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BCU RRSP Escalator Special Confusion?
February 9, 2023
7:18 pm
Venteicher
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"Three Year Escalator:
Year 1 4.45%
Year 2 4.85%
Year 3 6.00%
But "Terms + Conditions...Rates are annual and subject to change"

isn't that a contradiction?

February 11, 2023
9:23 am
James
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Venteicher said
"Three Year Escalator:
Year 1 4.45%
Year 2 4.85%
Year 3 6.00%
But "Terms + Conditions...Rates are annual and subject to change"

isn't that a contradiction?  

I think they mean that the current offer is subject to change. Once you’re locked in, I think they would be in some trouble if they tried to change the contract.

FYI that’s an average of 5.1% per year. If you want 3 years locked, you would do better with laddering or through a broker for regular 3 year GIC (I see 5.2% advertised - probably can do better).

February 11, 2023
11:38 am
Rail Baron
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It is not clear to me from BCU's web site whether their accounts are restricted to Ontario residents or not. Does anyone know?

February 13, 2023
10:32 am
Rail Baron
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I queried BCU directly about membership from outside Ontario, and this was their response:

Unfortunately we dont have BCU in BC and we dont open account remotely, yet.
Thank you,

February 13, 2023
10:45 am
Norman1
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Sounds like BCU Financial requires a branch visit to join:

Become a Member Today!

How to Join

Join BCU Financial today and become a member of Canada’s largest Ukrainian credit union. Come into one of our branches and speak to an experienced financial services officer who will set up your account. You will need to bring two valid government issued photo identification documents along with your Social Insurance Number and $100 to purchase BCU Financial shares.

But, they will accept the BC Provincial Services card for BC residents as one of the ID documents.

February 13, 2023
10:58 am
Rail Baron
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Norman1 said
Sounds like BCU Financial requires a branch visit to join:

Become a Member Today!

How to Join

Join BCU Financial today and become a member of Canada’s largest Ukrainian credit union. Come into one of our branches and speak to an experienced financial services officer who will set up your account. You will need to bring two valid government issued photo identification documents along with your Social Insurance Number and $100 to purchase BCU Financial shares.

But, they will accept the BC Provincial Services card for BC residents as one of the ID documents.  

So does this mean that I could schedule a branch visit on a future trip to Toronto and join BCU that way?

February 13, 2023
11:15 am
Norman1
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That is a possibility.

One would need to check with BCU Financial to see if someone from another province just needs a branch visit to join. One would also need to check if the particular credit union has any limit on the number of out-of-province members, like no more than 25% of members can be out of province.

February 13, 2023
11:16 am
Nehpets
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Something to consider with BCU is that they do not have a method of executing online electronic fund transfers, so the options for moving money in or out can be limited to in branch visits.

Stephen

February 13, 2023
11:29 am
Rail Baron
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Nehpets said
Something to consider with BCU is that they do not have a method of executing online electronic fund transfers, so the options for moving money in or out can be limited to in branch visits.

Stephen  

That does sound like a limitation. I suppose that one could write a cheque and mail a deposit in? They must allow customers to write cheques drawn on their accounts for moving money out?

February 13, 2023
12:02 pm
Norman1
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BCU is on The EXCHANGE ATM network. One should be able to deposit the cheque by ATM if one can find a nearby ATM on the network that accepts deposits.

The BCU personal chequing account accepts direct deposits and pre-authorized debits. One could push money to it and pull money from it at an online bank. The account also comes with up to 100 branch-printed cheques free per year.

It looks like BCU is a bricks-and-mortar branch credit union and not an online one.

February 13, 2023
4:33 pm
whynot
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I also understand they require a $100 membership fee and then retain $25 if you decide to leave.

February 16, 2023
6:54 am
James
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Venteicher said
"Three Year Escalator:
Year 1 4.45%
Year 2 4.85%
Year 3 6.00%
But "Terms + Conditions...Rates are annual and subject to change"

isn't that a contradiction?  

In addition to Peoples Trust at 5.4% for 2 years, if you’re in Ontario, you also now have the option for 5.4% at Omnia for 2.5 years. If you really want a 3 year term, I would check with brokers first as I mentioned.

February 16, 2023
4:38 pm
RetirEd
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Now, there's a good example of a back-loaded escalator.
RetirEd

RetirEd

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