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Meridian - HISA Chart
January 22, 2023
10:30 am
BlueSky
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It appears Meridian is also present in QC. From their FAQ:
Anyone who lives or works in Canada can join

Is it possible to add Meridian CU to the QC. HISA filter?
Thank you.

January 22, 2023
10:37 am
Doug
British Columbia, Canada
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BlueSky said
It appears Meridian is also present in QC. From their FAQ:
Anyone who lives or works in Canada can join

Is it possible to add Meridian CU to the QC. HISA filter?
Thank you.  

That's true. Meridian Credit Union is the only Ontario credit union open to anyone who is a Canadian resident. (Any Ontario credit union can open up to Canadian residents; it just needs their board to amend their articles of incorporation and their bond of association specifically.)

That being said, I suspect many others (FirstOntario, Libro, Windsor Family, etc.) do the same implicitly, even though they publicly say Ontario residents only. 🙂

Cheers,
Doug

January 22, 2023
10:56 am
hwyc
GTA
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It was dropped because of non-competitive rate. You think it is back competitive (in Quebec) today?

January 22, 2023
3:54 pm
Loonie
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Doug said

I suspect many others (FirstOntario, Libro, Windsor Family, etc.) do the same implicitly, even though they publicly say Ontario residents only. 🙂

The Ontario CUs that allow limited number of normally-ineligible members restrict that number. I read in the by-laws of one of them that it was restricted to 3% of membership. That may be typical.

January 22, 2023
5:31 pm
BlueSky
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hwyc said
It was dropped because of non-competitive rate. You think it is back competitive (in Quebec) today?  

hwyc, thanks for providing the link to that thread. I did a search for that before creating this new thread, but didn't come across it. And to the point you raised, it's sitting at 2.50% for HISA/TFSA, and quite competitive with their GICs, at the upper end of the chart. Having said that, Tang is sitting at a lowsy 1.0% for their savings/TFSA and present on both charts. That alone, IMO, is competitive enough to be listed. It would be another option for folks to choose from.

January 23, 2023
7:32 am
MG
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BlueSky said

Having said that, Tang is sitting at a lowsy 1.0% for their savings/TFSA and present on both charts.   

I do not see Tangerine on the HISA/TFSA chart.

January 23, 2023
5:18 pm
BlueSky
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MG said

I do not see Tangerine on the HISA/TFSA chart.  

You're right, my apology. Tang is on the GIC chart only.
In any case, I believe it would be beneficial for QC residents to have Meridian added to the table. Folks 60+ benefit the most.

January 23, 2023
7:55 pm
KamWest
Toronto
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Screenshot-2023-01-23T225255.275.png

They have some nice GIC's and as a Business Member they give me really good rates on my business account because it has a high cash value.

Only thing is I have to move it from the business operating account to the business savings account to get the rate but that is done is seconds.

January 26, 2023
12:11 pm
Canadianbull
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It is my understanding that investment is insured up to 250K per account with Meridian. Am I right?

January 26, 2023
12:49 pm
Alexandre
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Canadianbull said
It is my understanding that investment is insured up to 250K per account with Meridian. Am I right?  

Yes, but...

The insurance is provided by the Financial Services Regulatory Authority of Ontario (FSRA). The liability of FSRA to insure deposits held at Ontario credit unions is limited to the assets of the Deposit Insurance Reserve Fund (DIRF). As of March 31, 2021, the DIRF was $365 million.

Which means, your 250K is insured together with that same amount for approximately 1400 other depositors of all CUs in Ontario.

January 26, 2023
12:53 pm
Canadianbull
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Is it safe to invest with Meridian?

January 26, 2023
2:21 pm
agit
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Alexandre said

Yes, but...

The insurance is provided by the Financial Services Regulatory Authority of Ontario (FSRA). The liability of FSRA to insure deposits held at Ontario credit unions is limited to the assets of the Deposit Insurance Reserve Fund (DIRF). As of March 31, 2021, the DIRF was $365 million.

Which means, your 250K is insured together with that same amount for approximately 1400 other depositors of all CUs in Ontario.  

You are right last year FSRA warns credit unions to comply with messaging requirements.

In the event of CU in trouble isn't the investors first suffer steep loss then FSRA that what happened with Pace only the investors suffered steep losses and no members lost $$$ or i am wrong?

January 26, 2023
2:39 pm
GR
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Canadianbull said
Is it safe to invest with Meridian?  

Meridian is the largest credit union in Ontario and the second largest credit union in Canada (outside Quebec).

January 26, 2023
2:50 pm
Canadianbull
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THANK YOU!

January 31, 2023
7:19 am
Canadianbull
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Rates gone down....
1 years 4.9%
2 years 4.9%
3 years 4.8%
4 years 4.7%
5 years 4.85%

January 31, 2023
8:13 am
Alexandre
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GR said

Meridian is the largest credit union in Ontario and the second largest credit union in Canada (outside Quebec).  

Too big to fail. 🙂

January 31, 2023
9:25 am
JenE
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Just spoke with Meridian rep who told me today is the last day for the 5.25% 18 month GIC

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