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Author Topic: Credit Unions
Wilf Day
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posted 27 August 2004 11:51 AM      Profile for Wilf Day     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by audra trower williams:
I'm not a member of my local credit union because they treated me like jerks.

This deserves its own thread. Has any one else had such a problem?

Since credit unions are owned and controlled by their members, who elect the credit union board at the AGM like any democratic organization, I've never heard anyone say that about our community credit union. However, I've heard that some credit unions are trying to masquerade as commercial enterprises for some weird reason, likely an empire-building manager.

Credit unions can be as vital to empowerment and community self-determination as unions. Does anyone have any tips or horror stories?


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beverly
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posted 27 August 2004 11:57 AM      Profile for beverly     Send New Private Message      Edit/Delete Post  Reply With Quote 
I haven't had any problems with my credit union. The cost to interact is horrendous but that's because (as it was explained to me) they would rather have you come in and talk to a teller. Friendly folk ..... So I have had to get more used to cash. -- which might not be a bad thing considering with interact big brother could certainly find out where you have been and what you have been doing.
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skdadl
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posted 27 August 2004 12:36 PM      Profile for skdadl     Send New Private Message      Edit/Delete Post  Reply With Quote 
I have really needed the convenience of bank automation for a few years now. Are there credit unions that can let me do things on my computer, as the banks do?

I would like to be friendly and co-operative too, but I haven't been living in a world that works that way for some time, and sheer safety has meant that I need the banks, or at least that is how it has seemed to me.

I'm very interested in hearing about good credit unions, mind. One day I may be able to relax into one.


From: gone | Registered: May 2001  |  IP: Logged
'lance
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posted 27 August 2004 12:58 PM      Profile for 'lance     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Are there credit unions that can let me do things on my computer, as the banks do?

Our credit union, VanCity, is as computerized as any bank -- to the extent that when we moved here, we didn't bother getting accounts at the local equivalent, Calgary Savings.

But if we had, we'd have access to the same online services.

I've had the impression that credit unions are not as big or as well-developed in Ontario as in BC or Quebec, say. But that could be outdated, as I haven't lived in Ontario in fifteen years.


From: that enchanted place on the top of the Forest | Registered: Jul 2001  |  IP: Logged
Michelle
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posted 27 August 2004 01:02 PM      Profile for Michelle   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Skdadl, you can do everything with Metro Credit Union that you can with any of the Big Banks. I do just about all my bill paying over the internet through the credit union. The only problem with them is that for e-mail money transfers, the service charge is outrageous because they're not one of the "big four". But unless you have someone e-mailing money to you on a regular basis, that's probably not even a consideration for you. I haven't found myself terribly inconvenienced by not being able to do that.
From: I've got a fever, and the only prescription is more cowbell. | Registered: May 2001  |  IP: Logged
Wilf Day
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posted 27 August 2004 01:10 PM      Profile for Wilf Day     Send New Private Message      Edit/Delete Post  Reply With Quote 
Certainly my local community credit union has both internet banking and telephone banking, including bill payments and transfers, cheque clearing details, and so on.
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globetrotter
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posted 27 August 2004 01:15 PM      Profile for globetrotter     Send New Private Message      Edit/Delete Post  Reply With Quote 
I'm also a Credit Union member, and it suits my (minimal) banking needs without any problems. I can access my account online and have never had trouble with money withdrawals from other bank machines.

When I lived in Québec, Desjardins was quite popular.


From: canada | Registered: Apr 2004  |  IP: Logged
Scott Piatkowski
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posted 27 August 2004 01:17 PM      Profile for Scott Piatkowski   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
I've dealt exclusively with Credit Unions since university (I had to deal with a bank then for my student loans). I haven't always been happy with them (I am currently, as noted below), but that was not a function of corporate structure. It was more that they were operating without regard to members' needs. But, the important thing is that I can complain to the elected Board of Directors or their Member Relations Committee and get a response.

About a decade ago, things were bad enough that a group of us pulled together something called the "Campaign for a Democratic Credit Union". We asked for things like bike racks, wheelchair accessibility (seriously, it was an issue), better hours, more branches, more access to socially responsible investment options, posting of Board minutes, the aforementioned member relations committee, and more interaction with the broader co-operative sector.

None of our Board candidates got in, but we opened the door for other non-incumbents to be elected. When a new CEO was hired shortly thereafter, all of the suggestions of the CDCU were quickly implemented.

If you don't like your local credit union, you can change it. If you don't like your "local" bank, just throw up your hands.


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lagatta
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posted 27 August 2004 01:25 PM      Profile for lagatta     Send New Private Message      Edit/Delete Post  Reply With Quote 
In Québec, les Caisses populaires Desjardins are big business and act like just about any other bank. There are specific caisses that have better policies, such as the Caisse associated with the CSN (Confédération des syndicats nationaux) and other trade unions. The members' meetings at that one are usually quite lively.

I believe Desjardins extends into Eastern Ontario; mostly in neighbourhoods and towns where there is a sizeable francophone population. I don't know whether they are also in Acadian areas in the Maritimes.


From: Se non ora, quando? | Registered: Apr 2002  |  IP: Logged
Sharon
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posted 27 August 2004 01:26 PM      Profile for Sharon     Send New Private Message      Edit/Delete Post  Reply With Quote 
We have our mortgage, our accounts, our RRSPs and our son's education fund, and other investments at our credit union. We do everything on-line as well -- transfer money from one place to another, pay the bills, etc.

I occasionally have had conversations in check-out lines with people who see me using the debit card and they say something like, "Oh, I never use mine -- the fee is so high." And I'm always happy to share that we pay no fee for using the card.

On top of all that, our credit union staff are friendly and helpful -- and seem to treat everyone in true membership style. (They never let us bounce a cheque. They phone and say, "That chequing account is a little low...")


From: Halifax, Nova Scotia | Registered: May 2003  |  IP: Logged
Scott Piatkowski
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posted 27 August 2004 01:30 PM      Profile for Scott Piatkowski   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by lagatta:
I believe Desjardins extends into Eastern Ontario; mostly in neighbourhoods and towns where there is a sizeable francophone population.

Desjardins also bought the Province of Ontario Savings Office (POSO) last year when it was privatized by the forces of evil. Expect to see more of them in Ontario.


From: Kitchener-Waterloo | Registered: Sep 2001  |  IP: Logged
audra trower williams
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posted 27 August 2004 01:30 PM      Profile for audra trower williams   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Which Credit Union is that, Sharon? Because the one on Spring Garden here closed my account when I bounced a cheque. They said they called me to warn me, but they absolutely did not. I'm gonna give the Yonge Street one a chance, maybe, once we move to that area.
From: And I'm a look you in the eye for every bar of the chorus | Registered: Apr 2001  |  IP: Logged
Cougyr
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posted 27 August 2004 01:31 PM      Profile for Cougyr     Send New Private Message      Edit/Delete Post  Reply With Quote 
Over the years I've been exposed to several credit unions. They suffer the same frailties of any other organization. We joined one credit union because it was good business to do so, at that time. The staff was friendly and helpful. A few years later, the manager retired and he was replaced with a complete jerk. After a few run-ins with him, we withdrew everything and moved our accounts elsewhere. This can happen anywhere. Buyer beware.
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Rufus Polson
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posted 27 August 2004 01:34 PM      Profile for Rufus Polson     Send New Private Message      Edit/Delete Post  Reply With Quote 
I like VanCity. I should get around to voting, but really so far I haven't had a problem with the people we've ended up with.
(Actually, I think this time around I might vote just to vote against that woman who was running for the Liberals against Libby Davies and using smear tactics; apparently she's usually a director and I'm not happy with her)

The one time they made a sizable mistake, they didn't try to pretend it was my fault and they fixed it. And the service charge situation is pretty dashed good--VanCity and other credit union ATMs are free, for instance. And they do good stuff in the community.


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Sharon
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posted 27 August 2004 01:41 PM      Profile for Sharon     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Which Credit Union is that, Sharon?

Well, I suppose the catch is that it's the Province House Credit Union downtown. I felt confident praising it though because all the services it offers are offered at all the other branches as well and we never feel any need to turn to a bank (where we've had awful experiences -- just trying to deal with a totally inefficient system and a constant turnover of staff.)

And also, everyone we know -- even those who are not related to the provincial government -- uses different branches of the credit union around town and have very positive experiences with them.

It's too bad you had that experience and I think it's true that the manager sets the tone and makes for a good or bad experience.


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Briguy
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posted 27 August 2004 01:42 PM      Profile for Briguy     Send New Private Message      Edit/Delete Post  Reply With Quote 
I've had bad experiences with Scotiabank and BOM, which is why I'm with the Credit Union now. The do have online banking, and I do pay all my bills (except rent) through the computer now, but it took a _long_ time for some companies to get listed on their online payee system.

Sorry to hear about your experiences with them, Audra. I suspect that sort of thing happens with all banks. I'm sure my experiences with Scotia and BOM were one-off problems, but that was enough to lose me as a customer for life.

BTW - It's Young Street. You're not in Toronto anymore.


From: No one is arguing that we should run the space program based on Physics 101. | Registered: Nov 2001  |  IP: Logged
audra trower williams
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posted 27 August 2004 01:44 PM      Profile for audra trower williams   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Sharon: I suspect you are right. The manager seemed like a total blowhard.

Shit. Right. Young Street. Heh.

See, I know they are big-picture-evil, but the TD Bank on Spring Garden has been SO AWESOME to me. Sigh.

[ 27 August 2004: Message edited by: audra trower williams ]


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Privateer
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posted 27 August 2004 02:41 PM      Profile for Privateer     Send New Private Message      Edit/Delete Post  Reply With Quote 
What's the typical annual Credit Union membership fee?

If a credit union is not a reasonable option, I'd suggest using Presidents Choice for low-maintainance banking. They have free transactions and interest rates, both for borrowing and saving, are better than CIBC (owned by the same people as PC) or any other regular bank. And you get a little fringe benefit of the occassional free groceries.

I use the TD on Spring Garden Rd. and found very good for high maintainence banking; they got my mortgage even though PC had a better rate because I like dealing with that branch and PC only has telephone agents to help you. Still TD does charge you those evil transaction charges that the banks are happily extracting from us. Why use the TD bank account, when the PC account is free?

If you need branch services, whatever you do, do not deal with CIBC (my ex-employer) or RBC. Both have been competing in the last few years to be the quickest bank to eliminate branch, face-to-face, services. They are the two largest banks, and value your average customer the least because they are going for the big bucks.


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Wilf Day
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posted 27 August 2004 02:44 PM      Profile for Wilf Day     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by Privateer:
What's the typical annual Credit Union membership fee?

I don't know that any membership fee is typical. Our community credit union requires a share deposit of $100, which of course is still my money, and no membership fee.


From: Port Hope, Ontario | Registered: Oct 2002  |  IP: Logged
Sara Mayo
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posted 27 August 2004 03:06 PM      Profile for Sara Mayo     Send New Private Message      Edit/Delete Post  Reply With Quote 
Has anyone had any experience with the Citizens bank?

They have no branches, but with an agreement with many credit unions across Canada, clients have free access to more ATMs than the Bank of Montreal (my current bank). I think they are related to VanCity.

I've wanted to join them for a while, but as I was a Quebecer I was ineligible. Now that I'm in Ontario, I think I will switch. Their services charges would be the same as on my BMO account (everything is free if your balance is over $1000). If I joined one of the three or four major credit unions here in Hamilton I'd pay more and I'd only have free access to their machines. With Citizens bank, I get 4 times the ATM locations. (If you haven't noticed, for me ATM access is far more important than being able to talk to a teller in person).

I know the NDP switched a few years ago from the Bank of Montreal to Citizens Bank (BMO was charging them thousands of dollars a year in service charges!), but I've never heard anyone's experience with their personal banking services.

[ 27 August 2004: Message edited by: Sara Mayo ]

[ 27 August 2004: Message edited by: Sara Mayo ]


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'lance
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posted 27 August 2004 03:20 PM      Profile for 'lance     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Has anyone had any experience with the Citizens bank?
They have no branches, but with an agreement with many credit unions across Canada, clients have free access to more ATMs than the Bank of Montreal (my current bank). I think they are related to VanCity.

I have a Citizens Bank Visa card -- since I live out of province I couldn't get a VanCity one. Works like any other card; no problems to report so far.

Curiously, there's something here in Calgary that looks very like a Citizens Bank branch.


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Trisha
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posted 27 August 2004 04:11 PM      Profile for Trisha     Send New Private Message      Edit/Delete Post  Reply With Quote 
I've been with my credit union for many, many years. None of the fees are very high, membership isn't too high, service is great. My only problem is the location of the offices so I often must use another ATM to get cash.
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abnormal
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posted 27 August 2004 07:20 PM      Profile for abnormal   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Originally posted by Michelle:
quote:
you can do everything with Metro Credit Union that you can with any of the Big Banks

Obvious question - what is the rating of the credit union. The big banks are all rated in the A+ to AA sort of range and have the implicit support of the Federal Government (i.e., they're too big to fail). Deposit insurance doesn't cover a lot.


From: far, far away | Registered: Aug 2001  |  IP: Logged
Wilf Day
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posted 27 August 2004 08:58 PM      Profile for Wilf Day     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by abnormal:
The big banks . . have the implicit support of the Federal Government (i.e., they're too big to fail).

Lots of answers here.

quote:
DICO provides deposit insurance protection for each individual depositor up to $100,000. The maximum basic coverage applies to the total of all insurable deposits held at the same institution.

Basic deposit insurance protection applies to savings accounts, chequing accounts and term deposits including guaranteed investment certificates.


It includes a list of credit unions in your municipality.

[ 27 August 2004: Message edited by: Wilfred Day ]


From: Port Hope, Ontario | Registered: Oct 2002  |  IP: Logged
abnormal
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posted 27 August 2004 09:10 PM      Profile for abnormal   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
That's what I said. Deposit insurance doesn't cover a lot. And I'd be very surprised if the results are particularly "liquid". That is, if the bank/credit union/whatever goes bust, exactly how long will it take to obtain money from DICO? My landlord is actually very understanding. As long as he get's my check before his own mortgage check is due, no big deal. However, beyond that ...
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Robo
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posted 27 August 2004 09:15 PM      Profile for Robo     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by abnormal:
Originally posted by Michelle:

Deposit insurance doesn't cover a lot.


The coverage extended to credit union deposits noted above is better than the coverage bank depositers get from CDIC (Canada Deposit Insurance Corporation). The "ratings" of corporate bonds (e.g. A++) has little to do with the investment decisions of customers making deposits.


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DrConway
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posted 27 August 2004 09:47 PM      Profile for DrConway     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by Privateer:
If a credit union is not a reasonable option, I'd suggest using Presidents Choice for low-maintainance banking. They have free transactions and interest rates, both for borrowing and saving, are better than CIBC (owned by the same people as PC) or any other regular bank. And you get a little fringe benefit of the occassional free groceries.

The only thing is, they cherry-pick people who have stable job histories and who can produce a last paycheck. I know this because when I signed up for an account back in 1998, they wanted a recent paycheck and ran a credit report on me. I declined overdraft, and I got an approval to set up an account.

quote:
As spake by abnormal:
That's what I said. Deposit insurance doesn't cover a lot.

If $100,000 isn't "a lot" to you, I'd like to have your job, buster.

[ 27 August 2004: Message edited by: DrConway ]


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Rush
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posted 27 August 2004 10:12 PM      Profile for Rush     Send New Private Message      Edit/Delete Post  Reply With Quote 
I don't bank at a credit union anymore because to my knowledge they don't have savings accounts that pay as much interest as the Bank of Montreal.

http://www.bmo.com/cgi-bin/t3bmo.cgi/rates/viewSavings.taf

Premium Rate Savings account up to $4,999.99 Interest Rates 1.850%
as of August 27, 2004

I don't want to try ING Direct
http://www.ingdirect.ca/en/acct_rate/index.html

I'm not comfortable with an Internet only bank that does not have any physical branches. They do offer 2.25% interest though.

Do any Canadian credit unions offer savings accounts with interest rates as high as BMO or ING?


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windymustang
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posted 27 August 2004 11:53 PM      Profile for windymustang     Send New Private Message      Edit/Delete Post  Reply With Quote 
We've used the local credit union here for years. We have few service charges. The only charge is when we use another ITM, or interest on overdraft.

An added advantage is that when you live in a small town, the employees know you. We find that the loans manager is always very helpful and has given us credit when the other bank in town wouldn't.

I joined the credit union with only a $5 deposit.


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Agent 204
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posted 28 August 2004 08:49 AM      Profile for Agent 204   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
I've had no problems with my credit union either. I find the staff much more pleasant as well as more competent than those at the Royal Bank branch where I go to pay my student loans.

So don't be a credit scab.


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vickyinottawa
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posted 29 August 2004 11:30 AM      Profile for vickyinottawa   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Sara, I've banked with Citizens Bank for quite some time now and have been quite happy.
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BleedingHeart
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posted 29 August 2004 11:48 PM      Profile for BleedingHeart   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
I currently deal with Capital City Savings.

I deal with CIBC in my capacity as treasurer with an organization. The difference in service between the two (in favour of CCS) is incredible.

By the way I don't get charged for ATM use if I do it at another credit union and in 1999 when I was on tour in Eastern Europe only the people with credit union debit cards were able to get money from the ATMs at all.


From: Kickin' and a gougin' in the mud and the blood and the beer | Registered: Nov 2002  |  IP: Logged
Wilf Day
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posted 29 August 2004 11:57 PM      Profile for Wilf Day     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by Sharon:
I think it's true that the manager sets the tone and makes for a good or bad experience.

That's a sad comment on the state of community democracy. I'm sure you're right, yet at one time there would have been no doubt that the board set the tone. But as membership participation dwindles, the board can become more of a rubber stamp. Why don't you run for the board?


From: Port Hope, Ontario | Registered: Oct 2002  |  IP: Logged
audra trower williams
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posted 09 September 2004 06:48 PM      Profile for audra trower williams   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Their disaster of a website not withstanding, I think The Nova Scotia Postal Employees Credit Union may have won me over.
From: And I'm a look you in the eye for every bar of the chorus | Registered: Apr 2001  |  IP: Logged
Pogo
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posted 09 September 2004 07:33 PM      Profile for Pogo   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
While we are plugging our own Credit Unions:

Just got off the phone with a Coast Capital employee (merged version of Surrey Credit Union, Richmond Credit Union, and Pacific Coast Credit Union). They have identified increased affordable housing as one of their community goals and were looking for suggestions on how to do this in Richmond. Never had a bank cold call me with something like this.


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Privateer
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posted 09 September 2004 07:49 PM      Profile for Privateer     Send New Private Message      Edit/Delete Post  Reply With Quote 
Audra, I agree their website sucks. So what is that won you over?
From: Haligonia | Registered: Dec 2002  |  IP: Logged
audra trower williams
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posted 09 September 2004 11:13 PM      Profile for audra trower williams   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
1. They were really really nice to me when I went in. They like Lefty Lucy, too.

2. They are a 5 minute walk from my new house.


From: And I'm a look you in the eye for every bar of the chorus | Registered: Apr 2001  |  IP: Logged
Michelle
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posted 09 September 2004 11:19 PM      Profile for Michelle   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
So you can join it without being a postal employee? Or did you tell them, "I'm an employee, and sometimes I feel like going postal, does that count?"

(I'm guessing you didn't actually say that.)


From: I've got a fever, and the only prescription is more cowbell. | Registered: May 2001  |  IP: Logged
Tim
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posted 10 September 2004 12:04 AM      Profile for Tim     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by skdadl:
I have really needed the convenience of bank automation for a few years now. Are there credit unions that can let me do things on my computer, as the banks do?
In some ways the question should be reversed ... the credit union movement has actually been a leader in automation. From a
Department of Finance page:
quote:
Historically, Canada’s credit unions and caisses populaires have been an important source of innovation and product development. For example, they were the first in the financial services sector to offer consumer loans. The credit union movement in Saskatchewan introduced the first ATMs in Canada in 1976 and was the first in Canada to pilot the in-store direct debit system. The sector has also been a leader in the provision of direct payroll deposit services in Ontario, telephone banking in British Columbia and on-line banking in Quebec. The credit union movement in British Columbia was also the first to introduce an entirely virtual bank, the Citizens Bank of Canada, where any banking transaction can be done day or night through a 24-hour telephone service centre, ATMs or the Internet.
In Saskatoon, my local (on-campus) branch was closed a few years ago, but that hasn't really been a problem. I think in-branch transactions actually cost more.

From: Paris of the Prairies | Registered: Oct 2002  |  IP: Logged
audra trower williams
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posted 10 September 2004 11:55 AM      Profile for audra trower williams   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Anyone can join! Wheee!
From: And I'm a look you in the eye for every bar of the chorus | Registered: Apr 2001  |  IP: Logged
Scott Piatkowski
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posted 10 September 2004 12:21 PM      Profile for Scott Piatkowski   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Quite a few "closed bond" credit unions have changed their status to allow people from outside of their original target group to become members.

Not only does it stop them from muddling along without adequate membership, but it gives people a choice of credit unions in a particular area (which, as Audra's experience demonstrates, can only be a good thing).

While I'm posting, I wanted to added that credit unions are just a part of the broader co-operative sector. It is entirely possible to do business exclusively with co-ops -- from child care to housing to food production to retail to energy to transportation, their are few sectors of the economy where co-ops aren't playing a part. So, the next time you're bemoaning the last of alternatives to evil corporations, remember that -- like the truth -- they're out there.


From: Kitchener-Waterloo | Registered: Sep 2001  |  IP: Logged
Rich L
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posted 10 September 2004 01:41 PM      Profile for Rich L     Send New Private Message      Edit/Delete Post  Reply With Quote 
Interesting dicussion on CUs. I'm personally a big promoter of credit unions for several reasons, though that's not to say that they can't be improved. Some thoughts and comments I have:

1. They're owned by the community - everyone with an account is a member (a one-time refundable $5 share is all it takes to be a member at my CU) and gets a vote. Of course, like other democratic organizations including unions, that doesn't always guarantee progressiveness. Some CUs are quite conservative and focus disproportionately on returns to members for the shares or level of business they do.

2. CUs typically offer lending rates that are superior to those offered by the banks. Unfortunately, they tend to be more conservative lenders in my experience, to the point where many people I know have left their CU for a bank that offers them a loan where their CU wouldn't. My Mastercard is still a BMO one - when I was a student, my CU turned me down for a Mastercard, while BMO offered guaranteed approval for any student application.

3. Perhaps one of the biggest benefits of banking at a CU is the customer service. I used to have an account at BMO - the line-ups were NEVER shorter than a 45 minute or hour-long wait, with only 2 of the 6 wickets ever open (I think they were purposely understaffed to force people to move to ATMs) and the tellers were generally surly, judgemental, and rude. The level of service was despicable! I am at Assiniboine CU in Manitoba now and the line ups are never more than 5 minutes long and the tellers are extremely friendly, courteous, and very competent.

4. Community economic development is an important reason why I support ACU. They offer seed money that has helped a number of organizations and created many jobs in the inner city. ACU also opened the first branch in the West Broadway area of Winnipeg (which is generally very low income) - the first opening for any fin'l institution in the area in something like 80 years. CUs have generally opened branches or taken over branches in inner cities and remote towns when the banks moved out, leaving people with no banking option.

5. Is your money safer at a bank? Some people have said they wouldn't bank at a CU because they're smaller and, as a result, more prone to failure. The reality is that your money is insured at either type of institution. Which type of institution is more likely to make riskier investments that threaten its own financial health? The banks - a few years ago, TD made a bunch of massive bad international investments that caused that year's profit (about $1billion in previous years) to shrink to almost nothing. Banks are often invested in various things around the world so that they are quite vulnerable to a financial meltdown. CUs meanwhile are invested in real people in the community.

6. CUs tend to actually hire people in the community. I read a financial services study that found that people who identified themselves as being a visible minority also tended to use ATMs way more frequently than did the population at large. The reason? They were generally being treated in a rude and patronizing manner by largely white tellers, so they avoided them by relying on the ATMs. My CU's staff is strikingly different from any bank I know of in that it genuinely reflects the diversity of the community I live in.

7. Services - some people have suggested that the CU isn't able to offer the same services as the banks. In my experience in Winnipeg, this hasn't been the case. All CU members can use any CU ATM and they all offer the same range of online banking, investment services, and mortgage and savings options that any bank would. I have found my CUs service charges to be less than that of any bank in the city, though I think they could still come down some (if you have $1000 or more as a balance at ACU, you pay no service fees - I think that threshhold could be lowered and that fees for those with less than that could be reduced).


From: Winnipeg | Registered: Jan 2004  |  IP: Logged
arborman
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posted 11 September 2004 12:21 PM      Profile for arborman     Send New Private Message      Edit/Delete Post  Reply With Quote 
I'm a member of Vancity, and I couldn't be happier.

Our accounts have minimal service charges ($7 a month for unlimited transactions, ZERO if the balance is more than $1000)

They gave us an astonishingly good rate on our mortgage, which none of the other 4 banks I talked to could match. Very friendly repayment terms as well.

Also, they give out $1M in annual grants to small non-profits (in $10K increments) for various community development projects. They also give $1M in capital/big funding for a non-profit each year, which is selected by the members. 3 years ago it was arborwoman's workplace, last year it was a desperately needed women's shelter.

These are good things. Some of their board members are fantastic (Cheeying Ho, for example).

Honestly, though I know there are some lousy credit unions out there, I just can't imagine using a 'mainstream' bank anymore. Because of a job I had, I needed an account at RBC for a few years, and had endless troubles with it. I had similar experiences with CIBC.


From: I'm a solipsist - isn't everyone? | Registered: Aug 2003  |  IP: Logged
natural wonder
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posted 29 September 2004 03:23 PM      Profile for natural wonder     Send New Private Message      Edit/Delete Post  Reply With Quote 
I've been a member of North Shore Credit Union for about ten years now. I'm very happy with them and they have telephone/on line banking and they have very reasonable service charges.
Last year I went in for some financial advice and the gentleman who helped us gave us very good, honest advice. He said he came to work at the credit union after working for CIBC for years and finding it hard to live with himself because CIBC was having him give "advice" to people he did not feel comfortable with.

From: Vancouver, BC | Registered: Sep 2004  |  IP: Logged

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