Personal Account Service Fees

Please see below for some further explanations of some of our fees. If you have any questions about any of our fees and service charges please reach out to us at 416-238-5606 at anytime.

 

Account Closed due to Unresolved Overdraft

1. Overdraft Review and Recovery
   • Staff Responsibilities: Staff are tasked with regularly monitoring accounts for overdrafts.
   • Fund Recovery: When possible, funds will be transferred from available accounts to cover overdrafts, ensuring minimal disruption for Members.
2. Member Notification
   • Initial Contact: If an overdraft remains unresolved, Members will be notified of their responsibility to maintain sufficient funds.
   • Communication Methods: Notifications may be delivered electronically, via telephone, or through mailed letters to the Member’s address on file.
   • Resolution Deadline: All communications will include a clear deadline by which the overdraft must be resolved.
3. Account Closure Procedure
   • Closure Trigger: If the overdraft is not resolved by the specified deadline, the account will be closed.
   • Records Management: Following closure, the Member’s file and records will be culled and managed in accordance with organizational policies.
4. Overdraft Fees
   • Purpose of Fees: A fee for unresolved overdrafts is applied to discourage such occurrences.
   • Member Reminder: This fee serves as a reminder of the importance of maintaining responsible account management practices.

 

Account Restructuring Fee

The Credit Union charges an account restructuring fee to recover the administrative costs associated with modifying the terms of a Member’s account. This process typically involves:

• Reviewing the Member’s financial situation.
• Negotiating and implementing new terms.
• Updating account records to reflect the changes.

While there is a cost for this service, it offers significant benefits to the Member, such as more manageable payment terms, potentially lower interest rates, and a pathway to improved financial stability. This fee helps subsidize the resources required to provide this personalized service, ensuring the Credit Union can continue supporting Members’ financial wellness through tailored solutions.

 

Administration of Garnishee or Requirement to Pay/Collections

The administration of garnishee orders or requirements to pay involves extensive effort by the Credit Union. This process includes:

• Obtaining and processing the court order.
• Coordinating with the debtor’s employer or financial institution.
• Ensuring full compliance with legal requirements.

While a fee is associated with this service, it provides significant value to the Member by facilitating the structured resolution of outstanding debts. This approach helps prevent further legal action and additional costs, ultimately supporting the Member’s journey toward financial stability. The fee also enables the Credit Union to efficiently and effectively manage these complex processes, ensuring compliance and accuracy.

 

Administration of U.S. Cheques Cleared/Deposited on Canadian Account

The Credit Union charges a fee for the administration of U.S. cheques that are cleared or deposited into a Canadian account. This process involves several key steps:

• Verifying the authenticity of the cheque.
• Converting the currency to CAD (Canadian Dollars).
• Ensuring the transaction is processed accurately and in compliance with regulations.

While there is a fee associated with this service, it provides significant benefits to the Member, enabling seamless cross-border transactions and access to funds in a different currency. The fee helps support the Credit Union’s ability to efficiently manage the complexities of international cheque processing, ensuring secure and timely transactions through our Central Bank.

 

ATM Cash Withdrawal/Deposit (U.S./International) – ATM cash withdrawals or deposits using U.S. or international ‘Plus’ systems incurr additional costs for the Credit Union due to higher interchange fees. In addition to these costs a 2.5% transaction fee may apply where applicable.

Despite these fees, this service benefits to Members by offering convenient access to cash while traveling internationally. The fees help subsidize the Credit Union’s ability to recover the higher costs associated with processing these types of transactions and support access to a large global ATM network for enhanced Member convenience.

 

ATM Cash Withdrawal/Deposit/Inquiry – ATM cash withdrawals, deposits, and inquiries involve several steps and costs for the Credit Union. These transactions require the maintenance of ATM network relationships and agreements as well as ensuring secure and accurate processing.

While there is a fee for these services, they provide Members with the benefit of convenient, 24/7 access to their accounts. The fees help the Credit Union recover the higher interchange fees and operational costs associated with maintaining a reliable and accessible ATM network.

 

Manual ON-Demand AFTs & EFTs

Manual on-demand Automated Funds Transfers (AFTs) and Electronic Funds Transfers (EFTs) involve significant administrative efforts by the Credit Union. This process includes manually initiating and verifying each transaction to ensure accuracy and security.

While there is a fee associated with these services, they provide Members with flexible and timely transfer options that can be tailored to their specific needs. The fees help the Credit Union recover the costs of efficiently managing these manual processes, ensuring secure transactions, and covering a portion of the pass-through costs charged by the service providers.

 

Bill Payment Traces

Bill payment traces involve the Credit Union’s efforts to locate and verify the status of a payment that has been sent but not yet received. This process includes tracking the payment through various systems, contacting other financial institutions if necessary, and ensuring that the funds are correctly applied to the intended account.

While a fee is charged for this service, it benefits Members by providing assurance and resolution in cases where payments go missing or delayed. The fee helps the Credit Union recover the administrative costs and pass-through costs incurred by our Central Bank in conducting these detailed investigations.

 

Bill Payments

Bill payments involve the Credit Union processing various types of payments on behalf of its Members, including utilities, credit cards, and loans, either in-branch or online. This service ensures timely and accurate transfers to the designated payees.

While a fee is charged for this service, it benefits Members by providing a convenient and reliable way to manage their financial obligations. The fee helps the Credit Union recover the operational costs, including those charged by our Central Bank associated with processing these payments efficiently and securely.

 

Certified Cheque for Non-Member

Issuing a certified cheque for a non-Member involves additional steps for the Credit Union, including verifying the non-Member’s identity, ensuring sufficient funds are available, and certifying the cheque to guarantee payment.

While a fee is charged for this service, it benefits the non-Member by providing a secure and reliable payment method, which is often required for significant transactions. The fee helps the Credit Union recover the administrative costs associated with issuing and certifying cheques for individuals who do not hold an account with us.

 

Certified Cheque/Draft for Member

Issuing a certified cheque or draft for a Member through TECU involves several steps. including the issuance of the cheque, adherence to certified cheque/draft procedures, and balancing the certified cheque/draft general ledger (GL).

While a fee is charged for this service, it benefits Members by providing a secure and guaranteed form of payment, often required for significant transactions. The fee helps the Credit Union recover administrative costs as well as pass-through costs incurred by our Central Bank, ensuring the accuracy and security of these transactions.

 

Clearing of TECU Unencoded Counter Cheques

The clearing of TECU unencoded counter cheques involves several steps by the Credit Union, including manually verifying and processing each cheque to ensure accuracy and proper fund allocation.

While a fee is charged for this service, it benefits Members by providing a reliable method for handling cheques that are not pre-encoded. The fee helps the Credit Union recover the administrative costs associated with efficiently managing these manual cheque processing tasks.

 

Clearing Charge

This fee is applied when a Member’s account lacks sufficient funds to cover a transaction. It helps recover the administrative costs associated with processing and handling of non-sufficient funds (NSF) transactions, including notifying the Member and managing the account discrepancies.

By paying this fee, Members benefit from the Credit Union’s proactive monitoring and management of their accounts, which helps prevent further financial complications and ensures the integrity of their financial transactions. Additionally, this fee promotes responsible account management and supports the overall financial health of the Credit Union.

As a courtesy, we typically contact Members regarding their first NSF transaction to offer assistance and guidance. Members can also take advantage of account alerts, which notify them of low balances and upcoming payments helping them prevent future NSF charges. Members may also apply for overdraft protection to mitigate these situations.

 

Clearing Charges – Returned Items

This fee applies when a Member deposits a cheque that is subsequently returned. It helps recover the administrative cost associated reversing the transaction, notifying the Member, and potentially reversing any related loan or investment transactions.

Handling returned items requires significant resources to ensure accurate updates to all affected accounts and timely communication with the Member regarding the issue. By charging this fee, the Credit Union aims to recover the cost of managing the additional workload and maintain the integrity of our financial services.

Members benefit from this service by receiving prompt notifications and support to resolve any issues related to the returned item, helping them to quickly address the situation and maintain their financial stability.

 

ClickSWITCH

The ClickSWITCH fee is a pass-through cost charged by the provider to initiate the transfer of bill payments and electronic transactions from one account to another. This service simplifies the process account switching by automating the transfer of recurring payments and direct deposits.

While there is a fee for this service, it benefits Members by reducing the time and effort required to manually update payment information with each biller. The fee helps recover the costs associated with using the ClickSWITCH platform, ensuring a smooth and efficient account transition for the Member.

 

Collateral Registration

The collateral loan registration fee helps recover the Credit Union’s costs for conducting a property valuation, conducting a title search, and completing the title registration. This process also includes pass-through costs associated with Land Registry and Purview services.

While this service incurs a fee, it benefits Members by ensuring that their collateral is accurately valued and legally secured, enabling the Credit Union to offer higher value loans secured by the Member’s property.

The Fee for this service is disclosed to the Member prior to processing and is included in the cost of borrowing disclosure statement. This transparency helps Members understand the associated costs and ensures a smooth and informed loan process.

 

Copy of Bylaws

Obtaining a digital copy of the bylaws is free of charge; however, there is a fee for a paper copy. This fee is intended to reduce paper waste and promote environmental sustainability.

Members often request a copy of the bylaws to better understand the rules and regulations that govern the Credit Union. The fee helps recover the costs associated with printing and mailing the document, while encouraging Members to opt for the eco-friendly digital version.

 

Credit Card Payment via Square (3% of Balance)

Credit card payments made through Square incur a 3% fee, which is a pass-through cost charged by the service provider.

This service benefits Members by enabling them to deposit funds into the Credit Union as a debit against their credit card balance. The fee helps recover the costs associated with processing these transactions, ensuring that Members can conveniently manage their finances and make deposits using their credit cards.

 

Credit Union Counter Cheque for Member (4 Cheques)

Issuing a Credit Union counter cheque for a Member, typically in sets of four, involves costs for the physical cheques and the manual work required to produce them.

While there is a fee for this service, it is more cost-effective for Members to order their own cheques through our partner, Davis & Henderson, where they can obtain a minimum of 50 cheques. Additionally, digital banking alternatives, such as eTransfers, provide a convenient and efficient option for managing payments without the need for physical cheques. This approach also supports an environmentally friendly practice by reducing paper use.

 

Cheque Images retrieved by Staff per cheque

Staff retrieve cheque images by logging into our Bank’s secure portal, locating the specific transaction, and printing or saving the cheque image to provide to the Member. The service incurs a fee to cover the administrative costs associated with the manual retrieval and processing of such requests.

To help Members avoid this fee, cheque images are included in monthly account statements, making them readily accessible without the need for manual retrieval. However, for situations where immediate or additional access to cheque images is required, this service remains available to meet the Members needs

 

Deposit Anywhere

The Deposit Anywhere fee, applied per cheque, helps recover a portion of the pass-through cost and staff time involved in reviewing deposits. This review process ensures the accuracy of deposits by identifying duplicates and applying appropriate holds.

Despite the fee, Members enjoy the convenience of depositing cheques from home, eliminating the need to visit an ATM or physical branch. This service enhances efficiency and provides a seamless way to manage deposits, aligning with our commitment to Member convenience.

 

Point of Sale (POS)

Direct Debit (POS) transactions involve multiple steps and costs for the Credit Union, including maintaining essential relationships with payment providers. These transactions require secure handling of funds and accurate processing to ensure a seamless experience for our Members.

The associated fee is a partial pass-through cost, reflecting the per-member fee and operational expenses required to maintain these critical provider relationships.

Despite the fee, Members benefit from convenient, real-time access to their funds for purchases, enhancing their overall banking experience.

 

Domestic and International Drafts through Central 1

Issuing domestic and international drafts (money orders) through Central1 involves a detailed process. Staff must log into the bank’s secure portal, initiate the transaction, complete all the required fields,  print the draft and reconciling the general ledger (GL)to ensure accuracy

The associated fee is partially a pass-through cost, with most of it recovering the staff time required for these administrative tasks. This service provides Members with a secure and reliable method for sending money internationally. The fee helps the Credit Union manage the administrative workload and ensure accurate and efficient processing.

 

Draft Reissue

The Draft Reissue Fee is designed to recover the administrative costs involved with reissuing a draft. This process includes verifying the original transaction, updating records, and issuing a new draft. The fee ensures our team can efficiently handle reissue requests while providing timely and accurate service to Members

In addition, this fee helps to deter unnecessary reissue requests, allowing resources to be allocated effectively and equitably.  This ensures that all Members benefit from a streamlined and responsive administrative process.

Members are encouraged to take responsibility for ensuring their drafts reach the intended destination. Doing so minimizes the need for reissues, ensuring both Members and the Credit Union avoid unnecessary delays and additional costs.

 

Dormant/Inactive Account

The Dormant/Inactive Account Fee is designed to recover the administrative costs associated with maintaining accounts that have remained inactive for an extended period. This fee supports the ongoing monitoring and maintenance of these accounts, ensuring the security of Member funds and personal information.

As regulatory expectations continue to evolve, maintaining active oversight of all accounts es essential to prevent fraud and ensure compliance with financial regulations. By implementing this fee, we also encourage Members to keep their accounts active, helping to accurate records reducing the risk of fraud or misuse.

Members can avoid this fee by regularly using their accounts for transactions, deposits, or other activities. Active account engagement enables Members to fully benefit from the services and features we offer, maximizing the value of their TECU Membership.

 

Duplicate Statement

The Duplicate Statement Fee is designed to recover the administrative costs associated with producing and sending additional copies of account statements.

To reduce the need for duplicate statements, we encourage Members to keep their original statements safe and accessible.  Members can avoid this fee by opting for electronic statements, which offer an environmentally friendly and cost effective. way to manage their account information.

By choosing electronic statements, Members support our sustainability initiatives while enjoying easy access to their financial records anytime, anywhere

 

Early Account Closing (within 90 days)

The Early Account Closing Fee is applied to recover the administrative costs associated with closing an account within 90 days of its opening. This process includes verifying account details, updating records, and managing any outstanding transactions. The fee also supports the regulatory record keeping managing outstanding transactions and meeting regulatory record-keeping requirements.

By implementing this fee, we encourage Members to carefully assess their long-term financial needs before opening an account, promoting stability and reducing unnecessary administrative work.

Members can avoid this fee by maintaining their accounts for at least 90 days, giving them the opportunity to explore and benefit from the many products and services we offer. This approach supports efficient account management while empowering Members make informed financial decisions.

 

Estate Administration

The Estate Administration Fee is applied to recover the administrative and flow through costs incurred by TECU in managing and settling a deceased Member’s account This fee enables our team to efficiently handle the complexities of estate administration, including verifying legal documents, communicating with beneficiaries, and distributing assets in accordance with Member’s wishes.

By implementing this fee, we ensure the delivery of a thorough, respectful and efficient service during what is often a challenging time, meeting all legal and financial obligations with care and precision.

Members can simplify estate administration process by keeping their account information current and clearly designating beneficiaries. Taking these proactive steps supports efficient estate management and provides peace of mind to Members and their families.

 

Extended Amortizations

The Extended Amortization Fee is applied to offset the increased risks associated with offering longer amortization periods. This fee is always discussed with the Member in advance, with the total amount disclosed and agreed upon in alignment with these discussions. It is also clearly outlined in the cost of borrowing agreement.

The Credit Union offers a variety of payment options, including standard amortizations that do not incur additional fees. Many Members choose extended amortizations to create payment flexibility and enhance their buying power. However, as part of our Mortgage Charter, the Credit Union may waive this fee in extenuating circumstances such as financial hardship, to help Members retain their homes.

This fee acts as a risk premium encouraging Members to consider shorter amortization terms, which can help them build wealth more quickly. By charging this fee, the Credit Union ensures Members are fully informed about their options and able to make financial decisions that align with their goals while also supporting  the Credit Union’s long term stability.

 

External Regulatory Maintenance Fee

The External Regulatory Maintenance Fee (ERMF) is applied to all Members, regardless of their account package, under extenuating circumstances. This fee helps the Credit Union manage unexpected and significant costs imposed by strategic partners or regulatory bodies. These costs may arise from new regulatory requirements or technological advancements that necessitate an influx of cash to meet compliance and operational standards.

By implementing the ERMF, the Credit Union ensures it can continue to provide high-quality services while maintaining financial stability. This fee serves as a proactive measure to address unforeseen financial challenges, ensuring that the Credit Union remains resilient, meet regulatory expectations, and support the long-term interests of all Members.

 

Fax

The fax service fee is introduced to recover the administrative costs associated with processing and sending faxes on behalf of our Members. This fee ensures the availability of essential resources, such as secure transmission lines and maintenance of fax equipment, to provide a reliable and efficient service.

By paying this fee, Members benefit from the convenience of sending and receiving important documents quickly and securely, without the need for personal fax equipment or reliance on third-party services.

 

In Branch Deposit

The in-branch deposit fee per cheque is applied to cover the administrative and operational costs associated with processing cheque deposits at our branches. This fee helps to ensure that our branches are adequately staffed and equipped to handle these transactions efficiently and securely.

By paying this fee, Members benefit from the convenience of in-person service, immediate assistance from our staff, and the assurance that their deposits are processed accurately and promptly.

Alternatively, Members may opt to deposit cheques through the Exchange Network, giving members access to thousands of ATM’s across Canada, or using the Mobile App, which provide additional flexibility and convenience without incurring in-branch fee.

 

Interac eTransfer

The Interac e-Transfer® fee is designed to recover the costs associated with providing a secure and efficient electronic funds transfer service. This includes pass-through costs from our provider as well as expenses related to comprehensive fraud monitoring and prevention.

This fee supports the operational requirements for real-time processing, ensuring the highest level of security for our Members’ transactions. By paying this fee, Members enjoy the convenience of sending and receiving money quickly and seamlessly, without the need for cash or cheques.

The service is accessible through our online banking platform and mobile app, offering flexibility and ease of use for everyday financial transactions. Additionally, Members benefit from advanced fraud detection and prevention measures, providing peace of mind with every transfer.

 

Interchange Foreign Exchange

This fee represents a pass-through cost incurred when Members order foreign currency.  By paying this fee, Members gain the convenience of accessing foreign currency through TECU eliminating the need to seek external providers.

Our service offers competitive exchange rates and ensures secure transactions, simplifying the management of international financial needs of our members.  Additionally, the fee may be waived when ordering  larger amounts of foreign currency, providing added value and potential savings.

 

Letter of Interest/Immigration/Bank Confirmation/Member Request

This fee is applied to recover the administrative and operational costs associated with preparing and issuing these documents. It ensures that our staff can allocate the necessary time and resources to accurately compile, verify and deliver the requested information

By paying this fee, Members benefit from the convenience of obtaining official documentation tailored to their specific needs, whether for immigration, financial verification, or other personal requirements. This service provides Members with timely, reliable and professional support, ensuring their requests are handled with the utmost care and accuracy.

 

Line of Credit/Merit-line Stand-by Fee

The standby fee for unused limits on a Line of Credit or Merit-Line is applied to offset  the costs associated with maintaining credit availability for our Members. This fee supports the Credit Union in managing liquidity risks, ensuring we can provide immediate access to funds when needed.

By paying this fee, Members enjoy the assurance of having a line of credit readily available for emergencies or unexpected expenses, even if the full limit is not utilized. This service provides financial flexibility and security, empowering Members to manage their finances effectively while supporting the Credit Union’s ability to maintain stable and reliable financial operations.

 

LIRA to LIF Administration

The LIRA to LIF Administration Fee is implemented to for recover the administrative costs associated with transferring funds from a Locked-In Retirement Account (LIRA) to a Life Income Fund (LIF). This fee ensures that the necessary documentation, compliance checks, and processing tasks are completed efficiently and accurately.

By paying this fee, Members benefit from a seamless and secure transition of their retirement funds, safeguarding the integrity of their investments while full compliance with regulatory requirements. This service is designed to support Members in managing their retirement savings effectively and with confidence.

 

MemberCard Replacement

The MemberCard Replacement Fee partially is applied to recover the costs associated with producing and issuing a new card, including materials and administrative efforts. This fee also emphasizes the importance of safeguarding their MemberCard, encouraging Members to exercise care and accountability in protecting their financial tools.

By protecting their MemberCard, Members can minimize the need for replacements, ensuring uninterrupted access to their financial services. Additionally, staff must ensure that all limits and features from the original card are accurately transferred to the replacement card, providing a seamless transition and preserving access to the members financial tools and benefits.

 

Membership Fee

The Membership Fee for Essential Members is designed to recover the costs associated with maintaining their accounts. This fee helps offset expenses incurred by the Credit Union, including banking system fees, deposit insurance, and cyber security measures ensuring that these essential services remain sustainably funded.

Essential Members typically do not utilize the full suite of products and services offered by the Credit Union. As such this fee provides an equitable approach to distributing the costs of account maintenance.

Members can avoid this fee by enrolling in an account package or qualifying for one of the free benefit types, allowing them to maximize the value for their Membership while enjoying tailored financial services.

 

Merit-line Interest Only Payment

The Merit-Line Interest Only Payments fee is applied as a risk premium to account for the higher risk associated with interest-only payments compared to a traditional declining balance product. This fee enables the Credit Union to provide Members with greater flexibility to Members while effectively managing the increased risk. Members can avoid this fee by making payments towards the principal balance, which reduces the overall risk and cost associated with their loan.

 

Mortgage Processing Fee

The Mortgage Administration Fee is applied to recover the costs associated with processing and underwriting a mortgage loan. Underwriting involves detailed assessments, compliance checks and considerable staff time.

This fee compensates the Credit Union for resources dedicated to the mortgage process, particularly in cases where the Member decides not to proceed with the application. By paying this fee, Members receive professional thorough handling of their mortgage application, ensuring accuracy and compliance throughout the process.

Members can avoid this fee by completing the application, thereby maximizing the efficient use of the Credit Union’s resources

 

Mortgage Amortization Run

The Mortgage Amortization Run fee is applied to recover the administrative costs associated with calculating and providing detailed amortization schedules for mortgage loans. This process requires significant staff time and resources to ensure accuracy and compliance with financial regulations.

By paying this fee, Members receive a clear and precise breakdown of their mortgage payments over time, helping them to better manage their finances and plan for the future. Members can avoid this fee by utilizing self-serve online tools or resources provided by the Credit Union to generate their own amortization schedules.

 

Mortgage Appraisal

The Mortgage Appraisal fee is a pass-through cost that recovers the expense of having a professional appraiser evaluate the property’s value. This fee is necessary to ensure an accurate and unbiased assessment, which is essential for both the Member and the Credit Union in determining the appropriate loan amount and terms.

By paying this fee, Members receive a reliable valuation that supports informed decision-making during the mortgage process. The fee is discussed with the Member prior to contacting the appraiser and is clearly outlined in the cost of borrowing disclosure agreement, ensuring transparency and fairness.

 

Mortgage Blend & Extend

The Mortgage Blend and Extend fee recovers the administrative costs associated with blending the existing mortgage rate and term with a new rate and term. This process requires detailed calculations by staff to ensure accuracy and compliance.

By choosing this service, Members benefit from avoiding the full penalty that would apply by breaking the mortgage contract. Instead, they maintain a weighted average of their existing rate or the new rate, which may be higher or lower, offering financial flexibility and potentially more favorable terms.

Members can avoid this fee by waiting for their mortgage to mature, thus eliminating the need for blending and extending.

 

Mortgage Bridge Financing

The Mortgage Bridge Financing Fee applies when a Member buys a new home before receiving the sale proceeds from their existing property. In such cases a bridge loan is used to cover the down payment for the new home, which is typically repaid once the existing home is sold. The fee compensates for the added risk and the possibility of needing to register a lien against the current property.

By paying this fee, Members gain the flexibility to purchase a new home without waiting for their existing home to sell. The cost is discussed with the Member prior to the home purchase and is clearly disclosed in the cost of borrowing disclosure agreement to ensure transparency.

Members can avoid this fee by coordinating the purchase and sale of their properties occur on the same day.

 

Mortgage Conversion – Variable to Fixed

The Mortgage Conversion fee from Variable to Fixed Rate covers the administrative costs associated with creating new agreements and registering the updated terms with the Land Registry Office. This process ensures that the new fixed-rate terms are legally binding and accurately recorded.

By paying this fee, Members gain the stability and predictability of fixed-rate mortgage payments, protecting them from potential interest rate fluctuations. This service provides peace of mind and financial planning certainty.

Members can generally avoid this fee if both a Fixed and Variable Product are registered at the time of purchase or refinance.

 

Mortgage Discharge

The Mortgage Discharge Fee is a partial pass-through cost that recovers the expense of registering the discharge through the Land Registry Office. This fee also includes the administrative work required to ensure the legal aspects of the registration are properly handled and the discharge is forwarded to the Member’s legal counsel.

By paying this fee, Members benefit from a smooth, legally compliant conclusion to their mortgage, ensuring all necessary documentation is accurately processed and recorded. To avoid this fee, Members may choose not to discharge the mortgage for future borrowing purposes or may have their legal counsel handle the discharge on their behalf.

The discharge fee is disclosed in the cost of borrowing disclosure agreement, ensuring transparency and understanding.

 

Mortgage Loan Late Payment

The Mortgage Loan Late Payment fee is designed to compensates the Credit Union for the costs associated with managing  overdue payments. This fee helps recovers the time and resources dedicated to following up with Members and ensuring adherence to loan terms. By paying this fee, Members are encouraged to make timely which helps maintain their credit standing and avoid additional charges. The fee is clearly disclosed in all loan agreements, ensuring transparency and acting as a deterrent to encourage timely payments.

 

Mortgage Registration

The Mortgage Registration fee is a pass-through cost from legal counsel for the registration of a mortgage. This fee covers the expenses incurred by the lawyer to ensure the mortgage is properly registered and legally compliant. By paying this fee, Members gainthe assurance that their mortgage is accurately documented and meets all legal requirements. The Credit Union allows Members to use their own lawyer for mortgage registration, provided the lawyer meets TECU’s underwriting standards.  This option provides Members with added flexibility and choice in the registration process.

 

Mortgage Transfer

The Mortgage Transfer Administration Fee covers the Credit Union’s costs for registering a transfer through the Land Registry Office. This fee ensures that all necessary legal and administrative steps are handled properly, providing Members with a smooth and efficient transfer process. By paying this fee, Members benefit from the Credit Union’s expertise in managing the transfer. Alternatively, Members can avoid this fee by having their legal counsel prepare the transfer documents, which the Credit Union will execute at no additional charge.

 

Mortgage Loan Property Search

The Mortgage/Loan Property Search is designed to cover the expenses associated with conducting a Purview search to assess the value and registration history of a Members property. This evaluation plays a vital role in determining the Member’s creditworthiness and financial position. Prior to initiating the search, the fee is communicated to Members and is clearly outlined on all cost of borrowing agreements. By remitting this fee, the Credit Union is able to gain valuable insights into the Member’s financial circumstances, thereby streamlining our processes and expediting the funding process for the borrower.

 

Mortgage Loan NSF

The Mortgage/Loan NSF (Non-Sufficient Funds) Fee is applied when a Member’s payment is returned due to insufficient funds in their account. This fee is designed to compensates the Credit Union for the extra administrative work required to handle the returned payment and inform the Member. By paying this fee, Members are encouraged to maintain sufficient funds in their accounts to cover their payments thus preventing any disruptions in their loan or mortgage schedule. The fee is clearly stated in all loan agreements, ensuring transparency and acting as a deterrent to ensure payments are made in a timely and sufficient manner. The Credit Union encourages Members to reach out to us promptly if they require assistance in extenuating circumstances, so we can make the necessary adjustments and prevent these NSF fees.

 

Mortgage Renewal

The Mortgage/Renewal Fee covers the administrative costs associated with renewing a mortgage. This includes preparing updated agreements and ensuring compliance with all regulatory requirements. This fee compensates the Credit Union for the time and resources dedicated to facilitating the renewal.

By paying this fee, Members benefit from a seamless and uninterrupted continuation of their mortgage terms. However, the Credit Union often waives this fee, offering added value and support to Members during the renewal process.

 

Overdraft Administration

The Overdraft Administration Fee for amounts greater than $150 offsets the administrative costs incurred with managing and processing unauthorized overdraft transactions. This fee compensates the Credit Union for the time and resources dedicated to handle these situations, including account monitoring and Member notifications.

By paying this fee, Members benefit from the convenience and flexibility of having their overdraft needs addressed promptly. To help avoid these fees, The Credit Union encourages Members to maintain sufficient account balances and to proactively reach out to us if they anticipate requiring overdraft protection. This allows us to provide support and assistance.

 

Overdraft Administration

This fee is necessary to recover the administrative costs associated with managing overdraft accounts. When an account is overdrawn by more than $150, substantial resources are required to process the overdraft, communicate with the account holder, and ensure compliance with regulatory standards. This fee also helps offset the risk and costs incurred by the institution.

Unauthorized overdrafts, which are generally Member-initiated actions, such as returned payments, rather than the Credit Union overdrawing the account. This fee supports the provision of services that allow Members to avoid the inconvenience and potential embarrassment of declined transactions, maintain their financial credibility, and receive timely notifications and support to manage their accounts effectively.

 

Overdraft Maintenance Fee

This fee encompasses both the overdraft interest, and the administrative costs associated with managing an overdraft account. Overdrafts typically arise from Member actions, such as returned payments or insufficient funds transactions, rather than the institution.

The overdraft interest compensates for the risk and cost involved in covering these transactions, while the administrative portion recovers the resources required to manage the account. This fee also acts as a deterrent, encouraging Members to maintain sufficient funds in their accounts to avoid additional charges and to promote financial responsibility.

 

Loan Payment Renegotiation – Life events can significantly impact a Member’s financial situation, and TECU is committed to supporting our Members through changes in affordability. This fee offsets the administrative costs associated with renegotiating loan payment terms.

The renegotiation process involves obtaining full financial disclosure from the Member, conducting a comprehensive review of their financial obligations, and evaluating the associated risks. By charging this fee, we ensure that adequate resources are available to provide personalized support while safeguarding the financial health of both the Member and the institution.

 

Photocopies

This fee covers the costs associated with providing photocopying services, including the expenses for paper, toner, and maintenance of the photocopying equipment. A per-page fee ensures the sustainability of the service allowing it to remain accessible to all Members who require it.

By recovering these costs, we can continue to offer convenient access to necessary documents and materials.

 

Post Dated Cheques Left on Deposit

This fee recovers the administrative costs associated with managing post-dated cheques. Processing these cheques requires additional resources to ensure they are handled accurately and deposited at the appropriate time.

A per-cheque fee helps maintain the efficiency and precision of our cheque processing services, ensuring that all transactions comply with financial regulations and Member expectations. Members can avoid this fee by depositing cheques into an ATM machine, mailing the cheques to the Credit Union, or using the Mobile App for added convenience.

 

PPSA Discharge

This fee recovers the administrative costs associated with discharging a Personal Property Security Act (PPSA) registration. The process involves verifying the discharge request, updating records, and ensuring compliance with legal requirements.

By charging this fee, we can efficiently manage the necessary documentation and maintain accurate records, ensuring a smooth and timely discharge is process. This fee is disclosed in the loan agreements, providing transparency, clarity and assurance tor our Members.

 

Records Search

This fee is designed to cover the administrative costs when processing a Members request for specific records. The retrieval process requires allocating staff time and resources to locate archived materials, verify information, and provide accurate documentation.

By implementing this fee, we ensure the efficient management and fulfillment of record search requests while upholding the integrity and accuracy of our records. This service allows Members to access to critical documents and information needed for personal, legal, or financial purposes, enabling them to effectively manage their affairs.

To avoid this fee, Members are encouraged to maintaining their own records, promoting better organization and reducing the reliance on record retrieval services.

 

Reproduction of Tax Documents

This fee covers the administrative costs incurred in reproducing key financial documents such as RRSP receipts and T5 slips. The reproduction process involves locating, verifying, and printing these documents to ensure accuracy and compliance with regulatory standards.

 

By implementing this fee, we aim to efficiently manage and fulfill reproduction requests while upholding the integrity of our records. Members benefit from timely access to these essential documents for tax preparation and financial planning purposes.

 

To avoid incurring this fee, Members are encouraged to maintaining their own records. Doing so helps foster  organization and minimizes the need for document reproduction services.

 

Requested Transfer Fee

This fee applies to transfer requests made in-branch or over the phone. it is designed to recovers the administrative costs associated with processing these requests, including the allocation of staff time and resources.

By implementing this fee, we can efficiently manage and fulfill transfer requests while upholding our commitment to high service standards.

Members can avoid this fee by utilizing our online banking platform, which provides a convenient and cost-effective option for managing transfers and other activities,

 

RRSP Transfer Out to Another Institution/Withdrawal

This fee is applied to recover the administrative work required for transferring an RRSP account to another institution or process a withdrawal. The process involves substantial effort to Ensure compliance with regulatory requirements, including verifying account details, preparing documentation, balancing ledgers and coordinating with the receiving institution.

The fee also helps discourage rate-sensitive Members who join the Credit Union briefly to take advantage of favorable rates and then transfer their accounts elsewhere. Our Credit Union values loyalty and is committed to building long-term relationships with our Members.

Since RRSPs are intended for retirement savings, this withdrawal fee serves as an additional measure to encourage responsible financial planning and discourage premature withdrawals.

By charging this fee we can effectively manage administrative workloads, uphold equitable services, and maintain the our operational integrity, ensuring all transfers and withdrawals are handled efficiently and in full compliance with the governing regulations.

 

Stop Payment

This fee is applied to recover the administrative costs associated with processing a stop payment request, whether initiated by the Member or with staff assistance. The process includes verifying the request, updating records, and ensuring that the payment is halted promptly and accurately.

By implementing this fee, we can efficiently manage and fulfill stop payment requests, offering Members a reliable way to prevent unauthorized or incorrect transactions. This service provides Members with greater control over their accounts and the ability to address potential issues effectively.

To avoid this fee, Members have the option to initiate stop payments directly through their payment provider.

 

System Clearing Transfer

This fee is applied to recover the administrative costs of transferring funds from an available account to ensure the successful completion of an automatic transfer or electronic withdrawal. This process helps avoid interruption, preventing the inconvenience and potential penalties associated with returned transactions due to insufficient funds.

Members benefit from this service by avoiding the negative consequences of failed transactions, such as late payment fees or damage to their credit score. their also supports the smooth management of their financial obligations.

To avoid this fee, Members are encouraged to set up alerts, such as low balance notifications, to help manage their account balances.

 

Tax Free Savings Account Transfer Out to Another Institution

This fee is applied to recover the administrative costs associated with transferring a TFSA account to another institution. The process requires significant effort to ensure compliance with regulatory requirements, including verifying account details, preparing documentation, balancing ledgers and coordinating these transactions with the receiving institution.

This fee also serves to discourage rate-sensitive Members who join the Credit briefly to benefit from favorable rates before transferring their accounts elsewhere. Our Credit Union values loyalty and is committed to fostering long-term relationships with our Members.

By charging this fee, we can effectively manage administrative workloads and maintain the integrity of our services, ensuring all transfers are handled efficiently and in full compliance with regulations. Additionally, since TFSAs are designed for long-term savings, this fee encourages Members to make thoughtful decisions about their savings goals.

 

Tax Free Savings Account Withdrawal

This fee is designed to discourage frequent withdrawals, encouraging Members to use TFSAs as intended—for long-term investment. As registered products, TFSAs required detailed reporting and reconciliation for each withdrawal, which increases administrative efforts and the potential for contribution errors.

By paying this fee, Members benefit from the secure and compliant management of their accounts, supporting their long-term savings objectives without unnecessary complications.

For Members seeking greater flexibility, our Flip & Save product offers the same competitive rate as a TFSA while allowing transfers without any fees, providing a convenient alternative for managing short-term savings needs.

 

Undeliverable Mail

This fee recovers the administrative work required to locate Members and re-sending undeliverable mail. The process includes updating Member information, reissuing documents, and ensuring compliance with regulatory requirements. Documenting returned mail is also essential for managing unclaimed deposits and maintaining accurate records.

By paying this fee, Members help offset the costs associated with these necessary administrative tasks, supporting the accuracy and compliance of their account

To avoid this fee Members are encouraged to ensure their contact information is accurate and up to date, promoting effective records management.

 

Wires

This fee covers the significant administrative effort involved in processing wire transfers, from initiation to final approval. The requires the involvement of multiple staff Members to ensure accuracy, security, and compliance with regulatory standards.

By paying this fee, Members help offset the costs associated with these rigorous procedures. For a more convenient and cost-effective alternative, Members can avoid this fee by performing wire transfers directly through online banking