Personal Finance

Access Credit Union Thread

  • Last Updated:
  • May 29th, 2020 8:25 pm
[OP]
Deal Guru
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May 8, 2009
13478 posts
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Leask
fitzy7 wrote: I’m curious as to what bank you use for your daily chequing account as you are clearly very focussed on getting the best rate!
Lolz using Simplii. Because...
  1. not the best for bill pay but that's offset by PayTM
  2. Unlimited no-fee e-transfers and chequebooks
  3. Backed by CIBC (whelp) so not a fly-by
  4. Truly a daily banking machine with as many single and/or joint chequeing, savings accounts, plus I have uLOC there with a nice CL
  5. Customer service is 24/7 and very solid
  6. External account linking is annoying but they accept my hand-made void cheques with Crayola crayons - successfully linked exotic accounts such as CTFS HISA (now closed) and B2B HISA
  7. They'll never troll me into a branch
  8. Deposit limits at max $5k/deposits instantly available, $1k ATM withdrawal and whatever debit spend per day

I have EQ for some additional banking habits, but the Laurentian subbies have made savings accounts musical chairs irrelevant. Achieva Financial for the free $1/month that I throw into TFSA there as well.
fitzy7 wrote: I spoke with Access CU about their variable TFSA account and want to post the details below for the benefit of others. Generally reconfirms the details provided already but I also got transfer in / out fee information.

TFSA Withdrawals: 1 free withdrawal per month, any additional withdrawals are $5.00 each
Transfer in from registered account: they cover up to $120 of transfer in fees charged by another institution
Transfer out to a registered account elsewhere: $50 flat fee per transfer
Interest rate calculation: interest is calculated on the daily closing balance and it’s paid out semi-annually at end of June and end of December

Their customer service is very responsive! I think for me personally Access CU is an excellent option as a long term place for savings within a TFSA account and I plan to sign up with them.
+1

I've liked Access so far and no complaints. If I had to pick one to start with now, I'd probably be Access...but I won't throw away my relationship with SCU now :lol:
No solicitation in sigs
Sr. Member
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Jan 23, 2018
701 posts
894 upvotes
Coruscant
titaniumtux wrote: Lolz using Simplii. Because...
  1. not the best for bill pay but that's offset by PayTM
  2. Unlimited no-fee e-transfers and chequebooks
  3. Backed by CIBC (whelp) so not a fly-by
  4. Truly a daily banking machine with as many single and/or joint chequeing, savings accounts, plus I have uLOC there with a nice CL
  5. Customer service is 24/7 and very solid
  6. External account linking is annoying but they accept my hand-made void cheques with Crayola crayons - successfully linked exotic accounts such as CTFS HISA (now closed) and B2B HISA
  7. They'll never troll me into a branch
  8. Deposit limits at max $5k/deposits instantly available, $1k ATM withdrawal and whatever debit spend per day

I have EQ for some additional banking habits, but the Laurentian subbies have made savings accounts musical chairs irrelevant. Achieva Financial for the free $1/month that I throw into TFSA there as well.

+1

I've liked Access so far and no complaints. If I had to pick one to start with now, I'd probably be Access...but I won't throw away my relationship with SCU now :lol:
So after my own pleasant experience opening an ACU TFSA I got my spouse to open one as well. We also both filled out their cross-transfer agreement forms that now allow us to swap funds online between each other's account, which saved my spouse from having to create a new external link to her new ACU account (and burn another of her external link spots in the process). Instead I just transferred her contribution money into my own ACU Plan24 account using the link I already had, and then I immediately transferred it over to her Plan24 account which she then moved into her TFSA.

Because of ACU's $10K per incoming online transfer limitation, I had to split the transfer into 4 parts and spread those 4 parts over 2 days (2 transfers on Monday morning, 2 on Tuesday morning). It's a bit of a pain but really just extra keystrokes. All 4 transfers came from LBC and were sitting in my ACU account first thing in the morning 2 days after they were sent.

Not a bad place to hide TFSA money if you don't want to commit to current GIC rates
Newbie
Nov 20, 2007
69 posts
17 upvotes
Toronto
I've signed my wife and I up for a joint account, and waiting on her TFSA account to be approved. I got a hard credit check on my file while she did not.
Sr. Member
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Jan 23, 2018
701 posts
894 upvotes
Coruscant
Just for the record, after discussing the matter again with Access, I have established that the incoming transfer limit information I was provided with in December that I posted here access-credit-union-thread-2305113/3/#p31903539 is incorrect. They gave me a bum steer. There are no limits on incoming EFTs to speak of when funding your ACU account, so transfer away to your heart's content
Newbie
Nov 20, 2007
69 posts
17 upvotes
Toronto
Good to hear there are no limits on transfers in. I'm going to contact them tomorrow about doing a TFSA transfer. I see their rate is now at 2.7% for variable. Maybe going lower if bond yields drop further, but given the best 1 year GICs are 2.75% and 2.8% right now I feel like Access CU TFSA variable might just be way less hassle with much greater flexibility.
Sr. Member
User avatar
Jan 23, 2018
701 posts
894 upvotes
Coruscant
I am sad to report that I just logged into my account and see that the TFSA rate has dropped to 1.60%
Newbie
Jan 22, 2008
81 posts
62 upvotes
Vancouver
Thinking I might move my TFSA to Motive. I suppose to make things easier I should wait until the end of June when interest has been paid out, then empty the account? If I was to move it now I'd be left with a few hundred in the account at the end of June and it'd probably be a pain to funnel this into another TFSA.
Deal Addict
Aug 1, 2006
1421 posts
1041 upvotes
Toronto
bazzz wrote: Thinking I might move my TFSA to Motive. I suppose to make things easier I should wait until the end of June when interest has been paid out, then empty the account? If I was to move it now I'd be left with a few hundred in the account at the end of June and it'd probably be a pain to funnel this into another TFSA.
You will get dinged with 50.00 fee if you transfer out the whole account, but you are allowed one free transfer out of money per month, so on July 1 transfer out most of the money to a TFSA at Motive.
Newbie
Jan 22, 2008
81 posts
62 upvotes
Vancouver
Bull Dog wrote: You will get dinged with 50.00 fee if you transfer out the whole account, but you are allowed one free transfer out of money per month, so on July 1 transfer out most of the money to a TFSA at Motive.
Ah. Good thinking. Bit annoying that I can't seem to find their fee schedule anywhere online.
Deal Addict
Aug 1, 2006
1421 posts
1041 upvotes
Toronto
bazzz wrote: Ah. Good thinking. Bit annoying that I can't seem to find their fee schedule anywhere online.

Here's the link:
Access link

It's a good idea to review your beneficiaries annualy. If there's been a major life event such as marriage, divorce, birth of a child or death in the family you may want to change your beneficiaries on your RRSPs, RRIFs, or TFSAs. Contact your account manager and you'll be able to complete a new designation form.
if funds contained in the contract are subject to a Pension Lock-In, the locking-in addendum may override this designation if a person other than your “spouse” is designated to receive the proceeds
a fee of $50 will be charged to transfer out any registered plan to another financial institution
TFSA plans are allowed one free withdrawal per month, and a fee of $5 applies to any other withdrawals



Deal Addict
Aug 1, 2006
1421 posts
1041 upvotes
Toronto
Bull Dog wrote: Here's the link:
Access link

It's a good idea to review your beneficiaries annualy. If there's been a major life event such as marriage, divorce, birth of a child or death in the family you may want to change your beneficiaries on your RRSPs, RRIFs, or TFSAs. Contact your account manager and you'll be able to complete a new designation form.
if funds contained in the contract are subject to a Pension Lock-In, the locking-in addendum may override this designation if a person other than your “spouse” is designated to receive the proceeds]a fee of $50 will be charged to transfer out any registered plan to another financial institution
TFSA plans are allowed one free withdrawal per month, and a fee of $5 applies to any other withdrawals




By the way their wording is bad for TFSA, it's better to make your spouse/common law partner as successor holder. Beneficiary is less friendly tax wise. (at least in Ontario that is)

TFSA beneficiary rules..

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