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Our Services
Fort Erie Credit Union is pleased to offer a full range of services to its members.
These are the main services available to members:
Credit Union savings plans pay off in more ways than one! Our savings plans pay off in three important ways: financial flexibility, convenience, and good returns. Choose from a complete range of savings plans designed to work for you.
Sign up and watch your savings grow. No minimum deposit is required and withdrawals are permitted free of charge at any time. ATM deposits and withdrawals at our Jarvis Street and our Garrison Road locations are free of charge. All interest is calculated daily and paid monthly so you can earn interest on each and every dollar in your account.
Our Christmas Club Account is the perfect way to make sure you have money for the holiday season. This account runs all year long, with one withdrawal permitted usually in November, just about the time when you’re thinking of staring your holiday shopping. A better rate of interest is available as well as automatic transfers to help you reach your Christmas savings goal.
Our younger members are encouraged to begin saving with our FAT CAT Account. With this passbook savings account interest is calculated daily and paid monthly. There are no service charges associated with this account.
Save weekly, biweekly or monthly for your municipal taxes with our Tax Account. Keep those tax dollars separate from your regular savings and set up a preauthorized debit to have the taxes paid automatically on a monthly or quarterly basis.
Our US Dollar Savings Account is a daily interest account with interest paid monthly. Interest and service charges are calculated in US funds. Chequing privileges are available upon request. Note - US dollar accounts are not insured by the Deposit Insurance Corporation of Ontario (DICO) and there are no Interac or debit card privileges available at this time. |
 We offer a daily interest; tiered Personal Chequing Account with no minimum balance is required. Your PCA is a convenient way to maximize your interest, while maintaining full chequing privileges. Interest is calculated daily on the closing balance of your account and paid monthly. ATM deposits and withdrawals at our Jarvis St and Garrison Rd locations are free of charge.
50 Plus service is available to all members who are 50 years of age and over. You can enjoy many services free of charge as well as reduced rates on Safety Deposit Boxes and Money Orders. Please refer to our Current Rates for a full listing of the 50 Plus services available free of charge.
Package Plus chequing may be right for you if you are a frequent user of your chequing account. A small monthly fee allows you to enjoy an unlimited number of services at no extra charge. Package Plus offers the same features as our personal chequing account making record keeping easy and manageable.
Our Current Account is specifically designed as a low-cost, convenient option for business accounts. This non-interest bearing account produces a monthly statement with cheques enclosed. A vinyl deposit bag is supplied free of charge and a drive-thru night deposit is available upon request at our Garrison Road location.
Monthly statements include cancelled cheques and overdraft protection is available upon credit approval. Passbooks are available for all personal chequing account types.
For a full listing of the services available for each of our chequing products, please refer to our Current Services and Fee Package under the Rates and Fees tab. |
Registered Retirement Savings Plans (RRSPs) are tax-sheltered investments that allow you save for retirement while earning tax-sheltered interest. To encourage your RRSP savings, we offer RRSP loans at favourable rates with a one year term upon request.
Our fixed rate RRSPs offer higher yields on your investments and are guaranteed for the duration of your deposit; terms from 90 days to 5 years are available with a minimum deposit of $500 required. Interest is paid annually or on expiry and is compounded into the plan. Funds cannot be transferred or withdrawn until the term comes due, and all RRSP withdrawals are subject to withholding taxes, as required by law.
With our variable RRSPs, there is no minimum deposit required and funds can be withdrawn or transferred to a fixed rate plan at any time. Interest is compounded and paid semi-annually. Contributions to your variable RRSP can be made weekly, biweekly, monthly or at your convenience.
For more detailed information, pick up a copy of our credit union booklet: Retirement Services – Understanding All The Basics at either of our locations.
A bonus for credit union members, each RRSP contract is fully insured with no limit by the Deposit Insurance Corporation of Ontario (DICO). For more complete deposit insurance information, visit www.dico,com.
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 Registered Retirement Income Funds (RRIFs) allow you to convert your registered retirement savings into retirement income; providing a means of keeping your retirement funds tax sheltered while they continue to earn interest. Both variable and fixed rate RRIFs are available providing flexibility, security and control.
RRIF plans allow you to determine the income you need to draw, subject to a required minimum that is set by the federal government and payments can begin immediately – monthly, quarterly, semi-annually or annually, paid directly to your chequing or your savings account at the credit union.
RRSPs can be converted into a RRIF at any time but by law, you must select a retirement income option by December 31 of the calendar year in which you turn 71 years old.
For more detailed information, pick up a copy of our credit union booklet: Retirement Income Options – Knowing your Retirement Income Options at either of our locations.
A bonus for credit union members, each RRIF contract is fully insured with no limit by the Deposit Insurance Corporation of Ontario (DICO). For more complete deposit insurance information, visit www.dico,com.
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Credit Union Term Deposits are an excellent savings option and can help you realize you savings goals sooner; rates are guaranteed for the entire term of the deposit and interest can be compounded annually or paid to your deposit account annually or on expiry. Term Deposit funds are locked in and cannot be withdrawn prior to maturity unless otherwise specified.
All Term Deposits may be used as collateral on our credit union loans for a preferred rate of interest. Members wishing to receive a guaranteed return may purchase a term deposit in periods from 30 days to 5 years; minimum deposit amount is $500.
A safe risk for conservative investors, Index-Linked Term Deposits have the security of principal protection; no matter what happens to the stock market, you are guaranteed the return of your principal when your deposit matures. Performance is geared to the Toronto 60 Index and Index-Linked Term Deposits are RRSP & TFSA eligible.
Ethical Mutual Funds will be offered through Q-Trade; visit www.qtrade.ca for more complete information.
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 Index-Linked Term Deposits are fixed term deposits that pay a return based on the performance of the S&P/TSX 60 Index. The S&P/TSX 60 Index tracks sixty top companies in leading industries in Canada; no matter what happens to the stock market, you are guaranteed the return of your principal when your deposit matures.
Benefits include –
- no fees or commissions
- 3 year or 5 year terms
- 100% principal protection
- provincial deposit insurance, subject to deposit insurance regulations
- RRSP & TFSA eligible
- minimum deposit $1,000
For your investment options, ask our friendly staff for a copy of the Index Linked Term Sheet currently available for sale.
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You work hard for your money and now your money can start working harder for you. Open a Tax Free Savings Account (TFSA) today and start investing in your future – totally tax free!
Highlights include –
- available to Canadian residents 18 years & over holding a valid SIN number
- annual contribution limit is $5,000, regardless of age or income
- funds earn income tax free
- unused contribution limits can be carried forward
- can be withdrawn at any time, depending on type of investment
- withdrawals can be re-contributed any time after the year of withdrawal
- all income levels can benefit from opening a TFSA
Note – contributions to a TFSA are not tax deductible.
Ask our friendly staff for your investment options. For more information about TFSA accounts, please pick up a pamphlet at either branch or check out the Canada Revenue Agency website at www.cra.gc.ca
A bonus for credit union members, each TFSA contract is fully insured with no limit by the Deposit Insurance Corporation of Ontario (DICO). For more complete deposit insurance information, visit www.dico,com.
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Service is an important consideration with any loan. Our loans staff are trained professionals ready to provide confidential prompt, helpful and personal service on loan applications and other important financial questions. Your credit union's lending program offers great service and competitive features which include:
- attractive rates
- payroll deduction payments
- payments tailored to your pay period
- maximum 60 month term
- commercial lending (maximum 72 months)
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Each member may apply to borrow up to the credit union by-laws limits for any constructive purpose. Life insurance is optional for qualified borrowers up to age 65 (and to a co-signing spouse if applicable) through Credit Union Insurance Services (CUIS). Other features include:
- fully open, no prepayment penalties
- simple interest: you pay only on the amount you owe, for the time you owe it
- low cost disability insurance is available through CUIS
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Talk to us today about achieving your lifestyle goals. We offer conventional, CMHC insured and home equity line of credit mortgages. First and second mortgages are available; our interest rates are always competitive, terms are available from one to five years with amortization up to 30 years. Talk to us about customizing your payment to suit your individual needs.
With our Conventional Mortgage, we can advance up to 80% of the appraised value of the home or purchase price, whichever is lower. With our CMHC Insured Mortgage, we can advance up to 95% of the appraised value or purchase price, whichever is lower.
MERITline, our home equity line of credit, is the straight forward and flexible answer to all of your borrowing needs. MERITline gives members the ease of borrowing funds as needed, on a revolving basis up to an authorized prearranged limit. We can advance up to 80% of the appraised value of your home and interest rates are based on the Prime Lending rate, calculated only on the funds advanced.
We also offer Group Mortgage Protection and Member Protection - Line of Credit Insurance upon request. Ask us about setting up a separate Tax Account to help save for municipal property taxes, which can then be paid through direct debit.
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 We have two conveniently located ATMs in Fort Erie, Ontario. There is a drive-up at 1201 Garrison Road, and a lobby unit in the heart of the old down town, at 201 Jarvis Street, across from the court house. Both of these machines offer full service to our membership. Non-members may use these machines for cash dispensing on the Interac, Plus, AccuLink-ICU and Exchange networks. |
MemberDirect™, our user-friendly, safe and secure internet banking service offers security and the convenience of banking on any PC with internet access, twenty-four hours a day, seven days a week.
Members can access chequing and savings accounts, loan and mortgage balances, look up account activity, transfer funds between accounts and pay bills online with just a touch of a mouse.
Our credit union is committed to keeping your financial information secure. The many safeguards we have in place including secure firewalls and constant site monitoring are designed to protect the security of your information at all times.
Sign up for MemberDirect™ the next time you visit one of our branches; our staff is available to help you navigate the internet banking system or answer any questions you may have.
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 (call 905.994.6122 locally or 1.888.289.8885 anywhere in North America) Keep track of your accounts at your convenience! We offer a telephone banking service. It's automated and can be accessed through a touch-tone telephone 24 hours a day, 7 days a week. With telephone banking, you can perform financial transactions and obtain information all from the privacy and comfort of your own phone. Best of all, telephone banking is free!
Here are some of the things you can do with telephone banking: obtain account balances and perform statement inquiries; transfer funds to another account type, order a cheque withdrawal, open or renew a term deposit; get the latest interest rates or credit union messages; Call the Credit Union to make sure that your accounts can be activated for this telephone banking service. We'll be pleased to tell you everything you need to know and get you up and running in no time! Using telephone banking is easy. All you need is your account number, a security code and a touch-tone telephone and you'll be able to perform financial transactions and get information at your convenience. Activate telephone banking today! |
 Payroll deduction can help make saving easier when the funds are deducted from your pay cheque even before you get it.
Please talk to us about setting up payroll deductions. |
 Members can have their entire pay electronically deposited to the credit union. Forms are available at your workplace personnel department or credit union. Many members have government payments such as Family Allowance or OAS directly deposited. |
 All member deposit and chequing accounts are fully insured with the Deposit Insurance Corporation of Ontario (DICO) to a maximum of $100,000.
Funds deposited into credit union RRSPs, RRIFs & TFSAs are also fully insured with no limit - a terrific bonus available only to credit union members.
For more complete deposit insurance information, visit www.dico,com. |
 Qtrade Investor offers members quick and easy access to a wealth of investing resources, including free real-time quotes, advanced charting, news, research and more.
By opening a cash, margin, RSP or RIF account you will be able to access a full range of investment choices, including stocks, bonds, mutual funds, options and money market instruments at competitive rates, all delivered with superior customer service. To learn more or to open an account, click here » |
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Start saving for your downpayment today ...
When saving to buy a house, you have to be able to see that the end result --
... a home of your own ...
is worth the sacrifice. Once you start saving, the satisfaction of reaching even the smallest milestone can be very gratifying ... start by saving just $75 each week ...
- in just 3 weeks, you'll have $225
- in just 3 months, you'll have $900
- in less 3 years, you'll have more than $11,700 .....
enough for a 5% down payment on a home worth $140,000, including the lawyer's fees and your monthly mortgage payment will only be $650!
Talk to us today ... we'll show you how easy it is to save when you know your goal.
By being prepared, you will find the right home and the right mortgage for the right price. For more information about homebuying ... step by step ... pick up a copy of CMHC's Consumers Guide and Workbook ... just ask at either branch.
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