Headquartered in Kelowna, British Columbia, Canada, Interior Savings Credit Union has built a reputation over the years as one of Canada’s oldest and most enduring credit unions.
The union has always provided financial support to its members, enabling them to make the most of opportunities, when and where they arise. Over the years, he claimed to devote himself solely to his community.
This review will examine the operations of Interior Savings Credit Union and attempt to determine whether the union has lived up to its claims of putting community locals first.
Domestic savings bank
Established in 1939 and consisting of only 20 members, Interior Savings could only boast a total of $96.50 in deposits. The founding members aimed to create a financial institution that would not only keep their funds safe, but also grow them. This goal and desire is the origin of the Interior Savings we know today.
The credit union, built on the principle of keeping its members’ money local while doing local “good,” has come a long way from that initial deposit total of $96.50.
The Credit Union now has over 72,000 members and has 21 branches and 2 business service centers through which it offers its services to these members.
Years of continuous activity have resulted in Interior Savings accumulating assets worth more than $2.1 billion. This giant credit union has somehow stayed true to its roots and still focuses its attention on the well-being of its members’ communities.
Over its many years in business, Interior Savings has been forced to adapt to many changes, whether social, economic or technological. Like most other credit unions, it was forced to sink or swim. The fact that I am currently writing a review about the union is proof of its ability to swim
This adaptability should lead it to develop channels allowing it to offer its services to its members in an even more effective and efficient manner. These channels include
The credit union always holds all of its members in high regard. If you decide to use their services, you have a promise to serve their members and communities and put their interests first in all situations.
Banking with Interior Savings Credit Union
Interior Savings offers many ways for its members to bank with them.
Depending on your needs and requirements, you may decide to use one of the following banking methods to access their Services. It should be noted that the Union offers different services to meet personal and professional needs.
Personal needs
1. Online Banking: Interior Savings allows its customers to use its services via the Web. Thanks to their online services, you can
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Open an account online
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Make online purchases with Interac Online
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Keep track of your income and expenses using budgeting and spending tools
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Access your account balance
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Pay your bills, present and future
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Set up automatic transactions
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Make Interac e-Transfers
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Make transfers between accounts and other members
You can also order checks and receive electronic statements through their online services.
2. Mobile Banking: Interior Savings has a mobile application for Android and iOS operating systems. You can easily download their app on your smartphone. With the app, you can perform most, if not all, of the actions that online banking offers you.
The mobile application goes even further than online banking in that it has a mobile wallet. This allows you to make fast and seamless transactions from your phone.
3. Branch visits: If you are a fan of in-person meetings, you can always make an appointment at the agency. Interior Savings currently has over 21 branches that can help you set up your account or answer any questions you may have. Due to the COVID 19 pandemic, branches currently require you to make an appointment before your visit.
You can make an appointment on the union website, www.interiorsaving.com.
4. Other banking options: You can also access the credit union’s services through other options such as using their ATMs, calling their phone, 1-855-220-2580 or through their TeleTouch Banking service.
You can withdraw money, deposit cash and checks, pay bills, and view account information through their ATM services. Interior Savings has more than 4,500 ATMs across Canada. For a detailed list of the company’s working ATMs, you can check out their website.
To use TeleTouch banking on your phone, you will need your account number and Personal Access Code (PAC). For areas outside of Kelowna you can call toll-free at 1-877-861-4728, and in the Kelowna area you can call 250-862-4728.
The TeleTouch service can only help you perform rudimentary operations on your accounts such as paying bills, transferring funds, finding out current interest and exchange rates, and reporting lost cards.
Business needs
Interior Savings offers its business owner members a list of financial services. It strives to help communities grow by helping businesses in communities grow.
These services include:
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Banking Services
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Loan
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Insurance
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Credit cards
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Cash management
1. Banking services: Interior Savings conducts commercial banking through three accounts. Checking accounts, savings accounts and American accounts.
The checking account is available in three different packages: Basic Checking, Business Packs and Community Builders. Each plan has its own unique features and offers different levels of benefits to business owners. All have a $1.50 fee for Interac e-Transfers.
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The Basic Checking Account is for small business owners who want pay-as-you-go services. It comes with a $6 monthly fee and a $1 fee for each deposit or withdrawal.
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Interior claims that the Business Packs account is suitable for all your business needs. The account incurs fees between $8 and $135 per month and allows between 10 and 200 deposits or withdrawals each month.
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The Interior Community Builders account is dedicated to charitable, non-profit and other organizations. The account has a $0 monthly fee and allows 25 deposits or withdrawals each month.
Interior savings accounts are of two types, Plan 24 Savings and Investment Savings. The Plan 24 savings account has a lower interest rate than its counterpart. It is designed for those with short-term savings goals, while the Investment Savings Account generates returns based on the amount and duration of your savings.
Both savings accounts require no monthly fees and come with unlimited deposits.
However, the investment savings account allows you to make 2 account transfers each month within the credit union and the Plan 24 savings account allows you to make withdrawals twice per month.
The third type of account you can open with Interior Savings is the American account. There are two distinct types: the US Checking Account which helps you avoid foreign exchange fees and the US Investment Savings Account which is similar to the regular Investment Savings Account.
Visit the company’s website, www.interiorsaving.com for more information.
2. Borrow: Interior Savings will originate its loans and help you obtain mortgages for your business. It offers some of the most competitive rates on commercial and construction mortgages. The Union will also help you obtain lines of credit, letters of credit, finance your projects, etc.
3. Insurance: Well, Interior Savings also helps its members with insurance. The credit union provides assistance with commercial and agricultural insurance. By using the union’s insurance services, you will be covered for
4. Credit cards: Interior will also provide your business with a credit card based on your business needs. There are three types of business credit cards you can get from Interior Savings.
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No Fee Visa Card – this card has no annual fee payments or additional card fees. An annual interest rate of 19.9% accompanies this card. Interior Savings touts it as the smart way to make business purchases.
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Low Rate Visa Card – this card comes with a $25 annual fee and a $5 additional fee. It benefits from an annual interest rate of 12.9%.
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Visa Infinite – With a $99 annual fee, $50 additional fee, and a 19.9% interest rate, Interior Savings believes this card will help your business receive the most rewards.
Check here for more information on their credit cards and rewards catalog.
Conclusion
The Union also participates in cash management and decision-making. This will allow you to no longer have to deal with the stress of running a business yourself.
Thanks to their partnership with Payfirma Merchant ServicesThe Credit Union’s expertise in business management is surely by no means to be looked down upon.
Although Interior Savings Credit Union hasn’t been around very long, it boasts years of experience and adaptability.
Considering the services they offer both on a personal and professional level, it is safe to say that becoming a member of the Union would not be such a bad idea in any way.
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