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Email this10:52 pm
November 25, 2019
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Yes, the form I downloaded after logging into my account mentions "Direct Deposit or Pre-Authorized Debit (PAD) Account Information" at the top and then it mentions: "Please accept this copy of a void cheque as confirmation of bank account information for the purposes of a Direct Deposit or Pre-Authorized Debit (PAD) for ."
It seems that their free online transfers are just transfers between a member's own accounts at MCCCU, or from a member's account to another MCCCU Member's account. I don't see anything that suggests I can link to an external bank account.
Yes, having their FreeFlex chequing account would allow me to write a cheque to withdraw funds after 10 months. But I doubt it would allow me to link to an external bank account from MCCCU so I can push funds into Tangerine.
11:19 pm
April 6, 2013
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It doesn't look like Motor City Community Credit Union provides what some other credit unions call me-to-me transfers.
That's right: One still won't be be able to push funds out with a FreeFlex chequing account. Instead, one would link to the FreeFlex chequing account at Tangerine or another external online-only bank and pull funds out of the chequing account from the external bank.
6:45 am
March 16, 2018
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dickyran333 said
I opened MCCCU HISA
Did you open the HISA account online or in-person? What kind of credentials do you need to provide?
7:56 am
November 25, 2019
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SaverJunior said
dickyran333 said
I opened MCCCU HISA
Did you open the HISA account online or in-person? What kind of credentials do you need to provide?
Online using a mobile phone -- browser of the mobile phone and not through any app.
In addition to providing your personal details, you need to take pictures of both sides of your DL and a selfie as part of their application. A mobile phone is required only to complete their application. For online banking, you can get their verification code through either text message or email.
8:25 am
November 25, 2019
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My MCCCU HISA was opened just over a week ago. Then a couple of days ago I asked about opening their FreeFlex chequing account and whether they charge any fee for PAD against their FreeFlex or HISA account. My financial advisor replied back that I won't be able to link to an external bank account. She even mentioned that she has never heard such a thing like linking to an external bank account before and ruled out transferring funds to / from my MCCCU HISA!
About opening their FreeFlex chequing account, she mentioned that because I told her that I want to invest in their GIC, she had suggested that I open a HISA. She can't open an additional chequing account now. She also provided only one login to me (primary account holder) and not to my wife.
I don't think I want to give them my deposit.
In the mean time, I had initiated linking my Tangerine account to MCCCU HISA and today I received the two micro-deposits from Tangerine. So the funds can be pushed into their HISA. And I'm sure they can be pulled out to.
9:10 am
April 6, 2013
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It is better to discuss direct deposits and pre-authorized debits, instead of linking, with personal banking representatives. Most are not famliar with linking, Me-2-Me transfers, or automated funds transfers (AFT's).
Accounts can be configured to accept drect deposits and reject pre-authorized debits.
That the micro-deposits were successful does not mean the link to the account was established. People have reported micro deposits received by their HSBC Bank Canada account only to find subsequent deposits rejected. It turned out the account info was incorrect with extra digits in the account number!
11:52 am
September 7, 2018
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Has someone determined for sure 1) how on maturity one gets their money out of the CU if there are no me-to-me transfers, and 2) will MCCCU charge a fee for the withdrawal?
Perhaps the MCCCU Chequing Acct would be the easiest - have the proceeds of the matured GIC put into that chequing account and then write a cheque to move it out - but perhaps there will be a service charge for issuing a cheque. ??
Does not sound like an easy process at MCCCU, compared to Tangerine, EQ and other FIs etc.
12:13 pm
September 7, 2018
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dickyran333 said
About opening their FreeFlex chequing account, she mentioned that because I told her that I want to invest in their GIC, she had suggested that I open a HISA. She can't open an additional chequing account now.
That is really strange that the service rep said she cannot now open a Chequing Acct for you because you opened a HISA. If I were you, not sure I would proceed with the GIC purchase after this nonsense.
3:45 am
June 28, 2022
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Nirvana7734 said
I would like to add that as of this writing, as per Customer Service Representative Taylor, this offer will be available until 31-Jan-2024.
After having gone through the signup process, it now seems that this offer is only available until 31-Dec-2023. Also, from what I've seen thus far, I believe that the membership fee is $10 and not the $100 stated in previous posts. I still have to have a Zoom video call with an employee at MCCCU on 21-Dec-2023, so I will inquire further as to whether the membership fee is, in fact, $100. If it is, I will report back here and say so.
8:20 am
September 7, 2018
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Nirvana7734 said
After having gone through the signup process, it now seems that this offer is only available until 31-Dec-2023. Also, from what I've seen thus far, I believe that the membership fee is $10 and not the $100 stated in previous posts. I still have to have a Zoom video call with an employee at MCCCU on 21-Dec-2023, so I will inquire further as to whether the membership fee is, in fact, $100. If it is, I will report back here and say so.
Didn’t the sign-up process u went through not indicate or mention the actual amount of the membership share?
8:38 am
April 6, 2013
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According to their page The Credit Union Difference, it's $100 of shares eventually, $10 initially:
About Member Shares
… Every credit union member has an equal vote and an equal voice; this is guaranteed by having the required amount of shares in place. The required amount of membership shares at Motor City is twenty shares which are $5 each, totalling $100. To make it easier when you initially join, you can use our 10 in 10 plan, $10 in shares every year for ten years until you reach the required $100. In other words, you purchase two $5 membership shares when you join (totalling $10), and the following year, you must buy at least two additional $5 membership shares until your reach a total of $100 in shares. But don’t worry, should you ever decide to leave Motor City, we will give you back the total amount you have in membership shares.
…
3:30 pm
November 25, 2019
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Norman1 said
It is better to discuss direct deposits and pre-authorized debits, instead of linking, with personal banking representatives. Most are not famliar with linking, Me-2-Me transfers, or automated funds transfers (AFT's).Accounts can be configured to accept drect deposits and reject pre-authorized debits.
That the micro-deposits were successful does not mean the link to the account was established. People have reported micro deposits received by their HSBC Bank Canada account only to find subsequent deposits rejected. It turned out the account info was incorrect with extra digits in the account number!
Thanks, I now remember that even I had a hard time linking HSBC with Tangerine because the account number given by the HSBC CSR lacked the leading zeros. Tangerine established the link with micro-deposits but the actual transfer failed. Only after I used the account number as is from the HSBC's direct deposit form the transfer went through.
Just out of curiosity, I'll initiate a transfer of $1 (required minimum) from Tangerine to MCCCU HISA and, if it goes through, I'll try to pull it back into Tangerine to confirm whether their system allows transfers to and from another FI.
3:47 pm
November 25, 2019
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canadian.100 said
dickyran333 said
About opening their FreeFlex chequing account, she mentioned that because I told her that I want to invest in their GIC, she had suggested that I open a HISA. She can't open an additional chequing account now.
That is really strange that the service rep said she cannot now open a Chequing Acct for you because you opened a HISA. If I were you, not sure I would proceed with the GIC purchase after this nonsense.
I am NOT going to open the GIC.
I had asked my financial advisor how I would be able to withdraw my funds from their HISA either partially or fully, and even close my relationship, if I don't have a chequing account. And this is what she replied:
If you decide to withdraw a portion, you may request a bank draft mailed to you by regular post, service fee is $7.00* or wired to you, $35.00*
If you decide to close out your membership, you may request a bank draft mailed to you by regular post, service fee is $7.00* or wired to you, $35.00*
Because you and your wife have separate memberships, she would have to request to close out her membership also.
*Bank draft service fee or wire service fee may increase in the New Year
6:37 pm
September 5, 2023
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Norman1 said
According to their page The Credit Union Difference, it's $100 of shares eventually, $10 initially:About Member Shares
… Every credit union member has an equal vote and an equal voice; this is guaranteed by having the required amount of shares in place. The required amount of membership shares at Motor City is twenty shares which are $5 each, totalling $100. To make it easier when you initially join, you can use our 10 in 10 plan, $10 in shares every year for ten years until you reach the required $100. In other words, you purchase two $5 membership shares when you join (totalling $10), and the following year, you must buy at least two additional $5 membership shares until your reach a total of $100 in shares. But don’t worry, should you ever decide to leave Motor City, we will give you back the total amount you have in membership shares.
Thats interesting
The customer rep I have been dealing with did not mention that option.
Just the $100
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