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Not easy to open a tax free 5 year 3.75% GIC account
January 5, 2019
2:16 pm
gamgam
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https://www.highinterestsavings.ca/forum/meridian-credit-union/mobile-cheque-deposit-holds-for-out-of-province-new-members/
Canadianbull, I had the same 20 business day hold as I am not an Ontario resident! Crazy!

January 5, 2019
2:34 pm
Canadianbull
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gamgam said
https://www.highinterestsavings.ca/forum/meridian-credit-union/mobile-cheque-deposit-holds-for-out-of-province-new-members/
Canadianbull, I had the same 20 business day hold as I am not an Ontario resident! Crazy!  

Wow, thanks for the confirmation.
I guess I missed the opportunity to buy their 5 years GIC at 3.75%.

January 5, 2019
2:47 pm
Norman1
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gamgam said
https://www.highinterestsavings.ca/forum/meridian-credit-union/mobile-cheque-deposit-holds-for-out-of-province-new-members/
Canadianbull, I had the same 20 business day hold as I am not an Ontario resident! Crazy!

That 20 business day hold was for mobile deposits of cheques. I think you found the hold is five business days for deposits by EFT pulls.

Perhaps, it would be also five business days depositing a cheque through an Exchange network ATM that accepts deposits.

January 5, 2019
2:55 pm
Norman1
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Loonie said
Wow!
It might be true though. I have found it difficult sometimes to get straight answers about hold periods. CIBC, where I've had an account for decades, once told me it could be anywhere up to a month, which I suppose is equal to 20 banking days. It was not a helpful answer.

Ask CIBC for your particular hold policy. The hold at CIBC (and Simplii Financial) is customer-specific. Better known, longer-term clients could have a hold policy of something like 5 business days, with immediate availability of the first $10,000 of a deposit.

January 5, 2019
3:01 pm
gamgam
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That 20 business day hold was for mobile deposits of cheques. I think you found the hold is five business days for deposits by EFT pulls.
Perhaps, it would be also five business days depositing a cheque through an Exchange network ATM that accepts deposits.
Norman1, Online only clients (specifically non resident of Ontario) have very different restrictions than someone that can go in branch for even once! I cannot comment on an ATM deposit or pulling from a linked FI. This was my experience last year which astounded me!

January 5, 2019
4:49 pm
Loonie
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Norman1 said

Loonie said
Wow!
It might be true though. I have found it difficult sometimes to get straight answers about hold periods. CIBC, where I've had an account for decades, once told me it could be anywhere up to a month, which I suppose is equal to 20 banking days. It was not a helpful answer.

Ask CIBC for your particular hold policy. The hold at CIBC (and Simplii Financial) is customer-specific. Better known, longer-term clients could have a hold policy of something like 5 business days, with immediate availability of the first $10,000 of a deposit.  

I thought that's what I WAS asking them! I had the impression they had a policy against being specific. Have had account there for over forty years, used regularly, no issues, credit score over 800, don't owe a penny.
Is there someone in particular to whom I should address this question?

January 5, 2019
5:07 pm
Top It Up
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I have a no hold up to $60K @ CIBC (I actually thought it was more) - 40+ year client.

January 5, 2019
8:33 pm
Norman1
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gamgam said
Norman1, Online only clients (specifically non resident of Ontario) have very different restrictions than someone that can go in branch for even once! I cannot comment on an ATM deposit or pulling from a linked FI. This was my experience last year which astounded me!

Online-only client, never confirmed face-to-face, doing mobile deposits, without ever inspecting the original cheque, is a higher risk situation. Meridian CU may not have a process yet to mitigate that extra risk.

January 5, 2019
9:03 pm
Norman1
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Loonie said

I thought that's what I WAS asking them! I had the impression they had a policy against being specific. Have had account there for over forty years, used regularly, no issues.
Is there someone in particular to whom I should address this question?

Could the teller have misunderstood your question? May have thought question was about the bank's general hold policy as described in the answer to How can I have holds partially or fully waived?

The length of the hold period for cheques depends on the currency, amount of the cheque and other factors:

  • For a CAD cheque drawn on a financial institution’s banking centre located in Canada, the normal length of time we will hold funds is 4 business days after the day of deposit. The maximum hold periods are as follows:
    Canadian Dollar Cheque Amount Method of Deposit Maximum Hold Period
    $1,500 or less At a banking centre 4 business days after day of deposit
    At an ATM or any other way 5 business days after day of deposit
    Greater than $1,500 At a banking centre 7 business days after day of deposit
    At an ATM or any other way 8 business days after day of deposit
  • For a non-Canadian dollar cheque drawn on a financial institution’s banking centre located in Canada, the normal length of time we will hold funds is 10 business days. The maximum hold period is 20 business days.
  • For a non-Canadian dollar cheque drawn on a financial institution’s banking centre located outside of Canada, the normal length of time we will hold funds is 15 business days. The maximum hold period is estimated to be 30 business days.

That "up to a month" sounds like their customary 15 business days hold for a non-C$ cheque drawn on a bank outside of Canada. Such a hold could be extended to 30 business days.

Perhaps a specific question about your personal "Access to Deposited Funds Limit" would be better understood by the CIBC staff. That term is mentioned in the closing text of their answer to the above question:

CIBC's Hold Policy and Access to Deposited Funds Limit are subject to the Personal Account Agreement (PDF, 155 KB) which governs your account. If you want to increase your Access to Deposited Funds Limit, contact your banking centre. CIBC will review your request and may be able to grant you an increase based on your credit score and other factors.

Top It Up said
I have a no hold up to $60K @ CIBC (I actually thought it was more) - 40+ year client.  

Sounds like Top It Up was able to find out and has been given immediate access to the first $60,000 of a deposit.

January 5, 2019
9:12 pm
Loonie
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I have found too that they often don't ask as many questions that invade your privacy when you show up in person.
That's one of the reasons i do it whenever possible. For example, at Ganaraska, we were not asked about our assets and liabilities, although this is required on the online form. It's none of their business. They have seen our original govt ID, original credit card from Big Bank, original high-security cheques, info about external bank accounts (we wrote cheques on two of them), our credit file, our address; they can see our late-model vehicle parked in front of their window; and they have met us; that's enough!
Perhaps Meridian will have a better system when it opens its online bank. I have been surprised how long it is taking Coast Capital to go national after it got approved, so it may take quite a while to get everything up to speed.
I do understand there have been some rogue practices with cashing cheques online. They will all have to guard against those.

January 6, 2019
4:50 am
Top It Up
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Norman1 said
Sounds like Top It Up was able to find out and has been given immediate access to the first $60,000 of a deposit.  

I did ask. My bricks and mortar branch used to have this absolutely terrific greeter/"flight controller" who had computer access at his front door desk - ask him anything related to your accounts/CIBC and he knew it or knew how to find it. One day I deposited a pretty sizeable cheque, at the ATM, and asked him how long before I had control - he looked me up in the system and whispered out, you can access up to 60K right now.

Alas, both the man and the desk are gone.

January 6, 2019
6:25 am
Saver-Mom
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I have found their people extremely pleasant, helful and available by phone, they reach out without being annoying, spontaneoulsy offered to backdate my GIC to when it expired two weeks ago, and have found the whole process painless. Just wish they would extend promos longer.

January 6, 2019
6:44 am
AlainJF
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Saver-Mom said
I have found their people extremely pleasant, helful and available by phone, they reach out without being annoying, spontaneoulsy offered to backdate my GIC to when it expired two weeks ago, and have found the whole process painless. Just wish they would extend promos longer.  

Could you clariry the "backdate" and "when it expired two weeks ago".

1) "Backdate": Do you mean that you got your 5 years ending somewhere in December 2023 ?

2) "Expired two weeks ago": The offer is supposed to be for "5-YEAR | NEW DEPOSITS ONLY". Did you get it with current money already at Medidian ?

ref: https://www.meridiancu.ca/Meridian/media/images/PDFs/TC-5Y-350-GIC-Non-redeemable.pdf

January 6, 2019
7:34 am
Saver-Mom
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i will have to check, it may be that I chose the 3 year GIC.

I was late getting back to them, and when I did they backdated the new GIC to the date the other came due.

Do you know if the 5 yr offer is ending tomorrow?

What has your experience been, JF?

January 6, 2019
8:16 am
AlainJF
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Saver-Mom said
i will have to check, it may be that I chose the 3 year GIC.

I was late getting back to them, and when I did they backdated the new GIC to the date the other came due.

Do you know if the 5 yr offer is ending tomorrow?

What has your experience been, JF?  

Meridian 5 yr offer ending tomorrow ? : I have no idea.

My experience ? : So far, everything is fine with Meridian, but your answers to my 2 questions above might change my opinion... It makes a big difference if what you got (backdate+OldMoney) is for the 3 years vs the 5 years, as per the info below. Could you confirm ?

ref: https://www.meridiancu.ca/Personal/Meridian-Rates-Fees.aspx (note the "*" on the 5 years offer)
Rate Product
2.00% 1 Year
2.15% 2 Year
3.45% 3 Year
2.35% 4 Year
2.60% 5 Year
3.75% 5 Year*
*Available only on new deposits to Meridian. Terms & Conditions apply.

January 6, 2019
9:53 am
gicjunkie
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According to my Meridian branch, the 3.75% ends tomorrow, Jan.7.

Regarding "new money" I have found that if you are talking about moving an existing large amount of money to another FI, the new money rule is often waived.

January 6, 2019
6:58 pm
Canadianbull
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gicjunkie said
According to my Meridian branch, the 3.75% ends tomorrow, Jan.7.

Regarding "new money" I have found that if you are talking about moving an existing large amount of money to another FI, the new money rule is often waived.  

I will talk to their financial advisor tomorrow morning to see if they can lock me in for 3.75% rate before I transfer funds. If he/she agree to it just to be on a safe side I will made them to send me email or secured message about it.

January 6, 2019
7:49 pm
Loonie
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Good luck!
Let us know how things work out. I'm glad to hear you haven't sent the transfer yet. Particularly in this case, I wouldn't go ahead without a tangible confirmation of some kind.

January 7, 2019
5:51 pm
Canadianbull
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Loonie said
Good luck!
Let us know how things work out. I'm glad to hear you haven't sent the transfer yet. Particularly in this case, I wouldn't go ahead without a tangible confirmation of some kind.  

Thanks Loonie.
Meridian financial advisory who look after my account agreed to gave me 5 years GIC @ 3.75%. sf-coolsf-laugh

January 7, 2019
5:54 pm
Loonie
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Yay! I think you were just in the nick of time. Tomorrow will likely be a different story.

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