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Wealth One Headlines
February 23, 2023
7:03 am
mechone
Ontario
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Headline in Globe and Mail bank has been under investigation by CSIS since 2021 with ties to China. National security risk

February 23, 2023
7:13 am
Bill
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Not surprised, I always assumed my monthly statements took so long because my info had to go through The Boss first.

February 23, 2023
9:30 am
Dean
Valhalla Mountains, British Columbia
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mechone said

Headline in Globe and Mail bank has been under investigation by CSIS since 2021 with ties to China. National security risk  

Sadly, it appears only paid-up subscribers can access the G&M article . . .

And so far, I haven't been able to find any other news outlet that's carrying this story. Maybe that'll change in a few hours.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

February 23, 2023
9:33 am
Bill
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February 23, 2023
9:36 am
Dean
Valhalla Mountains, British Columbia
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.
Well done , Bill. sf-smile

One of the many 'Eye-Opener' quotes from the article linked in Post #4 . . .

    "The shareholders are also facing allegations from other Canadian financial institutions that they engaged in money laundering, according to a letter Ms. Freeland sent to the three individuals late last year."

.
Glad I don't have any money there ❗

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

February 23, 2023
9:37 am
savemoresaveoften
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Slightly off topic, are their T5 electronic or paper copy ?

February 23, 2023
11:00 am
RetirEd
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Rumors have circled Wealth One since the initial startup, and that fund-raising dinner with government celebrities. So far, nothing worrisome has come of these investigations.

Except, perhaps, that they are a real shoestring operation.
RetirEd

RetirEd

February 23, 2023
12:37 pm
AltaRed
BC Interior
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It probably should not be surprising. Beware of who you get into bed with.

February 23, 2023
1:23 pm
Canadianbull
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savemoresaveoften said
Slightly off topic, are their T5 electronic or paper copy ?  

Loonie should be able to answer of your question.

I received an email 2 days ago that they will honor me 5years@ 5.28% because I opened the account before the rates were changed. This might be just a political issue but this article will impact the institution reputation. After reading the article I have decided not to deal with these guys. I already have established that they have very limited staff who is looking after a massive operation. This is why things are super slow.

February 23, 2023
2:30 pm
Dean
Valhalla Mountains, British Columbia
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.
It's beginning to look like the recent goings-on at the WOBoC 'may' be part of a much bigger picture ... Communist China espionage in Canada ❗

One of the many disturbing quotes from the CSIS Report mentioned in that linked G&M article . . .

    “This is a realistic threat that all our partners are facing. It is not just about electoral interference. It is multipronged,” said national-security expert Akshay Singh, a fellow at the Council on International Policy. “It’s about different levels of government. It is about academia. It is about civil
    society, and it is about private enterprise.”

.
And among other things, I'm beginning to wonder if this is part of the reason the WOBoC has yet to turn a profit.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

February 23, 2023
5:48 pm
dommm
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savemoresaveoften said
Slightly off topic, are their T5 electronic or paper copy ?  

I downloaded mine from their web site.

February 23, 2023
9:12 pm
Bruford
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Wealth One Bank of Canada is a CDIC member institution.
Eligible deposits are protected up to $100,000 per category.

Your money is safe.

February 24, 2023
7:54 am
toto
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i have 3 gics there, but glad they are all insured

February 24, 2023
8:32 am
Alexandre
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Bruford said
Wealth One Bank of Canada is a CDIC member institution.
Eligible deposits are protected up to $100,000 per category.

Your money is safe.  

Correct me if I am wrong, but I thought CDIC only insures GIC principal and not interest.

February 24, 2023
8:45 am
savemoresaveoften
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Alexandre said

Correct me if I am wrong, but I thought CDIC only insures GIC principal and not interest.  

principal plus accrued interest

February 24, 2023
9:17 am
Loonie
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...which means that, when you buy a GIC, you need to include anticipated accumulating and compound interest when deciding on the principal to be invested.

February 24, 2023
10:04 am
Bill
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Safety of my money is not a reason it's leaving Wealth One.

February 24, 2023
10:22 am
HermanH
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Yeah, I forgot to account for any accrued interest. Oh, well. I'm committed for the next 4 years. No point crying over things I cannot change.

February 24, 2023
3:34 pm
Alexandra
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HermanH said
Yeah, I forgot to account for any accrued interest. Oh, well. I'm committed for the next 4 years. No point crying over things I cannot change.  

Herman...if you elected to have interest compounded and you are worried about interest accumulation, you can phone them and they will change the instruction to interest paid out annually. It may help to alleviate some anxiety?sf-laugh

February 24, 2023
5:32 pm
HermanH
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Alexandra said

Herman...if you elected to have interest compounded and you are worried about interest accumulation, you can phone them and they will change the instruction to interest paid out annually. It may help to alleviate some anxiety?sf-laugh  

Thanks for the suggestion. My first annual maturity date is May, so I sent an e-mail message asking if it would be possible to change the instructions from compound to annual payment. No response, yet.

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