Home » Banking » 8 Credit Unions Offering No-fee Chequing Accounts in GTA, Canada 2022        
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8 Credit Unions Offering No-fee Chequing Accounts in GTA, Canada 2022        

6 min
Credit Union Chequing Account

Bank & Credit Union No-fee Chequing Account

Why pay a recurring monthly fee when you have the no-fee chequing up for grabs? For a no-fee chequing account with all the features, your best bet is a credit union chequing account. And we will explain why. But most importantly, finding credit unions’ no-fee chequing accounts in GTA is not as difficult as you think.

Should you join a credit union?

There are more reasons than you can chew for joining a credit union, but it is eventually your decision. You need to decide if it is the right choice for you. A Credit union is a great option and an alternative to a bank if you are keen on supporting a community-focused financial institution. We have touched on the benefits of joining a credit union in the section below.

What are the benefits of joining a credit union?

Many benefits are up for grabs when using a credit union chequing account. Some of them are no monthly fees, low-interest rates, excellent customer service, a wide range of products & services at low cost, and easy mortgage and loan terms, to name a few. Credit unions gear to be more community-centric and often offer financial knowledge and other resources.

What is the cost of joining a credit union?

The joining cost of a credit union can vary, but it is typically much lower than the cost of joining a bank. To be a member, buy membership shares at a very low cost from the credit union. Some credit unions require you to open a savings account, while others may require you to maintain a minimum balance. However, the fees are often much lower than those associated with banks.

How to find the right credit union?

Find the credit union that fits your needs. If you are looking for a credit union, you may use the below list as a starting point. Once you find the best credit union options for your needs, visit the credit union websites, or give their customer care a call, and they will be more than happy to tell you more about their products and services.

Are Credit Unions in Canada Safe?

Credit unions are sure viable options vis-à-vis banks. CDIC protects your deposits in banks and federal credit unions. It means Canada Deposit Insurance Corporation (CDIC) insures eligible deposits up to $100000. $100000 includes principal & interest.

The home provinces regulate provincial credit unions where they operate. In the greater Toronto area, the Financial Services Regulatory Authority of Ontario (FSRA) covers eligible deposits up to $250000 for non-registered accounts at credit unions. 

  1. Alterna (Member Savings credit union) no-fee chequing account

 Monthly fee – None

 Number of transactions – Unlimited

 Interac e-Transfer – Unlimited

 Benefits – Over 3300 ATMs, Deposits insured up to the max amount through CDIC

 Service Charges – Optional overdraft protection at $2.50 per month

Monthly fee – None

Number of transactions – Unlimited

Interac e-Transfer – Unlimited

Benefits – ATM fee reimbursement up to a monthly limit, direct deposit, Mobile cheque deposit, no foreign exchange fees.

Service Charges – None

Monthly fee – None

Number of transactions – Unlimited

Interac e-Transfer – Unlimited

Benefits – Direct payroll & pension deposits, optional overdraft protection, pre-authorized bill payment, account-to-account transfer, digital gift cards

Service Charges – None

Monthly fee – None

Number of transactions – Unlimited

Interac e-Transfer – Unlimited

Benefits – Optional overdraft protection Monthly interest per dollar payout

Service Charges – None

Monthly fee – None

Number of transactions – Unlimited (account balance minimum $1000)

Interac e-Transfer – Unlimited (account balance minimum $1000), otherwise $1 per transfer

Benefits – Optional coverage through CDIC, an interest rate of 1% on account balance

Service Charges – Account balance under $1000, $1.50 per ATM withdrawal in Canada, $3 outside Canada, Debit card purchases $1, Bill payments $1

 Monthly fee – None

Transaction fees – waived (account balance minimum $2000), if less, $1 for each transaction

Interac e-Transfer – 4 free (account balance minimum $2000)

Benefits – Unlimited free deposits

Service Charges – 4300 surcharge-free ATMs in North America & Canada

Monthly fee – None

Minimum balance – None

Interac e-Transfer – free within Canada

Benefits – free unlimited deposits, withdrawals, transfers, and Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority,

Service Charges – 4500 no-surcharge ATMs across Canada

Monthly fee – None

Minimum balance – None

Interac e-transfer – $1.50 transaction fee waived, unlimited incoming Interac e-Transfer

Benefits – unlimited deposits, withdrawals, transfers, cheque payments, bill payments, debit card purchases, mobile cheque deposits, and 100 personal account cheques.

Service Charges -Surcharge-free ATMs, unlimited free ATM deposits & withdrawals through the Exchange network

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Credit unions could be as safe as banks in Canada. Meridian and Alterna Savings could be the right options in the GTA.

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