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New account opening experience
September 22, 2022
7:59 am
savemoresaveoften
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A very quick and pleasant experience overall !

Did it online which took about 5 mins max. Asked the relevant questions that are needed for account opening. They also did credit check quiz and no need to send it any supporting documents with ur address, etc.
Once done, get email confirmation a "real person" will finish up the process and get back to me.
After 2 business days, received a personal email to fund the account, which can be done using the mobile app, or the old school mailing in a check. Did the mobile app check deposit and that completed the account opening.
The mobile app they use looks the same as some of the other CUs (e.g Pace CU which is now history).

Overall painless, does not require going to a post office like Tangerine, or other CUs that requires mailing in utility statements or driver licence copy etc.

However give its a small player, intention is to stay within the CDIC limit.

Thanks Rodeworthy for confirming its a pleasant experience, which prompted me to open an account (eyeing their GIC promos at the moment)

September 22, 2022
11:04 am
rodeworthy
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SMO, I am very pleased that worked out for you. I have a soft spot for FI's that offer good old-fashioned pleasant service and treat all clients the same. Wealth One Bank qualifies in that regard. Achieva Financial is another.

Ironically, I had to use WOB HISA deposits to fund my September GIC purchases at other FIs. At the time their interest rate was 2.6% and that was the break point for me to use funds for other purposes. Two days later their HISA rate raised to 3.0% and now we have their Autumn Festival rates for GICs. Their 1-year rate @ 4.68% is in the running for my October purchase and I am pleased to park money there at 3.0% until that time. So I am moving money back into WOB.

This is a great forum to keep us all apprised of what is going on in High Interest Savings. I am pleased that my contribution was useful to you. Happy Savings!

September 22, 2022
1:41 pm
anita555
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I asked for a video meeting which they confirmed right away for the following day.
They stated they would send me the link.
The meeting time passed and i received no link.
I called the toll free number, and they stated that they do not have the capacity to do a video link. Why they confirmed that I had one, is beyond me.
I know I will pass on this institution. very bad first contact.

September 22, 2022
2:43 pm
canadian.100
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savemoresaveoften said
A very quick and pleasant experience overall !

However give its a small player, intention is to stay within the CDIC limit.

It is not that it is a small player that would cause me a problem; it is that WOB is still not profitable. Refer to the 2022 Financial Statements on the OSFI site and the bottom line is still a LOSS. That causes me a problem and why I would not exceed CDIC for this FI in particular.

September 22, 2022
2:57 pm
Loonie
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If they should go broke, anyone who bought W1's five year GIC at 2.88 last Fall will be very happy - within CDIC limits of course. They will get their money back and can start over again at better rates.

September 22, 2022
4:28 pm
canadian.100
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Loonie said
If they should go broke, anyone who bought W1's five year GIC at 2.88 last Fall will be very happy - within CDIC limits of course. They will get their money back and can start over again at better rates.  

Yes - that 2.88% for 5 years is a downer but very good for WOB. I doubt WOB will go broke, but in the unlikely event they do not survive, I would expect OSFI would broker a deal and one of the Big Six would take over (the net assets) "at a bargain price" subsidized if necessary by the Govt.

September 22, 2022
5:48 pm
HermanH
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I fell for the trap at 2.88% but, to their credit, W1 was kind enough to let me re-purchase at 4.25%. Unfortunately, they would not let me repeat the re-purchase at 5%. sf-cry

September 22, 2022
8:01 pm
Romnea
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HermanH said
I fell for the trap at 2.88% but, to their credit, W1 was kind enough to let me re-purchase at 4.25%. sf-cry  

How long after did they let you re-purchase? Would they allow over a month later.

September 22, 2022
8:15 pm
Loonie
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I don't yet foresee W1 going broke either. I also don't see the gov't bailing them out if they did.
But, yes, there's usually a bigger bank ready to scoop up the crumbs for a song. They may have to work on their Mandarin though if they want to get good use out of this customer list.

September 22, 2022
9:02 pm
HermanH
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Romnea said

How long after did they let you re-purchase? Would they allow over a month later.  

I fell for the honey trap in Sept 2021 and was able to re-purchase in May 2022. I sacrificed any accrued interest, but was still ahead of the game. Alas, I should have waited until rates rose to 5% before asking. Oh, well. sf-cry

September 23, 2022
4:31 am
savemoresaveoften
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anita555 said
I asked for a video meeting which they confirmed right away for the following day.
They stated they would send me the link.
The meeting time passed and i received no link.
I called the toll free number, and they stated that they do not have the capacity to do a video link. Why they confirmed that I had one, is beyond me.
I know I will pass on this institution. very bad first contact.  

Sorry to hear that. The only ‘slack’ I experience is their app still list Markham having a branch, which I believed have been closed for at least a year if not more.

Re safety with them, I will only do 1-2yr GIC and also make sure accrued interest stay within limit. Does CDIC protects all accrued interest or only the month end print ?

September 23, 2022
5:55 am
Greedy Guy
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savemoresaveoften said
Sorry to hear that. The only ‘slack’ I experience is their app still list Markham having a branch, which I believed have been closed for at least a year if not more.

Re safety with them, I will only do 1-2yr GIC and also make sure accrued interest stay within limit. Does CDIC protects all accrued interest or only the month end print ?  

Markham office was closed/integrated into North York office on April 1, 2021:

https://www.wealthonebankofcanada.com/Documents/Markham-Office-Move.pdf

September 27, 2022
9:48 am
Greedy Guy
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savemoresaveoften said
Sorry to hear that. The only ‘slack’ I experience is their app still list Markham having a branch, which I believed have been closed for at least a year if not more.

Re safety with them, I will only do 1-2yr GIC and also make sure accrued interest stay within limit. Does CDIC protects all accrued interest or only the month end print ?  

The Markham branch has been closed physically. However Markham branch is open virtually as some clients still sign in via Markham branch!

September 27, 2022
2:48 pm
savemoresaveoften
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Greedy Guy said

The Markham branch has been closed physically. However Markham branch is open virtually as some clients still sign in via Markham branch!  

for legacy purpose, got it. Guess its cheaper than to update those Markham branch client to North York in the system 🙂

September 27, 2022
3:02 pm
Loonie
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They may be thinking of opening another Markham branch later , when business improves. There is a large Chinese population in the location they had earlier.

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