What’s an “EasyOne”?Uncategorized
In 15 years of brokering mortgages, I have never come across an idea like this. 15 years! … until now.
We are vetted to provide the best of the best when it comes to our customers mortgages. Price, care, due diligence, honesty, integrity, service… the list goes on. But one thing was always waning on my mind as I worked away; “Why can’t we offer MORE to our clients”?
It is with enthusiasm that I say, now we can!
Meet CFF Bank. CFF Bank is a Schedule 1, Chartered Bank of Canada. Think of Scotia / RBC / CIBC / TD and so on. CFF Bank is now playing in the same sandbox as these mighty institutions. One difference? The banking products from CFF Bank are offered through licensed and authorized Service Centres, called Canadian First Financial Centres- chosen by selected and vetted Mortgage Brokerages across Canada. Now - think of the PC Financial’s, ING’s, Tangerines of the world. Now we’re getting closer to the philosophy of ‘how’ CFF Bank operates. The convenience of online banking, with the security of a Schedule 1, Chartered Bank with CDIC Insurance coverage. We are proud to now offer MORE - specifically when it comes to your best interests in Bank Accounts, RSP’s, GIC’s, Tax Free Savings Accounts (TFSA), & High Interest Savings Accounts (HISA)!
Our debut product is today’s highlight: Meet, the EASYONE Account…
The EasyOne Account is found only within CFF Bank Distribution Centres (we are the first in Calgary!). It is a 3-in-1 account: High Interest Savings Account / Chequing Account / and Unsecured Line of Credit. When we describe the EasyOne, likely the best way to go about it is to describe it like a regular bank account - with a massive overdraft! And here’s one of the best parts - it is a NO FEE Account. SO… if you have a positive balance in the bank account (starting at $1.00) - you are automatically in the HISA instrument of the account; making 1.30% on your money. If, however, you have to draw upon your account, and go into the “negative” (this would be your Line of Credit instrument), you can borrow from yourself up to your maximum allowance. Full max allowance OAC is $25,000.00. Here’s where things get even more interesting.. Interest rates start at prime plus 4%. In today’s market, that means an effective rate of 7%. Remember: This is UNsecured credit. Minimum monthly payment on your line of credit is 1% of the balance, OR $50; whichever is greater. So now think of the credit cards you carry. What are their interest rates at? (18%…19%…22%?!) The account will also act as a regular chequing account that is accompanied by a debit card so you can make withdrawals like any other account. You can also pay bills directly out of your account. For the savvy out there… you’re already thinking about how you can use this account to cancel out unnecessary interest that you’re paying on other debt. ….Now you’re thinking!
How have our clients used this account? Well, just check out some of the uses so far:
- Lowered interest payment (as per above example)
- Renovated their homes cost effectively
- Used for down payment on Revenue Property
- Used to “facelift” their home before selling
- And more…
Being able to offer more than mortgages is exciting - but the most exciting part about it is being able to offer more, and beating the major brands on rate and convenience. Who couldn’t stand to save more money these days?
Verico Canada First Mortgage - #MORETHANMORTGAGES.