Chequing account enhancements and fee changes
Chequing account changes: what you need to know
On September 1, 2023, we made upgrades and fee changes to all our retail chequing accounts. These changes include new package names, enhanced features and benefits, and fee changes. No action is required on behalf of our Members.
As part of our update, we also changed the fees for other chequing package-related services, such as bank drafts, wires, safety deposit boxes, international Automatic Banking Machine (“ABM”) withdrawals, and more.
Learn more about the new features and enhancements and how your chequing account is impacted. If you have questions, our Contact Centre representatives are available to help.
QUESTIONS? CONNECT WITH US PACKAGE CHANGES OTHER FEE CHANGES
Why we’re making changes to our chequing accounts
Based on what we’ve learned from valuable Member feedback, our Members are looking for more modernized chequing packages that better reflect today’s banking needs. While monthly package fees are increasing, the packages offer more value with additional included transactions and Interac e-Transfers®, so you may find your monthly costs reduced overall.
With these new package changes you’ll get upgraded features and far greater flexibility, while still receiving great value with competitively low fee packages.
Complete list of changes
Pay-As-You-Go Chequing Account: now the Essential Chequing Package
Convenience Chequing Account: now the Everyday Chequing Package
Electronic Chequing Account: now the Digital Chequing Package
Convenience Plus Chequing Account: now the Unlimited Chequing Package
Limitless Student Chequing Account: now the Student Chequing Package
Other banking and service fees
*If you are an existing Senior Chequing Account holder, your account details and fees will not change unless you request one of the new Senior Chequing Packages.
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The Pay-As-You-Go Chequing Account is now the Essential Chequing Package
On September 1, 2023, your Pay-As-You-Go Chequing Account was renamed the Essential Chequing Package. There is a monthly package fee of $3, but you’ll get more included transactions and 4 rebated Interac e-Transfers®, regardless of your monthly balance.
| Current details | Changes as of Sept 1, 2023 | |
|---|---|---|
| Name | Pay-As-You-Go Account | Essential Package |
| Package fees | ||
| Monthly package fee | $0 | $3 |
| Minimum monthly balance (“MMB”) to waive additional transaction fees | $2,000 | Not applicable |
| MMB to waive package fee | Not applicable | Not applicable |
| Transactions included in package | ||
| Self-serve (online)1 | 0 included ($1 per transaction) | 15 included ($1.25 per additional transaction) |
| Personal service (in branch)2 | 0 included ($1 per transaction) | 5 included ($1.25 per additional transaction) |
| Cheques3 | 0 included ($1 per cheque) | 2 included ($1.25 per additional cheque) |
| Deposits | Free | Free |
| Rebated Interac e-Transfers® per month4 | 4 included when you maintain a balance of $2,000 ($1.50 per additional transfer) | 4 included ($1.50 per additional transfer) |
The Convenience Chequing Account is now the Everyday Chequing Package
On September 1, 2023, your Convenience Chequing Account was renamed the Everyday Chequing Package. The monthly package fee has increased by $4, but you’ll get more included self-serve transactions and Interac e-Transfers®, plus a minimum monthly balance option that waives the monthly package fee.
| Current details | Changes as of Sept 1, 2023 | |
|---|---|---|
| Name | Convenience Account | Everyday Package |
| Package fees | ||
| Monthly package fee | $5 | $9 |
| Minimum monthly balance (“MMB”) to waive additional transaction fees | Not applicable | Not applicable |
| MMB to waive package fee | Not applicable | $2,000 |
| Transactions included in package | ||
| Self-serve (online)1 | 15 included ($1 per transaction) | 25 included ($1.25 per additional transaction) |
| Personal service (in branch)2 | 15 included ($1 per transaction) | 5 included ($1.25 per additional transaction) |
| Cheques3 | 15 included ($1 per cheque) | 2 included ($1.25 per additional cheque) |
| Deposits | Free | Free |
| Rebated Interac e-Transfers® per month4 | 4 included ($1.50 per additional transfer) | 6 included ($1.50 per additional transfer) |
The Electronic Chequing Account is now the Digital Chequing Package
On September 1, 2023, your Electronic Chequing Account was renamed the Digital Chequing Package. The monthly package fee has increased by $5, but you’ll get up to 99 rebated Interac e-Transfers® per month, plus a minimum monthly balance option that waives the monthly package and transaction fees.
| Current details | Changes as of Sept 1, 2023 | |
|---|---|---|
| Name | Electronic Account | Digital Package |
| Package fees | ||
| Monthly package fee | $9 | $14 |
| Minimum monthly balance (“MMB”) to waive additional transaction fees | Not applicable | $3,000 |
| MMB to waive package fee | Not applicable | $3,000 |
| Transactions included in package | ||
| Self-serve (online)1 | Unlimited | Unlimited |
| Personal service (in branch)2 | 0 included ($1 per transaction) | 0 included ($1.25 per transaction if MMB is not maintained) |
| Cheques3 | 0 included ($1 per cheque) | 0 included ($1.25 per cheque if MMB is not maintained) |
| Deposits | Free | Free |
| Rebated Interac e-Transfers® per month4 | 4 included ($1.50 per additional transfer) | 99 included ($1.50 per additional transfer) |
The Convenience Plus Chequing Account is now the Unlimited Chequing Package
On September 1, 2023, your Convenience Plus Chequing Account was renamed the Unlimited Chequing Package. The monthly package fee has increased by $7, but you’ll get up to 99 rebated Interac e-Transfers® per month, plus a minimum monthly balance option that waives the monthly package fee.
| Current details | Changes as of Sept 1, 2023 | |
|---|---|---|
| Name | Convenience Plus Account | Unlimited Package |
| Package fees | ||
| Monthly package fee | $12 | $19 |
| Minimum monthly balance (“MMB”) to waive additional transaction fees | Not applicable | Not applicable |
| MMB to waive package fee | Not applicable | $5,000 |
| Transactions included in package | ||
| Self-serve (online)1 | Unlimited | Unlimited |
| Personal service (in branch)2 | Unlimited | Unlimited |
| Cheques3 | Unlimited | Unlimited |
| Deposits | Free | Free |
| Rebated Interac e-Transfers® per month4 | 4 included ($1.50 per additional transfer) | 99 included ($1.50 per additional transfer) |
The Limitless Student Chequing Account is now the Student Chequing Package
On September 1, 2023, your Limitless Chequing Account was renamed the Student Chequing Package. The updated package includes fewer in-branch and cheque transactions, but you’ll get up to 99 rebated Interac e-Transfers® per month.
The new Student Chequing Package is only available to Members ages 18-25. Members continuing their education beyond age 25 are eligible to maintain student benefits with proof5 of enrollment. Existing Limitless account holders between the ages of 26-29 will be allowed to maintain the updated Student package until their 30th birthday.
| Current details | Changes as of Sept 1, 2023 | |
|---|---|---|
| Name | Limitless (Student) Account | Student Package |
| Package fees | ||
| Monthly package fee | $0 | $0 |
| Minimum monthly balance (“MMB”) to waive additional transaction fees | Not applicable | Not applicable |
| MMB to waive package fee | Not applicable | Not applicable |
| Transactions included in package | ||
| Self-serve (online)1 | Unlimited | Unlimited |
| Personal service (in branch)2 | Unlimited | 5 included ($1.25 per additional transaction) |
| Cheques3 | Unlimited | 2 included ($1.25 per additional cheque) |
| Deposits | Free | Free |
| Rebated Interac e-Transfers® per month4 | 4 included ($1.50 per additional transfer) | 99 included ($1.50 per additional transfer) |
The Senior Chequing Account is now the Senior Everyday Chequing Package or the Senior Unlimited Chequing Package
If you are an existing Senior Chequing Account holder, your account details and fees will not change unless you request one of the new Senior Chequing Packages.
The new packages for seniors (ages 60+); the Senior Everyday Chequing Package and the Senior Unlimited Chequing Package, both offer more rebated e-Transfers. The updated packages include monthly fees, which can be offset by maintaining a minimum monthly balance.
| Current details | Changes as of Sept 1, 2023 | ||
|---|---|---|---|
| Name | Senior Chequing Account | Senior Everyday Package | Senior Unlimited Package |
| Package fees | |||
| Monthly package fee | No monthly fee | $3.00 | $9.50 |
| Minimum monthly balance (“MMB”) to waive additional transaction fees | No MMB | Not applicable | Not applicable |
| MMB to waive package fee | Not applicable | $2,000 | $5,000 |
| Transactions included in package | |||
| Self-serve (online)1 | Unlimited | 25 included ($1.25 per additional transaction) | Unlimited |
| Personal service (in branch)2 | Unlimited | 5 included ($1.25 per additional transaction) | Unlimited |
| Cheques3 | Unlimited | 2 included ($1.25 per additional cheque) | Unlimited |
| Deposits | Free | Free | Free |
| Rebated Interac e-Transfers® per month4 | 4 included ($1.50 per additional transfer) | 6 included ($1.50 per additional transfer) | 99 included ($1.50 per additional transfer) |
Other banking and service fees
These are fees for banking services that fall outside of your monthly chequing package fees. These changes are effective September 1, 2023.
| Fee name | Current fee | New fee |
|---|---|---|
| Paper Statements | $2.25/month | $2.50/month |
| Bank Draft (CAD) | $7.50 | $10.00 |
| Bank Draft (USD, Foreign) | $11.00 | $10.00 |
| Incoming Wires | $16.00 | $17.50 |
| Outgoing Wires | Under $20,000: $20 $20,001 - $50,000: $50 $50,001 - $100,000: $80 $100,000+: $100 | Under $20,000: $30 $20,001 - $50,000: $60 $50,001 - $100,000: $100 $100,000+: $120 |
| International ABM Withdrawals | $3.00 | $5.00 |
| Registered Transfer (TFSA, RRSP, RRIF) | $50.00 | $75.00 |
| Stop Payment (Partial Details) | $16.50 | $20.00 |
Chequing package comparison chart
| Chequing Packages | |||||||
|---|---|---|---|---|---|---|---|
| Student | Essential | Everyday | Digital | Unlimited | Senior Everyday | Senior Unlimited | |
| Eligibility | Age 18-256 | Age 18+ | Age 18+ | Age 18+ | Age 18+ | Age 60+ | Age 60+ |
| Package fees | |||||||
| Monthly package fee | No monthly fee | $3.00 | $9.00 | $14.00 | $19.00 | $3.00 | $9.50 |
| Minimum monthly balance (“MMB”) to waive additional transaction fees | Not applicable | Not applicable | Not applicable | $3,000 | Not applicable | Not applicable | Not applicable |
| MMB to waive package fee | Not applicable | Not applicable | $2,000 | $3,000 | $5,000 | $2,000 | $5,000 |
| Transactions included in package | |||||||
| Self-serve (online)1 | Unlimited | 15 included ($1.25 per additional transaction) | 25 included ($1.25 per additional transaction) | Unlimited | Unlimited | 25 included ($1.25 per additional transaction) | Unlimited |
| Personal service (in branch)2 | 5 included ($1.25 per additional transaction) | 5 included ($1.25 per additional transaction) | 5 included ($1.25 per additional transaction) | 0 included ($1.25 per transaction if MMB not maintained) | Unlimited | 5 included ($1.25 per additional transaction) | Unlimited |
| Cheques3 | 2 included ($1.25 per additional cheque) | 2 included ($1.25 per additional cheque) | 2 included ($1.25 per additional cheque) | 0 included ($1.25 per cheque if MMB not maintained) | Unlimited | 2 included ($1.25 per additional cheque) | Unlimited |
| Deposits | Free | ||||||
| Rebated Interac e-Transfers®/ month4 | 99 included ($1.50 per additional transfer) | 4 included ($1.50 per additional transfer) | 6 included ($1.50 per additional transfer) | 99 included ($1.50 per additional transfer) | 99 included ($1.50 per additional transfer) | 6 included ($1.50 per additional transfer) | 99 included ($1.50 per additional transfer) |
Over the years, our Members have asked us to update our accounts and services. Given that our chequing accounts haven’t changed in some time, these new packages will make us more competitive and satisfy Member needs.
The new packages offer more options, including more rebated Interac e-Transfers®, and a minimum monthly balance feature that waives package fees in some of our package options.
Yes, we’ll be making limited changes to other chequing related services on September 1, 2023. You can view the complete list of fee changes here.
The new features and associated fees will automatically come into effect on September 1, 2023. You’ll see the new fee reflected September 30, 2023.
If you are an existing Senior Chequing Account holder, your account details and fees will not change.
If you’re a student between the ages of 26 and 29, you’ll remain in the new Student Package until your 30th birthday. In the month of your 30th birthday, you’ll get a notification about your student benefits ending. At that point, we’ll help you to choose a package that works for you. New Members over the age of 25 who don’t provide proof of enrollment will not be eligible for the Student Package. We’ll guide these new Members to a package that’s right for them.
The monthly package fee is waived for all packages with the MMB7 option if the minimum balance is maintained for the entire month. For Members with the Digital package who maintain the MMB, all transaction fees are waived as well as their package fee.
Only Interac e-Transfer® fees will be rebated at the end of the month; all other fees will be waived immediately.
For existing Senior account holders, only the monthly package fee/services will stay the same; all other account-related service fees will change as noted on September 1, 2023.
Yes, you can switch to one of the two new Senior packages any time after September 1, 2023. Once you make the switch, you won’t be able to revert to your previous Senior account.
No, the MMB must be held in your new chequing package to qualify for the fee waiver.
No, your pre-authorized debits and credits will remain the same and you won’t need new cheques. All your pre-authorized transactions will be processed as usual.