ACCESS TO BANKING SERVICESThe Police Credit Union is a closed bond of association. Our bond of association extends to all employees and retirees on pension from police services in the Province of Ontario. Membership is also available to all employees of related police associations and police organizations in the Province of Ontario. Additionally, membership in The Police Credit Union is open to spouses and dependent children of those listed above, as well as their related persons.
We may refuse to open a deposit account if an applicant has previous write-offs or losses or a poor credit bureau score. We assess whether we can minimize the risk by instead imposing restrictions on the account. Our decision is influenced by several factors. We consider the amount of past losses or write-offs, the length of time since the loss, and any extenuating circumstances.
When we refuse to open an account, we inform the applicant of our decision. We never refuse to open a deposit account for unjust discriminatory reasons, or if the applicant is unemployed, or has been bankrupt. We do not refuse to open an account when the applicant is not making an immediate deposit. If we close a deposit account, we do so only in strict accordance with the agreement that governs our relationship with that member or account holder.
Restrictions on deposit accounts
The Police Credit Union may impose reasonable restrictions on certain deposit accounts. Restrictions include placing temporary holds on cheques to allow time for them to clear or limiting the amount of cash provided on a deposited cheque. If warranted,we may impose limits on overdraft restrictions, on debit card privileges, or on ATM and online access. We are transparent regarding any changes or restrictions imposed upon members’ accounts.
Low-fee and no-fee deposit accounts
The Credit Union has a pay-as-you-go low fee account and junior and student no-fee accounts.
Access to funds
Account holders have immediate access to the first $100 deposited by cheque into a deposit account (or by the next business day). We may not grant the funds if the cheque is endorsed more than once, is in a foreign currency or issued by a foreign branch, if we believe it is tied to illegal activities, or if the account is less than 90 days old. We will inform affected members or account holders of any reductions to funds access limit amounts or increases to cheque-hold periods.
Government of Canada cheques
The Government of Canada provides indemnification for federal government cheques up to $1500, and all financial institutions have access to a verification service. On this basis, The Police Credit Unions support cashing Government of Canada cheques up to $1500 at no cost for their members and account holders on the presentation of acceptable identification. However, we may refuse to cash cheques for more than $1,500, or for sound business reasons, such as a suspicion that the cheque has been altered in some way or relates to a crime or fraud.