Meridian - HISA Chart | Meridian Credit Union | Discussion forum

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

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.

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.

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.

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.

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?

THANK YOU!

GR said

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

Too big to fail. 🙂