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Parama Credit Union
August 14, 2019
8:52 am
ParamaPolly
West GTA, Ontario
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Forum Posts: 3
Member Since:
August 8, 2019
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Hi Peter, thanks for the opportunity to introduce Parama Credit Union.

Parama Credit Union’s philosophy is to give people a free everyday digital banking platform with an impressive array of free services – interac® e-transfers, cheques, unlimited transactions, no-minimum $0 account fees. We make credit decisions based on people and their story (vs. their credit score alone) and offer big bank beating rates with the occasional promotion when we need to build deposits.

We don’t indulge in ‘tricks’ such as unsustainable deposit rates that graduate into a mediocre rate. Our HISAs pay interest monthly on daily balances. If you just want great rates, no surprises and an extraordinary level of customer service (Google & Yelp 5*!) we are a great place to call home for your banking.

We have branches in the west end of Toronto and (at present - check as this is changing) you need to visit a branch to become a Member. Beyond that one-time visit, you can do all of your banking online/mobile … and utilize a Canada-wide network of ATMs available through the Exchange® Network – a network that challenges the individual networks of any of the big 5 banks. We don’t understand why anyone banks at a big bank.

Current Promotions (August 14, 2019):

1-Year GICs at 2.5% … 5bps with promo code HIGHINTERESTSAVINGS (that’s 2.55%!)

Current Posted Rates

Cheers! Great discussion forum!

ParamaPolly

ParamaPolly
Parama Credit Union

August 14, 2019
10:28 am
Loonie
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Forum Posts: 5317
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October 21, 2013
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Sure sounds like advertising to me, complete with exaggerated claims for superiority.

I don't see that they are offering anything that makes them stand out. I live in Toronto and have been aware of them for some time but have not yet found a compelling reason to go there.

Savings rate is not competitive at 1.5%. Several other FIs seem to find 2.3 or 2.25 sustainable, and Motive has been sustaining 2.8 on its new account since it started, which I believe was last November.

August 14, 2019
10:41 am
GICinvestor
Member
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Forum Posts: 150
Member Since:
April 26, 2019
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Exactly!!

And GICs at Oaken and People’s Trust remain higher.
But unfortunately since Accelerates’ conversion they have lost their lustre.

And any one advertising here should provide services to the better part of Canada.

August 14, 2019
5:23 pm
Nehpets
Ontario
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Forum Posts: 523
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December 20, 2016
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GICinvestor said
And GICs at Oaken and People’s Trust remain higher.
But unfortunately since Accelerates’ conversion they have lost their lustre.

And any one advertising here should provide services to the better part of Canada.  

It's true Parama is not competitive at all in the current market, though they had been offering competitive rates about a year ago, going neck and neck with their Lithuanian counterpart Resurrection CU.

Resurrection or their re-branded name RCU does offer online application which, for attracting business from GIC and HISA investors across Canada is an indisputable pre-requisite.

It's commendable that Polly has reached out to this Forum, but would respectfully submit that Parama update its intake procedures to comply with the kind of FI's that this market looks for...namely online application, electronic funds transfers digital processing of forms and communication...combined with competitive rates at the very least, but better than competitive rates to actually attract this investor's attention.

Keep in mind, Polly, the folks on this Forum monitor deposit rates across Canada, in a variety of financial institutions and from a variety of sources..direct and through brokers....so we know our rates, and at this time, Parama rates are not attractive.

Lets hope, Polly, that when Parama rates do become competitive, and you can offer online services to clients across Canada, you will keep us informed of your offerings.

Stephen

August 14, 2019
7:51 pm
Loonie
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Forum Posts: 5317
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October 21, 2013
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I think I basically agree with Stephen, although I may be more blunt about it!

If you're going to come to this forum, representing a financial institution, and tell us about a good offer, we're going to be all ears. But if you come and try to tell us that your rate(s) is/are exceptional when they're not, then our BS detectors will be very active. Like everyone else here, your claims will be subject to close scrutiny and criticism.
Best to keep it to simple statements of fact, not claims of superiority. You can be sure we will notice if it is truly a competitive or superior rate. Check out our GIC and HISA charts to get a better idea of the competition before you decide to post.

I don't think it's important that offers be available to the entire country. I think it's fair to post local rates, provided you clearly specify that they are only available to a certain demographic and/or that one must appear in person in order to qualify.

Let us know when Parama becomes available for online sign-up. And we are always interested in good competitive or superior rates.

August 14, 2019
8:21 pm
GICinvestor
Member
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Forum Posts: 150
Member Since:
April 26, 2019
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Parama.....can you do this?

https://www.oaken.com/our-competitors-rates/

I don’t see you as a competitor.

Also before you jumped in with your pitiful rates, I think you should have familiarized this sites resources. Resources that many of us are very familiar with.

August 14, 2019
9:59 pm
Loonie
Member
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Forum Posts: 5317
Member Since:
October 21, 2013
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For future reference, a helpful post will include, at a minimum:
*rate,
*frequency of payout
*compounding arrangements
*method of calculating interest
*minimum deposit
*geographical limitations (if CU, closed or open bond?)
*availability for non-registered and registered accounts
*availability for joint accounts
*applicable deadlines
*maximum deposit
*is rate subject to change?
*new money required? - this one year rate does require new money
*any other restrictions, limitations or additional non-standard requirements not already noted which are found in the fine printf (e.g. in this case, the GIC does not qualify for annual member dividends).

August 14, 2019
11:01 pm
Kidd
Member
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Forum Posts: 411
Member Since:
February 27, 2018
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Wow... talk about a harsh reception. Reminds me of the time when someone parked their Japanese car in the GM parking lot. I, even back then believed... to each their own. (i almost got into a fist fight with a union rep over that issue. Though, i did detest the union as much as GM management. Those were the happiest 30 years of my life).

The simplest answer to Polly is/was. No thank you or... if "x" are offering this? Could you possibly match their rate? If you look at our gic rate page... 2.55% for a 1 year gic ranks 4th out of 19 with 2.56% being 3rd and 2.6% being 1st.

I was curious about the name, Parama Polly? I remember a Punxsutawney Pete... ah Pete, his bite was worse than his whistle. Did i ever mention, i drink rye and i don't sleep well at night? I use that as my excuse.

August 15, 2019
3:28 am
Loonie
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Forum Posts: 5317
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October 21, 2013
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It may seem harsh, but we've had this problem before with people representing financial institutions advertising in this space.
Since Peter appears to support this idea by suggesting it belongs in "New Members", I'm offering some guidelines as to how it could be done in a way that is more informative than annoying. For me, it's a compromise.

I may be wasting my time.

I think "Polly" needs to realize that the competition for members of this forum is not the Big Banks, but their smaller competitors, of whom there are quite a number. It's the latter they have to match or exceed.

August 15, 2019
6:55 am
Kidd
Member
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Forum Posts: 411
Member Since:
February 27, 2018
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Oaken Financial

Nehpets said
From email received this morning:

Please note that effective Thursday, August 22, 2019, we will be decreasing the interest rates for some of our long-term GICs (registered and non-registered) as follows:
• 1 Year GIC – 2.55% (currently 2.60%)
• 18 Month GIC – 2.70% (currently 2.75%)
• 2 Year GIC – 2.75% (currently 2.85%)
• 3 Year GIC – 2.80% (currently 2.90%)
• 4 Year GIC – 2.90% (currently 3.00%)

Stephen

----------------------------
Kidd said, Parama Polly's offer is looking pretty pretty right now.

Please write your comments in the forum.