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I had my mortgage with Meridian Credit Union for 13 years. When my renewal time came up, I wanted to do a refinance with the intention of staying with the same institution. I find that the person I was working with (Initials JM at the Southdown location in Mississauga) had an attitude problem stemming from our first conversation. I got negative energy off the bat. I find the person didnt try hard enough on my file. I ended up getting a Mortgage broker and was approved by 2 different lenders without a problem.
My mortgage is coming up for renewal next month. In December of last year I contacted my Meridian branch to ask about what rates/options were available to me. I have been a member of this credit union for over 35 years and my credit rating is 873/900, which they have confirmed is the highest that they have ever seen. My initial contact was ignored so after two weeks with no reply, I contacted the main contact centre. After waiting another 3 days, I was finally contacted by a loan associate who set up a meeting the following week. When I arrived at the meeting, it was apparent that the associate had done absolutely no work on my file and could provide next to no information regarding my options and simply quoted me the posted rates which were at least 1% above what every bank and credit union in the city were offering. I contacted the loan associate to ask why they were not offering me a competitive rate after over 35 years of doing business only to receive n out of office reply that she was on vacation and would contact me the following week. After waiting for another week and a half, I sent a message to the bank manager asking why I was not getting any service from the loan associate. Within 24 hours, I was finally contacted and her response was that the posted rates were all Meridian was willing to offer. I contacted an independent mortgage broker and within 2 weeks had received a processed offer from one of the big banks with far more favorable terms than what I had been offered and 1% lower rate. I sent a copy of the offer to Meridian and asked why I could receive a far better offer from a bank that I had never done business with before and have the application processed and an offer made in less time than it took for Meridian to send me a reply to an email. After many apologies the branch manager informed me that the loan associate would be providing me with a new offer by the end of the week. After another week and a half, I was finally contacted by the loan associate who told me that she would no longer be working on my file and that I would be passed on to another associate and asked when I would be available to come into the office to finish the application. I informed her that I was available any day after 3:30 pm. After another day of waiting she finally replied with the option of coming in the following day at 10:00 am or the following Monday at 3:00 pm. I replied again pointing out that I had just informed her that I was not available for either of those appointments since I work until 3:00 pm. She responded by setting up an appointment for the following Monday at 3:30 pm. She made no effort to ask if I was available for the appointment or to consider the fact that weather warnings had been issued three days previously warning of a massive snow storm for Monday. After fighting through traffic from the storm I was able to make the appointment with the new associate. I informed him I wasn't too pleased with the service I had received so far and that I really did not feel comfortable signing a 5 year mortgage with a company that treated me with such disrespect so I would rather just close the mortgage and instead increase my line of credit to cover the remainder of my mortgage plus approx 30% more to cover the cost of some repairs I was going to do on the house. This amount was 20% less than what they had just offered to give me for a mortage so he told me there should not be any issues. He asked for some documentation to support the application which he received the following day. After another two weeks with no contact, I sent another email asking what the status was. One hour later he called and told me that everything was great except that they could only give me a LOC for the amount of the mortgage plaus about 20%. Although I was disappointed I told him fine. After another two weeks of not being contcted, I sent another email asking for the status. This time he told me that he hadn't even sent the application in because he needed further documentation and that he couldn't increase my LOC like he told me before; we had to reapply for a new LOC and I would need to supply new documentation to support the application. After another week and a half, which was now less than 2 weeks from the mortgage renewal date, he informed me that everything he had told me to date was wrong and all they could approve was 8% above what I owed for the mortgage. Because I am so close to the renewal date, I have no choice but to take their offer but I will most definitely be going back to the independent mortgage broker and reapplying with them. Thankfully I had changed to a line of credit or I would have been forced into a five year mortgage with an unscrupulous credit union a a rate 1% above what I had been offered. So very soon, after over 35 years, I will be closing all my accounts and moving to a real bank instead of this dog and pony show.
I filled out a form to transfer my TFSA to EQ bank (who offer a much better interest rate) 2 weeks ago. I received a phone call 3 days ago verifying my request for the transfer. Although I did verify, the funds are still sitting in the Meridian TFSA account and have not been transferred as I requested. I have also had my online banking frozen twice from what they have described as suspected fraud. I am guessing that they don’t like to release funds to purchase cryptocurrency. I feel like my money is being held hostage!
I had my mortgage with Meridian Credit Union for 13 years. When my renewal time came up, I wanted to do a refinance with the intention of staying with the same institution. I find that the person I was working with (Initials JM at the Southdown location in Mississauga) had an attitude problem stemming from our first conversation. I got negative energy off the bat. I find the person didnt try hard enough on my file. I ended up getting a Mortgage broker and was approved by 2 different lenders without a problem.
In Februery 2024 I wrote a scathing review, and basically I stoppeed using this pathetic excuse of a financial institution. After they managed to scrfew up another couple of times, I closed my account altogether, but I did not close my VISA card with them. When I tried to check online where that VISA account was standing, I could not. I called to get that online access, and I after keeping me holding the line for over 20 minutes with their stupid music, I was told that because I was no longer a member U could not have the VISA account, which had to be closed. Add idiocy to their incompetence! I have credit cards from banking institutions in which I don't have any other account!
What has gone wrong this time? Good question. What seems to be going wrong with this company is this company recently penalized me and subsequently bothered me and charged me fees for a withdrawal from my account, which had never been authorized in the first place. It was a very simple situation where my auto insurance payment withdrawal was taken by the same insurance company twice because the company (Economical Insurance) didn't cancel the first policy quickly enough. I have a new Group Rate policy through my employer. In any case, this BANK is absolutely no different than any other BANK, as it's stock full of incompetent idiots who send the typical "we value you as a customer" form letters, while treating you like a second class citizen. I recently closed both my accounts with these folks, as I no longer trust these folks as far as I can throw them. Incompetent idiots x 1,000,000 with the typical sub-standard customer service skills we've come to expect from most banks in Canada now.
Same old story with Meridian 800 line customer service. They don't have a clue what they are doing and/or they are not given the necessary tools to answer very simple questions? I wanted to review a charge on my credit card and he could not find it and said he doesn't have the same screen as me. How can someone solve an issue if they cannot see what the member see's? In any case I asked to be transferred to a manager/supervisor and he transferred me to their American credit card company.
AWFUL experience with Le* H*r*w**k from the Whitby branch. Her lack of communication and follow up have cost me and my wife thousands $$. Our 1st mortgage renewal was up with Meridian. Life happens... We had a 2nd with another company. We now needed to refinance. We were told by Le* that we we're fine. Unfortunately, this was in the summer while she was taking extended vacation time (no fault of her own she wasn't replying to my emails while on vacation) and i believe she was sick as well. Out of the blue right before we thought we were finalizing with Meridian she emails me saying Meridian is not renewing us because my debt ratio was too high. This left us SCRAMBLING with the other companies' renewal being due soon. NOW... we have a refinance in place with another company but the lawyers, banks, and mortgage company is taking too long to finalize. Now we are past the renewal date with our 2nd mortgage and approaching the renewal date with our 1st mortgage. All while waiting for our refinance to finalize. This is all happening because Meridian threw us a major curveball by declining late in the process. And of course my own fault with my debt ratio. We are now paying $$ thousands in renewal and late fees. Potentially $$ thousands more if this extends another month. IF Meridian simply declined in a respectfully proper timeframe (which would've been fine... that's business) none of this happens as I would've started the process of seeking alternative options MONTHS earlier!!!! Lesson here folks - get everything in writing and triple check your communication with your advisor. No apologies from her either. After repeatedly asking... she wouldn't even send all my information that i accumulated for her in a folder so i could do a quick hand-off with the next company. So we had to re-gather all our information and send it through. Extending us another week or so... Fun times. All this after being Meridian clients for 22 ish years NEVER missing a mortgage payment. UGH!!
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Meridian Credit Union Ltd. is a Canadian credit union.
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