Detailed information
About company
Atlantic Edge CU is a full-service cooperative financial institution serving over 17,500 members across Newfoundland and Labrador.
It was established with the merger of Eagle River Credit Union and Leading Edge Credit Union in 2022. Eagle River CU was formed in 1984, and Leading Edge CU was established in 2009, but it has a long history dating back to the 1930s.
The credit union offers online and telephone banking, mortgages, loans, business products and services, insurance, MasterCard credit cards, investment options, etc.
Features
The credit union members are its owners, who can vote for a voluntary Board of Directors member. Despite other financial institutions, credit unions share profits. Since 1984, approximately $7 million has been returned to Atlantic Edge members as share dividends and patronage rebates.
Atlantic Edge Credit Union provides services through a vast network of charge-free ATMs, 11 branches in Newfoundland and Labrador, and over 176 credit union locations in the Atlantic region through TeleService and MemberDirect Online Access. In addition, wealth Management Advisors may visit you at home or the office seven days a week.
You need to be a credit union member to get access to services. The membership is open for any resident of Newfoundland and Labrador of the age of majority.
Atlantic Edge is supporting community development through School and Community Involvement Scholarship, Sponsorship of community activities and events, etc.
Pros and cons
Pros
Reputable full-service financial institution
Large credit union established for residents of Newfoundland and Labrador
Community development support
11 Atlantic Edge branches to bank in person and access to other credit unions locations in Canada
High-rate registered accounts
Loan and mortgage online pre-approval
No penalties for extra and early repayments
Chequing accounts featuring a monthly fee rebate
Great choice of insurance products
Online, telephone, and mobile banking
Pay with Samsung Pay, Apple Pay, or Google Pay
Access a wide range of «ding-free» ATMs
Cons
Should be a Newfoundland and Labrador resident to become a member
Should be a member to apply for products
Low-interest savings accounts without unlimited free transactions option
Can't apply for a loan or open a new account via the mobile app
No rates for loans on the website
Products
YOUR Chequing is a pay-as-you-go account without a monthly fee.
New Horizons Chequing offers 20 free transactions for a low monthly fee.
The Youth Savings Under 25 account is tailored for youth aged 25 or less and provides ten free transactions and unlimited online transactions.
Member Card Debit Card with 120-day Buyer Protection, double Extended Warranty when you use your CU debit card for an Interac Direct Payment purchase.
Maximizer mortgage with annual lump sum payment of up to 15% of the mortgage and the opportunity to double your monthly payments.
Vehicle loans with special rates for new cars, no penalty, extra repayments, and prepayments.
Loan insurances are Credit Life, Credit Disability insurance, or both.
Merchant Program allows Mastercard, Visa, Interac Direct Payment, and other credit card transactions.
Services
Chequing accounts with different monthly fees for various numbers of transactions could be rebated with a minimum balance, US Dollar account, and discounts for youth and seniors.
Savings accounts are pay-as-you-go accounts with rates depending on a minimum balance, with High-Interest Savings, Youth under 25 options, and Super Savings Certificates.
Credit cards offer cash back, travel rewards with Mastercard benefits, and US Dollar cards, all with included insurance and the FlexRewards program provided by Collabria.
Lending: personal, vehicle, RRSP loans and lines of credit, home equity lines of credit, and mortgages with flexible repayment terms available to get pre-approved online.
Insurance: loan, line of credit and mortgage, home and auto, life, and travel insurance underwritten by CUMIS General Insurance Company.
Investments: financial planning, RRSP, RRIF, RESP, TFSA and Term Deposit, Qtrade Investor online brokerage platform, and Mutual Funds professionally offered through Credential Asset Management Inc.
Business banking services: accounts, credit cards, commercial loans, mortgages and leasing, small business loan protection, online banking, employee services, merchant program, and investment products.
Online and mobile banking could be used to transfer funds and pay bills, deposit cheques, open accounts, set up alerts, access balances, and transactions, etc.
