Personal Finance

no-fee chequing account on Exchange network

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Poutinesauce wrote: Your document says that motusbank excludes Quebec consumers when it fact it welcomes them.
@Poutinesauce, thanks. I'll correct that in December when I have time. I created this at launch when I hadn't looked in to Motusbank/Motus Bank in-depth. I'd review the product features, but not the customer qualifications.

Cheers,
Doug
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titaniumtux wrote: @dmehus ty for the friendly tag. This is a nifty thread. Perhaps in thread summary tag FI's as exchange only or acculink only?
@titaniumtux No problem and, sure, a thread summary sounds like a good idea. Feel free to create it, or add to it.

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Doug
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@titaniumtux and @someweirdo Not sure who added the Thread Summary @titaniumtux recommended, but I edited it to add split the Exchange ATM network-linked no-fee chequing accounts into "Exchange ATM network" and "Acculink and Exchange ATM network". Note that Coast, Alterna, and DUCA are in the latter camp and Motive Financial and B2B Bank are in the former.

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Doug
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@dmehus If you put any of the Manitoba credit unions into the Exchange Network ATM locator they won't show as participating. So I don't see if they allow out of province access to their institution through the Exchange Network why they aren't showing. Also, that ding-free site doesn't work well either since many FIs don't show up there eg. Hubert, Alterna, Achieva,Implicity . A few like Steinbach,Access, Pace show

Exchange Network ATM locator

Ding-free
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Bull Dog wrote: @dmehus If you put any of the Manitoba credit unions into the Exchange Network ATM locator they won't show as participating. So I don't see if they allow out of province access to their institution through the Exchange Network why they aren't showing. Also, that ding-free site doesn't work well either since many FIs don't show up there eg. Hubert, Alterna, Achieva,Implicity . A few like Steinbach,Access, Pace show

Exchange Network ATM locator

Ding-free
@Bull Dog Chalk that up to a bug (ding-free.ca is woefully in need of an update as well!). I can confirm that Manitoba CUs are definitely Acculink only.

Edit: Make sure you're not searching by "Alterna Bank", "Hubert", "Achieva," etc. because in the first case, Alterna Bank is included because it's a subsidiary of Alterna Savings and shares common technology platforms to parent Alterna Savings. It is not actually a member of Acculink. Call it "member by proxy." Hubert and Achieva are not included because they are not individual financial institutions nor members. They are just branches (with separate brands and websites) of Sunova Credit Union and Cambrian Credit Union, respectively. So, you have to make sure you search by the parent company names.

Cheers,
Doug

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dmehus wrote:
@titaniumtux No problem and, sure, a thread summary sounds like a good idea. Feel free to create it, or add to it.

Cheers,
Doug
Surprised you left the above post when you later posted something more relevant to the discussion... @dmehus you know you can go back and update an old post.
dmehus wrote: @titaniumtux and @someweirdo Not sure who added the Thread Summary @titaniumtux recommended, but I edited it to add split the Exchange ATM network-linked no-fee chequing accounts into "Exchange ATM network" and "Acculink and Exchange ATM network". Note that Coast, Alterna, and DUCA are in the latter camp and Motive Financial and B2B Bank are in the former.

Cheers,
Doug
To this, thank you sir.

On the topic, are the only no-fee chequeing accounts that ALSO offer no-fee e-transfers limited to Simplii and Motusbank? I'm not saying we should expect the world from deposit accounts without monthly fees, but that's something that should be no-fee across the board since the '20s are at dawn :lol:

Edit - added info on chequebooks and e-transfers in thread summary.
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titaniumtux wrote: Surprised you left the above post when you later posted something more relevant to the discussion... @dmehus you know you can go back and update an old post.
Thanks, @titaniumtux. I could've gone back and edited it, actually, or deleted it. I hate deleting posts because you have to enter that stupid rationale for the moderators to review when you delete your own post. But yeah, should've edited my post. Sorry about that.


To this, thank you sir.

On the topic, are the only no-fee chequeing accounts that ALSO offer no-fee e-transfers limited to Simplii and Motusbank? I'm not saying we should expect the world from deposit accounts without monthly fees, but that's something that should be no-fee across the board since the '20s are at dawn :lol:
Yes, I agree, Alterna Bank, Motive Financial, and, I think, B2B Bank also offer free and unlimited Interac e-Transfers. Most of the credit unions do too. There really aren't many that don't. Uncertain if 1Q's transfers are e-Transfers or proprietary email money transfers...perhaps those in the know (@xgbsSS and/or @dekvitaly) can comment on that. Tangerine, as far as I'm aware, and some credit unions are the only ones that don't give you free e-Transfers; Coast doesn't—in fact, they don't even offer free cheques or free bank-to-bank transfers (main reasons I'm closing accounts with them next year).

Cheers,
Doug
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dmehus wrote: @Bull Dog Nope, actually, Alterna Bank is the only Canadian bank that's on Acculink because it's notionally a credit union-only ATM network. I suspect it's more of an anomaly in that other credit unions haven't noticed / don't care, perhaps because it is a nascent bank with not too many customers and who are geographically widely dispersed (so not to create too much demand on the credit union ATM network). Plus, it's owned by Alterna Savings. I suspect, because they share the same core banking systems and technology, Alterna Bank customers are able to benefit from the Acculink network.

But yeah, any credit union is on Acculink* (*except for Meridian Credit Union), so perhaps by most, I should say nearly all. That's an advantage over going with a credit union over, say, actually Alterna Bank, whose Acculink membership could theoretically end at any moment with the credit union partners don't want that little side door arrangement to continue.

Thus, my preference is for a credit union on Acculink + The Exchange over a credit union on only Acculink (though, having said that, I'm now strongly leaning Innovation Credit Union, which is only on Acculink, over Alterna Bank / Motive Financial).

Cheers,
Doug
I tried searching for credit unions that are both on Acculink and Exchange on CCUA locator with the filters of both Acculink and Exchange ATM. Some credit unions that show as belonging to both networks in various cities in Ontario include PACE, TME Savings,Police Credit Union, Rapport, Northern, Quinte ,Windsor,Motor City,BCU Financial,Ukrainian, IC Savings,DUCA, FirstOntario, HealthCare and Municipal, Momentum and Alterna. If I do the same search in Winnipeg there are no credit unions that belong to both since they don't bother with the Exchange. So your theory of being covered across Canada frequently works out, since you can use an Ontario debit card of those FIs in Manitoba, and you can use a Manitoba debit card here at those FIs . However, not all Ontario credit unions show up as being on Acculink, eg. Energy Credit Union doesn't, so you wouldn't be able to use it in Manitoba or use a debit credit card from Manitoba at Energy Credit Union.
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dmehus wrote: But are you a member of another credit union?
No, Coast Capital is my first credit union.
dmehus wrote: I'm not a fan of immediately closing accounts after getting bonuses.
I never intended to close my Coast Capital account. I was just going to leave it dormant until I found a use for it. And Acculink access gives me a good reason to use it occasionally.
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Bull Dog wrote: I tried searching for credit unions that are both on Acculink and Exchange on CCUA locator with the filters of both Acculink and Exchange ATM. Some credit unions that show as belonging to both networks in various cities in Ontario include PACE, TME Savings,Police Credit Union, Rapport, Northern, Quinte ,Windsor,Motor City,BCU Financial,Ukrainian, IC Savings,DUCA, FirstOntario, HealthCare and Municipal, Momentum and Alterna. If I do the same search in Winnipeg there are no credit unions that belong to both since they don't bother with the Exchange. So your theory of being covered across Canada frequently works out, since you can use an Ontario debit card of those FIs in Manitoba, and you can use a Manitoba debit card here at those FIs . However, not all Ontario credit unions show up as being on Acculink, eg. Energy Credit Union doesn't, so you wouldn't be able to use it in Manitoba or use a debit credit card from Manitoba at Energy Credit Union.
@Bull Dog Thanks. I haven't independently verified whether Energy Credit Union is a dual Exchange and Acculink member, but if correct, that would make a second Exchange-only credit union. I will do further examination later.

Still, we're at 99.9x% percent of Canadian CUs on Acculink; the same percentage doesn't hold for the Exchange as most prairie and even about half of B.C. credit unions are not on the Exchange. :)

Cheers,
Doug

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