Frequently Asked Questions

Activating higher Interac Flash® limits

To benefit from the new spend limits available on their Member Card® debit card, members are asked to key in their PIN at a point-of-sale (POS) terminal, rather than tap – a contactless transaction – when making three everyday purchases in a row. Doing so will update the spend limits on the debit card.

​What are the new limits?

As of December 2020, a single contactless (tap) transaction limit is $250 while the cumulative limit for multiple Flash transactions is $400.

​Why are these increases happening?

Especially during this pandemic, there has been real anxiety about touching the PIN pad on a terminal. In time for the busy holiday shopping period, these changes were made for the convenience of our members. We hope members will appreciate the increase.

​Where can I complete these transactions?

Contact transactions, using a PIN, can be completed at different POS terminals. So, for example, at the grocery store, followed by a purchase at the pharmacy, then paying for gas.

​What happens if I tap before I reach three consecutive contact transactions?

If you tap instead of entering your PIN before reaching the magic number of three transactions, you won’t be prompted to insert your card. So, you need to be mindful about completing three consecutive contact transactions.

​What if I don’t want the increase?

Some members are understandably anxious about potential losses should their card be lost or stolen. Remember that these new increases apply only to purchases made with Interac Flash. You don’t need to tap if you prefer not to; you always have the option to continue using your PIN for POS transactions, putting you in full control. If you opt to pay by PIN, then the spend limit is $500 daily.

​What if my debit card is lost or stolen?

Paying with Interac Flash is safe and secure, and it’s also backed by the Interac Zero Liability Policy. 

If your card is stolen or lost, contact your home branch right away so we can block your card and begin an investigation. It’s the member’s responsibility to keep the card safe and secure, and if fraud is found to have occurred after the card was reported lost or stolen, then we will return these funds to you. 

As an extra layer of security, each and every time a member taps $400 in total spending, they’ll be prompted to insert their card and enter their PIN to complete the transaction. Doing so validates the member as the real cardholder and resets this Flash limit.

Understanding Dormant and Inactive Accounts

​What makes an account inactive or dormant?

We will reclassify your member account as inactive if you have not initiated any transactions for 12 months. This applies only to demand accounts, such as Perfetto., and not to these account types: 

  • Personal loan or mortgage

  • Investment or tax deferral plans, such as term deposits, TFSA, RRSP, RRIF, RESP or RDSP

  • Founding Member Shares and/or Investment Shares

  • Held for mutual fund investments or guarantor for a lending facility (Member share only)

An account will become dormant if there have not been any member-initiated transactions for 24 months.


​What fees are applied to an inactive account?

We will not charge any fees to an account that is defined as inactive.

​What fees are applied to a dormant account?

At 24 months of inactivity, a charge of $25.00 CAD will be applied on the day the account becomes dormant. This will be communicated in a notice (letter) which we are legally required to send to the member about their dormant account. We are happy to reverse this charge if the notice is acknowledged within 60 days of issue.

At five years a notice is sent to the member and a fee of $25.00 CAD will be applied.

Another $25.00 CAD fee will be applied at nine years of inactivity.

​What does IC Savings do to notify an account holder of a change in account status?

When an account becomes inactive, our branch manager or his/her designate will attempt to contact the member to encourage reactivation. If we connect with the member, we’re happy to help by consolidating smaller or unused accounts into one, even if held at other branches.

We are also legally required to send a notice to the member and this is done at various times. The first occasion is at 12 months of inactivity.

Notice can also be sent if the account remains becomes dormant, at 24 months, and at five and seven years of inactivity.

If the notice is returned, then this information, including the date of the returned mail, will be entered in our banking system and the returned notice will be placed in the member’s file.

Branch teams will monitor the inactive account for any new activity.

​Will my account continue to accrue interest?

We will continue to pay interest on inactive and dormant accounts which are regularly paid interest. As outlined in the Credit Unions and Caisse Populaires Act, this will continue until funds are considered unclaimed credits. Then, they may be paid to the Minister of Finance after 10 years with no activity.

​What can I do to ensure my account does not become inactive?

Simply initiate one transaction every twelve months to keep your account from slipping from active to inactive. These can include such day-to-day transaction activities like a bill payment, a purchase using your Member Card debit card, or a withdrawal or deposit at one of our branches or at one of our ATMs, or transferring funds through online or mobile banking or at one of our ATMs.

Please note that interest accruals are not considered a transaction.

​What can I do to reactive my dormant account?

Once an account has been classified as dormant, you can visit your home branch to either reinstate the account to active status, or choose to receive outstanding funds that are on deposit in the account. From time to time, a member may wish to have the account remain dormant. This includes a rainy day or emergency fund. We’ll work with you to ensure we understand how you wish to use the account.

​What else does IC Savings do to protect my account if it becomes inactive? 

For your security and peace of mind, we take two specific actions to protect your deposits. You won’t be able to access your account through online banking until your account is re-activated, and the Member Card® debit card connected to this account will also be made inactive.

​As a member, do I retain membership and voting rights when the account is inactive or dormant?

As long as your account retains the required share account balance ($5), then you will retain full membership and voting rights in our credit union and the account remains yours.

Understanding Interac e-Transfer® limits

 ​ Are there limits to how much money I can send or receive by Interac e-Transfer?

Yes, there are limits to how much you can send or receive. The limits are the same for personal and business memberships.

Please also note that the amounts listed below are affected by specific rolling limits. A rolling limit applies to transactions in that defined time period. For example, if you send out $10,000 combined at 10 am of one day, you will only be able to send another transaction at 10:01 am the following day and not before.

​What are my limits as a personal member? 

Sending (Outgoing) limits for personal members:

  • There is no minimum transfer amount.
  • Maximum per transaction: $3,000
  • 24-hour rolling* limit: $10,000
  • Maximum seven-day rolling* limit: $10,000
  • Maximum 30-day rolling* limit: $20,000

Receiving (Incoming) limits for personal members:

  • There is no minimum transfer amount.
  • Maximum per request: $10,000
  • 24-hour rolling* limit: $10,000
  • Maximum seven-day rolling* limit: $70,000
  • Maximum 30-day rolling* limit: $300,000

* A rolling limit applies to transactions in that defined time period. For example, if you send out $10,000 combined at 10 am of one day, you will only be able to send another transaction at 10:01 am the following day and not before.

​What are my limits as a business member?

Sending (Outgoing) limits for business members:

  • There is no minimum transfer amount.
  • Maximum per transaction: $3,000
  • 24-hour rolling* limit: $10,000
  • Maximum seven-day rolling* limit: $10,000
  • Maximum 30-day rolling* limit: $20,000

Receiving (Incoming) limits for business members:

  • There is no minimum transfer amount.
  • Maximum per transfer: $10,000
  • 24-hour rolling limit: $10,000
  • Cumulative maximum seven-day rolling limit: $70,000
  • Cumulative maximum 30-day rolling limit: $300,000

* A rolling limit applies to transactions in that defined time period. For example, if you send out $10,000 combined at 10 am of one day, you will only be able to send another transaction at 10:01 am the following day and not before.