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Individuals and businesses that frequently deal with US currency should consider the Innovation Federal Credit Union US Account. Not only does it provide exceptional features to manage your US funds, but it also offers outstanding benefits like earning interest and cash dividends.
The Innovation Federal Credit Union US Account is a versatile solution for personal and business use with beneficial currency conversion rates and no monthly fees. The account’s standout features include earning interest and cash dividends through the Member Rewards program.
Drawbacks include limited physical access and employee assistance fees. However, with additional benefits and easy account opening, it provides a unique banking experience for handling US currency.
This guide will examine this US dollar account’s features, fees, advantages, disadvantages, and more. We’ll also list the steps required to open this US Dollar account. This should equip you with the information you need to decide whether this is a suitable account for your US dollar banking needs.
Innovation Federal Credit Union US Account features
This comprehensive US Account provides an array of features, including:
- Availability for personal and business use
- Earned interest on the daily closing balance, paid monthly in US funds
- A tiered interest rate that grows as your account balance increases
- No monthly fee
- No minimum balance required
- Cheque deposit option
- No charge e-statement (requires an email address and online banking access)
- Electronic transfers within the US account at a $1.00 US fee per transaction
Pros of the Innovation Federal Credit Union US Account
Exceptional Currency Conversion Rates
This US Dollar account offers impressive conversion rates. It enables users to convert their currency at favourable rates, thus making the most of their funds.
No Monthly Maintenance Fees
This account has no monthly fees, which is a significant advantage compared to some other financial institutions that impose monthly maintenance charges. This feature can save account holders a considerable amount annually.
Member Rewards Program
The Member Rewards program is another noteworthy benefit. Account holders can earn cash dividends just by banking with Innovation Federal Credit Union, making their banking experience more rewarding.
Ability to Deposit US Cheques Digitally
One significant advantage of this US Dollar account is the capacity to deposit US cheques digitally. This means you can securely deposit all your US cheques from the comfort of your home or office, saving you time and trips to a physical bank branch.
Interest-Earning Account
This account doesn’t just hold your US dollars; it also enables you to earn interest on your deposits. The interest is calculated daily on your account’s closing balance and paid at the end of each month. The tiered interest system means as your account balance grows, so does the interest rate, allowing your money to work for you.
Cons of the Innovation Federal Credit Union US Account
Limited Physical Accessibility
One of the drawbacks of this account is the in-person service limitation. The Innovation Federal Credit Union’s physical presence is primarily in southern Saskatchewan, which could inconvenience those who prefer face-to-face banking and live outside this region.
Employee Assistance Fees
While there are no monthly fees, employee-assisted transactions, such as transfers and withdrawals, come at a fee of $1.00 US per transaction. This can add up over time for those who regularly need this type of assistance.
Account Fees
Although this account boasts no monthly maintenance fees, it does have some associated costs:
- Electronic transfers (US to US only): $1.00 US
- Cheque processing: $1.00 US
- Employee-assisted transfers: $1.00 US
- Employee-assisted withdrawals: $1.00 US.
Innovation Federal Credit Union US Account special offers
As part of its member-centric approach, Innovation Federal Credit Union provides a unique Member Rewards program. Depending on factors like the credit union’s profits for the year, the interest earned on members’ deposits, and the current member account balance, members can earn cash dividends.
Other Innovation Federal Credit Union account options
Innovation Federal Credit Union offers a wide range of account types, including no-fee chequing accounts, savings accounts, Registered Education Savings Plans (RESPs), and various Visa credit card accounts. All these accounts come with their own benefits and considerations, allowing you to choose what best suits your banking needs.
How to open the Innovation Federal Credit Union US Account
Opening an Innovation US Account is straightforward:
- Visit the Innovation Federal Credit Union website.
- Navigate to the accounts section and select the US Account.
- Click on the “Apply Now” or “Open Account” button.
- Follow the prompts to provide the necessary information and complete the application.
- Once your application is submitted and approved, you will receive instructions on how to fund your account and start banking.
Innovation Federal Credit Union US Account conclusion
The Innovation Federal Credit Union US Account is an excellent banking solution for those dealing with US currency. With its currency conversion benefits, no monthly fees, and rewarding Member Rewards program, it offers a unique banking experience for Canadians.
However, consider your needs and the account’s potential drawbacks before making a final decision.
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