decline during the course of the offer, to 3.05%. There was no announcement to this effect. They just did it quietly.

July 19, 2019
8:39 pm
Ed
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Loonie said
For future reference, if not mentioned above, the rate on this offer did decline during the course of the offer, to 3.05%. There was no announcement to this effect. They just did it quietly.  

FYI. The current rate is 2.85% and was effective as of June 3, 2019. The new rate of 3% will start on Monday.

July 19, 2019
9:39 pm
smayer97
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Loonie said
For future reference, if not mentioned above, the rate on this offer did decline during the course of the offer, to 3.05%. There was no announcement to this effect. They just did it quietly.  

Yes, many of these types of offers now include either partial or complete variable rates.

July 19, 2019
9:42 pm
smayer97
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Ed said

FYI. The current rate is 2.85% and was effective as of June 3, 2019. The new rate of 3% will start on Monday.  

Note that their offer is only for your FIRST savings account.

That said, does anyone now if it is possible to close your account/profile with Meridian and then be treated like a new customer down the road? If so, what is the time lapse for this to qualify?

July 20, 2019
6:35 am
Ed
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smayer97 said

Note that their offer is only for your FIRST savings account.

That said, does anyone now if it is possible to close your account/profile with Meridian and then be treated like a new customer down the road? If so, what is the time lapse for this to qualify?  

According to the Terms And Conditions, this offer is only available to clients who have not previously held a Good To Grow High Interest Savings Account in unregistered and registered plan types within the last 6 months.

July 20, 2019
9:13 am
smayer97
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Ed said

According to the Terms And Conditions, this offer is only available to clients who have not previously held a Good To Grow High Interest Savings Account in unregistered and registered plan types within the last 6 months.  

Thanks for the info. [I cannot find the T&Cs containing this info. Can you please provide the link to where you see that?] Never mind. I found the PDF here:
https://meridiancu.ca/Meridian/media/images/PDFs/Spring-HISA-Boost-Terms-and-Conditions.pdf
found as a tiny T&C link WITHIN the LEGAL section at the bottom of the page...here:
https://meridiancu.ca/Personal/Accounts/Savings-Accounts/High-Interest-Savings-Account.aspx

BTW, their home page still lists 2.75% but their T&C doc now stated 3.0%, effective Monday, Jun 22, 2019.

July 20, 2019
9:51 am
GR
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For existing members who already have a HISA at Meridian, your Branch Manager MIGHT make an exception and allow you to be eligible for the 3% promotion, if you have not used another promo on your HISA in the last 6 months and/or maybe if your existing HISA account has been inactive or had no balance during the last 6 months. It costs nothing to ask!

July 20, 2019
10:16 am
Ed
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Not all members who registered for email and/or online alerts regarding new rate announcements received the automated email offering the 3% promotion that was sent out yesterday. The marketing department isn’t back to work until Monday, so we will know more then.

July 20, 2019
10:49 am
Ed
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GR said
For existing members who already have a HISA at Meridian, your Branch Manager MIGHT make an exception and allow you to be eligible for the 3% promotion, if you have not used another promo on your HISA in the last 6 months and/or maybe if your existing HISA account has been inactive or had no balance during the last 6 months. It costs nothing to ask!  

I zeroed out my GTG HISA account back in December, but because it was still open, a CSR said this morning that it was not an “eligible account” for the 3% promo. So, I asked her to close it and now I will be eligible for the next promotion in six months time. However, she said that I am still eligible for one of the eligible registered accounts.

July 20, 2019
11:00 am
smayer97
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GR said
For existing members who already have a HISA at Meridian, your Branch Manager MIGHT make an exception and allow you to be eligible for the 3% promotion, if you have not used another promo on your HISA in the last 6 months and/or maybe if your existing HISA account has been inactive or had no balance during the last 6 months. It costs nothing to ask!  

I have a ASA HISA (Advantage Savings Account). T&Cs say you are eligible if you do not have a GTG HISA (Good To Go). If you do, you do not qualify. Account has to be closed, not just empty.

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