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Meridian Credit Union Review and FAQs

Ontario-based Meridian Credit Union is one of the largest financial institutions in Canada. It is the largest credit union in Ontario and the third-largest in Canada, providing its 370 thousand member-owners with innovative and exceptional services. With over $26.5 billion assets under its management, Meridian Credit Union has established its foothold among Canada’s credit unions and financial institutions.

While its brick-and-mortar network of about 92 branches caters to the needs of Ontario residents, customers of Meridian Credit Union can access complete banking services through its subsidiary, Motus bank. 

Here’s a review of its products and service, as well as member benefits.

About Meridian Credit Union

Meridian Credit Union stands tall among Canadian banks and credit unions with a history of innovative services to improve the financial wellbeing of its members. Apart from being the largest credit union in Ontario, it is also Canada’s third-largest, only surpassed by Vancity Credit Union and Coast Capital Savings Credit Union (both in B.C.).

With its financial strength of over $26.5 billion in assets under management, and its member base of about 370 thousand, Meridian Credit Union has established itself as one of Canada’s go-to financial institutions. It serves its numerous members across Ontario via a network of 92 branches and 15 Business Banking Centres across the province.

Meridian Credit Union also provides financial services to all Canadians (except Québec) through its subsidiary, Motus Bank, a federally chartered online bank established in 2019.

Meridian Credit Union was established in 1944 and has over 76 years of banking history. Its commitment to service members and their communities led to innovative financial products and services, including personal and business banking, investments, wealth management, credit cards, online banking, ATM access, loans, etc.

Member-owners and cardholders of Meridian Credit Union have access to over 3600 ATMs in Canada and over 43,000 surcharge-free ATMs in North America via THE EXCHANGE Network and the US-based Allpoint Network.

Meridian Credit Union Products and Services

Meridian Credit Union offers a full range of financial and banking products and services. Think of any banking services or products you usually need from any big banks; Meridian Credit Union has it, sometimes with better rates.

Members of the credit union have access to in-branch and online innovative financial products, including chequing accounts, savings accounts, mortgage, loans and financing solutions, investments, etc.

Meridian Credit Union Personal Banking 

Meridian Credit Union offers various personal banking products to its members. These include deposits, loans, investments, mortgages, and advisory services.

Personal Chequing Accounts

Members of the credit union have up to seven personal chequing account options in managing their daily banking transactions. Each chequing deposit account comes with FSRA insurance and unlimited transactions for Seniors (members aged 60 and above) and Youth (members aged 18 to 29 years).

1.      Pay As You Go Chequing Account

The Pay As You Go Chequing Account is suitable for daily banking transactions, including unlimited free deposits at no monthly fees. While each additional transaction attracts a $1.00 fee, you can get a waiver when you maintain a minimum monthly balance of $2000.

You’ll also enjoy up to 4 free Interac e-Transfers per month on a $2000 monthly balance. Accountholders have access to online, telephone, in-branch, ATM, and mobile banking.

2.      Convenience Chequing Account

Meridian’s convenience chequing account is ideal for moderate monthly transactions. The account comes with 15 Self-Serve, Personal and Cheque transactions, including bill payments and transfers via online, mobile, ATM, or telephone banking. Other features include:

  • Monthly fees: $5
  • Unlimited free deposits
  • Up to four free Interac e-Transfers per month
  • Each additional transaction attracts a $1 fee
  • Account-holders enjoy free ATMs through THE EXCHANGE Network in Canada and Allpoint Network in the U.S.

3.      Convenience Plus Chequing Account

The Convenience Plus Chequing Account comes with freebies, including unlimited transactions and bank drafts. Other features include:

  • Monthly fees: $12
  • Free and unlimited transactions per month
  • Four free CAD bank drafts and Interac eTransfers per month
  • Access to surcharge-free ATMs
  • Free access to certified cheques
  • One free basic cheque order per year
  • 15% discount on safety deposit box rental
  • Free eStatements

4.      Electronic Chequing Account

The Electronic Chequing Account is designed for online and mobile banking transactions. The account is ideal for those who prefer remote banking, as it provides you with banking access anywhere and anytime.

  • Monthly fees: $9.00
  • Free and unlimited deposits
  • Free and unlimited Self-serve transactions, including bill payments and transfers.
  • Up to 4 free Interac eTransfers per month (additional transactions attract $1 each)
  • Free access to ATM, online, mobile, in-branch, and telephone banking

5.      Limitless Chequing Account

The limitless chequing account is designed for Meridian Credit Union members aged 18 to 23 years. It is more of a youth or students account. The account helps to inculcate the culture of money management in young members.

It comes with no monthly fee and unlimited free transactions. Holders of this account also enjoy four free Interac eTransfers per month and access to other banking services.

6.      Senior Chequing Account

As the name implies, this account is designed for Seniors, members aged 60 years and above. The account comes with zero monthly fees and free cheque order.

  • Unlimited and free transactions
  • No monthly fee
  • Four free Interac eTransfers and free CAD bank drafts per month
  • 50% discount on safety box rental
  • One free basic cheque order and free certified cheques

7.      U.S. Dollar Chequing Account

The U.S. Dollar chequing account is ideal for daily transactions in U.S. dollars. Account-holders also earn a competitive interest rate on their account balance while paying no monthly fee.

It comes with free and unlimited deposits, effortless exchange of funds or withdrawals at any Meridian Credit Union branch, and free ATM access.

Account Balance Interest Rates
$0 – $4,999 0.025%
$5000 -$24,999 0.05%
$25000 and above 0.10%

Personal Savings Accounts

With Meridian Credit Union savings accounts, you’ll earn daily interest on every dollar in your account balance. Interestingly, there’s no minimum account balance requirement, while all eligible deposits are insured by the Financial Services Regulatory Authority (FSRA). Meridian savings accounts can be integrated into registered account plans, including RRSP, TFSA, etc.

1.      High-Interest Savings Account

Meridian Credit Union offers a High-Interest Savings Account (HISA), known as ‘Good To Grow.’ The account comes with free and unlimited transactions, including bill payments and transfers between accounts.

Account holders enjoy a 0.45% interest rate on their daily account balance. The beauty of the HISA is that while you enjoy these services and offers, you’ll pay no monthly fees. The account equally includes access to ATMs in Canada and internationally, in-branch, online, mobile, and telephone banking.

Meridian High-Interest Savings Account is available in registered account types, including:

  • TFSA High-Interest Savings Account
  • RRSP High-Interest Savings Account
  • RRIF High-Interest Savings Account

2.        Advantage Savings Account

Apart from the daily interest earned on this account, the advantage savings account provides you with unlimited free deposits and access to over 43,000 free ATMs on THE EXCHANGE and Allpoint Networks.

The account comes with one free Self-serve transaction and Personal transaction, including transfers, bill payments, and withdrawals via online, in-branch, mobile, or telephone banking.

There’s a transaction fee of $1.25 for each additional transaction. This fee can be waived when you maintain a minimum monthly balance of $5,000. The account is also available in registered plans, including TFSA, RRIF, or RRSP.

3.      Youth Savings Account

This savings account is specifically designed for young members aged 17 and lower. It helps teach the culture of saving money while also earning daily interest on the account balance.

The account comes with no monthly or transaction fees. It’s a suitable account for but not limited to students. It’s open to anyone within the age category. The youth savings account also comes with free and unlimited transactions, such as bill payments and account transfers.

Meridian Credit Union Loans and Lines Of Credit

You probably need money to fund your next big purchase or settle one or two financial requirements. It’s best to get financial help where the repayment won’t plunge you into huge debts. Meridian Credit Union offers several borrowing solutions to its members. These include:

Personal Loan

Meridian Credit Union offers a fixed-rate personal loan. The personal loan provides you with a lump sum upfront to take care of expenses such as a big purchase. The loan is payable in monthly fixed repayment plans.

Personal Lines of Credit

Unlike a personal loan, a line of credit provides you with a limit of available credit for any financial need. You can borrow money within your approved limit and pay interest only on the amount you withdraw or borrow. Meridian Credit Union offers a Variable rate personal line of credit, which means your interest rate changes every month.

Home Equity Line of Credit (HELOC)

The home equity line of credit is a secured loan backed by the equity in your home. It comes in Variable rate interest-only payments and a higher credit limit. It is available to homeowners with equity in their homes, and the funds can be used for anything, including vacation, home renovation, etc.

Personal Credit Cards

Meridian Credit Union offers a full range of personal credit cards, with Visa card benefits and perks. These include:

1.      Meridian Visa Infinite Cash Back Card

  • Earn 4% cashback on every dollar spent on gas and groceries
  • Earn 2% on pharmacy purchases
  • Earn 1% cashback on other eligible purchases
  • Annual fee: $99 (First year free)
  • The annual interest rate on purchases: 19.50%
  • The annual interest rate on cash advances: 21.99%
  • Eligibility: $60,000 annual personal income or $100,000 annual household income

2.      Meridian Visa Cash Back Card

  • No annual fee
  • Earn 1% cashback on every dollar spent on gas, pharmacy, groceries, and utility bill payments.
  • Earn 0.5% cashback on all other eligible purchases.
  • Redeem rewards for cashback or merchandise
  • The annual interest rate on purchases: 19.50%
  • The annual interest rate on cash advances: 21.99%

3.      Meridian Visa Platinum Cash Back Card

  • Annual fee: $99 (The first year is free)
  • Earn 2% cashback on every dollar spent on gas, groceries, and pharmacy purchases.
  • Earn 1% cashback on other purchases

4.      Meridian Visa Infinite Travel Rewards Card

  • Annual fee: $99 (The first year is free)
  • Earn 3 points for every dollar spent on web purchases in foreign currencies
  • Earn 1.5% points per $1 spent on web purchases
  • The annual interest rate on purchases: 19.50%
  • The annual interest rate on cash advances: 21.99%
  • Eligibility: $60,000 annual personal income or $100,000 annual household income

5.      Meridian Visa U.S. Dollar card

  • Annual fee: USD 65
  • Earn one cashback reward point per $1 spent on card purchases
  • The annual interest rate on purchases: 19.50%
  • The annual interest rate on cash advances: 21.99%

6.      Meridian Visa Platinum Travel Rewards Card

  • Earn travel rewards with no restrictions
  • The annual interest rate on purchases: 19.50%
  • The annual interest rate on cash advances: 21.99%

Meridian Credit Union Personal Mortgages

Meridian Credit Union offers fixed-rate and variable-rate mortgages to its members at competitive interest rates. Meridian mortgages are available in a full range of options for first-time home buying, new or additional home purchase, and mortgage renewal or refinancing.

  • Fixed-rate mortgages
  • Variable-rate mortgages
  • Construction mortgages
  • Flex line mortgages
  • Friends and family mortgages
  • meridian self-employed mortgages
  • The Meridian hybrid mortgage

Meridian Personal Investing

With Meridian Credit Union, you can save towards retirement, education, or invest the money to make it work for you. The available investment plans include:

  • Registered Retirement Savings Plan (RRSP)
  • Tax-Free Savings Account (TFSA)
  • Registered Education Savings Plan (RESP)

Investment Products

Guaranteed Investment Certificates (GICs)

  • 1-Year cashable GIC
  • Raise the rate GIC
  • Fixed-rate GIC
  • 18-month GIC
  • Market-linked GIC
  • Escalator GIC
  • GIC laddered strategy

Meridian Credit Union Business Banking

As an organization that supports and provides financial products and banking services to its members, businesses, and communities, Meridian Credit Union provides business banking products that support several industries, including real estate, healthcare, agriculture, etc.

Meridian Business Banking can be categorized into:

  • Small Business Banking
  • Commercial Banking

Small Business Banking Accounts

Meridian small business banking accounts include a good number of banking products tailored to meet the needs of members and their small businesses.

  • e-Prosper Chequing Account for Small Business
  • Prosper Chequing Account for Small Business
  • Prosper Plus Chequing Account for Small Business
  • Business U.S. Dollar Account for Small Business
  • Small Business Chequing Account
  • Business Advantage Plus Savings Account
  • Business Advantage Savings for Small Business
  • Community/Not For Profit Account for Small Business

Commercial Banking Accounts

  • Business Advantage Plus Savings Account for Commercial
  • Business Advantage Savings Account for Commercial
  • Business Chequing Account for Commercial
  • Business U.S. Dollar Account for Commercial
  • Community/Not for profit account for commercial Business

Meridian Credit Union Business Banking Credit Cards

Meridian Business credit cards come with exclusive offers and perks, including rewards and visa card benefits. They include: 

1.      Meridian Visa Infinite Business Cash Back Plus Card

  • Annual fee: $110 (The first year is free)
  • Earn 3% on web purchases in foreign currency
  • Redeem rewards for cashback or merchandise
  • The annual interest rate on purchases: 19.50%
  • The annual interest rate on cash advances: 19.50%
  • Eligibility: $60,000 annual personal income or $100,000 annual household income.

2.      Meridian Visa Business Flex Cash Back Plus Card

  • Annual fee: $49
  • Free additional cards
  • Earn 15 on all purchases

3.      Meridian Visa Business Cash Back Plus Card

  • No annual fee
  • Free additional cards
  • Earn 15 on all purchases
  • The annual interest rate on purchases: 19.50%
  • The annual interest rate on cash advances: 19.50%

Meridian Credit Union Business Investing

Meridian Credit Union provides financing solutions to businesses and commercial entities. These include:

1.     Short Term Financing, including Business lines of credit, business credit cards, etc.

2.     Medium To Long-Term Financing, including business equipment loans and business real estate loans.

3.     Specialty Financing, including corporate structured financing, Morrison financial loans for condo corporations, etc.

4.     Government Financing Programs including Canada small business financing program (CSBFP), export development Canada (EDC), etc.

5.     Industry Programs, including hospitality, franchise, agriculture, etc.

How to Open a Meridian Credit Union Account

Having an account with Meridian Credit Union is a straightforward and effortless process. The first thing to note is that you need to be a member of the organization and share its ownership. Membership benefits include the sharing of its annual profits and access to exclusive banking products and services.

Other requirements include:

  • You must be a Canadian resident
  • You must be of the age of the majority
  • You must have a valid email address

 Banking Access

While Meridian Credit Union branches operate within the Ontario province, it provides banking and financial products and services to its members and customers across Canada via other banking channels, including its digital bank subsidiary, MotusBank.

Members of Meridian Credit Union can access banking and financial products through the following available channels:

  • In-Branch (About 92 branches across the province)
  • Telephone banking
  • Online banking
  • Mobile banking
  • ABMs – THE EXCHANGE Network and Allpoint Network (USA)

Regulations and Membership

Meridian is a member of the Financial Services Regulatory Authority of Ontario (FSRA). Hence, it ensures that all eligible deposits (except registered accounts) are insured, up to $250,000 per account.

Meridian is also a member of THE EXCHANGE Network, Canada’s largest surcharge-free ATM network.

Meridian Credit Union Contact

You can contact the customer center of Meridian Credit Union for feedback, account enquiries or complaints through the following channels:

Phone: 1-866-592-2226

In-Branch: over 92 branches across Ontario 

ABM Locations across Canada

Emailyourfeedbackmatters@meridiancu.ca

Mail

Member Relations Office

Meridian Credit Union

75, Corporate Park Dr

St. Catharines 

ON, L2S 3W3

Editor’s Review

As Ontario’s largest and Canada’s third-largest credit union, Meridian Credit Union has superb banking products that can compete favourably with the big commercial banks in Canada. As a corporative financial institution, it offers lower rates to its members than the banks’ rates. 

However, its exclusive services are limited to Ontario residents. Residents of other provinces can either get banking services from their province or settle with its online banking offers.

FAQs

How can I get the Meridian Credit Union banking app?

Meridian Credit Union has a banking app for daily banking transactions. The app is available for download on Google Play Store for Android and App Store for iOS users.

Is Meridian Credit Union safe?

Apart from the safety measures employed by the financial institution, Meridian Credit Union is also a member of the FSRA to protect the investment and deposits of its members.

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