Bank Account Basics

Banking at ACU is simple, safe and easy. We like to keep it that way. We've created our products and services around some solid fundamentals of banking. Here's a recap of those basics.

Types of accounts

We create our accounts based on what our members need and how they bank. They include:

  • savings accounts
  • transactional or chequing accounts
  • full-service accounts that allow many kinds of transactions
  • low-fee or no-fee accounts
  • youth and seniors' accounts

The right account for you

Each type of account has different benefits, functions and service fees, so taking the time to get the best fit can help you make your banking easier and save you some money.

First, think about how you plan to use your account. Maybe your banking needs are simple; you only make few transactions in a month and you rarely use ATMs or other services. On the other hand, you may be a very active banker; you often use your debit card, conduct quite a few transactions, and you need a number of other services from your financial institution as well. By knowing your own banking style, you can choose the right combination of products and services and pay only for the features you need and use. Come talk to us. We can help set you up with the perfect account for what you need.

Now, take a look at the big picture. Are you banking with several institutions, using accounts you opened at different times for different reasons? Or do you have a number of different accounts with the same institution, but only use one or two regularly? Are you paying service fees on each of those accounts? Time to take a bit of a banking inventory, and maybe consider consolidating your accounts, or reducing the number of them. Again, talk to ACU.

How do you like to bank?

Online, mobile and telephone banking provide the ultimate in convenience. You have access to your account, pay bills and do other transactions any time you need to, day or night. If you haven't tried any of these options yet, you might be surprised at how quick and easy they can be. Of course, visiting your branch is still a great way to get the human touch, and have some quality face to face time. We're always ready to help you in person, to answer a quesiton or provide you with some financial advice that will help you reach your goals.

Smart ATM use

ATMs (Automated Teller Machines) are an easy and convenient way to access your accounts when you're on the go. Just remember to be smart about which ones you use. As an ACU member, you have access to our network of more than 20 ATMs in Winnipeg, Thompson and Gillam. You can also use any credit union ATM in Manitoba without surcharge. If you bank outside of our credit union network in Manitoba, there may be additional service fees. Also consider how often you visit an ATM. Are you regularly taking out small amounts of cash? This adds to your monthly transaction count, so it may be worthwhile to take out somewhat larger amounts, fewer times.

Credit cards

Credit cards provide convenience, security and can even offer you rewards. Use them wisely and they're a valuable financial tool. Just make sure to pay your credit card balance monthly to avoid accumulating interest charges. Can't pay the full balance? At least pay the minimum. If you don't, you risk hurting your credit score and you'll also pay higher interest rates.

Snowbirds and U.S. travellers

Spend a lot of time in the United States? A U.S. dollar account will let you manage your funds without worrying about fluctuating exchange rates. Purchase your funds when the exchange rate is good, then withdraw your cash when it's time to go south.

Opening an account

As long as you have the proper identification, you can open a bank account. Even if:

  • you don't have a job
  • you don't have money to put in the account right away
  • you've been bankrupt

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