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Simplii Nothing
July 22, 2019
1:09 pm
Kidd
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February 27, 2018
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July 22, 2019
2:17 pm
Doug
British Columbia, Canada
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Kidd said
I would say... NO DEAL and move my funds.

I worry about Manitoba but that's my alternative choice. Loonie was just offered 2.75% on a minimum balance of $250,000 with tangerine and as i replied to that post, i would have taken that offer and tried to tweak it a little.

1) on all money not just NEW money.
2) ask for a term longer than 180 days.

And if need be, i may have offered to bump up the $250,000 minimum deposit to get those additional terms.  

I wouldn't worry about Manitoba CUs, Kidd. While the Manitoba provincial government may not be contingently liable for the liabilities of its provincial Crown corporation, the Deposit Guarantee Corporation of Manitoba, the DGCM does maintain both a reserve fund and has access to public and private borrowing facilities, much like CDIC, to guarantee deposits. You could spread your deposits around between 2, 3, or even more Manitoba credit unions, if you wanted. Assuming the entire Manitoba credit union system doesn't fail, in which case, we're in a major economic meltdown which Loonie and others have noted our dollars are worth substantially less. But besides all that, DGCM, like its other provincial regulatory counterparts, has broad regulatory powers that include the power to fire the board of a problem credit union and step in to improve regulatory capital or internal controls. They can also force a sale of the deposits to another credit union, or even a federally-regulated bank.

Cheers,
Doug

July 22, 2019
3:04 pm
MapleOne
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So here it is officially

Tangerine Official

Picture0007.png

July 22, 2019
3:29 pm
Doug
British Columbia, Canada
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MapleOne said
So here it is officially

Tangerine Official

Picture0007.png  

I thought you said it was Simplii Financial that offered you this rate?

Cheers,
Doug

July 22, 2019
3:48 pm
Bill
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Don't assume that depositing large amounts necessarily makes one a desirable customer. It's about CLV, so to me that could explain their rejection of some people with nothing but deposits to offer. Any business owner knows time spent is limited, so you very actively discourage "high maintenance" low margin clients (indeed, you "encourage" them to go to competitors and waste their time) to spend your precious minutes on the high-margin existing and new moneymakers.

July 22, 2019
4:35 pm
MapleOne
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Bill said
Don't assume that depositing large amounts necessarily makes one a desirable customer. It's about CLV, so to me that could explain their rejection of some people with nothing but deposits to offer. Any business owner knows time spent is limited, so you very actively discourage "high maintenance" low margin clients (indeed, you "encourage" them to go to competitors and waste their time) to spend your precious minutes on the high-margin existing and new moneymakers.  

I assume nothing, I fully understand we are all numbers and nothing more, but then again I'm also using them, they are just a number to me and the second I get a better rate I'm outta there, I have zero loyalty.

So you see, its a mutual relationship, no loyalty from either end, we do what is beneficial to ourselves and no more.

It's good to know where we stand in any relationship.

July 22, 2019
4:36 pm
MapleOne
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Doug said

I thought you said it was Simplii Financial that offered you this rate?

Cheers,
Doug  

Nope, you need to re-read the topic, simplii offered me simplii nothing.

July 22, 2019
6:15 pm
Loonie
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In the end, all that matters is how badly they want your money and how badly you want to deal with them. When there is a match, you do business. When there isn't, you both move on. This goes for all banks and CUs.
I'm sure that as an experienced and successful business person, MapleOne knows this.

July 22, 2019
7:01 pm
Bill
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My comment wasn't made with specifically you in mind, MapleOne, but no argument from me on that. Seems to me all happy relationships, personal (not 100% sure about connections with kids) and otherwise are based on mutual self-interest that is clearly understood by all involved parties.

July 22, 2019
7:11 pm
MapleOne
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Bill said
My comment wasn't made with specifically you in mind, MapleOne, but no argument from me on that. Seems to me all happy relationships, personal (not 100% sure about connections with kids) and otherwise are based on mutual self-interest that is clearly understood by all involved parties.  

HeHe

My kids are my life's joy and they are 9 and 12.
My wife and I maxed out our two TFSA accounts and designate one for each child. That should be a pretty nest egg when they are 18.

I decided against an education fund because with the TFSA amounts the kids can use it for education or to start a business. If they listen to their dad they will start a business because you don't get rich working for someone else.

And by rich I don't only mean the money, owning a business allows you to manipulate the hours you work so you can enrich your life that way as well.

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