Assiniboine Credit Union Review

by
Assiniboine Credit Union

Assiniboine Credit Union is a reputable financial institution in Manitoba. It is the second-biggest credit union in Manitoba right after Steinbach Credit Union. Assiniboine Credit Union is also acknowledged as one of the top credit unions in Canada. Moreover, they serve more than 120,000 members and have an asset under management of approximately $5 billion. 

Assiniboine also has a total of 18 branches across the country. Sixteen of these branches are in Winnipeg, one in Thompson, and the last one in Gillam. In 2007, Assiniboine merged with Vantis and Astra Credit Union to become the financial institution it is today. It also takes pride in being a member of the Global Alliance for Banking on Values. 

Being a member makes it one of the only three Canadian credit unions that belong to the network.

The other two Canadian credit unions that are members include;

Furthermore, Members of Assiniboine have access to over 30 Assiniboine-owned ATMs across Thompson and Winnipeg.

For members staying outside Manitoba, you can make use of the other ATMs for free. In the quest to keep expanding, Assiniboine established its digital bank. The digital bank is Outlook Financial. In this review, I’ll discuss the many financial services and products offered by Assiniboine to its members. So keep reading to have all your questions about Assiniboine answered. 

Assiniboine Credit Union

Banking with Assiniboine Credit Union

Assiniboine offers various options to its members to perform their financial transactions.

These include:

  • Online – Members can perform their banking needs via the official Assiniboine website.

  • Mobile App – Members can also download the ACU Anytime App on Android O.S, IOS and even Blackberry devices.

  • Telephone – For member residents within Winnipeg, they can put a call through to 204 958 8588. Members residing outside Winnipeg can call 1 877 958 8588 at no cost. Telephone services are available in the hours of 8 am to 8 pm (Monday to Friday), and 9 am to 4 pm (Saturday)

Eligibility 

To qualify to be a member of the Assiniboine Credit Union, you must;

  • Meet the minimum age requirement of 18 years

  • Live in Manitoba

  • No history of bankruptcy in the previous seven years

  • Buy a $5 membership equity share

Moreover, you can always complete your application process online or book an appointment at the branch closest to you. 

Accounts Offered by Assiniboine Credit Union

Assiniboine offers a wide variety of accounts under two main categories; 

Assiniboine Personal Account

Assiniboine offers two types of personal accounts.

These are the personal chequing account and personal savings account. 

Personal Chequing Account 

There are five various types of chequing account offerings from Assiniboine. These include 

1. Assiniboine Credit Union Light

The ACU Light chequing account allows members to only pay for the transaction they make. It offers online payment, debit card purchases, pre-authorized debit payments, and ATM withdrawals. 

Moreover, all these offerings come at a monthly cost of $3. keeping a minimum balance of $1000 each month gets all transaction fees waived.

2. Assiniboine Credit Union Active

This chequing account is best for everyday use. It enables members to perform 35 electronic transactions and five in-branch transactions monthly. 

Furthermore, these offerings come at a monthly cost of $7.

Simply put, by keeping a minimum balance of $1000 each month you’ll get all transaction fees waived. 

3. Assiniboine Credit Union Digital

This Chequing account is ideal for members who love online banking. It offers unlimited electronic transactions at $10 per month. 

Also, By maintaining a minimum balance of $3,500 will see the monthly transaction fees waived. 

4. Assiniboine Credit Union Unlimited

This Chequing account is best for members that make lots of transactions each month. It offers a free cheque book, unlimited transactions, four small safety deposit boxes, free U.S and Canadian bank drafts. 

Moreover, Members also get to earn an interest rate of up to 0.05%. These offerings come at a monthly cost of $16.50. A minimum balance of $5000 will see the monthly transaction fees waived.

5. Assiniboine Credit Union USD

This account enables members to hold US dollars.

The account also offers an interest rate of 0.05%, two free transactions, and in-branch transactions. These offerings come at no monthly.

Assiniboine Credit Union

Personal Savings Account 

Assiniboine offers three various types of savings accounts.

These include:

1. Everyday Savings

The savings account helps members meet a set of financial goals.

Moreover, the everyday savings account offers two free electronic transactions, an interest rate of 0.05%, and one free in-branch transaction. It also offers 

  1. electronic transaction – $0.50 per transaction 

  2. in-branch transactions – $0.7 to $1.5 per transaction

  3. ATM withdrawals – $1.5% per transaction

These offerings come at no monthly cost.

2. High-Interest Savings Account

This savings account provides a higher interest rate.

The account offers 20 free electronic transactions, an interest rate of 1.15%, and a free deposit. It also offers 

  1. electronic transaction – $1 per transaction 

  2. in-branch transactions – $1 to $1.5 per transaction

  3. ATM withdrawals – $1.5% per transaction

These offerings come at no monthly cost.

3. Matched Savings Account

This account enables low-income members to save up for the future. It allows members to save and earn matching money.

When compared to the Everyday Savings account, it offers a better interest rate. 

The savings matching program can your savings matched up by a ratio of 3:1 

Credit Cards Offered by Assiniboine Credit Union

Assiniboine is in partnership with Collabria to offer its members various credit cards. The personal credit cards include; 

1. Flex rate Visa Card

The credit card offers a variable interest rate to its holders.

So if you prefer a variable interest rate over a fixed one, then this credit card is best for you.

The credit card has an annual fee of $40

2. Visa Infinite Card

The credit card offers all the essentials of insurance to cardholders.

It has an annual fee of $120

3. Cash Back Visa Card

The card has zero annual fees and enables members to earn cash backs on all their spending.

4. Centra Visa Gold Card

The credit card offers a low-interest rate of 9.9%.

It has an annual fee of $50.

5. Travel Rewards Visa Gold Card

The credit card is best for members who travel a lot. It offers travel rewards, insurances, and assistance to its holders.

Also, the card has an annual fee of $99.

6. Visa Classic Card

The credit card offers a low-interest rate of 11.9%.

Moreover, It has an annual fee of $30.

7. Student Visa Card

The credit card as the name implies is for students. It offers a low-interest rate of 11.9%.

Furthermore, The card has no annual fees.

8. US Dollar Visa Card

The card is ideal for members who work or travel in the US. It enables cardholders to spend without having to pay foreign transaction fees.

Another add-on is that the credit card offers travel rewards, travel insurance, and assistance to cardholders. It has an annual fee of $50. 

Assiniboine Credit Union

Borrowing

Assiniboine offers a wide range of personal financing options to its members.

These options include Personal loans, mortgages, lines of credit, and RSSP loans.

1. Personal Loans 

Personal loans offered by Assiniboine come with a decent degree of flexibility.

Members can choose the type of interest rate and collateral option they prefer. 

2. RRSP Loans

They offer RSSP loans to members who do not have the funds to contribute to their RRSP but still want to earn their tax benefit.

3. Lines of Credit

The line of credit offering by Assiniboine can be for RRSP, student, and personal use.

Also, The line of credit (LOC) can also serve as overdraft protection for your chequing account.

4. Mortgage

Assiniboine offers mortgages with highly competitive rates.

An exceptional trait of Assiniboine is the Islamic mortgage offering they offer.

5. Car loans

Assiniboine is in partnership with more than 80 car dealerships in Manitoba.

As a result, Assiniboine is always open to offer members car loans. Assiniboine will get you the best car deal and also handle your finances. 

Investing 

Assiniboine offers commonly registered investment accounts such as TFSAs, RDSPs, RRSPs, RRIFs, and RESPs.

Members can then invest using bonds, stock, Guaranteed Investment Certificates, and mutual funds. 

They offer these investment securities via Credential Securities; Aviso Wealth Inc.

Furthermore, VirtualWealth also provides competent money management alongside investment securities. 

Insurance 

Assiniboine credit union offers a wide variety of insurance. These include home insurance, vehicle insurance, life insurance, travel insurance, and small-business insurance.

These insurances offered are via the Winnipeg Insurance Brokers Limited.

Moreover, Assiniboine Credit Union also owns the insurance broker. 

Assiniboine Business Account

Assiniboine offers two types of business accounts. These are the business chequing account and business savings account. 

1. Business chequing account 

They offer seven various types of chequing accounts. These include 

2. Basic Business Chequing

The Basic Business account allows members to pay only for the transaction they make.

It offers one free monthly transaction per minimum monthly balance of $500.

Furthermore, these offerings come at a monthly cost of $5.

3. Business 25 

The account offers 25 monthly transactions at the cost of $16 each month.

4. Community Builder

The account is for non-profit organizations, charities, and clubs.

It offers five free transactions each month and an extra one for every $200 minimum monthly balance.

Moreover, members also get to each an interest rate of 0.25%.

5. Business 75 

The account is ideal for businesses that make a considerable volume of transactions. It offers 75 monthly transactions at the cost of $45 each month.

6. Business 125 

Business 125 is also ideal for companies that make huge volumes of transactions.

Also, The Business 125 account offers 125 monthly transactions at the cost of $75 each month. 

7. Business 200

It offers 200 transactions each month and pays a daily interest on the closing balance at a monthly cost of $120.

Furthermore, a minimum balance of $30,000 will see the monthly transaction fees waived. 

8. US Business

The US Business account is ideal for businesses whose transactions are in US dollars.

Also, The account has a monthly fee of $5 

Business Savings Account 

Assiniboine offers four various types of business savings accounts. These include:

1. Business Savings 

The account offers an interest rate of 0.05%, free pre-authorized credits, and electronic/in-branch transactions.

Moreover, these services come at no monthly cost. 

2. Monthly High Rate Savings

The account offers free account deposit books, free pre-authorized credits and an interest rate of 1.10 %.

These offerings come at no monthly cost.

However, some transactions may attract service fees.

3. Business High Rate Savings 

The account offers free account deposit books, free pre-authorized credits and an interest rate of 0.65%.

The savings account has no monthly cost. 

4. Community High Rate Savings

The account is for non-profit organizations, charities and clubs.

Moreover, It offers free account deposit books, free pre-authorized credits, and an interest rate of 0.65%. 

These offerings come at no monthly cost. However, some transactions may attract a service fee. 

Assiniboine Business Credit Card

Assiniboine is in partnership with Collabria to provide three unique business credit cards.

The business credit cards include:

1. Visa Infinite Business Card

Visa Infinite offers Visa privileges to businesses and their owner.

Furthermore, the only con is that this card has an annual fee of $99

2. Low Rate Visa Business Card

The card is ideal for businesses looking to keep a low financial cost.

Also, It offers an interest rate of 12.9%. It has an annual fee of $25 

3. No Fee Cash Back Visa Business Card

As the name implies, cardholders get to earn cash backs on their spending.

Moreover, It has no annual fee.

Financing 

Assiniboine offers a wide range of business financing options to its members.

These options include Business loans, mortgages, and lines of credit.

1. Business Loans

Assiniboine provides capital to businesses that lack thereof.

They further work with these businesses to establish a decent repayment plan.

2. Line Of Credit

They offer a line of credit to businesses with unstable cash flow.

Furthermore, the line of credit provided serves as an emergency fund for businesses.

3. Mortgages

They also offer mortgages to businesses looking for commercial real estate to buy.

Investing 

  • As a Member of Assiniboine, you can invest your idle funds into GCIs. However, the interest rates on GCIs offered by Assiniboine are not the best. It is better than anything anyway. 

  • Businesses also get to invest in mutual funds. Companies with a large amount of equity are always welcome to invest with Assiniboine.

  • Assiniboine assists businesses to save up for their employee’s retirement. Companies can set up a group RRSP with Assiniboine.

  • Moreover, the group RRSP automatically deducts some percentage from the employee’s payroll and adds to their RRSP. To further help employees reach their financial goals, Assiniboine provides home buyers. 

Newcomers to Canada Package

Assiniboine provides exclusive offerings to members who newcomers into Canada. They get to enjoy;

1. Chequing 

Newcomers to Canada get to enjoy a free chequing account and free chequebooks for a whole year. 

2. Car Loan

Newcomers to Canada can apply for a loan provided they have an employment history of 6 months in Canada.

Furthermore, newcomers can borrow a maximum of $30,000. However, a down payment of 25% is payable upfront.

  • Safety deposit box for 12 months

  • Islamic mortgage for Muslims 

How secure is Assiniboine Credit Union?

Assiniboine belongs to the Deposit Guarantee Corporation of Manitoba (DGCM). As a result, your deposits are safe and assured without any cap.

Please note that DGCM does not cover mutual funds, and member equity shares reason being that both are not deposits.

However, the Canadian Investor Protection Fund insure mutual funds and member equity. The insurance coverage can reach up to $1 million. 

Assiniboine Credit Union

Frequently Asked Questions 

How safe is Mobile Banking?

As long as you do not give a third party your login details, your fund is safe.

Furthermore, even if you misplace your phone, your funds are still secured.

What banking does the Mobile Web offer?

You gain complete access to your account, including most of the primary functions.

On the Mobile web, you can;

  • see your account summaries and balances

  • manage transfers and set up bill payments 

  • track memorized accounts 

Do I have to pay to use the Mobile Web?

The answer is No. You won’t need to pay any extra fees to use the mobile web.

But, you will have to pay fees attached to the transaction you carry.

What is Deposit Anywhere?

Deposit Anywhere is a feature on the ACU Mobile App that enables you to make cheque deposits.

To do this, you take a photo of the cheque and submit it.

Moreover, you can do this anytime and anywhere.

What is Interac Flash?

Interac Flash is the technology used in the current ACU debit card.

Simply put, It enables you to make purchases more straightforward and faster.

What are the benefits of using Interac Flash?

Interac Flash makes your transaction faster and easier while offering safer security.

Final Thoughts

Irrespective of your financial position, Assiniboine has something for everyone. The financial technology at Assiniboine’s disposal foster effective response to member’s need

Furthermore, the funds of members are safe and well insured as Assiniboine is a member of DGCM. Members also get to perform transactions online via the mobile app and their website.

Before you choose Assiniboine as your credit union, we advise you to visit their website. The visit is to expose you to more information about their product and services.

Thanks for reading, please let me know your thoughts and comments below. 

Top 10 Popular Posts Of All Time

Leave a Comment