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this post was submitted on 02 Apr 2024
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When I had my moment of questioning the banking situation, I discovered that credit unions in Ontario are regulated to be nonprofit. I chose one of the larger ones - Meridian - and opened an account. I haven't had a problem since. Every interaction with them has been pleasant. I also have an account with their subsidiary bank - Motusbank. I did that because I wanted to get a mortgage promo they offered. At the time of signing up with Meridian, their mortgage rates were lower than my employee mortgage rate at TD. Which makes sense. If there's no shareholders to funnel profit to, they can offer lower interest on loans and higher interest on deposits. There are no monthly fees. E-transfers are cheap. They're free with Motusbank. The web interface is simple and easy to use. It doesn't have a lot of features but it does well what it can. The mobile app is pretty decent too.