2019 T5 | Omnia Direct | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
February 15, 2020
9:21 am
hwyc
GTA
Member
Members
Forum Posts: 644
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Just got today my hardcopy T5 from Omnia Direct. Noticed the amount is $10 more than what I've actually rec'd during the year.

Then I noticed on the annual statement a $10 dividend which I never received. I probably will contact them next Tuesday but post here & wondering if anybody got the same discrepency ?

February 16, 2020
8:48 am
Norman1
Member
Members
Forum Posts: 5036
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Check your credit union share accounts. Many credit unions will "pay" dividends. But, the dividends are reinvested in shares and not paid out as cash.

That happened with Hubert Financial years ago. My T5 slip showed a bit more interest than expected. The extra turned out to be a dividend that was credited to a share account.

February 20, 2020
8:25 am
hwyc
GTA
Member
Members
Forum Posts: 644
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Got Omnia respond - There is a difference reported on the T5 which is the membership share that WFCU has provided/funded for you to open the WFCU account. Also, at the time that the WFCU account is closed, these membership shares are redeemed back to WFCU as the account closure fee.

Taking Norman1's comment into consideration, I suppose this is not an unusual practice among CUs. These membership related issues have not been front and center (nowhere to be found on omnia's website). I am glad it come out finally.

December 22, 2021
7:28 am
hwyc
GTA
Member
Members
Forum Posts: 644
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Just a closing remark. That extra $10 recorded on my 2019 T5 was attached to a transaction (with no clear explanation) in June 2020 when my last outstanding GIC matured.

Please write your comments in the forum.