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Email this12:27 am
September 29, 2017
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WFCU (since 1941) is a merger of Windsor Family Credit Union with Education Credit Union in late 2020 (Kitchener/Waterloo/Cambridge area) and Rapport Credit Union in Sep 2024 (Toronto, Northern (to Thunder Bay) and Eastern Ontario (to Kingston)).
Omnia Direct is supposed to be the investment branch of WFCU but they seem to operate the call centre.
see hours of operation here (scroll down): https://mywfcu.ca/contact-us/
and here: https://omniadirect.ca/contact-us/
There is a $5 membership fee.
They have chequing, savings and registered accounts (TFSA, RRSP, FHSA), and joint accounts.
To open a chequing account or a registered savings account requires an in-person visit to a branch. See locations in Ontario only, here: https://www.wfcu.ca/Personal/T.....BranchATM/
Also see branch hours here: https://mywfcu.ca/contact-us/
To transfer money in, you sign a physical authorization form for each transfer (in-person or electronically) with a void cheque (1st time only?). You can also use a personal cheque. You can also contact the call centre to perform the transaction.
To transfer money out, you can use eTransfer or set up Me-2-Me (with a form, digital signature, and void cheque). The call centre does NOT handle transfers out.
Me-2-Me limits to transfer $ out are $10K/transaction, $20k/day, $50K/week, and $100K/month, on a rolling basis from the last transaction.
You can also link another bank/FI to a WFCU account. There may be a limit to pushing $ in from another bank/FI to $25K/mon, and pulling $ out to $100K/mon (TBC).
With a savings account, 1 transfer out/month is free, $2.50 thereafter. All transfers are free if 59+.
With EVA chequing account, all transfers are $1.50, unless you have a Gold / Diamond or Platinum account.
See account fees here (scroll down): https://mywfcu.ca/personal/per.....-accounts/
Service fees:
https://mywfcu.ca/online-polic.....ervicefees
4:33 am
September 30, 2017
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@Smayer9 Your info is mostly from the newly amalgamated WFCU. Are you speaking as a member in first person?
There is still no option to sign on for Omnia members on the main site as of today. As you said, Omni is an investment division with GIC only.
For disclosure I am an active Omni client from old. Interested to know anybody's recent Omnia (not WFCU) onboardng experience.
6:26 am
September 29, 2017
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Ok, I need to clarify and correct some details, because the whole WFCU and Omnia setup is quite convoluted.
First, I am not speaking as a customer at this time. I have collected info as I try to understand their onboarding process.
Even though they are the same FI, they have two different platforms on the back end.
It turns out that only during the current promotion (available until April 30, unless cancelled beforehand), Omnia is offering to set up a regular savings account for the 4.29% promo, but the account will only be with Omnia, on the Omnia "platform", with no online access. They can also set up a chequing account remotely, but would require extra effort on their part, but with the same limitations as savings account. If you require a registered account, you have to go into a branch for legal reasons.
SO, if you want full-featured access to your accounts, you are best to set them all up with a WFCU/ECU/Rapport branch, which gives you full online access. Omnia can still execute transactions over the phone for you, but to send money out, they will need branch approval (for accounts set up via a branch), and therefore can only do those during branch hours, even though the call centre has longer hours (so not sure the value of that). Very limiting. So, it is better to set up Me-2-Me links as noted in the OP.
So, correct, there is no online access to accounts set up via Omnia.
Corrections to the OP:
As for transfer limits, transferring $ in via Me-2-Me is limited to $25k/transaction, and a total of $100K/month.
But there are NO limits to transferring $ in to or out of WFCU when initiated/pushed/pulled from the other bank/FI. Any limits would be as per the other bank/FI.
5:20 am
September 29, 2017
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One more correction; you can only move money in/out with other banks via a chequing account, e.g. via Me-2-Me, although you can make Interac purchases with a Savings account and move between other WFCU accounts.
