Consider Wealth One | Wealth One Bank of Canada | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Consider Wealth One
October 11, 2020
12:22 am
RetirEd
Member
Members
Forum Posts: 129
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

I'm once again considering moving some cash to Wealth One, as I'm at my CDIC limits and their rates are usually among the best.

I've inspected their web site and compared it to the posts here on CHISA. there appear to have been some changes - even their own site seems behind on info, though I would never act on anything without confirmation from someone live and a follow-up printed confirmation.

For me, I want:

-No requirement to initiate or use on-line banking

-Live telephone service (ideally the longest hours possible)
They seem to have increased their hours to 8am-8pm EST and also 10am-4pm Saturday - though their web site still shows shorter hours not serving west coast clients very well.

-Automated telephone service when no live service is possible
anyone know?

-Regular, free printed statements
anyone know?

-No-fee PADs
looks good, with up to 3 links and fast transfers

-Accessible bricks-and-mortar office
Their addresses have changed - downtown Hastings (no parking), then North Shore (a 40-minute minimum ride at full motorcycle speed with no Lion's Gate bridge traffic) and now Richmond. The latter is pretty good for me - a 20-minute manic motorcycle ride (hey, that's half the fun, eh?) when traffic's not hell, and they have parking.

I do my daily banking through a credit union (no fees for over-55 clients), and have a variety of GICs, high interest savings accounts and the like at other banks, so I really only need good rates and accessibility. At least this year, I won't be wanting to park more than $25K there.

Other than the Chinese connections, what more should I be looking at?
-RetirEd

October 11, 2020
1:02 pm
toto
Member
Members
Forum Posts: 262
Member Since:
August 17, 2010
sp_UserOfflineSmall Offline

They are excellent. I especially like the speed of their electronic transfers. I feel fortunate that I bought 3 large gics from wealth One when rates were good, and I went long.

October 11, 2020
5:06 pm
Loonie
Member
Members
Forum Posts: 7130
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

They have or had a branch in Markham Ontario as well, maybe others. The Markham one was in a strip mall, with parking. I drove past it once, just to see where it was located.
I have no experience with them.

October 12, 2020
7:49 am
Nehpets
Ontario
Member
Members
Forum Posts: 759
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

Loonie said
They have or had a branch in Markham Ontario as well, maybe others. .....
I have no experience with them.  

It appears they still do, according to the login choices that include Markham, North York, Vancouver and a new option "broker" of which I don't know the significance.

I dealt with them when they first came on the scene, when they offered higher than average deposit rates, but those tapered off with time; although their current 1.60% rate for HISA puts them slightly higher than Motive's 1.55%, but lower than other current promos.

My experience there was that service was attentive and accurate, with the option to speak to a management person if and when additional information was needed. I would not hesitate going back there if rates became worthwhile.

Stephen

October 12, 2020
3:53 pm
Loonie
Member
Members
Forum Posts: 7130
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

At one point the North York location was closed. Perhaps they re-opened or re-located. I recall that the info on the website at that time was confusing re: that location.

I have nothing against them but I wouldn't hold my breath on their current HISA rate!

October 17, 2020
8:32 pm
RetirEd
Member
Members
Forum Posts: 129
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

Thanks, guys. It appears that only the Richmond office is still open in BC.
RetirEd

October 18, 2020
10:08 pm
Vatox
Member
Members
Forum Posts: 902
Member Since:
October 29, 2017
sp_UserOnlineSmall Online

The current login options are shown..044C6D0C-F9AE-437F-8477-224CF281552A.jpeg

October 22, 2020
5:13 am
RetirEd
Member
Members
Forum Posts: 129
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

Let me be clearer - I was saying that OF THE OFFICES IN BC, only the Richmond one appears to still be open. I was not speaking of other cities, so don't panic, folks.
RetirEd.

October 30, 2020
12:21 pm
RetirEd
Member
Members
Forum Posts: 129
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

I've checked out the Richmond, BC, office of Wealth One.

I can confirm it is the only one operating in BC at the moment.

Now, the outfit is CDIC insured and their offers are pretty competitive. At the moment their saving account pays 1.5% (no guarantee for the future) but UNTIL OCTOBER 31st they have a 1-year GIC at 1.88%. Act fast!

Otherwise, the firm seems rather minimal and small, one might even say dinky. Their office is at the far end of a snaky corridor on the second floor of a building by the Bridgeport crossing to the airport. Research before you try to find it. The man I met said I was the only person who'd ever found it on their own - he usually had to go down to the corner and lead people in!

They have three small offices adjacent but not seeming connected, and he was the only staffer I saw; they do use another financial institution to hold funds and process services to them sometimes. He offered that most of his work was lending, not taking deposits, but he was willing to use paper forms and avoid any web reliance.

Their head office back east closes at 5pm PST M-F and 1PM Saturday, and they aren't quick to answer the phone. They didn't seem to have any queuing system and just said to leave a message and they'd call back. For a non-on-line-banking client like me, that would be a deal-breaker, but when they called back they gave me the mobile number for a rep in BC. I don't know if he is the only employee, but there are not many, and he said he's sometimes out of the office but I can use his mobile.

Since I only want to have GIC, savings account and money-moving PAD/PAD functions, that's okay for me. What might happen if staff changes I can't say, but as a last resort CDIC stands ready.

Their office brochures were dated 2016 and show outdated contact info. I can't say anything about their web presence because I don't use it; others have pointed out that it, too, is often outdated, but I never trust anything on the web anyway without talking to someone and getting their name. The staff member I met did seem bright, understanding of my needs and preferences and empowered with plenty of flexibility. I went for it.
RetirEd

October 30, 2020
5:26 pm
Loonie
Member
Members
Forum Posts: 7130
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

"Dinky' and "minimalist" can sometimes look like the same thing.
In any event, I can't imagine they function on one employee in BC office. Periodically, that guy is going on vacation, getting sick, etc. My guess is that there are others working from home if not in person right now. They are obviously not depending on "walk-in" clients!
They really should keep their website updated though.

December 5, 2020
6:57 pm
RetirEd
Member
Members
Forum Posts: 129
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

A month later, I can report only disappointment with Wealth One, and while I will let the 1-year 1.88% GIC play out, I have removed all other funds from them.

The local representative, working in this pandemic time, has been helpful and co-operative in every way, but Corporate has not.

Their brochures and web info are out-dated and contradictory. They don't always answer their phone at the Customer Service Line (CSL) during business hours. (I can accept that the local Vancouver office is being handled by a pandemic-housebound agent using a mobile phone and sometimes has to get back to me, but not their CSL!)

I went to Wealth One for two things:
-no need to go on-line
-free monthly statements

Weeks after creating the GIC, when I had opened and linked my savings account, I asked them to mail me a link form to open a link on the other institution (where business hours are longer). The Customer Service Rep (always the same one, and very polite and helpful - despite probably using a headset because I often have to ask them to repeat things) told me there was a $5.00 fee for ANYTHING mailed to me, and I had to go to E-mail or on-line.

Citing the local agent's promise, I was passed to a manager who played bad cop and acted as if I was a Problem Client. That person said there was a full list of fees on their web site, though I pointed out I was not an on-line user and had been briefed directly by the local agent, who had answered my detailed questions satisfactorily. I added that their web site contradicted itself in many places, as well as being outdated in others. The brochures I received had not mentioned that fee either, and the local agent had already mailed me numerous items without fees - application forms, GIC registration and even a very nice hand-written welcoming letter.

The manager offered only to cancel and refund my GIC without interest, saying their business model was necessary to provide me their "high" interest rates (1.88% GIC and 1.5% HISA) despite having close to the CDIC limit on deposit. Thus I'd lose the advantage of the bonus offer after all the time and effort I'd put into setting up the GIC, accounts and links, including a visit to their office in Richmond. I guess that helpful local agent will be getting an earful from Corporate. Oh - and they put a 10-day hold on transferring out from the savings account despite my already having many times that in the GIC!

I'd also read their Terms&Conditions document - and it's laughably one-sided! It reads like something from Apple or Facebook!

As usual with on-line banking, they specifically warn (page 9 of 12) that E-mail is not secure and confidentiality and reliability is Not Their Problem. But they go on to note that:

-They use third-party service providers which they do not control, some of which will store and process data outside Canada. (The US? The People's Republic of China?!) (Page 2/12)

-Their web site will collect information about our computers, operating systems, browsers, browsing history(!), IP address, last web page visited, time on pages, search terms, device details including device settings(!) "and other statistics." (page 4/12)

-Their web site will use cookies, web bugs (AKA web beacons, trackers or invisible pixel icons) (page 5/12)

-Wealth One will collect a great deal of personal information, though we can refuse some of it. Get this, though: "age, weight, height, medical history, physical exams, vital signs, RACE(!!), laboratory results, drug levels, adverse events/reactions to medication and insurance claim history including instances of decline, termination, complaints and/or litigation." (page 7/12) Some of this is appropriate for customers getting loans or insurance, but not everyone.

A couple of other sloppy practices:
-They MAILED my on-line password (which I'd asked not to have) in a letter with considerable other information (though not my actual account number, thankfully)
(They did change it and not tell me the new one, and disable the on-line access, when I asked the Corporate agent to.) Fortunately, I have through-the-door mail delivery. Tough on victims of Supermailboxes, though.

-When verifying a caller, they habitually ask my Social Insurance Number, though they don't insist when I refuse to say it on the phone (all calls are of course recorded, and the logs are available to bank staff).

Okay, I supposed that I was not affected by those on-line intrusions because I'm not a web customer, and wasn't trying to borrow money or get insurance, but on page 3/12 they say they may revise their agreement at any time, INCLUDING RETROACTIVE CHANGES, and will only notify clients by E-mail or posted on the (sloppy, outdated and inaccurate) web site! It's the client's responsibility to constantly check for web site changes.

I know many other businesses are starting to include language like this in their T&Cs, but I don't do business with them. Sayonara, Wealth One - after I get my 1.88%.

Maybe we should start a forum or thread for comparing onerous Terms & Conditions?
RetirEd

December 5, 2020
9:39 pm
Loonie
Member
Members
Forum Posts: 7130
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I agree that the T&C are uncalled-for and unacceptable. But what I want to know is how, in the end, does one avoid them and use the internet? or do anything for that matter?

Virtually every site I go to says they have cookies, and I have no choice about them. On one occasion, I read the T&C, and they were scary, so I didn't accept them, but most don't give you that level of detail. We have very little privacy any more, really.
I remember reading several years ago that only one of the Big Five was still doing all its info processing or storage etc in Canada, and by now probably none of them are. It was all in the US at that time.

All indicators are that we are moving towards cashlessness and eliminating cheques. AltaRed said recently that this is the position of the Cdn Bankers Association - they want it. And AltaRed, a bank stockholder, also wants it. I don't want it but I will have no choice, it seems. When that happens, every solitary financial transaction will be a matter of record accessible to goodness knows who, and probably accessible to at least one foreign government.

Our leaders are asleep at the wheel or don't really care about our privacy. I think the latter, maybe both.

I don't know how old you are, RetirEd, but there is a possibility that in due course you might as well go online because you will have no privacy regardless. That is basically the position I have come to, but not happy about it.

January 12, 2021
10:14 am
WealthONE Bank
Newbie
Members
Forum Posts: 1
Member Since:
January 7, 2021
sp_UserOfflineSmall Offline

Dear RetirEd,

We appreciate your feedback and apologize that you’ve experienced some disappointment in your recent transaction with us. WealthONE Bank is continually investing in ways to best serve our customers to ensure that their online banking experience is easy and enjoyable. Our customer service staff take great pride in meeting and exceeding the needs of our customers and we will continue to be accountable to the highest standards. Wealth One Bank of Canada is a Schedule 1 Canadian Bank, a member of the Canada Deposit Insurance Corporation (CDIC) and deposits are eligible for CDIC insurance.

January 14, 2021
7:55 am
RetirEd
Member
Members
Forum Posts: 129
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

Does anyone think that last message meant anything?
There's certainly no effort to correct anything.
-ReitrEd

January 14, 2021
8:42 am
Vatox
Member
Members
Forum Posts: 902
Member Since:
October 29, 2017
sp_UserOnlineSmall Online

RetirEd said
Does anyone think that last message meant anything?
There's certainly no effort to correct anything.
-ReitrEd  

It does mean something! I completely get it!
Hilarious! Lmfao
sf-wink
sf-smile

January 14, 2021
4:05 pm
Loonie
Member
Members
Forum Posts: 7130
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

A masterpiece of BS.

Has Peter confirmed the source?

January 15, 2021
8:48 am
dougjp
Member
Members
Forum Posts: 272
Member Since:
January 9, 2011
sp_UserOfflineSmall Offline

Please confirm it was a spoof/hack/joke.

January 15, 2021
8:54 am
Peter
Admin
Forum Posts: 1215
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

I have no reason to believe that was not actually from Wealth One.

January 15, 2021
10:06 pm
Loonie
Member
Members
Forum Posts: 7130
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Well, then...
sf-surprisedsf-laughsf-laughsf-laughsf-laughsf-laughsf-laughsf-laughsf-laughsf-laughsf-laughsf-laughsf-laugh

January 20, 2021
5:01 am
RetirEd
Member
Members
Forum Posts: 129
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

Well, if it IS real, it seems to mean, "Screw you!"
RetirEd

No permission to create posts

Please write your comments in the forum.