Innovation Credit Union | Site suggestions | Discussion forum

I signed up on a whim a few months ago and am actually in the process of moving my day to day banking to them. Here's my thoughts:

The investment rates aren't anything to write home about. The redeemable GIC can be handy as a way to get access to some funds on a whim but get a somewhat better interest rate. Things are a bit skewed though because there is profit sharing. I haven't yet experienced profit sharing.

The mobile/web banking is the same thing. It's nothing fancy, but it's fast and covers what you need. From opening the mobile app on my phone to sending an Interac e-Transfer is maybe 15 seconds. A silly simple thing is that you can nickname payees you add, which in my case is helpful because I have 3 accounts at the same payee so I just nickname them and don't have to remember which account is which.

Their staff seem empowered to actually do things and will go above and beyond to try to sort stuff out. If they don't know something and have to investigate/ask, they'll tell you. I've got the cellphone numbers of a few people I can call or text if I need something done.

They seem to be aggressive on lending rates. I inquired about a line of credit and they gave me one just based on my credit report with an interest rate that beat others. I'll likely consider them for my final mortgage renewal too, as the rates I was given when asked for that beat others. The interest paid on both also contributes to your profit sharing.

The Interac e-Transfer limits are rather high. $10000 per transaction, $20000 daily, $50000 weekly, $100000 monthly.

If there's any questions I can maybe answer them.

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It doesn't look like it's ⬆ in the cards.

Dean

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Ah yes ... but as we know, rates can Change.

Right now Innovation would be fourth from the bottom of the GIC Chart ... a spot where the likes of Tangerine used to dwell.

Who knows where Innovation would be on the chart, after the next BoC interest rate announcement on Dec. 11th. We'll have to wait and see.

In the end, of course ... it's Peter's call.

Dean

Definitely doesn't qualify for the HISA chart, in terms of interest rate competitiveness.

May qualify for the GIC chart, but, even there, they would be in the bottom tier of GIC issuers.

However, there is a problem with Innovation Federal Credit Union. The core banking system and KYC verification system they've selected is sub-optimal in that it requires the user to (a) have government-issued photo ID, in contravention of Financial Consumer Agency of Canada-administered federal banking regulations and (b) have a smartphone capable of taking photos.

On balance, because of the last point, it may not meet other criteria of being fully accessible to all Canadians without branch intervention and, thus, would favour exclusion from the GIC chart as well.

Cheers,
Doug

countysaver said

I'm a bit confused by this criticism though I admit I have never attempted to read all the federal banking regulations. I would be interested to know what reputable institution would open a new account without government issued photo ID. As for taking a verification photo by phone [sumitted by an Interact secure system] that is reasonable, imo, to ensure the on-line applicant isn't using someone else's driver's license or other ID. It's the same procedure I've used to expedite pre-clearance for international fights, i.e. upload my passport ID and a new photo [after arriving at the airport] and going to the head of the line like a Nexus card holder [at no cost].

On-line banking does require re-thinking some traditional practices and not everyone will be comfortable. Given what's happened to TD Bank, I would guess banks will be extra careful to 'know the customer' even if they've never met face-to-face. I'm skeptical that Innovation is contravening federal regulations but acknowledge camera phones and on-line banking may not be everyone's 'cup to tea'. Other financial columns have recommended having a secondary, back-up account/institution in case the primary bank is hacked or its systems 'go down' and I'm happy to do that from the comfort of my home rather than trekking miles to find a branch of an alternate bank or credit union. That, to me, is another way of interpreting 'accessible' to millions of Canadians.  

It's not a requirement to have photo ID, as per the Access to Basic Banking Regulations.

In fact, in non-face-to-face account openings, FINTRAC actually prohibited using digital copies of ID documents one time, preferring the so-called dual-process method whereby the financial institution clears a cheque on an existing Canadian financial institution and verifies the customer's Canadian credit bureau, or where the financial institution uses an authorized intermediary (such as Canada Post) to verify the customer's ID documents.

Since Central 1 Credit Union's abysmal failure to migrate credit unions from MemberDirect to its new Forge banking system and online banking platform (only a handful of done so), many credit unions are using inferior banking systems and KYC verification systems instead of superior systems like Cumulus and thirdstream.

Among the virtual financial institutions that do not require photo ID:

• Tangerine Bank, a subsidiary of Scotiabank
• Simplii Financial, a division of CIBC
• Motive Financial, a division of Canadian Western Bank
• Alterna Bank, a subsidiary of Alterna Savings & Credit Union
• EQ Bank
• FirstOntario Credit Union
• Coast Capital Savings Federal Credit Union
• First West Credit Union

and many, many others.

Cheers,
Doug