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Banks and Credit Unions


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#21 AllseeingEye

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Posted 14 December 2016 - 08:21 PM

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



#22 VicHockeyFan

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Posted 10 March 2017 - 10:11 AM

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


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#23 Gary H

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Posted 02 August 2017 - 09:42 AM

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!   :lol:


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#24 AllseeingEye

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Posted 14 August 2017 - 09:03 PM

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


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#25 VicHockeyFan

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Posted 14 August 2017 - 09:20 PM

. 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.
<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#26 AllseeingEye

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Posted 14 August 2017 - 09:44 PM

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.....



#27 VicHockeyFan

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Posted 14 August 2017 - 09:47 PM

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

As long as my money is there after the nuclear attack.
<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#28 Mike K.

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Posted 15 August 2017 - 05:46 AM

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.

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#29 North Shore

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Posted 15 August 2017 - 10:59 AM

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..


Say, what's that mountain goat doing up here in the mist?

#30 AllseeingEye

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Posted 15 August 2017 - 03:11 PM

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).



#31 Powerforward

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Posted 16 August 2017 - 05:32 PM

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/



 



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