Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.
The Innovation Federal Credit Union No-Fee Chequing Account has become popular over the years because of its zero-fee benefit. It is a financial product that Innovation Credit Union offers to customers without charging any fee for the service.
Unlike traditional banks, the Innovation Federal Credit Union No-Fee Chequing Account offers a variety of free services. These services range from free monthly transactions to free e-transfers, with no minimum balance and no maintenance fees.
Let’s carefully look at everything the Innovation Federal Credit Union no-fee chequing account entails.
Features of Innovation Federal Credit Union No-Fee Chequing Account
The Innovation Federal Credit Union no-fee chequing account offers a good number of features. Below are the features of this account:
- A $300 welcome bonus (limited offer)
- Free and unlimited Interac e-Transfer
- ABM transactions at the Ding-free ATM network are free
- Zero monthly fees, irrespective of your account balance.
- Save ~$11 every month in bank fees
- The Canada Deposit Insurance Corporation insures this account.
- Daily withdrawals, POS, and transactions.
- No minimum account balance required
Pros of Innovation Federal Credit Union No-Fee Chequing Account
Although the Innovation Federal Credit Union no-fee chequing accounts are popular, they have areas of strength and weakness. Below are its pros:
No Minimum Balance Requirement
The Innovation Federal Credit Union no-fee chequing account doesn’t require any form of minimum balance. This helps clients keep an account with a zero balance and prevent fees.
Zero Monthly Fees
The Innovation Federal Credit Union no-fee chequing account helps customers save money. They do this by setting aside any monthly maintenance or service charges.
Extra Benefits
Innovation Federal Credit Union’s no-fee chequing accounts provide clients with extra benefits for free or at a lower rate. These benefits can be in the form of mobile check deposits, free access to ABMs, and other banking-related services.
Overdraft Protection
Innovation Federal Credit Unions provide overdraft protection for when you overdraw your account by mistake. They cover such flaws on the part of the clients. This is not added by default. Members have to apply for overdraft protection and be approved for this perk.
Cons of Innovation Federal Credit Union No-Fee Chequing Account
Here are the cons of the Innovation Federal Credit Union No-Fee Chequing Account:
Strict Eligibility Requirements
For Innovation no-fee chequing accounts, there might be strict requirements, such as restricting access to a particular set of people, like students or members of a particular community.
Restricted Access To Branches And ABMs
For those who prefer walk-in banking, the Innovation no-fee chequing account might not suit them well. This is because of the access restrictions associated with branches and the use of ABMs.
Innovation Federal Credit Union No-Fee Chequing Account fees
Although this is a no-fee account, you might be required to pay some fees at some point. The fees attached to this account are:
- $4.00 CIRRUS ABM withdrawal
- Overdraft protection authorized fee
- A $2.50 fee on Interac ABM withdrawals.
How to open an Innovation Federal Credit Union No-Fee Chequing Account
The Innovation Federal Credit Union No-Fee Chequing account can be opened by calling in, visiting any of their branches, or online. Most Canadians open theirs online, as they consider it a preferable option.
Opening an Innovation no-fee chequing account requires simple steps. They are:
- Find credit unions that offer no-fee chequing accounts with bonuses or mobile banking.
- Complete an application online by providing the necessary information
- You will need to complete your ID verification using a smartphone
- Make an initial deposit. This is to ensure the necessary funds are available.
- Usually, you can access your account immediately after opening, unless any additional information is required.
Other Innovation Federal Credit Union account options
Savings account: This type of chequing account gives interest to your account. Although its interest rate isn’t on the high side, it’s better than earning no interest.
Chequing account: This type of account is strictly operated online through the company’s website or mobile app. Here, customers can comfortably complete transactions and access their accounts.
Innovation Federal Credit Union No-Fee Chequing Account conclusion
Innovation Federal Credit Union’s no-fee chequing accounts are better options than traditional bank accounts. They provide a beneficial interest rate, community resources, and other interesting benefits. However, adequate research is necessary before making your decision.
You might also like…
