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Steinbach CU - more trouble than it's worth
July 29, 2021
11:35 am
Loonie
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I am about at the end of my tether with this CU.
Just spent a total of 40 minutes on hold because I couldn't log in. While in the queue, I was hung up on once and had to start all over again. 10 people ahead of me each time.

It turns out that the reason I couldn't login is because the accounts now go Inactive after only 90 days if you don't login!!! I've had no reason to login since April. They don't pay interest until the end of the calendar year, which further decreases any motivation to login.

When I add these problems to the other issues I've had with them, it seems like too much aggravation for me to continue with them.

The other issues have included:
In order to get the good savings rates, when they have them, you have to leave the money in for the entire calendar month because it's based on minimum daily balance, but the statements don't come on a calendar month basis; they come mid-month.
They made errors with my account, charging unwarranted fees. I got them reversed, but too much hassle.
Staff are unable to calculate accumulating interest during the year - they leave it as a surprise at the end. This is dysfunctional for those of us who calculate our RIF withdrawals based on other income received.

I know there were other issues but that's all I can remember at present.

Opening the account was a nuisance too, which makes me reluctant to close it in case they ever offer good rates again (ha!), but I am thinking seriously of doing so.

The staff are pleasant and knowledgeable, but that's not enough.

July 29, 2021
11:40 am
HermanH
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Loonie said
It turns out that the reason I couldn't login is because the accounts now go Inactive after only 90 days if you don't login!!! I've had no reason to login since April. They don't pay inerest until the end of the calendar year, which further decreases any motivation to login.

How about setting up a monthly automatic 2 cent deposit?
I have surplus eLinks from my various accounts with which I have no idea where to use. 🙂

July 29, 2021
12:43 pm
topgun
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Loonie said
I am about at the end of my tether with this CU.
Just spent a total of 40 minutes on hold because I couldn't log in. While in the queue, I was hung up on once and had to start all over again. 10 people ahead of me each time.

It turns out that the reason I couldn't login is because the accounts now go Inactive after only 90 days if you don't login!!! I've had no reason to login since April. They don't pay interest until the end of the calendar year, which further decreases any motivation to login.

When I add these problems to the other issues I've had with them, it seems like too much aggravation for me to continue with them.

The other issues have included:
In order to get the good savings rates, when they have them, you have to leave the money in for the entire calendar month because it's based on minimum daily balance, but the statements don't come on a calendar month basis; they come mid-month.
They made errors with my account, charging unwarranted fees. I got them reversed, but too much hassle.
Staff are unable to calculate accumulating interest during the year - they leave it as a surprise at the end. This is dysfunctional for those of us who calculate our RIF withdrawals based on other income received.

I know there were other issues but that's all I can remember at present.

Opening the account was a nuisance too, which makes me reluctant to close it in case they ever offer good rates again (ha!), but I am thinking seriously of doing so.

The staff are pleasant and knowledgeable, but that's not enough.

I do not like recommending FI to people. My mother had a RIF with GIC's at Outlook Financial. The withdrawal process was simple. December 31, XXXX determine withdrawal for year XXXX + 1. She had only one withdrawal on December 31, XXXX + 1. The process of withdrawal procedure was simple.
1. All GIC's compound interest. Accrued interest added to GIC on anniversary date.
2. December 31, XXXX + 1 withdraw money from account that pays lowest interest rate (i.e. savings account)
3. Next withdraw money from GIC with the lowest interest rate.
4. Repeat 3 until you have your annual withdrawal amount.
5. Pay funds to non-registered HISA.

I had to cash her check to transfer the funds to her checking account (i.e. to pay bills).

i know NOTHING about moving RIF GIC's to another FI RIF GIC account.

A while after she passed I started using Outlook. I am pleased with rates, service, and reporting.

Hope this helps your priorities.

Have a Great Day

July 29, 2021
6:47 pm
MG
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How about setting up a monthly automatic 2 cent deposit?
  

I recently tried to do a transfer between my own accounts at Tangerine for under a dollar and it would not let me. Minimum was $1.00. Tried to do an e-transfer of a small amount between 2 different banks and minimum was $5.00. Also tried to "pull" an amount less than $1 from another bank account which I was trying to close into Tangerine and Tangerine would not process it. Beware.

July 29, 2021
7:27 pm
HermanH
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You are correct, regarding Tangerine's minimum $1 transfer limit. However, EQ bank allows for 10 links and has no problem handling amounts under one dollar.

July 29, 2021
11:30 pm
topgun
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MG said
How about setting up a monthly automatic 2 cent deposit?
  

I recently tried to do a transfer between my own accounts at Tangerine for under a dollar and it would not let me. Minimum was $1.00. Tried to do an e-transfer of a small amount between 2 different banks and minimum was $5.00. Also tried to "pull" an amount less than $1 from another bank account which I was trying to close into Tangerine and Tangerine would not process it. Beware.  

I had less than $1 in Tangerine (i.e. $.01 to be exact). I setup a pull for $1 with an external linked account. I setup a push for $1.01 with an external linked account. Both transactions setup to occur on the same date at least one day from NOW. No problem. The pull created a balance of $1.01 The push created a balance of ZERO at Tangerine. The transactions at my external account showed up many hours later.

Have a Great Day

July 30, 2021
5:51 am
Loonie
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I don't think an auto-transfer would work because they specifically said you had to log in or visit branch.

July 30, 2021
8:15 am
HermanH
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That's odd, but not unheard. Tangerine told me that I had to log in yearly to prove activity for all my Tang accounts (no activity necessary). Other banks said I had to have monetary movement in each and every individual account, to be deemed active. But, honestly, Steinbach is the first time I have ever heard of a 3-month period of inactivity being used to deem an account inactive.

July 31, 2021
1:57 pm
canadian.100
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Loonie said
It turns out that the reason I couldn't login is because the accounts now go Inactive after only 90 days if you don't login!!! I've had no reason to login since April. They don't pay interest until the end of the calendar year, which further decreases any motivation to login.
  

I spoke to an SCU agent today about a matter and asked if Accounts go Inactive after 90 days at SCU - she said NO that is not correct. Perhaps you should recheck with SCU - if your agent told you that and the one I spoke to said another thing about the Inactive status. If true, it would seem very strange for Accounts to be considered Inactive after 90 days. I know that FIs will sometimes make accounts Inactive if you have $0 Balance. That did happen to me once - I needed the agent to reactivate the account so I could deposit funds.

July 31, 2021
9:16 pm
Loonie
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IF an agent gave one of us wrong information about inactivity dates, then that is another complaint that I would have about Steinbach.
What time frame were you given for inactivity?

FWIW, I don't have $0 balance in either of my accounts. An agent there once told me there was a minimum of $100 required, but who knows if that's true? I do keep over that minimum there just in case. The last transaction in my savings account was in March of this year. By late July it was inactive.

July 31, 2021
10:19 pm
Norman1
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The agent may have meant the online login account goes active if not used for 90 days and not the bank accounts.

July 31, 2021
10:55 pm
Loonie
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Norman1 said
The agent may have meant the online login account goes active if not used for 90 days and not the bank accounts.  

I don't think so. They also stopped sending monthly statements by Canada Post in April. At the time, I just assumed they'd discontinued sending them as they continued to send emails advising that statements were available online. It's true though that once it was reactivated, all the statements were available.

August 1, 2021
3:57 am
canadian.100
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Loonie said
IF an agent gave one of us wrong information about inactivity dates, then that is another complaint that I would have about Steinbach.
What time frame were you given for inactivity?
  

I was discussing another issue/product with the Steinbach agent - for which I did not get a clear answer. My question about the inactivity was just an aside and I did not get into the nuts and bolts of that. My main concern was not really answered clearly so it was a short conversation. Their not having do it yourself "me to me" transfers is not very state of the art. Credit Unions, in general, have never impressed me. Obviously Loonie's experience supports that feeling.

August 1, 2021
5:04 am
Loonie
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I belong to other credit unions which I am happy with, but they are idiosyncratic. Each one is different. I kind of like that about them actually.
It's true Steinbach doesn't support me to me transfers, and that is a weakness for many of us on this forum. But, then again, I don't know of any of the big banks that offer it either, so I guess you wouldn't consider them very state of the art either.

FWIW, you can link to Steinbach from an external FI and push/pull from there, as you can with the big banks. I suspect almost all of Steinbach's members are local and use it for everything. It's not like Achieva or Hubert, which are online divisions of bricks and mortar CUs. Steinbach doesn't have a separate online division.

August 1, 2021
7:04 am
canadian.100
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Loonie said

It's true Steinbach doesn't support me to me transfers, and that is a weakness for many of us on this forum. But, then again, I don't know of any of the big banks that offer it either, so I guess you wouldn't consider them very state of the art either.

I deal with Scotiabank and iTrade and I am able to do me-to-me transfers - I do it via my iTrade account which is linked to external accounts and also linked to my Scotiabank Chequing and Savings - works very well to transfer "me to me" to/from Scotia from/to external.
You are correct each CU is "unique" some are just too unique. I actually do like Hubert because you can link a huge number of external accounts so easily.

August 1, 2021
9:47 am
Loonie
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I don't deal with Scotia at any level, but, really, if you have to have a trading account in order to do me to me transfers of cash, then I wouldn't consider that very up-to-date. But it works for you, so be it.

August 1, 2021
11:23 am
Doug
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I agree completely, Loonie. Steinbach Credit Union staff do get strong marks for customer service and overall pleasantry, but for me personally, the unnecessary sundry fees and, principally, the interest calculation and annual payment methodology are my strongest reasons why it's a fairly hard avoid for me (not as hard as Motus Bank/Meridian Credit Union, though).

Cheers,
Doug

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