Meridian Credit Union

Meridian Credit Union is a Canadian credit union that offers a Business Chequing account for small businesses. The legal entity is Meridian Credit Union Limited, and the product combines low fixed cost with an allowance of included transactions.

Business Chequing According to the credit union, the account costs CAD 5 per month and includes six transactions. Further transactions or deposits are charged at CAD 0.85 each. Transfers between a customer's own accounts are unlimited. Clients manage the account through online banking, branches and a telephone service centre.

Deposit insurance Coverage is described through the Financial Services Regulatory Authority of Ontario (FSRA), not through the Canada Deposit Insurance Corporation. Eligible unregistered deposits are protected up to CAD 250,000, while eligible registered account deposits are covered without a limit. Eligibility and aggregate deposit rules apply, so a business should check how its balances are treated.

Who it suits The account suits small Ontario-based businesses with a modest number of monthly transactions that value a cooperative financial institution and branch access. Companies with high transaction counts will find the per-item charge relevant, and those needing international payments, merchant services or multi-currency accounts should ask what else is available.