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Thoughts about Hubert
January 10, 2018
4:21 am
threeoakwest
Ontario, Canada
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I'm considering opening a new TFSA account at Hubert. I live in Ontario.
Hubert seems to have a very good rate with their one year GIC.

Any thoughts and experiences with them will be appreciated.

Thanks

January 10, 2018
5:23 am
Nehpets
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threeoakwest said
I'm considering opening a new TFSA account at Hubert. I live in Ontario.
Hubert seems to have a very good rate with their one year GIC.

Any thoughts and experiences with them will be appreciated.

My situation is like yours, and I've done exactly what you are considering....moving my TFSA's from Peoples Trust to Hubert.

Hubert customer service is outstanding and for TFSA accounts, Hubert has no transfer fee if / when you decide to transfer your money out.

Stephen

January 10, 2018
6:57 am
gicjunkie
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Great minds think alike. I also closed my People's Trust TFSA last month to open a Hubert account last week. I've been using Hubert for unregistered GIC investments for years and have been very happy with them. I put the TFSA money into their cashable 1 year quarterly interest GIC for now in anticipation of 1 or 2 rate hikes this year. I'll probably cash the GIC after 9 months and go longer term in December. I always try to time the TFSA investments to come due in December in case I want to move the TFSA prior to the year end, for relocation in January. This removes the "transfer" of TFSA issues.

January 10, 2018
9:26 am
JenE
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It sounds as though a ‘mini run’ is happening at People’s! I’m also going to transfer People’s TFSAs in the coming months and am in the process of opening an account at Hubert. What appeals to me is that Hubert has a TFSA savings account, as well as the 1 year cashable GIC. Although I like Oaken very much, the lack of a TFSA savings account is an obstacle to my contributing this year’s $5,500. In fact, I’ve written to Oaken in this regard. I’ll post any answer I receive.

January 10, 2018
9:42 am
Nehpets
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The only minor issue I have with Hubert is the way they name their accounts....usually referred to as the "nicknames" of the accounts without providing clients the ability to rename the accounts in a way that makes sense to the client, is relevant to their portfolio and can be easily identified, especially when making electronic transfers.

For example, a joint account is not identified as a joint account on the primary account holder's summary, it's just shown as account #2.

Similarly sequential numbers are assigned to each new account that's opened, but it would make it a lot easier if the website software would allow editing and personalizing the account names.

Others do it.....Alterna, Oaken and Meridian are the ones that come to mind.

January 10, 2018
9:46 am
semi-retired
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I will 2nd all the above replies.I just did the above moves.I am in the middle of setting up a TFSA for the wife at Hubert after transferring out all but a dollar from her TFSA at Peoples.While it is being set up,the money is parked at TAN for the 2.50% int.Huberts staff is excellent to deal with.

January 10, 2018
12:16 pm
frugal lady
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I agree with all of the above.
I was advised by Hubert that they will be doing an upgrade to their system sometime in March. Hopefully then you can rename your accounts to something more meaningful to you, and that their online statements improves the way it displays "joint" held accounts and GIC's.

January 10, 2018
12:21 pm
Loonie
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I like Hubert too. This year's TFSA is going to the one year GIC there. The rest is at Oaken in GICs. We both left Peoples within the last 2 years due to falling raate plus I never was impressed with them.

There are a couple of things that do irritate me at Hubert, but I feel it's worth putting up with them and hope they will change.
I don't like their design on statements. The criticism given above is valid. I have to spend time figuring out their statements every time, which I don't appreciate.
They don't have a decent "print" option for transactions. Yes, it matters to me!
I don't like the fact that they will close empty registered accounts without warning - in our case just before we were about to transfer-in. However, they did quickly reinstate it on request.

If you can put up with these little nuisances, they're great!
One of the biggest plus factors is that when you call Hubert you KNOW you are talking with a real thinking breathing feeling human being, not a script reader. They understand what you're saying and you don't have to repeat yourself five different ways before they get the message.

January 10, 2018
12:56 pm
Bill
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From Hubert site's FAQs:

What if I stop using my account and my account becomes inactive?

If you don’t process a transaction semi-annually we’ll mail you a letter to let you know your account has become inactive and will request that you log into your account and process a transaction. Once this is complete we’ll remove the inactive status. Easy peasy!
Since inactive accounts are not being monitored by the account owner they pose a higher risk for fraudulent activity and have to be dealt with in a timely manner.

January 10, 2018
3:45 pm
Rip VanWink
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Like many here, I am in the process of transferring all our money (savings, RRSPs, TFSAs) from Peoples Trust to Hubert as GICs mature. This should be completed by mid year. Peoples rates have not kept up and we do not like that Peoples wants you to call them and go through an identity verification process to do simple internal things like changes to GICs at maturity.

Hubert's phone staff are the best we have encountered and always help solve whatever problem or question we might have. Identity verification is quick and easy with a secret word or phrase that you set up.

Hubert is the only high interest institution that I've found with both savings and GIC options across all account types. Their rates are among the highest, and are the only one with a semi decent $US interest rate (0.75%).

Hubert is not part of CDIC, but have unlimited protection through the Manitoba CU deposit insurance program, including $US. If not having CDIC bothers you, Oaken is a good second, and they just raised their GIC rates today, which are now higher than Hubert or anyone else at the moment. To spread the risk, I split money between Hubert, EQ, and Oaken. Oaken has an 18 month GIC which now pays 2.50%.

I also like Hubert's quarterly cashable 1 year GIC, which pays an increasing rate equivalent to 2.25% annually. I have already cashed some of these out when rates rose to lock in a higher rate. I expect Hubert and everyone else will be raising rates this year, including the Bank of Canada, but whether you agree or not, it is still a good product.

Hubert says on their website that you should mail in RRSP and TFSA transfer forms to pull money from other institutions, but you can also fax or email a signed scan to them. They then fax it to the other institution immediately. Peoples occasionally (rarely) has claimed that they never received one of our transfer forms, but a quick call to Hubert gets it resent and the money flowing. I always check my Peoples account the day a GIC matures there that I am transferring (also to get the exact interest payout). It should disappear from your holdings that day or the next if the transfer was done. It sometimes shows as renewed at the new rate, but if it doesn't disappear within a day or two, call them. The money shows up at Hubert within a few days.

January 10, 2018
4:55 pm
SavingIsGood
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JenE said
It sounds as though a ‘mini run’ is happening at People’s!

Ha, where do you live? In the sticks... ?
I abandoned those idiots at Peoples as soon as they had that security breach few years ago and without asking me put a flag on my credit history.
Besides that, their 'customer service' sucks big time; ladies were simply said impolite and abrupt. No email manners at all.
Go to Hubert to experience world class customer service and decent rates.

As for 'naming' accounts, did you Ever suggested that to Hubert? If bunch of us ask for that, they will think to implement it. It is a good idea, though; I will it mention in next chat with them.

January 10, 2018
5:06 pm
Doug
British Columbia, Canada
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I love Hubert Financial, just as Loonie and others do. sf-cool

That said, we ought to be careful with terms like "bank run" or "mini-bank run," thinking either of the two has taken place based on anecdotal evidence on these forums. Despite the fact we might think so, we're not exactly a representative sample of larger trends. 😉

Also, FWIW, Peoples Trust Company has just received or will be taking in a $150-200+ million deposit infusion in the form of deposits from Loblaw Companies Ltd. and George Weston Ltd. related to funds earmarked for their $25 gift card "we're sorry" marketing gimmick (re: their bread price fixing mea culpa - related: is that Latin, too, Loonie, and is my usage, syntax and whatever-you-called it OK? ;)) as they'll be administering funds on the gift cards and handling customer inquiries. 😉

Cheers,
Doug

January 10, 2018
7:06 pm
Loonie
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Spot-on with mea culpa. That's exactly it! And, yes, it's Latin. You never know; maybe all this Latin will help you in your new career!sf-smile

January 10, 2018
8:01 pm
User230
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Rip VanWink said
Like many here, I am in the process of transferring all our money (savings, RRSPs, TFSAs) from Peoples Trust to Hubert as GICs mature. This should be completed by mid year. Peoples rates have not kept up and we do not like that Peoples wants you to call them and go through an identity verification process to do simple internal things like changes to GICs at maturity.

Hubert's phone staff are the best we have encountered and always help solve whatever problem or question we might have. Identity verification is quick and easy with a secret word or phrase that you set up.

Hubert is the only high interest institution that I've found with both savings and GIC options across all account types. Their rates are among the highest, and are the only one with a semi decent $US interest rate (0.75%).

Hubert is not part of CDIC, but have unlimited protection through the Manitoba CU deposit insurance program, including $US. If not having CDIC bothers you, Oaken is a good second, and they just raised their GIC rates today, which are now higher than Hubert or anyone else at the moment. To spread the risk, I split money between Hubert, EQ, and Oaken. Oaken has an 18 month GIC which now pays 2.50%.

I also like Hubert's quarterly cashable 1 year GIC, which pays an increasing rate equivalent to 2.25% annually. I have already cashed some of these out when rates rose to lock in a higher rate. I expect Hubert and everyone else will be raising rates this year, including the Bank of Canada, but whether you agree or not, it is still a good product.

Hubert says on their website that you should mail in RRSP and TFSA transfer forms to pull money from other institutions, but you can also fax or email a signed scan to them. They then fax it to the other institution immediately. Peoples occasionally (rarely) has claimed that they never received one of our transfer forms, but a quick call to Hubert gets it resent and the money flowing. I always check my Peoples account the day a GIC matures there that I am transferring (also to get the exact interest payout). It should disappear from your holdings that day or the next if the transfer was done. It sometimes shows as renewed at the new rate, but if it doesn't disappear within a day or two, call them. The money shows up at Hubert within a few days.  

Try a pull from EQ. Avoid the signing out signing in process of registered accounts (RRSPs etc). I can do it Implicity to EQ. They ask that I contact them but I can just pull. They cant stop it/its automatically pulled as a authorized transaction from the external authorized account.

January 10, 2018
8:22 pm
User230
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A lot of you are saying you went to Hubert after Peoples Trust.

After I closed my Peoples trust account last year. I moved to Implicity. Mainly because it has a savings account that has cheques. Hubert has no cheques.

I don't like managing term deposits. It does look like Hubert has better options for term deposits. It's not a big enough interest to consider it. As it lacks cheques.

People's Trust was very basic. Basic to a fault though.

January 12, 2018
7:55 pm
SavingIsGood
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User230 said
A lot of you are saying you went to Hubert after Peoples Trust.

After I closed my Peoples trust account last year. I moved to Implicity. Mainly because it has a savings account that has cheques. Hubert has no cheques.

I don't like managing term deposits. It does look like Hubert has better options for term deposits. It's not a big enough interest to consider it. As it lacks cheques.

People's Trust was very basic. Basic to a fault though.  

Cheques? I am just wondering - who these days uses cheques? But your situation might be different; pay rent; pay alimony, pay... what?
Hubert's HISA is no better nor worse than any other HISA. Could be +/- 0.5%. Redeemable 1y GIC has no match with any other bank/CU in Canada.

January 12, 2018
8:35 pm
User230
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SavingIsGood said

Cheques? I am just wondering - who these days uses cheques? But your situation might be different; pay rent; pay alimony, pay... what?
Hubert's HISA is no better nor worse than any other HISA. Could be +/- 0.5%. Redeemable 1y GIC has no match with any other bank/CU in Canada.  

People like a paper trail. For example paying people. Leaves a trail. I like trails.

Not every person has a CC machine and I don't like paying straight cash for things because there is no paper trail. I rather pay someone with cheques.

Cheques are needed to open bank accounts and I have test bank accounts once in a while.

I don't generally use cheques.

Mainly I use EQ bank for payee and Implicity for cheques. I have a chequing account without having a chequing account. Two savings accounts are my chequing account and I have all the features of a chequing account available to me.

Not having cheques gives me less options and choices to use my money as I wish. I like having the option to pay with cheques if I choose.

January 13, 2018
4:09 pm
SavingIsGood
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E-transfer (e-interac) leaves trail too, correct?

It all depends on your circumstances. The only time I see real money is at farmer's market, antique market or kijiji deals. No, I have no 'spare change' in my pockets nor banknotes. Just plastic. 1 or 2 no more.

January 13, 2018
5:08 pm
Doug
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Anything leaves a paper trail. You can print your bank statement or transaction receipt and write on what it's for. In a court dispute, the judge would then demand that the plaintiff/defendant turn over their bank statement(s) proving the money didn't go into their account. The only think that doesn't leave a paper trail would be cash and, even then, that's only if they don't put it in the bank. 🙂

Coast Capital Savings has started adding additional information to pre-authorized payments and direct deposits such that, let's say you get a Tangerine free EMT from someone else or pay your son's credit card bill automatically into or out of your bank account, the third party's name registered to that EFT transaction will now show up. At first I didn't like it but I'm getting used to it. 🙂

2018-01-13-17_02_14-EFT-transaction-descriptions-2.png
<--- These are examples of a Tangerine free EMT from myself and/or bank-to-bank transfer from myself. The "third-party name" depends on how it's set up. Note the 2nd one is from the Implicity Financial and was a transaction I "pushed" to Coast Capital Savings, not as a scheduled transfer.

2018-01-13-17_04_01-EFT-transaction-descriptions.png
<--- This is my Scotiabank SCENE Visa credit card pre-authorized payment transaction. Note the odd "third-party name" so it shows it's dependent upon what the payee has set up (in this case, Scotiabank) as the other information. I haven't yet asked Scotiabank what on Earth "KSPADSTO" means. Best I've come up with is that TO means the contact centre that set it up, PADS refers to "pre-authorized debit service" possibly and KS might mean the initials of the contact centre agent that it set up (she had a first name that started with a "K"). Seems logical.

2018-01-13-17_06_52-EFT-transaction-descriptions-1.png
<--- Example of a scheduled or future-dated "pushed" transaction from Implicity and also instant/future-dated "pulled" transactions (if Coast Capital Savings supported bank-to-bank transfers, which, sadly, they do not yet). Note that it uses the name Implicity has set up as my bank name. 🙂

Cheers,
Doug

January 13, 2018
7:24 pm
voodoo22
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Rip VanWink said
you can also fax or email a signed scan to them. They then fax it to the other institution immediately.

This is great to read. I'm looking forward to dealing with Hubert. We need more institutions willing to enable technology to actually improve our lives.

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