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Wealth One Prosperity Rate 5yr @ 2.88%
September 21, 2021
8:11 am
Loonie
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COIN said
The guy from Wealth One said they only offer a savings account, no chequing. Does this mean EFT is the only way to move money in and out?  

Either he was wrong or their website is.
https://www.wealthonebankofcanada.com/Personal/Rates/Savings/

https://www.highinterestsavings.ca/forum/wealth-one/chequing-account/

September 21, 2021
9:10 am
Alexandra
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savemoresaveoften said

if thats the case, I wont consider that name at all. How are you going to move $100k when GIC matures....

Wire transfer will be $30+ fee and its a PITA  

I had no trouble accessing my accounts on line with them this morning.
Number one: you open a savings account with them along with linking a bank for transfers. I have my CIBC chequing account as the link.

When a GIC matures it goes into your Wealth One Savings account. From there you transfer the funds if you want to your linked account. There is no fee to do this period.

Their savings account alone pays 1.25%. It has been at that rate since I opened my account.

When I have transferred funds from my savings account with them to my CIBC account it has taken just a day or so. I have no holds on any of my CIBC accounts so once it is in that account I can do what ever I like with the funds immediately.

September 21, 2021
9:50 am
COIN
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Here is an extract from the Wealth One email I received yesterday.

"Yes, it is a savings account. We do not offer chequing accounts at this time. "

September 21, 2021
10:07 am
savemoresaveoften
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Alexandra said

I had no trouble accessing my accounts on line with them this morning.
Number one: you open a savings account with them along with linking a bank for transfers. I have my CIBC chequing account as the link.

When a GIC matures it goes into your Wealth One Savings account. From there you transfer the funds if you want to your linked account. There is no fee to do this period.

Their savings account alone pays 1.25%. It has been at that rate since I opened my account.

When I have transferred funds from my savings account with them to my CIBC account it has taken just a day or so. I have no holds on any of my CIBC accounts so once it is in that account I can do what ever I like with the funds immediately.  

got it. As long as it can be linked to an outside FI, thats all good.

For example HSBC does not allow link to another FI, to move money in and out is a PITA.

September 21, 2021
10:43 am
HermanH
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savemoresaveoften said got it. As long as it can be linked to an outside FI, thats all good.

For example HSBC does not allow link to another FI, to move money in and out is a PITA.  

True, but HSBC allows outside links into HSBC. Thus, when you use an outside link to pull money out of HSBC, the funds must wait 5 days in hold.

September 21, 2021
2:30 pm
savemoresaveoften
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HermanH said
True, but HSBC allows outside links into HSBC. Thus, when you use an outside link to pull money out of HSBC, the funds must wait 5 days in hold.  

I assume big5 does not allow outside links to HSBC ? My reg bank is CIBC

September 21, 2021
2:38 pm
Loonie
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COIN said
Here is an extract from the Wealth One email I received yesterday.

"Yes, it is a savings account. We do not offer chequing accounts at this time. "  

He's probably wrong. More hoops would have to be jumped to list a chequing account on their website than for him to write emails.
Why don't you point out the web page to him?

September 21, 2021
5:20 pm
Bill
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Maybe they're no longer offering chequing accounts at this time, as email said. If you go in under Personal or Products and Services there's no indication of a chequing account available. The link that indicates there is a chequing account is under Rates, dated May of this year, so maybe they stopped offering new ones recently - ? Probably have to phone them, ask why there's reference to chequing account under Rates if these accounts are not available.

Yes, thanks, but I do get that TSX investing and GICs have pretty much zero to do with each other, I was just kinda kidding about the bad market day that was happening, that you can choose to lose either with gics or stocks, haha.

September 21, 2021
5:57 pm
HermanH
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savemoresaveoften said I assume big5 does not allow outside links to HSBC ? My reg bank is CIBC  

I do not know about other banks, but I use Tang to push/pull money from HSBC.

September 21, 2021
6:14 pm
Norman1
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savemoresaveoften said

I assume big5 does not allow outside links to HSBC ? My reg bank is CIBC

CIBC and the other Big Banks call them Customer Automated Fund Transfers (CAFT).

Ability to originate CAFT's were traditionally offered to business banking accounts and not to personal accounts.

September 22, 2021
3:41 am
RetirEd
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Alexandra:

I haven't spoken to them since before January, but the Hastings Street address for Wealth One seems to be a hangover from long ago that hasn't been completely scrubbed from their web site or printed materials. When I bought a GIC last October (1 year at 1.88% - note the lucky eights) I had to go to Richmond (where they have free parking). That was the only branch, and they were not planning to re-open any others.

Parking is impossible on Hastings Street, and the City of Vancouver imposes a hefty tax on commercial parking spaces, which the City of Richmond does not, I understand.
RetirEd

September 22, 2021
10:46 am
Bill
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I'm not buying anyway but there's no option for yearly interest payments, it says "For GICs with a term of more than one year, interest is compounded on each anniversary date of the GIC and then paid on the maturity date."

September 22, 2021
10:52 am
HermanH
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Bill said
I'm not buying anyway but there's no option for yearly interest payments, it says "For GICs with a term of more than one year, interest is compounded on each anniversary date of the GIC and then paid on the maturity date."  

I just called Wealth One and the annual payment of interest is certainly possible. He offered me both options, annual payment or compounded.

Unfortunately, I was told that I can only purchase up to 100K GIC for CDIC coverage. A second joint 100K GIC under my name (even with the 2nd joint holder name on it) would not qualify for additional CDIC coverage. The 2nd name needs to have the GIC under their separate name. Joint holder names can be added but, apparently, only the primary can get CDIC coverage. sf-frown

September 22, 2021
11:10 am
savemoresaveoften
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September 22, 2021
11:13 am
Bill
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Always pays to call, it appears, HermanH. Though hope the info re interest payment options is accurate, that info re CDIC coverage for joint GICs seems dubious to me (maybe what he really means is they don't offer joint GICs - ?). Why don't you check the CDIC site, that's where the truth is?

September 22, 2021
11:38 am
gicjunkie
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savemoresaveoften said
https://www.google.com/maps/place/Wealth+One+Bank+of+Canada/@43.7635114,-79.5431595,11z/data=!4m8!1m2!2m1!1swealth+one+bank!3m4!1s0x882b2db92af118f3:0xcab36c416981952f!8m2!3d43.7635114!4d-79.4030838

https://www.google.com/maps/place/280-2899+No.+3+Rd,+Richmond,+BC+V6X+2B2/@49.1922402,-123.1319427,17z/data=!3m1!4b1!4m5!3m4!1s0x548674dfb333bddf:0xdb1e56efc51951c2!8m2!3d49.1922402!4d-123.1297541

These are the 2 addresses they show under Contact Us page. No Markham ?
Not sure I trust them if they cant even get the correct info on their own web page....  

First of all, their Markham branch was closed. They operate out of the Sheppard Avenue east office in Toronto.

Second, under CDIC rules, joint ownership of a GIC exists as a separate qualified investment for insurance purposes. We pretty much all agree on that
and the company representative that was quoted and said otherwise was mistaken.

September 22, 2021
1:15 pm
Alexandra
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Wealth One Bank is insured under CDIC. Check out CDIC insured banks....it is there.
"Since its creation in 1967, CDIC has handled 43 failures affecting over 2Million depositors. NO insured depositor has lost a single dollar under CDIC protection"

Seems like some are just looking for a problem. Just go with the big 5.

September 22, 2021
2:46 pm
Loonie
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Looks like the Markham retail branch really has closed. Too bad. Thus, the info I gave in #15 above was out of date.

Does anyone know if the Shappard one is a retail branch? It would appear they have abandoned the retail branch idea as there is no mention of being able to open an account in person.
https://www.wealthonebankofcanada.com/Personal/BecomingAClient/

Perhaps the chequing account was a feature of the retail branch?

https://wealthonebankofcanada.com/Personal/AboutUs/ContactUs/ shows the two "offices":

170 Sheppard Ave E., Suite 500, Toronto

280-2899 No. 3 Rd., Richmond BC

Bank employees shouldn't be relied upon to interpret CDIC rules. Ask CDIC if unsure.

There are adidtional references to the chequing account here:
https://www.wealthonebankofcanada.com/Personal/BecomingAClient/ServiceFees/

September 22, 2021
4:05 pm
HermanH
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Thanks for the CDIC suggestions. I will contact them directly to be certain, even though Alexandra is probably correct in that it will never be needed. 🙂

September 22, 2021
4:43 pm
Vatox
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As long as this information is attached to the holdings, it is covered. So $100k for you and $100k joint.

To be eligible for separate coverage as a joint deposit, the following information must appear on the records of the CDIC member institution holding the funds:

a statement that the deposit is owned jointly;
the name and address of each of the joint owners.

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