Disclosures

Review our website disclaimers and trademarks.

FEES

Accounts and Services

Learn more about our accounts and services. Review our Account and Fee Information (pdf).

DISCLAIMERS

General Disclaimer

Innovation Credit Union does not guarantee the accuracy, timeliness or completeness of any information or document on the Innovation Credit Union website.

Innovation Credit Union makes no representations whatsoever about any other website which you may access through this one. Innovation Credit Union recommends that you install appropriate anti-virus or other protective software to protect yourself from such items.

Please be advised that the information on the Innovation Credit Union website is subject to change without notice.

Accounts

No-Fee Bank Account

No-Fee Bank Account available for personal use only. SIN is not required as a condition of opening an account. If you prefer not to provide your SIN for our online application, please visit one of our branch locations to apply or call 1.866.446.7001 for more information.

ATM transactions for the No-Fee Bank Account are free at ding free ATM locations.

Innovation Credit Union banking services are not available in Quebec.

Interest-Bearing Accounts
(Savings, US Dollar, Business, Community/Association, AgriInvest)

Interest is calculated daily on the closing balance of your account and paid at month end. The interest rate is tiered which means as your account balance increases, so does your interest rate.

The US Account does not have debit card access. Only the Balance Inquiry feature and electronic transfers to other Innovation US Accounts through online banking and telephone banking are available for this account. Service charges per debit transaction will apply.

Rates subject to change without notice.

Member Rewards Account

If you should close your Innovation accounts, we will reimburse your $5 share and pay you your equity and cash dividends within 1 year of your account closure.

Rates subject to change without notice.

Equity and cash dividend payment based on Innovation Credit Union’s Board of Directors directive.

GICs, TFSAs, RRSPs

Investments require a minimum deposit of $1,000. Interest is earned in the currency of the account and calculated on a per annum basis. Rates are subject to change without notice. Interest rates are annual interest rates. Interest is calculated daily on the closing credit balance. If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount. If partial withdrawals are processed, there is no payment of accrued interest as it's paid according to the original terms. Interest for products can either be paid to a separate account or added to the principal on each anniversary date and at maturity.

VirtualWealth is a trade name of Credential Qtrade Securities Inc., Member of the Canadian Investor Protection Fund.

Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Online brokerage services are offered through Qtrade Investor. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities. Qtrade Investor and Credential Securities are divisions of Credential Qtrade Securities Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently, and past performance may not be repeated.

Credential Securities is a registered mark owned by Aviso Wealth Inc. Northwest Funds, Ethical Funds and NEI Investments are registered trademarks of Northwest & Ethical Investments L.P. Ethical Funds® are available only to Canadian residents. Credential Asset Management Inc., Credential Qtrade Securities Inc. and Northwest & Ethical Investments L.P. are wholly owned subsidiaries of Aviso Wealth Inc.

Loans & Mortgages

Mortgages

Rates subject to change without notice.

Innovation Credit Union will lend for properties located in Canada only.

Additional information for building mortgages could be required depending on the type of construction project you are undertaking.

AIR = Annual Interest Rate

APR = Annual Percentage Rate

Annual Interest Rate = The total cost of credit expressed as an annual percentage, not including various non-interest charges.

Annual Percentage Rate = The total cost of credit expressed as an annual percentage, taking into account, both interest and various non-interest charges.

If there are no non-interest finance charges, the AIR and APR will be the same.

Applicable to residential mortgages only and subject to Credit Union lending criteria for residential properties. Some conditions apply.

Interest rate compounded semi-annually not in advance. Interest rates are subject to change without notice.

First Time Home Buyers Incentive

Homeowners can repay the Incentive at any time in full without a pre-payment penalty. The Incentive must be repaid after 25 years or if the property is sold, whichever happens first. The repayment amount is based on the property’s fair market value at the time of repayment.

Rates subject to change without notice.

Skip Your Payment Service

Some conditions apply. Ag/Business Loans are ineligible. Qualifying loans are eligible for one skipped payment per Skip-Your-Payment fiscal year. Interest will continue to accrue and be payable on the unpaid principal amount of the skipped payment but not on the unpaid interest. The original expiry date of the loan (if applicable) may be extended to accommodate this skipped payment.

Visa* Cards

* The Collabria Visa Card is issued by Collabria Financial Services Inc. pursuant to a license from Visa.

Redeem points for cash back in the form of an account credit. Not available on US Dollar cards. View full Rewards Program Rules at collabriacreditcards.ca/rewards.

Eligibility for Rewards

Eligibility for rewards and/or account credit is subject to the rewards program terms and conditions. Qualifying transactions are defined in the rewards program terms and conditions. Cash advances and balance transfers do not qualify for reward points. To earn rewards, each account must remain open, in good standing and not become delinquent. All purchases are subject to credit approval.

Zero Liability applies to your purchases made with your credit card in store, over the telephone, online or via a mobile device. As a cardholder, you will not be held responsible for unauthorized transactions if: 1) you have used reasonable care in protecting your card from loss or theft; and 2) you have reported to Cardholder Service at 1.855.341.4643 (Canada and U.S.) or 1.647.252.9564 (International Collect) when you knew that your credit card was lost or stolen. If you believe there has been unauthorized use on your account and you meet the conditions above, you are protected by Zero Liability. If you do not meet the conditions above, please reference your Cardholder Agreement for additional information regarding liability.

Digital Services

Apple Pay

Apple Pay works with iPhone 6 and later in stores, apps and websites in Safari; with Apple Watch in stores and apps (requires iPhone 6 or later); with iPad Pro, iPad (5th generation), iPad Air 2, and iPad mini 3 and later in apps and websites in Safari; and with Mac (2012 or later) in Safari with an Apple Pay–enabled iPhone or Apple Watch. For a list of compatible Apple Pay devices, see support.apple.com/km207105.

To use your Collabria Visa or Mastercard credit card (the “Card”) with this application (the “Application"), you must agree to the following: I understand that the storage and usage of my card number (and credentials corresponding to your card number) and all transactions carried out through the Application using my Card are subject to the agreement governing the use of the Card. I understand that every transaction carried out using my Card through the Application is considered to be an authorized use of my Card, and I am subject to the same liability as if I had signed for each transaction or entered the personal identification number (PIN) for my Card in a payment terminal or any other accessible device. To prevent any unauthorized use of my Card, I agree to take all necessary precautions to keep my mobile device safe, as well as any passwords or information that would allow someone to use the Application to make a transaction with my Card. If such precautions are not taken, I understand that it will be presumed that I have contributed to the unauthorized use of my card and assume all liability therefore. If my mobile device is lost or stolen, or if someone else learns or is suspected to have learned my login information, I understand that I must immediately advise my financial institution. The Application is owned and developed by a third party not affiliated with Collabria Financial Services Inc. (“Collabria”). Therefore, I understand that Collabria does not set the terms of use of this Application and is not responsible for its operation.

Calculators

Calculators on the site are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.

TRADEMARKS

Our Service Partners

  • ®Hands and GLOBE design is a registered certification mark of the World Council of Credit Unions and is used under license.
  • ®INTERAC is a registered Trademark owned by Interac Inc. and is used under license.
  • ®PLUS is a registered Trademark owned by Visa International and is used under license.
  • ®CIRRUS is a registered Trademark owned by Cirrus Systems Inc. and is used under license.
  • ®ACCULINK is registered Trademark owned by Canadian Credit Union Association (CCUA) and is used under license.
  • ®Member Card is a registered certification mark owned by Canadian Credit Union Association (CCUA) and is used under license.
  • ®DING FREE & Design are registered trademarks of Central 1 Credit Union, used under license.
  • ®ETHCIAL, ETHICAL FUNDS, ETHICAL GROWTH FUNDS, and Do the Right Thing are trademarks of Ethical Funds Inc.
  • Ethical Funds are sold in all provinces and territories across Canada. Ethical Funds are available within Asset Allocation products through Desjardins.
  • ®Trademark of Visa Int., used under license.
  • Google Pay is a trademark of Google LLC.