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.

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

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.

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.

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.

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.

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.

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 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.

If you are not satisfied with how it was handled, then you can formally submit your concern or complaint, in writing, to our Member Relations Office at complaints@icsavings.ca. This department will work closely with relevant staff to thoroughly investigate for a full understanding of the issue.

As a last resort, if you are not satisfied with the outcome of our team’s process, you can contact the regulatory body for credit unions, Financial Services Regulatory Authority of Ontario, to request further review. Please forward communications to either contactcentre@fsrao.ca or to: 

Financial Services Regulatory Authority of Ontario
Licensing & Market Conduct Division
Credit Union and Caisse Populaire Complaints
25 Sheppard Avenue West, Suite 100
Toronto, ON, M2N 6S6

Yes, there are limits to how much you can send or receive. 

The limit is $25,000 for incoming transfers for personal and business memberships alike. This change took effect July 8, 2021.

For outgoing transfers, there are specific 24-hour, seven- and 30-day transaction limits for both memberships. Please see below for these amounts. 

Sending (Outgoing) limits:

• 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:

• There is no minimum transfer amount.
• Maximum per request: $25,000 per e-transfer

There are no longer any 24-hour, seven- or 30-day rolling limits. This change took effect July 8, 2021.

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

Sending (Outgoing) limits:

• There is no minimum transfer amount.
• Maximum per transaction: $3,000
• 24-hour rolling* limit: $10,000
• Maximum seven-day rolling* limit: $20,000
• Maximum 30-day rolling* limit: $40,000

Receiving (incoming) limits:

• There is no minimum transfer amount.
• Maximum per transfer: $25,000 per e-transfer

Ther are no longer any 24-hour, seven- or 30-day rolling limits. This change took effect July 8, 2021.

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