107 replies to this topic

[AllseeingEye]

It appears CCS' members have spoken quite decisively and that they (and others for sure including VanCity and FirstWest CU) will be out of the gate first in a bid to go "federal". Almost makes me wish I was still there as that will definitely make for some challenging but exciting times for staff. Good luck to them:

 

http://www.marketwir...ion-2183405.htm

[VicHockeyFan]

Five new domestic banks have been approved by the Ministry of Finance and the Office of the Superintendent of Financial Institutions (OSFI) since the beginning of 2016. There are now 32 Schedule I banks — which are allowed to take deposits that may be eligible for coverage by the Canada Deposit Insurance Corp. — up 40 per cent from 23 banks five years ago. OSFI won’t comment on the applications in progress, but Meridian Credit Union is also undergoing the multi-year, multi-million-dollar process.

 

http://business.fina...itable-business

[Gary H]

So is Royal Bank bucking the trend by RAISING their interest rate on savings accounts?  

 

As we all know, the BOC recently raised their target overnight rate by 0.25% to 0.75%.  All the talk is usually about how this is going to immediately effect borrowing rates and to not expect any increase in savings rates.

 

Well, I just noticed an extra couple of dollars in interest in my "high interest e-savings" account and quickly checked the rate.  Sweet, Royal Bank raised it from 0.50% to 0.65% - I'm goin' to be rich!  

[AllseeingEye]

Not surprising since this has been expected for some months but this decision by FICOM is a significant development nonetheless; congrats to the Coast Capital Savings org and to Don Coulter (CEO) under whose watch this long held goal - almost 20 years - to become a federal credit union, has now finally come to fruition.

 

I had the privilege to work for them for almost 5 years (2003-08) during which time "going coast to coast" was always the underlying goal. It'll be fascinating to see how the CU evolves and whether going forward it can maintain what was an amazing, distinctive corporate & business culture, and all the while continue to differentiate itself and its service offerings from the mainstream banks:

 

http://www.marketwir...se/-2230190.htm

[VicHockeyFan]

. It'll be fascinating to see how the CU evolves and whether going forward it can maintain what was an amazing, distinctive corporate & business culture, and all the while continue to differentiate itself and its service offerings from the mainstream banks:




They accept you money, they charge you fees to move it around. All fair play, but hard to see how ant financial institutions are much different than one another.

[AllseeingEye]

Seriously - you don't understand the differences between a Canadian chartered bank and a credit union? Here you go - this took 3 seconds to punch up on my laptop - Banks vs Credit Unions 101.

 

Note especially the differences in terms of 'profits/profitability', 'ownership' and 'deposit protection'. And this just scratches the surface 

 

http://www.marketwir...se/-2230190.htm

 

When I was at CCS they offered starting in 2005 No Fee Chequing, an award-winning, industry game changer which to that point was unheard of in Canadian financial circles. P*****d the major banks off to no end.....

[VicHockeyFan]

I don't give a fick if my bank holding place makes money.

As long as my money is there after the nuclear attack.

[Mike K.]

Coast Capital also has a notoriously high rate of debit issues, they don't print one-off cheques for their clients and they're not listed as a selectable funding option at major investment/trading portals. And it was only recently that they finally started offering e-transfers.

There's a give and a take with everything, I suppose. But free chequing is nice, and the fact that RBC is involved with Coast's cheque clearing process and such means that at least happens quickly.

[North Shore]

CCS pi$$ed me off years ago when they changed the logo on their credit card from a killer whale to some bland, corporatised colour scheme.  I'd go across the country and get comments about the card wherever I went; not so with the new one..

[AllseeingEye]

CCS pi$$ed me off years ago when they changed the logo on their credit card from a killer whale to some bland, corporatised colour scheme.  I'd go across the country and get comments about the card wherever I went; not so with the new one..

Not the least bit surprising when you think about it: the "whale" was a remnant of Pacific Coast Savings, pre the merger with Richmond and Surrey which resulted in "CC". No way was that going to survive (any more so than did the old Richmond or Surrey Metro Savings CU logos).

[Powerforward]

CIBC’s new banking brand, Simplii, to take over 2 million PC Financial accounts

 

CIBC is launching a new direct banking brand that will absorb some two million customer accounts currently with Loblaw-owned President’s Choice Financial.

Toronto-based CIBC (TSX:CM) has provided the back-end banking services for PC Financial for nearly 20 years but the companies said Wednesday they are going their separate ways.

 

The bank says its new Simplii Financial brand will provide no-fee daily banking through online, mobile and telephone channels in much the same way that PC Financial has offered its roughly two million clients.

 

http://globalnews.ca...i-pc-financial/

[Mike K.]

Island Savings just issued the following. Sounds like the problem is affecting cards from other institutions, too.

ALERT! We are aware that some debit cards and credit cards issued in 2019 are presently being declined at certain merchant terminals. This may affect not only Island Savings cards, but any chip card you may have with any financial institution.

The issue is with merchant point of sale terminals, not the cards. Until this is resolved, we recommend you try using your card's contactless (tap) feature, using Apple Pay or Android Pay on your mobile device, or withdrawing cash at an ATM. We will share updates as we receive more information.

[Citified.ca]

Vancouver-based VanCity Credit Union will be relocating its Fort Street branch to the ground floor of a two-storey building at 1280 Douglas Street adjacent to a newly opened Dollarama. 1280 Douglas Street was formerly used as a bank and as office space.

 

VanCity's planned move to downtown Victoria landmark completes retailer shuffle along 1200-block of Douglas Street

https://victoria.cit...douglas-street/

[Mike K.]

Coast Capital Savings has announced it will close its branches and take down both its online banking and phone banking services at 7PM on Friday, April 8th. Service disruptions, according to Coast Capital, will stretch until the 13th of April.

Debit card and Coast Desjardins VISA services will remain unaffected for purchase, cash withdrawals and deposits (via debit).

Coast Capital is upgrading its banking system, rendering many services unavailable as the upgrade is carried out.

Statement from Coast Capital:

We’re upgrading our banking system to optimize its performance and strengthen our ability to better serve you. This upgrade will require us to suspend our banking system and services starting at 8pm PT on April 8 through to 8am on April 13.

This short-term inconvenience is an investment in future solutions and enhancements. We’ve done our best to minimize the impact on you and appreciate your understanding.

How to access your money.

During the outage, you will still be able to use your debit card to make purchases. You can also use your debit card at ATMs to withdraw cash and to deposit cash or cheques. You can also still use your Coast Capital Desjardins VISA card.

[Victoria Watcher]

During the outage, customers will not be able to log into Coast Online Banking, the Coast Mobile Banking app and Coast Online Business Banking. 

 

Branches will also not be able to be reached by phone.

 

 

 

 

 

Sounds like that's enough time for all of the board and their families to get to the non-extradition-treaty country of their choice.  With your billions.    

 

Edited by Victoria Watcher, 07 March 2022 - 08:17 AM.

[rjag]

The Coast Capital outage sounds hinky. They were my customer for 25 years as well as ISCU and pretty well all the other financial institutions.

 

ISCU had a mirror system off-site at our facility as well as a redundant system at another location. Coast have a similar setup with another provider but also housed hard backups at our facility as a 4th layer of protection. This means if the primary systems are down the secondary system switches instantly as its a mirror, the tertiary redundant system is available with a few hours notice. This allows the bank to take the primary servers off-line for maintenance and upgrades etc. Once they are done and proved then the secondary systems are upgraded and tested. 

 

ASE was in the Coast IT world so he'd also be familiar with this. 

 

I have never in 30 years of my career hear or know of any financial institution to take ALL their systems off-line like this for such an extended period. To leave customers completely in the dark is very very strange. 

[Nparker]

Coast Capital Savings 4.5 day shutdown was supposed to be over at 8:00 AM today. It seems as though they haven't got all the bugs worked out yet.

[spanky123]

^ Pulled all my money from them last year. Had my own issues with them and not surprised by these ones.

[Nparker]

They are slightly closer to having online banking up and running (no, I did not grey-out anything on this screen snip).

[Victoria Watcher]

This is a screen-grab this morning from a webcam I follow in Cuba.