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Meridian Nonsense
September 5, 2023
1:31 pm
stingray
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Had a strange experience with Meridian...Have Not had any accounts with Meridian since last year (2022),but have had hisa accounts in the past few years.. I am in good standing with them and all financial institutions , eventhough my credit rating is the highest possible, I was refused the current hisa offer , and absolutely no reason given...very strange and insulting...wondering if anyone else has had the same experience also..........btw this is a great informative site.........

September 5, 2023
2:00 pm
savemoresaveoften
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stingray said
Had a strange experience with Meridian...Have Not had any accounts with Meridian since last year (2022),but have had hisa accounts in the past few years.. I am in good standing with them and all financial institutions , eventhough my credit rating is the highest possible, I was refused the current hisa offer , and absolutely no reason given...very strange and insulting...wondering if anyone else has had the same experience also..........btw this is a great informative site.........  

Says new account only. U had accounts before and got denied. Why are u upset ?

September 5, 2023
2:49 pm
stingray
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Meridian rules state you must not have had a hisa account within the last 6 months...therefore it is a new account

September 5, 2023
4:36 pm
Nehpets
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It appears, based on reports from Forum members that whether or not a so called exemption is provided depends on how anal retentive the particular branch manager happens to be on that day.

Agreed, this is nonsense and reflects badly on the maturity of Meridian management.

Stephen

September 5, 2023
4:48 pm
The Rock
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stingray said
Had a strange experience with Meridian...Have Not had any accounts with Meridian since last year (2022),but have had hisa accounts in the past few years.. I am in good standing with them and all financial institutions , eventhough my credit rating is the highest possible, I was refused the current hisa offer , and absolutely no reason given...very strange and insulting...wondering if anyone else has had the same experience also..........btw this is a great informative site.........  

I have never been a member and applied yesterday for their 5.75% HISA promo but was rejected and no reason given. First time I've ever been denied a bank account with a FI.

September 5, 2023
6:07 pm
Loonie
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From what I've read, the most common reasons for being rejected by a FI without explanation have to do with credit info or being mistaken for someone else with same name.

I think, but am not sure, that Meridian uses Equifax. Perhaps it would be worthwhile to check your file at both agencies, the other being TransUnion. There may be discrepancies or errors that need to be addressed.
Failing that, try to speak to branch manager, or go to another branch and see what happens there - if you have not completely lost interest.

With whom did you speak at Meridian?
I'm not sure what you mean when you say you were refused the HISA offer. Do you mean you couldn't open a HISA or do you mean they told you it wouldn't earn 5.75? One option might be to just open the account and put small mount in and see what happens at month end. If you don't get the promo rate at that time, complain that you met the T&C so you deserve the rate.

September 6, 2023
5:54 am
stingray
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Hi, puzzling , excellent credit , Ive had hisa accounts in the past with Meridian and were all closed when promo finished and had no other accounts of any type ...all person to person interaction. The csr had to get managers approval to open up the new account, and manager declined , did not even come out of his office to explain why....I later spoke to csr via phone call who said l was fine to open up hisa account.........all very strange

September 6, 2023
7:01 am
Nehpets
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stingray said
.... excellent credit , Ive had hisa accounts in the past with Meridian and were all closed when promo finished and had no other accounts of any type ...The csr had to get managers approval to open up the new account, and manager declined , did not even come out of his office to explain why....I later spoke to csr via phone call who said l was fine to open up hisa account.........all very strange  

My situation and experience are identical to yours which makes me think there could have been a directive from the head office after hearing about "exceptions" being made.

It's a strategy that will certainly alienate savvy investors, but it could be that their strategy is not to attract investors like our Forum colleagues, but rather to bait and switch naïve unsuspecting retail customers by hooking them with an initial HISA then coercing them into longer term self serving instruments.

Meridian is being added to my avoid list.

Stephen

September 6, 2023
7:49 am
The Rock
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stingray said
Had a strange experience with Meridian...Have Not had any accounts with Meridian since last year (2022),but have had hisa accounts in the past few years.. I am in good standing with them and all financial institutions , eventhough my credit rating is the highest possible, I was refused the current hisa offer , and absolutely no reason given...very strange and insulting...wondering if anyone else has had the same experience also..........btw this is a great informative site.........  

I suspect that they may have an issue with opening new accounts to take advantage of their promo offers, and then closing them once the promos end.

September 6, 2023
8:35 am
stingray
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Definitely appears ( or doesnt appear ) that Meridian has some type of a behind the scene strategy in place not known to a qualifying applicant as to who they decide can and can not receive their hisa...

September 6, 2023
10:57 am
savemoresaveoften
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The Rock said

I suspect that they may have an issue with opening new accounts to take advantage of their promo offers, and then closing them once the promos end.  

I would be annoyed too if I am the FI designing these rate promos. They all kept history of who has/had been a customer that goes back a long time. Its up to their full discretion to grant / deny any new promo to an old / existing customer.

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