About company
FirstOntario Credit Union is a cooperative financial institution that provides a full suite of financial services working for members and communities in Ontario, Canada.
Its roots were formed in the Stelco Employees Credit Union, created in 1939. In 2000 through the Avestel and Family Savings & Credit Union merger, the FirstOntario Credit Union was established.
It provides 126,000 members access to products and services such as savings and chequing accounts, mortgages, loans, GICs, credit cards, and insurance for personal and business needs.
Features
FirstOntario is a financial institution allowing you to participate in its work as a member. You may run to be on the Board of Directors and vote for your Board of Directors.
This credit union is an alternative to traditional banks. FirstOntario has 29 locations in Ontario and 3,700 ABMs in Canada with THE EXCHANGE Network. It also offers access to Personal Assisted Teller (PAT) machines to transact with a live teller through secure video.
Traditionally FirstOntario has been operating in the Hamilton, Halton, Niagara, Haldimand/Norfolk, and Oxford regions. In addition, branches are situated in Ontario, with services available only to the residents of Ontario. However, the credit union provides mobile and online banking 24/7.
Pros and cons
FirstOntario has its benefits and drawbacks that you could review below.
Pros
Full-service financial institution
Members are owners
Free cheque deposits
Wide range of options
Community programs and support
No fee accounts or a monthly fee waiver
Competitive interest rates (up to 11,34% on a fixed-rate unsecured personal loan)
Mobile app with a great rating
Access to the surcharge-free ATMs
Cons
Available only for Ontario residents
High fees may apply
Limited choice of lending products and cards
Not all products are available online
The client should be a credit union member to apply
Products
Everyday Convenience Chequing Account offers unlimited deposits, debits, and bill payments without minimum balance or monthly fees.
Everyday Student Account provides unlimited INTERAC e-Transfers, free overdraft protection, and a rebate of an annual fee for the FirstOntario Visa.
High-Interest eSavings Account, without minimum balance, provides two free electronic debits per month with a high interest earning on a daily balance.
Travel Rewards Visa Gold card provides comprehensive insurance and travel rewards redeemed on various travel options, cash, gift cards, or merchandise.
Student Line of credit with a lower interest rate of 8.50%.
5-Year Fixed Rate Closed Mortgage has the lowest rate of 5.79%, flexible payments, online application, and 90 days of locked rate after the pre-approval.
The $0 fee eBanking Account is a business banking account without monthly fees, minimum balance, unlimited electronic transactions, and five free in-branch transactions.
Services
Savings and chequing accounts with no monthly fee or waived fee, unlimited free deposit and overdraft protection options, and no minimum balance required. Seniors, student, and US Dollar Chequing and Investments savings accounts.
ClickSWITCH system switches all automated payments and direct deposits from the other accounts to your FirstOntario account. Immediate access through online banking.
Round Up and Save is a feature available with a FirstOntario Debit Card. Your purchase amount is rounded up, and the difference is transferred into your savings account.
Credit cards with cash back, travel rewards, Visa benefits, in USD, and substantial insurance are included even for no fee options. Credit cards are provided in partnership with Collabria.
Lending: secured and unsecured personal loans, lines of credit, mortgages with insurance, flexible payments, 90-day rate guarantee, 20% free pre-payments, and one skipped payment annually.
Investments: RRSP, RRIF, RESP, TFSA, RDSP, GIC, mutual funds, stocks, and bonds offered through Credential Securities.
Business and commercial banking: accounts, GICs, credit cards, financing and investing, cash management, condominium and merchant services, PaymentStream Automated Funds Transfer (AFT) Service.
Insurance: credit card, loan and mortgage, travel insurance underwritten by the partner insurers, and auto, home, and business insurance provided by the licensed FirstOntario Insurance Brokers.
Online and mobile banking: open accounts online, view balances anytime, receive eStatements, manage transactions, deposit cheques, etc.
