What is a bank account and why do I need one?
Student Chequing Account
Optimum Savings Account
Account Access Options
What is credit? Why does it matter to me?
MasterCard Student Credit Card
MasterCard Global Payment Card
Student Creditline
Other Student Financing Opportunities
Where did my money go?
Student Budeting and Cashflow
What is a bank account and why do I need one?
According to Wikipedia, a bank account is a deposit account with a financial institution (like MSCU) recording the balance of money for a customer. At MSCU your account is much more than that! Did you know that at MSCU your deposits become another member’s loan - A cooperative solution!
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MSCU Combination Chequing Accounts combine chequing privileges and daily interest for you. Your Combination Chequing Account, held at MSCU, is a safe place to put your money and help you save. It also enables you to perform everyday financial transactions, such as paying your bills, making debit purchases, and ATM withdrawals.
Student Account - Monthly access fee $3.25
This account is designed for MSCU members between the ages of 17-25 and currently enrolled in a post-secondary institution. To qualify, members are required to provide proof of enrolment in a post-secondary institution (valid student card or tuition receipt).
Unlimited services include:
• cheque clearing
• Online bill payments (Internet & telephone) through MemberDirect
• MasterCard Global Payment card transactions
• MSCU ATM withdrawals
• pre-authorized-debit transactions
Also included:
• a total of 15 free Interac, ICU or THE EXCHANGE ATM withdrawals or Interac Direct Payment transactions per month. Service fees apply to each additional transaction.
If the minimum monthly balance remains at or above $3000, all eligible transaction fees (including the monthly access fee) will be waived.
Optimum Savings Account – Earn 3.25%*
Will you be contributing to your education plan through your own savings? Are you currently working part-time and want to put some money away for school tuition or books, or a large purchase (such as a laptop or residence)? Save your money in the MSCU Optimum Savings account and earn 3.25% on every penny!
Why not put away $50 from each pay cheque into your Optimum Savings Account and watch your savings grow! There is no minimum balance required, and you can access your money through your Member Card, MemberDirect Internet and Telephone services, and at your branch. Visit any MSCU branch to open your account today!
MSCU Optimum Savings offers you:
• A high daily interest rate
• No minimum investment required
• Unlimited free deposits
• 1 free debit per month and,
• Access to your money though your branch, MemberDirect and your Member Card.
*Unlimited free deposits, 1 free debit per month,$5.00 per debit afterwards. Rate subject to change.
Getting your Money
Getting your money couldn’t be easier! Your Member Card is your key to financial independence. Your MSCU Account comes with a Member Card that allows you to make deposits, withdrawals, and make bill payments at MSCU ATMs, as well as debit purchases at your favourite stores!
You can be ‘ding free’ when you choose MSCU as your primary financial services provider because we are part of THE EXCHANGE® Network. This network gives you convenient access to your accounts at over 2,100 full-service ATMs across Canada, without paying additional surcharges. From coast to coast... deposit, withdraw, transfer funds or make a balance inquiry without paying costly surcharges.
Click here for a full list of Ding Free ATMs!
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It’s 11:00pm and I need to know how much money is in my account.
With MemberDirect™ 24/7 Internet and telephone access, you can check your account balances, transfer funds, pay bills, and even link to your student MasterCard® site any time of the day or night!
Need money fast? Here’s your solution.
If you are away at school your parents can use hyperWALLET™ to “Beam” or email funds to you. You can also use hyperWALLET™ to pay for items purchased online and avoid the risk of sending out your personal credit information. Click here for more information on hyperWALLET™ |
What is Credit and why does it matter to me?
Credit is the term used to describe a transaction in which a person receives merchandise, money or services for little or no money up front, but promises to pay an agreed upon amount of money, in an agreed upon amount of time in the future. Usually, the person or company that gives credit to a person charges a fee for providing the service. Source: www.transunion.ca
You can establish your credit rating while you are in post-secondary school, but don’t forget that your credit rating can follow you for years. It is important to understand what credit is and how to use it, and how to develop a positive credit score.
What is a credit score, and how do I make sure mine is good?
Your credit score is what financial institutions (like MSCU) and other lenders use to determine creditworthiness. A credit report tells lenders how you handle credit, for example, do you make regular payments or are you constantly late? Are you always seeking credit to meet your spending needs? The credit score is only is only one part of the decision making process when a lender determines creditworthiness, but it is very important to maintain a good credit rating. It can lead to lower interest rates and better terms for loans.
You can make sure you develop and maintain a good credit rating by paying your bills promptly and always meeting payment due dates. You should only borrow an amount you can afford to repay and if you have debts, pay them off as scheduled or even ahead of schedule. Don’t forget to review your credit file regularly to stay informed about the details. Make sure the information is accurate! |
MSCU offers several credit products to students
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MasterCard Student Credit Card
I don’t have enough money in my account – help! Your Student MasterCard® can provide security for you in case of an emergency. If approved, you can receive a credit limit of up to $1,000. By using your credit card responsibly and making at least the minimum payment each month, you can begin to establish a good credit rating. This card offers Purchase Protection insurance, and Extended Warranty on most purchases in addition to some travel benefits and the option of earning Choice Rewards points.
MasterCard Global Payment Card
What if I don’t want a credit card? If you are over 18, MasterCard Global Payment Card is the card for you. It’s like using a debit card or writing a cheque, but with the flexibility and world-wide global acceptance of a credit card! The money comes out of your Student Account or Student Creditline, and purchases are itemized on your monthly statement, providing your convenient access to your money.
Global Payment cards can be used wherever the MasterCard symbol is displayed and they offer the same insurance and warranty protection as a credit card. Click here for more information.
Student Creditline
My tuition, books, and residence expenses are really adding up! What can I do? The MSCU Student Creditline can solve your dilemma. The MSCU Student Creditline is a special line of credit designed specifically for students who need money for post-secondary education or training. With credit approval, you may be eligible to borrow up to $6,500 a year for four years, to a maximum of $26,000.
Since the MSCU Student Creditline is a line of credit, you can access money whenever you need it, pay down any portion of the debt at any time, and only pay interest on the money used for the length of time you use it. MSCU Student Creditlines can be attached to chequing accounts so that all you have to do to get at your money is write a cheque, go to an ATM, use an Interac Direct Payment or MasterCard Global Payment card, or visit an MSCU branch. Plus, our low interest rate helps minimize your student debt. |
Who Qualifies: As a post-secondary student, the MSCU Student Creditline is designed specifically for you. If you are not eligible for government-sponsored loan programs, or you have not received adequate assistance to meet your needs, an MSCU Student Creditline may help.
How It Works: An MSCU Student Creditline allows you to borrow up to a pre-determined limit whenever you need it and it is linked directly to you MSCU Student Account. It offers automatic overdraft protection and all you have to do to access the money is write a cheque or make a withdrawal from your account.
Making Payments: You can pay your creditline balance off at any time and you only pay interest on the money that you use for the length of time that you are using it. With MSCU Student Creditlines the interest rate is only MSCU prime plus one percent. While you are in school and for the first year following graduation, you are only responsible for making payments on the interest portion of your debt. Following that year, your Student Creditline turns into a loan with scheduled payments. |
Other Student Financing Resources
Are you looking for more money for your post-secondary education? The following links can provide you with information on government funding and scholarship opportunities.
OSAP (Ontario Student Assistance Program) osap.gov.on.ca
CAN Learn www.canlearn.ca
Scholarships Canada www.scholarshipscanada.com
MSCU does not endorse any of the above listed site, they are provided for informational purposes only.
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Where did my money go?
A budget is a way of keeping track of where your money comes from and what you do with it. By using a budget, you can make sure that you are not overspending or accumulating too much debt while you are in school. Setting a budget and sticking to it also helps to keep your credit rating on solid ground!
While you are in school, you will probably have some money coming in, and more going out. Imagine that you have a $1,000 a month coming to you by way of a part-time job or other sources. By budgeting, you can meet your financial obligations, like rent and transportation and then consider spending or savings. Think about what you need to spend money on, and what your priorities are. Set up your budget before going to school and discuss it with your parents! |
| Income from all sources (Mom and Dad, part-time job – net) |
$1,000 |
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| Rent (hydro included) |
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$350 |
| Food |
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$250 |
| Bills (telephone, Internet, etc.) |
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$100 |
| Bus Pass |
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$50 |
| Emergency Money |
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$25 |
| Entertainment and outings |
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$175 |
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| Total expenses |
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$950 |
| Savings |
$50 |
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Click here to calculate your budget, or visit any MSCU branch to pick up your budget worksheet.
