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Chequing privileges?
August 6, 2010
3:52 am
Peter
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Forum Posts: 1120
Member Since:
May 15, 2007
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The savings account apparently has free cheques and according to this page, "chequing privileges [are] available" -- at what cost, I wonder? Could this be the closest thing to what the now defunct Citizens Bank had been offering?

August 6, 2010
5:04 pm
88kanaka
Guest
Guests

Accelerate Service Fees....not as good as Citizens....but if you use this account for investing only...it is a very good service to consider.

http://www.acceleratefinancial.....eFees.aspx

Savings Account Fees

* all deposits

Free

* personalized cheques

Free

* first Cheque or Interac Direct Payment

or Electronic Funds Withdrawal per month

Free

(each additional debit)

$1.00
Automated Teller Machine Fees
Credit Union ATM on Accu-link

* deposits and inquiries

Free

* withdrawals and transfers

$1.00
*Interac and Out-Of-Province ATM not on Accu-link

* withdrawals

$2.00
*U.S. & International ATM (Cirrus)

* withdrawals

$3.50
*In addition to a $1.00 ATM withdrawal charge
ATM Card Fees

* initial card, renewal card

Free

* replacement - mishandling

$5.00
Internet Banking or ExpressLine Telephone Banking Fees

* bill payments

$1.00

* transfer between sub-accounts

Free
Administration Fees
Stop Payment

* specifics known

$10.00

* specifics not known-monitoring fee per day

$ 1.00

* minimum

$11.00

* maximum per month

$20.00
Returned Items and Charge Backs

* charge back on 3rd party cheque

$ 5.00

* chargeback on 1st party cheque

$35.00

* NSF

$40.00
No overdrafts allowed.
An interest rate of 21% will be charged on accounts in an overdraft position.

* minimum charge

$ 3.00

* transfer from sub-account to cover OD

$ 3.00
Primary Order/Draft

* Payable by member to a third party

$10.00
Membership Closed

* within 3 months of opening

$10.00
Registered Products

* Duplicate tax information receipts

$ 5.00

* Transfer out fee

$50.00

* Tax-Free Savings Account withdrawals (2 free per year) additional

$25.00

August 6, 2010
11:42 pm
stylintheo
Guest
Guests

does any one bank here?
and are they CIDC insured?

August 7, 2010
1:45 am
88kanaka
Guest
Guests

The Credit Union Deposit Guarantee Corporation (CUDGC) is the deposit guarantor for Manitoba Credit Unions. As established under The Credit Union and Caisses Populaires Act, the Corporation is required by law to guarantee without limit all the deposits you make with your Manitoba Credit Union.

http://www.acceleratefinancial.....yFree.aspx

I have opened an account, but have not done any major deposits yet, they are very new on the banking scene.

August 7, 2010
2:19 am
stylintheo
Guest
Guests

ya i know they are,but they are connected to some other bank or credit union, that has been around since 1943,do you know if they will have online banking, such as transfering funds,
or will it be like peoples trust, just phone transfers?

August 7, 2010
3:12 am
88kanaka
Guest
Guests

Not into it yet. You have to do a manual request to set up to make payments. There base is "tele banking", what ever that is (third party to Accelerate??) and sounds kind of primitive so far. They did not even have Maple Ridge BC Property Tax which is an obstacle for me. You would think that these Manitoba CU off shoots would be as up to date as possible as they are attract clients from the whole of Canada but are behind in technology at the starting gate. You would think they would be the Ultimate package and not the Mediocre package from their web developer as I am sure there are pre built packages out there.

August 7, 2010
9:11 pm
stylintheo
Guest
Guests

I dont mind phone banking, I deal with peoples trust,so as long as its the same type of service, Im ok with that, I will phone them monday, I have around 150,000
so the fact that the whole amount is covered makes me happy, plus its an extra $6 dollars a month, just for switching banks.

August 7, 2010
9:30 pm
stylintheo
Guest
Guests

I have never banked with a CU b4, are they fully covered by the province of manatoba?
is there any chance they will take my money and run:cry:

August 7, 2010
10:01 pm
stylintheo
Guest
Guests

it says 2.1%
on the savings account,the chart says 2.15%?

August 7, 2010
10:39 pm
Peter
Admin
Forum Posts: 1120
Member Since:
May 15, 2007
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Oops, my mistake. Fixed now.

August 7, 2010
10:54 pm
88kanaka
Guest
Guests

stylintheo said:

I have never banked with a CU b4, are they fully covered by the province of manatoba?
is there any chance they will take my money and run:cry:


I deal with both CU's and Banks and CU's by far give better interest and service by far!! But you have to always watch for those service fees!!!

Check this http://www.acceleratefinancial.....yFree.aspx

And http://www.cudgc.com/

August 7, 2010
11:27 pm
stylintheo
Guest
Guests

looks like im still at peoples trust then,
I wonder who will be the 1st to raise it from 2.1%?

August 10, 2010
12:57 am
Doug
British Columbia, Canada
Member
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Forum Posts: 3448
Member Since:
December 12, 2009
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hey Peter,

AcceleRate Financial, an online banking division of Crosstown Civic Credit Union of Winnipeg, MB, does offer free cheque book orders (unlimited, too) but the only hitch to using it a lot is you're charged after the first one or two debits per statement cycle.

Like the other MB-based credit unions, it is still a high-interest savings account with chequing privileges.

Hope that clarifies,
Doug

P.S. Thanks again for adding it to the chart! Looks awesome. 🙂

August 10, 2010
1:16 am
88kanaka
Guest
Guests

looks like im still at peoples trust then,
I wonder who will be the 1st to raise it from 2.1%?

Just out of curiosity.....what is your hesitation to move to one of the Manitoba Credit Unions subsidiary's? When you look over the long haul (I mean for many many many years ago) to see how many "Trust" companies (that were most likely not insured) have gone bust.....you might say "never trust a trust company"!

August 10, 2010
2:10 pm
Doug
British Columbia, Canada
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December 12, 2009
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You are correct, kanaka, with regard to the historical stability of federally-regulated trust and loan companies. However, as they say in the investment world, past performance is no guarantee of future returns. So, likewise with regard to institution failures, we may not see a wave of trust or loan companies go bust.

Similarly, the historical performance of credit unions is not great either. There have been at least half a dozen credit union failures in B.C. alone in the last five or six years. They don't announce the credit union has failed, they simply announce a larger credit union has assumed the defunct credit union's membership, deposits and liability. Two credit unions to serve this point recently have been Quadra Credit Union being swallowed by one of the majors (might've been either Coast Capital, VanCity, Island Savings or Coastal Community) as well as VantageOne Credit Union in Vernon swallowing Arrow Credit Union north of Armstrong.

That said, I would keep your deposits with federal trust and loan companies to within the $100,000 per depositor CDIC limit.

Cheers,
Doug

August 10, 2010
4:03 pm
88kanaka
Guest
Guests

Doug said:

You are correct, kanaka, with regard to the historical stability of federally-regulated trust and loan companies. However, as they say in the investment world, past performance is no guarantee of future returns. So, likewise with regard to institution failures, we may not see a wave of trust or loan companies go bust.

Similarly, the historical performance of credit unions is not great either. There have been at least half a dozen credit union failures in B.C. alone in the last five or six years. They don't announce the credit union has failed, they simply announce a larger credit union has assumed the defunct credit union's membership, deposits and liability. Two credit unions to serve this point recently have been Quadra Credit Union being swallowed by one of the majors (might've been either Coast Capital, VanCity, Island Savings or Coastal Community) as well as VantageOne Credit Union in Vernon swallowing Arrow Credit Union north of Armstrong.

That said, I would keep your deposits with federal trust and loan companies to within the $100,000 per depositor CDIC limit.

Cheers,
Doug


Good point....you might want to add Envision and Valley First to your list too.

August 11, 2010
12:38 am
stylintheo
Guest
Guests

please dont,add them to your list
they are paying 1%. what a joke,

August 11, 2010
1:38 am
88kanaka
Guest
Guests

please dont,add them to your list
they are paying 1%. what a joke,

Not what I meant...these 2 CU's have just partnered up together....maybe should be doubtful to deal with....and of course why would you deal with any CU that has low rates...might as well deal with a bank then!!! :wink::frown:

August 11, 2010
1:58 am
Doug
British Columbia, Canada
Member
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December 12, 2009
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I think kanaka meant to add Valley First to my troubled credit union list, not high interest savings accounts list, correct kanaka?

I actually was tempted to add Valley First but hesitated because I was afraid someone would jump on me. Indeed, Valley First Credit Union was in rough shape and the rumour is they were forced into a shotgun wedding with Envision Credit Union, with Envision agreeing to allow them to save the "Valley First" branding. I think eventually they'll eliminate that though and operate as one brand, either "First West" or some other name. They really were one of Canada's biggest credit unions and were on the financial brink of collapse. They were even bigger than many of the Manitoba credit unions touting "safety" and "stability".

Cheers,
Doug

Disclosure: Valley First is one of the big financial institutions where I live. I believe they have five branches in Kelowna plus an Envision Financial-branded branch in West Kelowna that is in the process of being integrated into the Valley First division and a name change is imminent.

August 11, 2010
3:53 am
jude
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i am very tempted to open an account at accelerate and transfer my money from achieva.makes sense,no?:cool:

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