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WealthONE Bank
October 29, 2017
10:13 am
Vatox
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This Bank should be added to the list. It's has the highest interest in Canada and is CDIC insured. Any negative info about CEOs or managers may be relevant to individuals, but this should not exclude WealthONE from inclusion on the chart.

November 1, 2017
7:51 am
fabafter50
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I agree. Just pulled all out of Simplii today and sent it to WealthOne for 2.5%. Simplii is offering 3% on new deposits however I had my cash in there for the P.C. financial 2.5% and they only offer 3% on the NEW cash coming in. The rest will make a paltry 1%.

November 1, 2017
7:54 am
Peter
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The site has no specific policy against Wealth One. I just typically wait until we have gathered several comments from real customers, so I think we're close to adding it to the chart.

November 1, 2017
10:12 am
Nehpets
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I've had accounts at W-1 for a few months now and am moving substantial funds there to take advantage of their 2.5% HISA.

Their customer service has been pretty good, with virtually immediate response to requests for service. Superior experience to the deplorable service I had with EQ Bank.

I would add my vote to include W-1 to comparisons on this Forum.

Stephen

November 1, 2017
11:27 am
Doug
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Peter said
The site has no specific policy against Wealth One. I just typically wait until we have gathered several comments from real customers, so I think we're close to adding it to the chart.  

Peter, it is my recommendation that it be added to the comparison chart with immediate effect, speaking as someone who helped to craft the more defined "inclusion criteria," if that helps. My basis for that is, primarily:
- it uses a top-tier online banking platform, MemberDirect, from Central 1 Credit Union;
- its deposit interest rates are currently "top of market," above even EQ Bank; and;
- it has no monthly or transaction fees; and,
- it has a virtual account opening process which, I believe, involves sending in either a VOID cheque or initial cleared deposit cheque.

Similarly, you are welcome to use any of the above points as possible criteria for expedited inclusion in the comparison chart (i.e., without significant forum member feedback).

Also, it's worth noting, should WealthOne, or any of the other banks or credit unions, modify their account opening procedures or fee structure such that they are no longer available to all Canadians (except Quebec) or no longer allow virtual account openings, they can be removed from the chart, as has been done in the past with HSBC, Manulife, Tangerine and PC Financial, though the latter two were for their regular posted rates moving down to at or below that of the "Big 5" banks.

Cheers,
Doug

November 1, 2017
1:46 pm
Loonie
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Just FYI, I sent a query to Wealth One several days ago, probably about a week, and still no response.

November 1, 2017
2:56 pm
Doug
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Loonie said
Just FYI, I sent a query to Wealth One several days ago, probably about a week, and still no response.  

I suspect that's likely because they're a small team, with several branches and they may possibly have an even smaller contact centre team or even, potentially, distribute incoming calls across several branches depending on staff availability.sf-cool

FWIW, I would say that Motive Financial (nee Canadian Direct Financial) has a bit of a slower-than-normal response time. 🙂

Cheers,
Doug

November 1, 2017
3:09 pm
Loonie
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On the other hand, if you're going to be an online bank, you are not going to be very attractive if people have to wait a long time for responses. If I go into bricks and mortar, I will get a response before I leave.

November 1, 2017
3:12 pm
Doug
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Loonie said
On the other hand, if you're going to be an online bank, you are not going to be very attractive if people have to wait a long time for responses. If I go into bricks and mortar, I will get a response before I leave.  

Fine, but many of the online banks are this way, including Tangerine, whose online chat is frequently unavailable or cannot assist with certain queries (i.e., credit cards) and their e-mail response times vary from 24-48 hours, likely due to cutbacks in staffing under new CEO Rideout, who is likely a "yes ma'am" to her Scotiabank overlords.

Not sure why the comment was relevant to the discussion, though.

Cheers,
Doug

November 3, 2017
9:58 am
Nehpets
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Peter said
The site has no specific policy against Wealth One. I just typically wait until we have gathered several comments from real customers, so I think we're close to adding it to the chart.  

How close are we now, Peter?
sf-smile

Stephen

November 3, 2017
12:28 pm
Yatti420
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They have various kiosks setup at malls etc with a chance to win $ I presume would be deposited on account opening.. It should be added..

November 4, 2017
6:39 am
fabafter50
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Just to share my personal experience with Wealth One.
It only took one day for the fund transfer from Simplii to Wealth One, which I was thrilled about as it always took at least 3 days to Tangerine. I found Wealth One a pleasure to deal with and opening account was quick and easy.

November 5, 2017
5:18 am
Bill
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I've had no dealings with Wealth One yet but based on the 4 criteria indicated as needed for inclusion in the comparison chart Wealth One certainly qualifies, so I guess I agree with those who advocate for inclusion. Or the criteria should be changed so that a viewer can understand why a certain fi is not included. One reason I like this site is because it seems to be unbiased as to which fi's are included here, i.e. if an fi meets the criteria it is displayed, this is not a limited listing - or at least that's been my perception.

November 5, 2017
8:28 am
davidgeorge
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My experience with WealthOne is not so pleasant. I applied for a savings account online in September, and got an email message "Thank you for applying to be a client. Based on the information you have given us, we may need some more details in order to finalize your application. We will contact you soon.". I haven't received any further message from WealthOne, so I just gave up. I hope they will keep all my personal information confidential or delete all my personal information in their database if they are not going to process my application.

November 5, 2017
10:02 am
fabafter50
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davidgeorge said
My experience with WealthOne is not so pleasant. I applied for a savings account online in September, and got an email message "Thank you for applying to be a client. Based on the information you have given us, we may need some more details in order to finalize your application. We will contact you soon.". I haven't received any further message from WealthOne, so I just gave up. I hope they will keep all my personal information confidential or delete all my personal information in their database if they are not going to process my application.  

That's a shame you had this experience. I do think they are busy, as there HISA rate is higher than anyone else. I had a question and emailed them and didn't hear back in day so I called and they sorted it out on the phone. Still a million times better than when I first signed up for E.Q. bank when they had that beginning 3%.

November 5, 2017
10:48 am
Doug
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davidgeorge said
My experience with WealthOne is not so pleasant. I applied for a savings account online in September, and got an email message "Thank you for applying to be a client. Based on the information you have given us, we may need some more details in order to finalize your application. We will contact you soon.". I haven't received any further message from WealthOne, so I just gave up. I hope they will keep all my personal information confidential or delete all my personal information in their database if they are not going to process my application.  

Your credit report may be either too new, i.e. less than 6 months old, non-existent or it simply lacks sufficient "tradelines" (i.e., open credit card(s), LOC(s) or demand/installment loan(s)) so they may have to proceed with an alternative account opening process, such as verifying you through Canada Post. If they don't suggest that, ask about it. 🙂

In short, this sounds like a case-specific problem, not a company-wide problem vis-a-vis account opening.sf-cool

In any event, it's great that you followed instructions and waited but if it's been at least a week, follow up with manually (they're probably just very busy!).

Cheers,
Doug

November 5, 2017
1:01 pm
davidgeorge
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WealthONE simply messed up my application. I have credit score way over 800, and accounts in EQ, Tangerine, Simplii, Hubert, Motive, People Trust. I have never had any problem with opening an account in banks and credit unions until this WealthONE application. If I call them about my application, I will feel like I beg them to take my money. No way for me to do that, so I gave up.

November 5, 2017
1:16 pm
Nehpets
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davidgeorge said
I have credit score way over 800, and accounts in EQ, Tangerine, Simplii, Hubert, Motive, People Trust. I have never had any problem with opening an account in banks and credit unions ......

My profile is similar to yours, but when I completed my online application with W1, I inadvertently answered one of the questions in the positive or negative, can't recall which, but it was in a way that raised a red flag.

I received the same email response, and it took a quick phone call to clarify my error on the application.

No big deal, and every encounter with W1 staff has been a positive one for me.

As has been stated by others, they may not be a slick as others but once accounts are set up, the online process for ETF's works efficiently, so in my opinion, it's worth making the little effort to set things up with them.

As I wrote earlier, for me, the experience with W1 has been a whole lot more satisfying than with EQ.

November 5, 2017
2:55 pm
Loonie
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davidgeorge said
WealthONE simply messed up my application. I have credit score way over 800, and accounts in EQ, Tangerine, Simplii, Hubert, Motive, People Trust. I have never had any problem with opening an account in banks and credit unions until this WealthONE application. If I call them about my application, I will feel like I beg them to take my money. No way for me to do that, so I gave up.  

There is almost certainly a red flag on your credit record because of the Peoples Trust breach, unless you contacted the credit agencies to get it removed. I suggest you pursue this so that you don't get a record for having been declined an account.
I have the same flag, and sometimes have to go through an extra hoop on account of it. Looks like you fell through the cracks or they havne't figured out a way to follow up with questionable applications yet. Some are more stringent than others, and it's actually to your advantage if they are - once you get it cleared up. If they're tough with you, they will be tough with someone impersonating you.
If you live in the GTA or VAncouver, suggest you go inperson.

November 5, 2017
3:49 pm
davidgeorge
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Loonie said

There is almost certainly a red flag on your credit record because of the Peoples Trust breach, unless you contacted the credit agencies to get it removed. I suggest you pursue this so that you don't get a record for having been declined an account.
I have the same flag, and sometimes have to go through an extra hoop on account of it. Looks like you fell through the cracks or they havne't figured out a way to follow up with questionable applications yet. Some are more stringent than others, and it's actually to your advantage if they are - once you get it cleared up. If they're tough with you, they will be tough with someone impersonating you.
If you live in the GTA or VAncouver, suggest you go inperson.  

Thanks. Does red flag on my credit record lower my credit score? I last checked my credit score in October 2017, and it was 844.

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