ucublu® tooTM Virtual Chequing
No fee Transactional account!
Enjoy the best of both worlds: the convenience of a chequing account with the earning power of a savings account. Manage your everyday spending with competitive interest rates.
ucublu® tooTM Virtual Chequing Features
Free Interac point-of-sale purchases (POS) by debit card
Free bill payments
Free cheque clearing
Free cash withdrawals at UCU and The Exchange network ATMs
Free statements
How it Works
The ucublu® tooTM Virtual Chequing No-Fee Transactional Account offers free Interac point-of-sale purchases (POS), chequing, UCU ATM transactions, bill payments and pre-authorized deposits and debits, while paying you competitive tiered interest rates on your deposit balances. In-branch counter transactions are not available for ucublu too Virtual Chequing.
To qualify for ucublu too Virtual Chequing, you need to have direct deposits of your regular payroll or monthly pension coming into at least one of your accounts with UCU.
By transferring funds electronically to ucublu too Virtual Chequing exclusively through UCU Online Banking UCU Mobile App, U-Touch phone services, debit cards, and EFT, we eliminate the costs of staffing and maintaining branch locations. These savings allow us to offer you tiered interest and no monthly fees.
- ucublu too Virtual Chequing is automatically connected to your ucublu High-Interest Savings account, as well as your regular full-service UCU personal accounts
- You can also connect ucublu too Virtual Chequing to any other account at other Canadian financial institutions to facilitate your transactions
- Deposit part or all of your payroll or pension to ucublu too Virtual Chequing
- ucublu too Virtual Chequing statements are available on UCU Online Banking and the UCU Mobile App
- You can request a mailed printed statement every month for a fee
- You can sign up for ucublu too Virtual Chequing through online or by visiting a UCU branch
- UCU Contact Centre support and balance inquiries for ucublu too Virtual Chequing are always free.
- Add overdraft protection to your ucublu too Virtual Chequing account
How to Start Saving with
ucublu® tooTM Virtual Chequing No Fee Transactional Account
Our one step enrolment process means that when you apply for ucublu® tooTM Virtual Chequing, you will also get a ucublu® High Interest Savings Account. One easy step, two great products!*
Already enrolled in ucublu? Add ucublu too Virtual Chequing by completing the express enrolment form for existing ucublu members.1
Contact the UCU Contact Centre, or visit your nearest branch for more information and in-person enrolment.
Already a UCU member, but not enroled in ucublu too Virtual Chequing? Complete the online ucublu enrolment form. and we’ll do the rest so you can start using your no fee transactional account the next business day.
Deposit Your Savings Into ucublu® tooTM Virtual Chequing
Deposit your money in the ucublu® tooTM Virtual Chequing account anytime free of charge by:
- Automated deposit transfers from your full-service UCU account where your payroll or pension is directly deposited
- Set up a new Direct Deposit of your payroll or pension into ucublu too Virtual Chequing
- Directly deposit from your account(s) at another financial institution via eTransfer
- Balance transfer from another financial institution
- Unlimited FREE online or U-Touch telephone transfers from your other UCU accounts
- Free remote cheque deposits using Deposit Anywhere on our mobile app
- Deposit cash or cheques for free on UCU or The Exchange network ATMs
For transfers to ucublu too Virtual Chequing from other financial institutions, please use the Void Cheque form available on the online banking My Accounts Activity page.
Accessing Funds
Withdrawing funds from ucublu® tooTM Virtual Chequing
Withdraw money from your ucublu too Virtual Chequing account anytime, free of charge:
- No-fee POS purchases
- Schedule, recurring or one-time bill payments
- Transfer to your ucublu High-Interest Savings account or other UCU accounts via our mobile app, online and U-Touch telephone services
- eTransfer to another account or another person
- Free cash withdrawals at UCU ATMs in Ontario
- Free cash withdrawals at The Exchange network of ATMs in Canada and U.S.
- UCU ATM (Find one near you)
ucublu® tooTM Virtual Chequing: FAQs
To open a ucublu® tooTM Virtual Chequing account, you need to be a member of UCU with a regular full service personal account. If you are already a member, complete the online Enrolment form and you will be contacted by the next business day to activate your account. Please see below if you are currently not a member.
You can use the express enrolment form for existing ucublu® members by clicking on Open an Account.
No, First time applicants to ucublu will be automatically considered for enrolment in both ucublu® high interest savings and ucublu® tooTM Virtual Chequing.
You need to have or establish a direct deposit of your regular payroll or monthly CPP & OAS to a UCU account. The electronic deposit of funds keeps costs down and allows us to pass on the savings to you in the form of NO Fee daily transactions and competitive TIERED INTEREST. You can make other deposits via UCU ATMs for free.
If you are not currently a member of UCU, visit one of our branches to become a full-service member, or open your accounts online. You will need two (2) pieces of legal ID (including one with photo; health card cannot be used). A $150 deposit of Membership shares is required, as they entitle you to co-ownership of the credit union and the ability to do business with it. Once you’ve completed a membership enrolment, apply for ucublu accounts using the online ucublu application form. You will be contacted within two business days. For UCU Branch locations, click here.
Yes, provided that the full-service membership with which your ucublu® tooTM Virtual Chequing account is associated with a joint account and does not require more than one signature to authorize a transaction.
No.
Deposits can be made to your ucublu® tooTM Virtual Chequing account by transferring funds from another account at UCU, or from another financial institution by eTransfer or automated transfer, or by direct payroll or pension deposit. Free cash deposits can also be made via UCU or The Exchange network ATMs, and free cheque deposits on our our mobile app Deposit Anywhere feature. Transfers from another UCU account by UCU staff are subject to a service charge, but our mobile app and online banking are always free. The UCU Contact Centre can be reached at 416-922-4407 or 1-800-461-0777.
No, there is no minimum deposit or balance amount.
Free cash withdrawals from your ucublu® tooTM Virtual Chequing account can be made directly with your debit card at UCU or The Exchange ATMs. Purchases & payments are always free by Interac POS or online bill payments. Cheques or automated electronic transfers are also free. Your ucublu too Virtual Chequing account is not eligible for in-branch withdrawals. Service charges will apply for any exceptions.
You are allowed one transfer a month between your ucublu® tooTM Virtual Chequing account and other UCU accounts. Any additional debits will be subject to a service charge.
Yes.
UCU’s online banking is available 24 hours a day, seven days a week. You can also use UCU’s U-Touch automated telephone banking at 416-922-4407 or 1-800-461-0777 (Press “1”).
You cannot make in-person deposits or withdrawals to your ucublu® tooTM Virtual Chequing account in-branch.
No, a passbook is not available on the ucublu® tooTM Virtual Chequing account. You can view your statements any time through our online banking channels.
Digital monthly statements are available online only, at no charge. A printed & mailed statement is available upon request for a service charge.
Interest is calculated on daily closing balance and paid to your ucublu® tooTM Virtual Chequing account on the last day of each month.
The interest rate is a variable rate, and is subject to change without notice.
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 too Virtual Chequing account online.
Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA). For more information visit: FSRA Deposit Insurance Reserve Fund (DIRF)
For additional information, please contact the UCU Contact Centre by telephone at 416.922.4407 or 1.800.461.0777, or e-mail us at ucucentre@ukrainiancu.com. You are also welcome to visit a branch. To find the closest UCU branch, you can use the branch locator tool available on the UCU website.
Depending on the type of deposit, deposits may be subject to a 3 to 10 day hold. Interest will be paid from the date of deposit on all items that are not returned.
For these kinds of memberships, please contact us by telephone at 416.922.4407 or 1.800.461.0777, or e-mail us at ucucentre@ukrainiancu.com.
No.
Apply online or in-branch for Overdraft Protection to cover those times when you are short to avoid costly and embarrassing returned debits and cheques. Regular payroll deposit should be sufficient to bring your Overdraft balance to zero.
The item will be returned for insufficient funds, and you will be charged the customary NSF fee of UCU.
No. That is why it is advisable that you apply for Overdraft Protection.
01To qualify for ucublu<sup>®</sup> too<sup>TM</sup> Virtual Chequing, you need to have direct deposit of your entire payroll or monthly CPP & OAS coming into at least one of your accounts with UCU.