Monday
Nov122007
Your Young & Free account questions answered
Y&F Alberta TeamOn the Young & Free account online application form, we have a field for comments or questions. Through this little box, we are learning lots from those interested in signing up. Here are some of the common questions that we are getting with some simple answers.
What do Young & Free account holders pay for?
- Services that aren’t part of their usual daily banking. Things like drafts, wiring money or traveller’s cheques.
- Requests and activities which have to be handled specially such as transactions that result in an NSF or stop payments.
- ATM transactions not conducted at a Canadian credit union or ATB ATM. However, there’s lots of credit union ATMs across Canada so hopefully there is always one close by.
- There is no monthly fee and there is no requirement to keep a minimum balance. Daily banking really is free!
How do we provide the service for free?
- We want to give Young & Free members something of great value—a free account and a voice in the decisions that affect them the most.
- At some point, Young & Free members move onto the next stage of their lives and will need a home, vehicles and retirement savings. If we can demonstrate value to Young & Free members while they’re getting started out, hopefully they will entrust us with their business when they need these services too.
- By giving Young & Free members a voice through a spokesperson, they can help shape the products Young & Free members use, even the mortgage and investment products for when the time comes for them to use them. Yes, they will have to pay for their car loans and mortgages, but if Young & Free members can influence how we offer and price these services, wouldn’t that be great?
Does Common Wealth Credit Union offer scholarships?
- We offer 21 scholarships each valued at $1,000 each to students entering their first or second year of post-secondary education. Applicants must be members or children, grandchildren or siblings of members.
- Entrants are evaluated based on their academic achievement and extra curricular involvement.
- We also offered a separate $1,000 scholarship just in Lloydminster in honour of our past chairman which rewards first year students for their academic achievement and demonstration of leadership skills
Keep the questions coming. We appreciate your interest in Young & Free!
Y&F Team
