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Innovation Federal Credit Union No-Fee Chequing Account Overview

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**Limited Time Offer: No-Fee Bank Account $2,500 Spring Giveaway Draw

Between April 1, 2024, and June 30, 2024 (the “Offer Period”) Qualifying Account Holders* will be entered into a monthly draw to win a $2,500 Spring Giveaway prize, provided the terms and conditions are met*.

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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 Federal 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
  • Monthly transaction rewards of up to $2.50
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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.

Monthly Transaction Rewards

Plus you can earn monthly transaction rewards of up to $2.50/month when you use online banking and have a No-Fee Bank Account. You’ll earn $0.50 every month for each kind of transaction:

  • pre-authorized deposit
  • pre-authorized payment
  • online bill payment
  • remote cheque deposit through the app
  • get an e-statement

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.

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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.
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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.

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FAQs about the Innovation Federal Credit Union No-Fee Chequing Account

Is there any minimum balance requirement for the Innovation Credit Union No-Fee Chequing Account?

The Innovation Federal Credit Union no-fee chequing account doesn't require a minimum account balance. However, you could contact your credit union to make sure you meet their conditions.

How do I open an Innovation Federal Credit Union No-Fee Chequing Account?

There are different ways to open an Innovation Federal Credit Union no-fee chequing account. You can apply on the website or through the app to open an Innovation Federal Credit Union no-fee chequing account. You'll have to provide proof of address and identification, such as a passport or driver's license, during the process.

Are there any fees attached to the Innovation Federal Credit Union No-Fee Chequing Account?

Just as it implies, there are no fees attached to this Innovation Federal Credit Union no-fee chequing account. Although there are fees for some extra services, such as wire transfers, overdraft protection, and NSFs, be sure to reach out to Innovation Federal Credit Union to find out if they have any additional fees.

Offer Terms & Conditions

1. Eligibility *Qualifying Account Holders must be a new customer/member to Innovation Federal Credit Union (“Innovation”), be 18 years of age or older, be a Canadian resident (excluding Quebec), meet Innovation’s membership and account opening approval criteria, and cannot have been an Innovation member since January 2016.   2. Offer Conditions Qualifying Account Holders will be entered into a draw to win a $2,500 Spring Giveaway prize, in the month of their account opening, after meeting the following conditions:

    1. Successfully open an Innovation No-Fee Bank Account (the “Account”) through the Online Account Opening Application on Innovation’s website; and,
    1. Deposit a minimum of $5.00 into their Account to pay for the cost of a membership share.
3. Additional Information After the Offer Conditions have been met, the Qualifying Account Holder will be entered into the corresponding monthly draw to win a $2,500 Spring Giveaway prize. For example: If a Qualifying Account Holder opens their account in April of 2024, they will be entered into the April 2024 draw to win a Spring Giveaway prize. The draw will occur the week following month end and winner(s) will be randomly selected. Winner(s) will be notified by phone or email. A direct deposit of $2,500 will be deposited to the winning member’s No-Fee Bank Account or other operating account.  The Qualifying Account Holder’s account(s) must also be active and in good standing (not in an unauthorized overdraft or in a delinquent status) at that time of the monthly draw. If the No-Fee Bank Account is opened as a joint account, the primary account holder will be entered into the monthly draw. If the draw is won by a jointly opened account, the prize will be jointly awarded to the account holders.  By accepting the prize, the winner(s) consents to Innovation publishing their name and prize description on Innovation’s digital channels, including but not limited to social media, digital screens, and website, as well as print publications. The Qualifying Account Holder will be charged a fee of $30 if they close their No-Fee Bank Account within 180 days of opening the Account, as per Innovation’s Account and Fee Information brochure.  Limit of one draw entry per Qualifying Account Holder, including for joint Account Holders. The recipient(s) of the Offer is solely responsible for any tax consequences associated with their receipt thereof.  Innovation employees and immediate family members of employees are not eligible for the Offer.  Innovation reserves the right to cancel or change these Terms and Conditions at any time without notice, for any reason, and to revoke the Offer for any customer/member who appears to be manipulating or abusing the Offer or appears to be engaged in any suspicious/fraudulent activity. 

Innovation Federal Credit Union No-Fee Chequing Account Details

Monthly Fee
$$0
Transaction Fee
$0
E-Transfer Fee
$0
Monthly Self Serve Transactions
Unlimited
Monthly Cheque Transactions
Unlimited
Monthly E-Transfers
Unlimited
Number of Monthly Transactions
Unlimited
Other Features

Innovation Federal Credit Union No-Fee Chequing Account Contact

Phone Number
1 (866) 446-7001
Email
webmail@innovationcu.ca
Hours
Monday - Friday: 9:00am - 5:00pm
Website
innovationcu.ca
Address
240 - 10 Research Dr. Regina SK S4S 7J7 Canada
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Innovation Federal Credit Union No-Fee Chequing Account Details
  • Account Type : Chequing
  • Monthly Fee : $$0
  • Monthly Transactions : Unlimited
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