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Omnia cu great gics
July 19, 2018
7:19 am
Pennywise
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Forum Posts: 13
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March 30, 2018
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Hi I bought four gic at omnia.
Did all work on the phone.
Very easy to deal with. Nice friendly people.
3 percent 1 yr
3.15 percent 1 .5 year
3.25 percent 2 year
Great for rising rate environment.

July 19, 2018
7:55 am
Nehpets
Ontario
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December 20, 2016
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I too am pleased to report a pleasant and efficient service experience with Omnia Direct in setting up GIC accounts.

Caveat: be sure to check the online posting of the details of your GIC for accuracy. Today, I noticed an inadvertent (I'm sure..sf-laugh) error that showed 0.85% instead of the correct 3% for one of my GIC's.

It was corrected while speaking to the CSR, but goes to show, one cannot assume accuracy. I also take screenshots and/or print to PDF all online records when dealing with online banking institutions....just in case.....sf-surprised

Stephen

July 24, 2018
7:30 am
cautious
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July 18, 2013
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Kudos to gicjunkie for bringing Omnia to our attention.

Omnia is the online offspring of Windsor Family Credit Union, both FIs DICO covered to 250K. Spoke with them today. Very helpful service by both Jody and Catherine.

2-year GIC @ 3.25% still available.

One caveat: their GICs default setting is for compounding, i.e., annual interest automatically re-invested to the principle, so get them to change that default if you're looking for annual income from your GIC. They are able to put the interest in a "holding" account for you, presumably with WFCU, even though they don't yet themselves provide savings accounts.

Website says snail mail them a cheque to open account, but I was able to fax a VOID cheque to get the account-opening process going. They can also 'pull' from your FI, as long as you email or fax them a pre-authorized debit form which has been pre-populated with your data, so snail mail gets defeated there too. The pre-population has to be done by your source FI: they don't want you making errors I guess.

They're only offering GICs at the moment, but they're anticipating adding in more products in the future. So, they're another relative newbie on the e-channel scene, and I'm guessing hungry for some scratch to get the wheels rolling.

Omnia's FAQs are here:
https://omniadirect.ca/questions
and "Contact Us" page is here:
https://omniadirect.ca/contact-omnia-direct

Thank you to gicjunkie's (addictive?) eyes!

July 24, 2018
5:11 pm
gicjunkie
Ontario
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November 7, 2014
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To "Cautious":

You're welcome. Always nice to be appreciated.

July 25, 2018
6:38 am
Nehpets
Ontario
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December 20, 2016
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cautious said
They are able to put the interest in a "holding" account for you, presumably with WFCU, even though they don't yet themselves provide savings accounts.
  

You will notice that your Omnia online account includes a "transfer account" where incoming / outgoing funds would be held.

My understanding is any earned interest or redeemed GIC proceeds would be then transferred (pushed) back to your original FI or the FI of your choice at the time of redemption.

The current policy of WFCU does not allow online accounts to be opened unless a personal visit can be made.

Stephen

July 25, 2018
2:44 pm
Loonie
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October 21, 2013
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If they're going to send this money back to external FI, then what is the "holding account" and where is it held?

I am confused by some CU practices with savings accounts. Luminus required spouse to open two savings accounts and we have no idea why. Will be closing that membership soon as they are too difficult to deal with.

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