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Peoples Trust questions.
October 26, 2022
10:31 am
mmlt
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I'm looking for another online bank similar to Hubert. I love Hubert but think it prudent to not have "all eggs in one basket". My local CU is getting more and more difficult to deal with post covid.

I like that PT is semi local to me at 5 hours away if a visit became necessary.

Can anyone comment on their recent experience with PT regarding signup, support, and online features? Most info here is a couple years old.

Thanks.

October 26, 2022
10:57 am
Dean
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.
What's most telling is what you Don't see in the PT forum ... lots of complaints.

I don't deal with PT (yet), but I understand that they have a pretty good rep.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

October 26, 2022
12:35 pm
savemoresaveoften
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PT's phone support rep is second to none, but it is always the same guy that answers the phone. So it could just be him being spectacular, and what happens if he is no longer there.
To me, it seems like they are a very small operation (similar to CT bank), but much more customer satisfaction focused.
Their technology looks stale tho.

October 26, 2022
12:41 pm
Bill
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30-day gics for 3.4%, not too bad.

October 26, 2022
12:45 pm
savemoresaveoften
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Bill said
30-day gics for 3.4%, not too bad.  

CIBC is better. 1y non redeemable for 29 days at 3.95% (was 3.45% but tied to prime, so sb 3.95% starting today)

October 26, 2022
3:43 pm
canadian.100
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In regard to Peoples, I dealt with them about a decade ago. They were hacked by attackers in China approx 2013 - I was one of the clients that was advised that my personal information was at risk. The credit agencies flagged my records and it caused me constant problems for years. Forensic investigators were in touch with me and long story short, it was not a fun experience.
Peoples is a VERY small player - while some here say the staff are nice and they answer the phone quickly, the issue of the hacking of their database and my records took precedence in my opinion of Peoples. I am not ready to deal with Peoples. Very interesting they are the highest paying 5% on one year GIC - sometimes FIs have to pay more to be able to attract customers because of various reasons. Interestingly enough WealthOne Bank also had a hack a few years ago and again I was lucky enough to have my personal information accessed and (possibly) stolen. I do not deal with WealthOne Bank - again they pay among the highest rates - probably they have to to attract customers.
Re CDIC, it has no role in cases where there is a hacking of the FI's data base and personal information is compromised or stolen. I feel that there are enough FIs which probably have better system security - so why would I deal with Peoples and WOB? "the highest interest rate offered" may not always be the best choice. I know to many here, highest rate is all that counts.

October 26, 2022
3:59 pm
AltaRed
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It always pays to look at an Annual Report to get a feel for the operation and its financial standing. https://www.peoplestrust.com/wp-content/uploads/2022/06/Annual-Report-2021-V2-FINAL.pdf It is not a large operation but is profitable. With about $5B in assets, it would be about #20 in the top 100 credit unions.

I had an account with them some years ago but closed it after they were not competitive with their rates. I do not recall experiencing any issues with them at all.

October 26, 2022
5:34 pm
Bill
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Good to know, smso, I'll check my Investor's Edge account for that 29 day CIBC GIC.

I was flagged due to that earlier Peoples breach too, never caused my any trouble, far as I could tell. Same with Wealth One, haven't had any issues with them though I do feel like I'm dealing with China when I deal with them.

October 26, 2022
6:08 pm
savemoresaveoften
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Bill said
Good to know, smso, I'll check my Investor's Edge account for that 29 day CIBC GIC.

I was flagged due to that earlier Peoples breach too, never caused my any trouble, far as I could tell. Same with Wealth One, haven't had any issues with them though I do feel like I'm dealing with China when I deal with them.  

The redeemable gic is offered by the bank not thru InvestorEdge fyg.

Not sure if allowed to post direct web link here. But if u go to the bank site, it’s right there. Details are 1y redeemable without penalty after 29 days.

October 26, 2022
6:49 pm
Norman1
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It is the CIBC Variable Rate one-year GIC. Currently, P - 2.00% = 5.45% - 2.00% = 3.45%.

Spread with CIBC Prime Rate fixed on purchase. Rate moves with CIBC Prime Rate one day after change in CIBC Prime Rate.

CIBC Prime will increase by ½% tomorrow. We will have to see if CIBC will still issue new ones with the rate of P - 2%.

October 26, 2022
7:03 pm
dentgal
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I opened an account there slightly over 2 years ago. I bought a 2 year GIC and it matured. I got the interest and I transferred it to an external account and re-purchased another GIC. Their rates have been good. So far, I'm satisfied!

October 26, 2022
7:17 pm
Bill
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Investor's Edge offers all CIBC GICs, including this one, still shows 3.45% as of this evening.

October 26, 2022
7:44 pm
savemoresaveoften
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Bill said
Investor's Edge offers all CIBC GICs, including this one, still shows 3.45% as of this evening.  

oh I see it now too. Labelled as the 1y flexible GIC. I usually go straight to the "third party page" 🙂

Thanks Bill.

October 26, 2022
7:47 pm
Norman1
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That means one could have bought the CIBC Variable Rate one-year GIC earlier today with a P - 2% rate.

If the rate is still 3.45% tomorrow with the CIBC Prime Rate at 5.95%, then the rate on new ones issued would be a lower P - 2.50%.

October 26, 2022
9:26 pm
davidgeorge
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I opened a 1 year GIC account last week with the rate of 4.8%. Now the rate of 1 year GIC is 5%. I am wondering if I can get the rate of 5%.

October 27, 2022
4:22 am
savemoresaveoften
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Norman1 said
That means one could have bought the CIBC Variable Rate one-year GIC earlier today with a P - 2% rate.

If the rate is still 3.45% tomorrow with the CIBC Prime Rate at 5.95%, then the rate on new ones issued would be a lower P - 2.50%.  

Fine print says it’s variable tied to prime. So it sb 3.95%
But will their site reflect it this morning, prob not.

October 27, 2022
4:24 am
savemoresaveoften
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davidgeorge said
I opened a 1 year GIC account last week with the rate of 4.8%. Now the rate of 1 year GIC is 5%. I am wondering if I can get the rate of 5%.  

davidgeorge said
I opened a 1 year GIC account last week with the rate of 4.8%. Now the rate of 1 year GIC is 5%. I am wondering if I can get the rate of 5%.  

Their grace period is 10 days. Call them and they will change it to the new rate. They will keep the same start date meaning you don’t lose any interest either, unlike some other FIs. PT is the most generous when it comes to rate protection.

October 27, 2022
10:20 am
Martster
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davidgeorge said
I opened a 1 year GIC account last week with the rate of 4.8%. Now the rate of 1 year GIC is 5%. I am wondering if I can get the rate of 5%.  

They will honour rate increases up to 10 days - but you will have to call them to get the new rate. I have done this in the past and they have no problem updating the rate.

October 27, 2022
12:58 pm
Norman1
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savemoresaveoften said

Fine print says it’s variable tied to prime. So it sb 3.95%
But will their site reflect it this morning, prob not.

The CIBC Variable Rate GIC's spread to prime is set when it is issued. But, the offered spread isn't always going to be 2%.

Today, the web site still shows rate as 3.45%, after CIBC prime is up by ½% to 5.95%. So, the offered ones are no longer P - 2%.

October 27, 2022
2:58 pm
davidgeorge
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Martster said

They will honour rate increases up to 10 days - but you will have to call them to get the new rate. I have done this in the past and they have no problem updating the rate.  

Thank you. I called them and got the 5% rate.

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