Canadian High Interest Savings Bank Accounts

I received some information from Celia Hall, one of whose responsibilities with FICANEX Services LP is responding to customer questions by providing the public with information concerning FICANEX Services or The EXCHANGE Network of surcharge-free ATMs. I had seen recently that Interior Savings Credit Union, which has over 20 branches with ATMs in the Thompson and Okanagan regions of the southern interior of British Columbia and is, I believe, the fifth- or sixth-largest credit union in B.C., would be leaving The EXCHANGE Network effective Jan. 31st, 2011. Members of Interior Savings would begin paying surcharges of The EXCHANGE Network members' ATMs and would no longer have deposit, bill payment or transfer availability at those ATMs.

Fortunately, many of The EXCHANGE Network members are also members in the national surcharge-free ATM network AccuLink, which is restricted to Canadian credit unions only, therefore they can continue to use any credit union in Canada to enjoy the same services offered by The EXCHANGE Network. Nonetheless, their network will be drastically reduced because they'll no longer enjoy full-service and surcharge-free access to HSBC Bank Canada, National Bank of Canada, Alterna Savings, Manulife Bank, ICICI Bank Canada and ING Bank of Canada ATMs. Similarly, customers of those institutions will no longer enjoy the same privileges at Interior Savings ATMs on that date and going forward.

I also wondered what other institutions would be joining Interior Savings in leaving The EXCHANGE Network, after reading on VantageOne's website that VantageOne Credit Union would be leaving as well – on the same date. Here is what she said:

"Hi Doug — thank you for your interest in THE EXCHANGE Network. There are actually 6 BC credit unions who, for business reasons, are not renewing their membership in the network — Enderby, Heritage, Interior Savings, Salmon Arm Savings, Summerland and VantageOne. We do, however, have a new member joining us within the next few weeks — Airline Financial Credit Union of Toronto — and we will, as usual, work towards continually improving service to our members and their cardholders.

As to your question regarding transactions made on Saturday January 29 — they will be settled as EXCHANGE transactions even though they are not posted to your account until the following business day.

Don't hesitate to contact me if you have any other questions.

Yours truly,
Celia Hall
THE EXCHANGE Network
FICANEX Services Limited Partnership"

I have a follow-up question into Celia on whether or not how come not all institutions (Enderby & District, Heritage Credit Union, Salmon Arm Savings and Summerland & District) did not post notices on their website and if FICANEX plans to implement a "what's new" of changes and advisories on their own website, the-exchange.ca. I will post here her response.

Cheers,
Doug