Did you know that as an Innovation online banker, you have access to banking alerts? Banking alerts are a great way to keep an eye on your accounts, manage your day-to-day finances, and avoid unnecessary fees. Plus, you can easily spot unusual account activity and prevent fraud as well.
There are three alert categories: Security Alerts, Balance & Transaction Alerts, and Scheduled Payments & Transfers Alerts. You can register for any alert that interests you and choose how you wish to receive the alert: via email, text message, or both.
Time for a real-life example. Last week, I received a banking alert text about my son’s student account balance falling below $100. I hold this account jointly with him, but he is usually the one who manages it. (I’m just the dad who sends his monthly allowance.) I don’t believe in tracking what the kids are up to, but this notification truly came in handy. Without the notice, he might have just withdrawn cash without thinking…or been caught embarrassed with a declined debit card. This was certainly a lesson for him in better managing his finances, and a nice opportunity for me to check in with him. It’s the perfect transition for him becoming more responsible and financially independent. (Who doesn’t need a reminder?)
Automatic Low Balance Alerts for You!
As part of a new online banking requirement, all Innovation members are now automatically registered for the low balance banking alert. We will notify you if:
the actual balance (excluding any overdraft protection) of your personal deposit account(s) drops below an amount you set (or $100 by default), and
the available credit on your line of credit and/or overdraft protection drops below the amount you set (or $100 by default).
NOTE:
- You can unsubscribe from this alert at any time.
- If we don’t have your Canadian mobile number or email, you won’t receive any alerts.
- Any low balance alerts you have in place will remain unchanged.
- You won’t receive reminder alerts if your account balance remains below your alert threshold amount. However, you will receive new alerts if you make additional transactions and your balance is still below your set threshold. You’ll also receive a new alert if you later go above your threshold and then fall back below it again.
Why is this happening now?
Sending electronic alerts is a new Financial Consumer Agency of Canada (FCAC) requirement. While banking alerts have many benefits, the key advantages are that they will assist you in making sure your personal account has enough money to handle withdrawals, purchases, and pre-authorized payments like bills. In addition, you will also be able to make timely decisions to avoid incurring excessive costs, such as late payments or non-sufficient funds (NSF) fines. This will also help you avoid spending over your limit.
Receiving Alerts
You’ll receive your low balance alerts by text, email, or both depending on your notification settings.
If we don’t have your mobile number or email, you won’t receive any alerts. We encourage you to please contact us with updated personal information to ensure you receive important notices about your account.
Managing your Alerts
You can modify or opt out of receiving low balance alerts in digital banking:
- Log in
- Select your profile icon, then select Manage Alerts > Balance & Transaction Alerts
Not a digital banker? Give us a call at 1.866.446.7001 or complete our online form to update your alert settings.
So Much More than a Requirement
Low balance banking alerts are more than just a requirement for us follow. They’re a perfect fit in our Responsible Banking philosophy of doing the right thing. They also help us fulfil on our purpose of simplifying banking for you by:
- Serving as fantastic reminders,
- Preventing fraud, and
- Helping you avoid fees.
I hope you find banking alerts as useful as my son and I do!
Safety Reminder
Please note that we will never ask for personal information, login credentials or account information by email or text message. Any message that requests this type of information could be fraud. Please contact us if you’re suspicious about any information or requests.