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MAXA Financial service fee changes
May 30, 2019
9:04 am
Doug
British Columbia, Canada
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I meant to share this notice of upcoming fee changes from MAXA Financial a few weeks ago, but one thing that caught my eye is that they appear to charge $5.00 to set up a new linked external bank account and $1.00 to change or otherwise modify an existing linked external bank account. Interestingly, they don't specify if there's a fee to delete a linked external bank account. (Speaking facetiously here. 😉 )

Anyway, most of the fee changes are modest and not noteworthy, but they're upping the EFT set up from $5.00 to $20.00 and the change fee from $1.00 to $5.00, effective June 1, 2019. $20.00 to set up a linked external bank account? That's unprecedented. 🙁

It's too bad because I see MAXA Financial gave their website a much-needed redesign/refresh and a new, improved logo. Their deposit rates are modestly higher than their fellow Manitoba CU virtual banking cohorts.

Also a negative with MAXA Financial is their registered plan transfer out fee is $100.00, which is double the typical $50.00 fee.

On the plus side, they're eliminating the Acculink credit union ATM transaction fee. (Speaking facetiously again.)

All I can suggest is that anyone interested in banking with them e-mail them and tell them their fee structure needs serious rethinking as they're way out of the market. 🙁

Cheers,
Doug

May 30, 2019
9:11 am
Shawguy
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Their parent company Westoba Credit Union is also the only bank I know that charges to deactivate interac flash on the debit card. They charge $40!

May 30, 2019
9:29 am
Doug
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Shawguy said
Their parent company Westoba Credit Union is also the only bank I know that charges to deactivate interac flash on the debit card. They charge $40!  

I noticed that, too! Their administrative service fees are ridiculous. Do you live in Manitoba, @Shawguy, or you're just like me and research provincial credit unions as a personal passion in your free time?

Cheers,
Doug

May 30, 2019
10:41 am
Shawguy
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Doug said

I noticed that, too! Their administrative service fees are ridiculous. Do you live in Manitoba, @Shawguy, or you're just like me and research provincial credit unions as a personal passion in your free time?

Cheers,
Doug  

Yes I live in Winnipeg, Manitoba and have researched the Manitoba Credit Unions and their rates and fees as my own personal passion. 🙂

June 2, 2019
4:37 am
Briguy
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You and Doug make a good Manitoba team !!

These fees are so outrageous that I think they should be removed from the forum. I've never heard of being charged for linking another FI. I thought your posting of service fees for Rosenort was pretty outrageous, with transfer charges but Maxa is even worse.

Rosenort transfer fees to and from registered plans:
- Transfer to another institution is $5 per $1000 held in the account. Minimum $50 fee to a maximum fee of $100.
(It also appears that they charge a fee to TRANSFER funds to them from another financial institution under the same fee structure)

June 2, 2019
8:32 pm
Peter
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It is a very small sample size, but the 3 MAXA Financial reviews we've had over the years all complain about fees.

However, you could avoid EFT setup fees by making a link to MAXA Financial from another financial institution, right? Regardless, I agree that MAXA's fees and limitations seem contrary to what much of the competition is doing -- other financial institutions are making electronic transfers easier, not harder.

Please write your comments in the forum.