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ucublutm FAQ

1. What if I am not currently a UCU member?

If you are not currently a member of UCU, you need to visit one of our branches to become a member. If you complete the on-line Enrollment form, you will be contacted within two business days to make an appointment at a branch. You will need to bring two (2) pieces of legal ID (including one with photo; health card cannot be used) with you and a cheque from the bank account you would like to transfer funds from. Membership shares of $150 are required to become a member. Membership shares are not a fee - rather, they entitle you to co-ownership of the credit union and the ability to do business with it. For UCU Branch locations, click on Contact Us on the home page of the ucublu website.

2. Can my ucublu account be joint with another person?

Yes, provided that the full service account with which your ucublu account is associated is a joint account, and does not require more than one signature to authorize a transaction. If more than one signature is required to authorize a transaction on your full service joint account, ucublu is not available.

3. Can my ucublu be part of a trust account?

Yes, provided that the full service trust account with which your ucublu account is associated does not require more than one signature to authorize a transaction. A declaration of trust agreement must also be signed by the trustee(s) for the ucublu account at the time it is opened.

4. How can I make a deposit to my ucublu account?

Deposits can be made to your ucublu account by transferring funds into the account from one of other full service personal (non-business/org.) account at UCU, from accounts at another financial institution, or by direct payroll or pension deposit. This can only be done via our telephone or internet banking services, or an automatic transfer from a UCU personal (non-business/organization) account or a personal account from another FI. A transfer from a UCU account may also be made through our call centre, subject to the applicable service charge for transactions performed by our UCU Call Centre staff members. Information about your ucublu account, including balances, is always available FREE. The UCU Call Centre can be reached at 416-922-4407 or 1-800-461-0777.

5. Is there a minimum deposit amount on the ucublu Account?

There is no minimum deposit amount required for the ucublu account and interest is paid from the first dollar on your account. Interest is calculated on your daily closing balance, and paid monthly into your ucublu high interest savings account.

6. Can I make withdrawals from my ucublu account?

Withdrawals from your ucublu account must be made via a transfer to your full service UCU account first, and then withdrawn or transferred in the usual way from there. You are entitled to one free transfer out of your ucublu account each month. After the first free withdrawal, a charge of $5.00 for each subsequent withdrawal will be debited to your account at the end of the month in which the withdrawals were made. Your ucublu account is not eligible for ATM, interact, point of sale or in-branch withdrawals.

7. Can I transfer between my ucublu and other UCU accounts?

You may move money back and forth between your ucublu account and the full service personal UCU account with which ucublu is associated. Please note that your first withdrawal is free in any month is free, and that a charge of $5.00 for each subsequent withdrawal will be debited to your account at the end of the month in which the withdrawals were made. Please note that transfers among your ucublu accounts count towards your monthly withdrawal count. Transfers between ucublu and business or organizational accounts is not permitted.

8. Can I access my ucublu account with my ATM card?

No, the ucublu account cannot be accessed with your ATM card.

9. When can I access UCU's internet and automated telephone banking?

UCU`s internet banking is available 24 hours a day, seven days a week. It safe, secure and convenient! You can also access your ucublu account using UCU automated telephone banking at 416-922-4407 or 1-800-461-0777 (Press "1").

10. Are there transactions I cannot do with my ucublu account?

The ucublu account is a virtual high interest savings account. As it is not intended for day to day banking use, the following transactions are not permitted:

  • ATM deposits or withdrawals
  • Interac transactions (such as point of sale or shared cash)
  • automated transfers from ucublu to another financial institution or third party
  • In-Branch banking

11. Will I receive a passbook with my ucublu account?

No, a passbook is not available on the ucublu account. You can view your statements any time through our internet banking.

12. Can I receive a monthly statement with my ucublu account?

Statements for the current month are available on line only, at no charge. Other statement requests will be subject to a $1.00 charge for the current month, and $5.00 for each previous month requested. Once per year, after the calendar year end, UCU will mail a statement to each ucublu account holder.

13. How is interest paid?

Interest is calculated on daily closing balance and paid to your ucublu account on the last day of each month.

14. How often does the interest rate change?

The interest rate is a variable rate, and is subject of change without notice.

15. Is my ucublu account safe and secure?

All dealings you have with UCU are held in the strictest of confidence and subject to the compliance standards of the new PIPEDA legislation. PIPEDA is the short form of Personal Information Protection and Electronic Documents Act. UCU takes the protection of our member`s information very seriously and we want to give you our assurances that only you will have access to your banking information when you access your ucublu account on-line.

16. Are my ucublu deposits insured with FSRA?

Financial Services Regulatory Authority (FSRA) insures up to $250,000 of members’ deposits at UCU. Please visit FSRA for details on deposit insurance.

17 .Where can I get help or more information on UCU's products and services?

For additional information or any questions you may have, please contact our call centre at: 416.922.4407 or 1.800.461.0777 or e-mail us at You are also welcome to visit one of our 10 branches conveniently located throughout Ontario. Click on the Contact Us link on the home page of the ucublu website.

18. What is your holds policy on deposits to ucublu ?

Depending on the type of deposit, a deposit ucublu are subject to a 3 to 10 day hold. Interest will be paid from the date on deposit on all items that are not returned.

19. Are business accounts and organizational accounts permitted to enroll in ucublu?