Member Rewards

You can view your rewards totals in online banking or your mobile banking app by choosing More > Rewards Summary. You’ll see a summary of the cash you’ve earned to date.

You’ll see your cash rewards in your Member Rewards account under Available Funds. You can view your payouts in your Member Rewards account's transaction history.

Transfer your available funds to any account you like!

Sorry, they do not.

Perfect! You’ll earn $0.50 for every month you maintain your pre-authorized deposit.

It’s money that you’ve agreed to having directly deposited to your account. A common example is your paycheque. You can share a direct deposit form with any participating employer and have your paycheque automatically deposited for you. Other examples include Government issued cheques.

Wonderful! You’ll earn $0.50 for every month you maintain your pre-authorized payment.

It’s an ongoing payment you’ve arranged to have automatically made from your account. For example, if your cable bill is the same amount every month, you could arrange to have the payment automatically made to your cable company.

Depending on when you cancel your pre-authorized payment, you will either not receive your $0.50 reward payment this month or it will reflect in next month's rewards.

You earn $0.50 for each transaction type. So, if you made two pre-authorized payments, that means you’d earn $0.50.

You earn $0.50 for each transaction type. So, if you have multiple pre-authorized deposits, you’d earn $0.50. A cheque deposit through your mobile app is different than a pre-authorized deposit.

• Log into your mobile app.
• Choose Deposit Cheque from footer menu.
• Follow the prompts and you're set!

• Login to digital banking.
• Select Payments & Transfers > Payments > Pay Bills
• Follow the prompts and you're set!

Sorry, you will only receive cash for online banking/mobile app online bill payments.

• Login to digital banking.
• Select More > Statements > E-Statement Subscription
• Follow the prompts and you’re set!

• You buy a $5 share to own a part of our credit union.
• We'll automatically open a Member Rewards Account for you.
• We’ll deposit cash dividends and equity to your Member Rewards Account.

Equity is the profits we earn that help keep our credit union strong. As an owner member of Innovation, you earn a portion of our profits. And as a thank you for letting us hold onto your equity portion, we pay cash dividends.



We build equity to serve you better:

• You get the best products and services like our No-Fee Bank Account.
• You earn competitive rates on investments and loans.
• You see improvements to our branches/advice centres, website and mobile app.

We ensure your credit union is sound and stable.

A dividend is a payment to our owners, like you. It’s a portion of our profits that we share with you that you can save or spend. Our Board approves payment based on how our credit union is performing.

Your payments are based on:



1. Loan interest you’ve paid PLUS
2. Deposit interest you’ve earned
You’ll earn equity on:


• US Accounts
• Savings Accounts
• GICs
• Loans and mortgages
• Lines of credit

1. We pay equity to your Member Rewards Account based on the business you do with us.
2. We pay you cash dividends based on the equity you have. And THAT cash you can access and spend!
   

So, the more equity you have, the more cash you’ll earn!

We also pay $10 cash every 3 months to youth ages 18 and under.


You can withdraw your cash dividends anytime you like. Simply transfer the available cash balance from your Member Rewards account to any account you like. You can also contact us to set up an automatic transfer for you.

You can also apply* to withdraw from the equity portion when:

• Your equity balance reaches $5,000 (personal members) or $10,000 (business members). Once this happens, you can apply* to take out any money above that $5,000 or $10,000 balance.



            Or


• You reach age 65. You’ll need to keep your $5 member share in your account, but you can apply* to withdraw anything over $5.
  *Equity withdrawals are at the full discretion of Innovation Federal Credit Union’s Board of Directors and Regulator. 

Simply log into digital banking and transfer your available cash balance from your Member Rewards account to any account you like. You can also call us at 1.866.446.7001 to set up an automatic transfer for you.

You sure can! You can earn money for digital banking with us, getting a loan product with us, or opening a savings product with us. See our Digital Banking Rewards and Profit-Sharing Rewards areas above for more details.