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@thumbsup.eth
So Canada Post launched a really shitty faux-postal banking services? https://www.canadapost-postescanada.ca/cpc/en/personal/canada-post-mymoney-account.page
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mfa
@mfa
Sounds like a missed delivery on what people actually need.
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@thumbsup.eth
Ain’t that the truth
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Canada has great private banks like EQ and Wealthsimple offering no-fee accounts with high interest and other bonuses. And we have great credit unions like Vancity and Desjardins offering access to communities regardless of credit history. This is just whitewashing garbage prices and mid-tier service.
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shazow
@shazow.eth
IMO you're skirting close to spreading misinformation here, there's a no fee tier.
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You’re right. I actually didn’t notice the tiny little mention of that. But my point is, this account is worse than basically any other account that exists in Canada. Tangerine is better. Simplii is better. PC Financial is better. EQ is way better. Wealthsimple Cash is way better. Even Koho’s own free “Essential” plan is much better. My point is not that we shouldn’t have postal banking but that this is a total slap in the face of those who need quality banking services. And for seemingly no reason.
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shazow
@shazow.eth
That's false, Tangerine and Simplii don't offer any interest or cash back in their checking accounts. I get hit by NSF from having to juggle funds between checking and savings (which also do annoying temporary promo interest). Dunno about EQ but I suspect the same. Wealthsimple does but you can't pay many bills with it (eg can't pay the CRA, maybe someday). IMO you're making the wrong comparison. CanadaPost is not building banking infra from scratch, they're using the best available whitelabel service which is Koho. Maybe if other banks offered the same with better terms, they'd have gone with that?
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It’s true that the interest in the free account here is 0.5% but if you compare to the available offers + the base rates you’d still get a better deal using Tangerine or Simplii. And again these aren’t even the more compelling options. I just paid CRA from my EQ accounts so can confirm that it’s possible. And I think if you do automatic withdraw it’s possible on any account pretty much. Still the better comparison is Koho’s own free account. Since this is just a partnership with Koho anyway. Either way, you’re right, it’s not the worst. I just think rolling out postal banking is such a big important step and this doesn’t inspire confidence in me personally.
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