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Negotiating with Tangerine on rates
March 9, 2017
6:12 am
Top It Up
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AlainJF said

Looking at the "Comparison Chart" for the best rates, the "MB / CU" got my attention for their "Unlimited Deposit Guarantee".

When I looked at Ideal and AcceleRate (for example) I was surprised to find out that the announced "Manitoba guarantee" was directing me to the "Alberta guarantee" organization.  

No idea why the AcceleRate website kicks to the AB guarantee when the Crosstown website, their parent, shows the MB guarantee. Ideal's website shows the MB guarantee.

I'm guessing it's an error on the website developer side.

March 9, 2017
12:55 pm
Loonie
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I don't know the answer either. I suggest you ask them directly, and see what they say.

It sounds like an error, unless they've changed their official residence, which seems highly unlikely.

Accelerate is still listed as being insured in Manitoba as a virtual institution
https://creditunion.mb.ca/find-a-credit-union/links-to-credit-union-internet-banking-sites/#more-455

You asked for a savings account only, and for that EQ is a better bet for most people, simply because it's a better daily rate. However, the service is more friendly and personal with Hubert. Alterna is good on the phone.
Be aware that you can't phone Hubert outside of office hours; you can't phone Alterna 24/7 but they do have evening hours most days; and EQ is available 24/7 by phone. Sometimes this matters.

If you have more than 100K, a MB CU might be easier for you. Either that or use more than one bank.

Some people prefer CDIC insurance to the credit union systems. They seem to think that the Feds would bail out the CDIC if necessary but that the CUs would be more vulnerable. Paradoxically, they are often the same people who complain about taxes. If the Feds did bail out CDIC, you can be sure we'd all be paying for it one way or another.

Personally, I'm OK with the CU insurance systems. I don't think any of us know what would happen if there were a failure large enough to bankrupt either insurance system. I don't expect the Feds would make up the difference. They would be looking at a bigger picture of financial issues and proceeding accordingly; and this would only be one consideration in a larger strategy and who knows what they'd do or which group would be in power at that point? When banking becomes unstable, people suffer, just as they did in the US meltdown in 2008. I don't see any way around that except preventing it from happening in the first place, which means superior regulation of the industry.

March 17, 2017
2:41 pm
AlainJF
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Loonie said

Thanks for that. I'd forgotten the details.
So, if you plan to move a large lump fairly quickly, you might be better off elsewhere. I like Alterna, but I tend to keep a lower balance there because I don't want to get snagged in the withdrawal limits.
I think EQ is OK on this score, but you should check.  

Just for clarity, I called Alterna to verify the exact meaning of "per month".

It is really a "limit per number of days".

Transaction Limit: Sending / Receiving
Daily $25,000 / $100,000
7 Day Limit $50,000 / $250,000
30 Day Limit $125,000 / $500,000

March 17, 2017
5:50 pm
Saver-Mom
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These are limits from transfers initiated from the Alterna site, but someone previously said that if you pull the funds from another bank/CU you should not be limited to those amounts. Has anyone tested that?

March 27, 2017
1:57 pm
moneyhelp
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When in April do we usually anticipate Tangerine giving the new quarterly promo email?

And, do they send it via internal messaging system when you log into your account or do they send it to your registered email address?

March 27, 2017
4:57 pm
Winnie
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moneyhelp said
When in April do we usually anticipate Tangerine giving the new quarterly promo email?  

Most likely on April 5, 2017.

moneyhelp said
And, do they send it via internal messaging system when you log into your account or do they send it to your registered email address?

Both. If you set "Marketing communication preferences" to email, you will receive an email message, but usually that will happen a few hours or days later.

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