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Service Fees
Service Fees
At Fusion, it is our practice to review our fee for service guide annually. We often implement increases that are a result of a changing competitive landscape, and/or to keep up with the fees that we are responsible for with our third-party providers. We are confident that our service fees are comparable to other credit unions and banks – we conducted a review of different institutions and confirmed that Fusion is neither the lowest nor the highest, but well-aligned with a similar approach as our peers. We also know that Payments Canada is working to modernize the payments systems across the country - faster payment options – easier payments – the convenience of cross-border payments – and transaction transparency, among others. Fusion is aligned with this vision and to make it a reality, we're investing in the future of payments to ensure we have the best offers available for our members.
Important Updates for Golden Members:
Members are eligible for a Golden Account at age 59, and we are maintaining this threshold. We are moving away from offering an unlimited number of free service charges because of the rising cost of payments in general. We conducted extensive analysis and determined that 30 free transactions/month – inclusive of all payment types – is a benefit worth up to $30/month for our Golden members.
We have also removed the limits on etransfers for golden accounts, meaning that etransfers are included in the 30 free transactions/month. This updated feature provides access to additional ‘free’ etransfers each month if you don’t have a high volume of other types of transactions.
For all members, we encourage you to work directly with one of our service team members to understand how frequently you use your account for payments, and what types of payments you use – this information will help ensure you’re in the best product to suit your needs.