• Account Changes Notice

UPCOMING CHANGES TO OUR CHEQUING AND SAVINGS ACCOUNTS

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In October, we are making changes to some of our chequing and savings accounts. These changes are the result of work we are doing to keep things simple and serve you better. The vast variety of products and fees associated with those products that we currently have makes it challenging for us to provide you with a consistent and remarkable experience.

Making these changes will help us simplify and standardize the way we do business and continue to provide you with market leading products and services.


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​WHAT'S NOT CHANGING

  • Cheques and pre-authorized payments will process as usual (e.g. insurance payments, payroll deposit)
  • Scheduled transfers (e.g. from chequing to savings)
  • Scheduled online bill payments (e.g. utilities and credit cards), including your post-dated online bill payments will process as usual
  • Access to account history and eStatements

HOW THIS CHANGE MAY IMPACT YOU

  • Your chequing, savings or registered accounts may have a new name
  • There may be changes in the interest rates for your chequing or savings account
  • Your account’s monthly fee may change (e.g. some members will no longer pay a fee, some will pay a new or different fee)
  • Business accounts will now be charged for paper statements, but eStatements are environmentally friendly and always free
  • Equity Shares will now be known as Class B Equity Shares
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ACCOUNT FEE AND INTEREST PAYMENT ADJUSTMENTS

Monthly fees
  • As of October, your monthly fee will be based on your new account. While most of our members will see a decrease in their monthly fee or no monthly fee at all, there will be a few members whose monthly fee will increase.

Transaction service fees

In October, you may see charges for transaction fees twice (where applicable):

  • On October 19, members will be charged for any transaction fees occurring between October 1 and October 19, (based on your old account)
  • On October 31, members will be charged for any transactions occurring between October 20 and October 31, (based on your new account)

Interest payments for chequing and savings accounts

In October, you will see two interest payments for balances you carry in your account (where applicable):

  • On October 19, members will receive interest for their account balance between October 1 and October 19, (based on your old account)
  • On October 31, members will receive interest for their account balance between October 20 and October 31, (based on your new account)

Please note that debit interest for any overdraft protection or line of credit balances will only be charged on October 31.

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CHANGES TO ONLINE BANKING EXPERIENCE

After October 19, you may notice changes to your account in online banking.

  • Changes to the account name
  • Changes to portions of the account number, when it is being referenced
  • The order of which your accounts appear in online banking may change
  • If you download data to third party software (e.g. Mint.com; Quicken), you may need to update your account information that the provider holds to ensure you can access your transactions



To better understand how these changes may impact you, we always recommend reviewing your accounts with our member services team.


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