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May 31, 2018
4:47 am
threeoakwest
Ontario, Canada
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Just discovered this last night.

Omnia Direct is an online subsidiary of WFCU (Windsor Family Credit Union) Windsor, ON.
They've been around since the 1940's.
They are currently offering an online GIC for one year at 3%. They expect to be offering online banking. in the future.

I am not an employee or member of this credit union, but soon will be.

May 31, 2018
5:22 am
Shawguy
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Note to other members.... Only available in Ontario (says that when you click join now)

May 31, 2018
5:50 am
Nehpets
Ontario
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I've made some inquiries by calling Omnia Direct, further to this Forum discussion, to better understand their protocols and operations.

Their administration, at this time is rather clunky, when compared to many of the online FI's several Forum members are accustomed to dealing with.

Every, that is, every new transaction with Omnia requires paperwork to be completed, to either book another GIc or to transfer funds in or out of Omnia, to provide written and signed authorization for an Omnia CSR to execute the transaction or transfer.

The client cannot push / pull funds in or out of Omnia on his/her own...all transactions are performed by an Omnia CSR.

A paper check is required for the first GIC booked (application completed online) but the check must be post office mailed.

Subsequent GIC purchases require written forms sent by Omnia by email or post office mail, and returned by email or post office mail in order for Omnia to execute the transaction.

Sending signed forms with sensitive information by email, which is not secure, in itself has the potential for security breaches.

The final restriction, although not surprising, is that an Omnia Direct client has no access or rights to participate in any banking operations of WFCU unless one can physically present oneself to one of their offices in the Windsor, Ontario region.

Omnia appears to have potential as a player in the High Interest market, though, wouldn't it seem they need to streamline many of their administrative protocols?

What do you think?

Stephen

May 31, 2018
7:24 am
Norman1
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Sounds like a work in progress. A bricks-and-mortar financial institution gradually building their online channel.

Until they have a full-featured banking web site, perhaps they can provide a fax number that people can use to securely send back their signed forms. Unfortunately, not everyone has a fax modem and landline these days.

Another possibility is a secure HTTPS web page that people can upload scans of their signed forms through.

Their rate of 3% for a one-year GIC is good. At the more-polished online Oaken Financial, the one-year GIC is 2.8%.

If the Omnia Direct paper-based workflow is too much for the extra 0.2%, then maybe one could get an 1½ year Oaken GIC instead with the same 3% rate.

May 31, 2018
7:35 am
Nehpets
Ontario
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Norman1 said
Unfortunately, not everyone has a fax modem and landline these days.

Another possibility is a secure HTTPS web page that people can upload scans of their signed forms through.  

I've overcome the problem of faxing by using an online Free Fax service:
https://faxzero.com/

Alternatively with E-Fax https://www.efax.ca/ one can receive faxes in PDF form as an email for free but sending faxes does require a subscription.

Using a combination of both services can provide incoming and outgoing fax online for free.

And, yes, providing a web based secure mail alternative would be best, but even Hubert doesn't have that at this time. The only FI with a secure mail capability I am aware of is Meridian.

Stephen

June 2, 2018
9:11 am
Norman1
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Nehpets said

I've overcome the problem of faxing by using an online Free Fax service:
https://faxzero.com/

Alternatively with E-Fax https://www.efax.ca/ one can receive faxes in PDF form as an email for free but sending faxes does require a subscription.

I would be wary of submitting a bank account application through such a service to fax.

I would have to trust that FaxZero or EFax securely handle the document and securely dispose of it afterwards.

June 2, 2018
1:11 pm
Londonguy
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nephets said:

The only FI with a secure mail capability I am aware of is Meridian.

FYI and FWIW, so does Simplii -- I've used it a few times setting up external links

February 23, 2019
1:05 pm
Jon
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I just got cold call by OmniaDirect 2 days ago, have anyone have such experience with them, or with any virtual bank ?

February 23, 2019
1:49 pm
canadian.100
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Londonguy said
nephets said:

The only FI with a secure mail capability I am aware of is Meridian.

FYI and FWIW, so does Simplii -- I've used it a few times setting up external links  

I thought Simplii required hardcopy forms or void cheque mailed to them to set up link(s) to external accounts. Were you able just to scan the documents / void cheque and email them to Simplii?

February 23, 2019
3:50 pm
Londonguy
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canadian.100 said

I thought Simplii required hardcopy forms or void cheque mailed to them to set up link(s) to external accounts. Were you able just to scan the documents / void cheque and email them to Simplii?  

For account links where I could provide a void cheque, I just took pictures of everything they wanted on my smartphone and then converted them into PDFs for submission as attachments through their secure email. No problemo.

When I wanted to set up a link at Simplii to my HISA at Ideal Savings, at first they gave me a hard time because I didn't have a void cheque to submit, but eventually they accepted my Ideal PAD after I stubbornly pestered them about it 5 different times over the course of a month. However, that was over a year ago when they were still actively recruiting customers, so YMMV these days

February 23, 2019
4:32 pm
Loonie
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Jon said
I just got cold call by OmniaDirect 2 days ago, have anyone have such experience with them, or with any virtual bank ?  

No.
And, if I did, it would make me nervous. I assume you are not a client of theirs?
I got one from CIBC last week, but I have an account there.

February 23, 2019
6:59 pm
Briguy
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Londonguy said
nephets said:

The only FI with a secure mail capability I am aware of is Meridian.

FYI and FWIW, so does Simplii -- I've used it a few times setting up external links  

I think Alterna Bank and Steinbach also have secure email.

February 23, 2019
7:12 pm
Briguy
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Jon said
I just got cold call by OmniaDirect 2 days ago, have anyone have such experience with them, or with any virtual bank ?  

I've never been cold called by any bank, other than my own bank calling me all the time to offer me new financial products.

I would rather deal with Hubert for GIC's ,since it has the same interest rate, and Hubert features very easy account set up, makes it very easy to link outside accounts, free to transfer out GIC's and TFSA's, and has excellent customer service.

February 23, 2019
8:13 pm
gicjunkie
Ontario
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Jon said
I just got cold call by OmniaDirect 2 days ago, have anyone have such experience with them, or with any virtual bank ?  

I have a GIC with them. My contact is Kathryn Tucci. She is very nice and competent. Have had no problems with them. Contact them directly yourself. Don't know who may have cold called you. Have used numerous virtual banks without issues. Most are just divisions of other bricks and mortar institutions and are similarly insured.

February 24, 2019
3:57 pm
Jon
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I did have an account with them, I guess it maybe a normal thing to get cold call as a client of a FI. But I have never experience it before with any FIs other than RBC. So I didn't expect one from a small CU in this case.

May 15, 2019
7:55 pm
hotmony
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Apparently Omnia doesnt allow external bank transfers online above $5,000 so when ur funds mature ur lookin at waitin for a draft in the mail. They may have some other way including postdated chq. Currently they arent willing to deal much better than posted rates

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