Momentum Credit Union enjoys the same privileges as banks in Canada and is also subject to the same regulatory policies. In fact, a sizeable percentage of Canadians prefer to use credit unions for all their financial transactions.

These financial institutions have existed in the country for well over a century. Today the most popular credit unions include names like Vancity, Affinity, Meridian, Alterna Savings, and Meridian.

But there are lesser-known alternatives that operate in a more localized area, and claim to be just as good as any other credit union in the country — Momentum Credit Union is on that list.

Momentum Credit Union

There have been a number of name changes and amalgamations leading up to the formation of Momentum Credit Union in December 2010. The journey to the establishment of this credit union goes back over 75 years when workers of Hamilton Street Railway got together to form their own credit union in February 1939.

Today, more than seven decades later, Momentum is the result of the evolution of this union and many others. This credit union serves a huge local base of customers from their four locations in Ontario’s Hamilton, Brampton, and Oakville.

The institution intentionally operates a lean structure, with the company totalling a staff strength of fewer than 40 people. And since it is a co-operative, all members of the union are also owners/shareholders, something Momentum prides itself in.

Momentum Credit Union also issues dividends and rebates to its members from time to time.

Momentum Credit Union

How To Bank With The Momentum Credit Union

As a member of the Momentum Credit Union, there are a few major ways you can conduct your everyday banking services.

You could make use of Momentum’s Solution Center. Their points of contact include their toll-free line (1-888-956-6636), Fax (905-481-2131), or through [email protected].

The Solution Center is open from 9:00 am – 5:00 pm Mondays through Wednesdays, and Fridays. They close at 8:00 pm on Thursdays and 1:00 pm on Saturdays. You can conduct all major banking transactions via the Solution Center.

For those who like face-to-face interaction when conducting their banking activities, you can head on to any of Momentum’s 4 physical branches:

  • 892 Upper James Street, Hamilton, ON, L9C 3A5

  • 698 King Street, East Hamilton, ON, L8M 1A3

  • 1045 Industry Street, Oakville, ON, L6J 2X3

  • 37-480 Chrysler Drive, Brampton, ON, L6S 0C1

You can find their Telephone numbers, fax, and operating times on Momentum’s website.

For personal banking, there’s also the My MCU Mobile Banking App. You can connect it to all your Momentum accounts. If you’re an Android or iOS user, you can get the app here.

Products and Services Lineup

Momentum Credit Union offers all the major products and services that one would expect to get from a standard financial institution.

Their lineup includes personal and business accounts, mortgages, investment services, loans, and more.

Momentum Credit Union: Account Types

The account types on offer from Momentum are not divided across hard lines like with traditional chequing and savings accounts.

While some of their accounts have a pay-as-you-go structure with no monthly fee, others lean more towards the traditional accounts with a monthly fee.

Momentum Credit Union offers five personal account types:

  • Pay As You Go

  • Real Value

  • Real Value Unlimited

  • Real Value Golden

  • Real Value Golden Unlimited

Momentum Credit Union: Pay As You Go Personal Account

Momentum Credit Union’s Pay As You Go personal account is best suited for people who conduct a few debit transactions on a monthly basis. As the name suggests, there are no monthly fees as you only pay for the transactions you make.

  • No monthly fee

  • A $0.75 fee for every POS debit

  • A $1.75 fee for every Interac ATM withdrawal

  • Free withdrawals from any ATM in the Exchange® Network

  • Make Online and Telephone bill payments for free

  • Electronic funds transfers are free

  • Cheque Clearing is free

Momentum Credit Union: Real Value Account

The Momentum Real Value Account has a small monthly fee of $6.50. It also has a limited amount of Interac and POS transactions before the pay-as-you-go fee structure kicks in.

  • A monthly fee of $6.50

  • A $0.75 fee for every POS debit after first 20 free transactions

  • A $1.75 fee for every Interac ATM withdrawal after first 2 free transactions

  • Free withdrawals from any ATM in the Exchange® Network

  • Make Online and Telephone bill payments for free

  • Electronic funds transfers are free

  • Cheque Clearing is free

Momentum Credit Union: Real Value Unlimited Account

Momentum’s Real Value Unlimited Account is just like the Real Value offering but with a higher monthly fee, a higher number of free Interac transactions, and free POS transactions.

  • A monthly fee of $11.50

  • POS transactions are free

  • A $1.75 fee for every Interac ATM withdrawal after first 5 free transactions

  • Free withdrawals from any ATM in the Exchange® Network

  • Make Online and Telephone bill payments for free

  • Electronic funds transfers are free

  • Cheque Clearing is free

Momentum Credit Union: Real Value Golden Account

Momentum’s Real Value Golden account offering eliminates the monthly fee and returns the limited free transactions for POS. It is designed for moderate senior citizens.

Users of this account must be at least 59 years old.

  • No monthly fee

  • A $0.75 fee for every POS debit after first 20 free transactions

  • A $1.75 fee for every Interac ATM withdrawal after first 4 free transactions

  • Free withdrawals from any ATM in the Exchange® Network

  • Make Online and Telephone bill payments for free

  • Electronic funds transfers are free

  • Cheque Clearing is free

Momentum Credit Union: Real Value Golden Unlimited Account

The Momentum Credit Union Real Value Golden Unlimited is the last personal account type that Momentum offers.

Besides a low monthly fee of $3.75 and the Interac ATM withdrawal fee, everything else is free on this account. Again, this is for citizens 59 years and older.

  • A monthly fee of $3.75

  • POS transactions are free

  • A $1.75 fee for every Interac ATM withdrawal after first 4 free transactions

  • Free withdrawals from any ATM in the Exchange® Network

  • Make Online and Telephone bill payments for free

  • Electronic funds transfers are free

  • Cheque Clearing is free

Momentum Credit Union Business Chequing Accounts

Momentum Credit Union offers four business chequing account types.

All of these chequing accounts are free and offer unlimited services which include:

  • Online and telephone bill payments

  • Mobile banking transfers

  • Automated account-to-account transfers

  • Automated deposits

  • Free withdrawals with MCU and The Exchange® Network ATMs

  • Access to MCU mobile banking app

Mind Your Business Chequing Account

Momentum’s Mind Your Business chequing account comes with:

  • A monthly fee of $5.50

  • A fee of $0.75 for every POS debit

  • A $1.75 fee for Interac ATM withdrawals

  • 10 free transactions for any combination of Cheque Clearing, Automatic withdrawals, and in-branch withdrawals, deposits, and transfers. After that, each transaction costs $0.50

What Is The Busy Business Account All About?

The Momentum Credit Union’s Busy Business account offers:

  • A monthly fee of $12.50

  • A fee of $0.75 for every POS debit after first 5 free transactions

  • A $1.75 fee for Interac ATM withdrawals

  • 30 free transactions for any combination of Cheque Clearing, Automatic withdrawals, and in-branch withdrawals, deposits, and transfers. After that, each transaction costs $0.50

Momentum Credit Union: Bustling Business Chequing Account

The Momentum Credit Union’s Bustling Business chequing account is perfect for businesses with established roots that do a high number of transactions monthly.

  • A monthly fee of $19.50

  • A fee of $0.75 for every POS debit after first 10 free transactions

  • A $1.75 fee for Interac ATM withdrawals

  • 50 free transactions for any combination of Cheque Clearing, Automatic withdrawals, and in-branch withdrawals, deposits, and transfers. After that, each transaction costs $0.50

Community Cultivator Business Chequing Account

The Momentum Credit Union’s Community Cultivator business chequing account is an option designed solely for charities, clubs, and co-ops.

Basically, institutions that directly deliver value to their community.

  • No monthly fee

  • A fee of $0.75 for every POS debit

  • A $1.75 fee for Interac ATM withdrawals

  • Unlimited free transactions for Cheque Clearing, Automatic withdrawals, and in-branch withdrawals, deposits, and transfers. After that, each transaction costs $0.50

Momentum Credit Union Loan and Mortgage Types

Momentum Credit Union claims to give loans with attractive rates and flexible terms that are ideal for personal or business use and for consolidating high-interest debts.

They offer personal loans, personal lines of credit, consolidation loan, student loan, wedding loan, RRSP loan, and others.

Momentum’s personal loans come with the following:

  • Secured and unsecured personal loans with 1 – 6-year terms

  • Fixed and variable rates that are competitive

  • You get to choose your own repayment schedule

  • Fast loan pre-approvals

  • No penalty for extra or early payments

  • You can include disability, critical illness, or life insurance

Momentum’s mortgage product lineup includes a 2.99% 5-Year Fixed Mortgage, a Fixed Rate Mortgage, a Variable Rate Mortgage, and a Meritline Line of Credit.

Momentum Credit Union

Momentum Credit Union Business Loans

For business loans, Momentum Credit Union offers commercial loans and a commercial line of credit.

The Business loan’s with Momentum offer:

  • Business-specific loan term options

  • Flexible repayment options

  • Attractive interest rates

  • No penalty for extra or early payments

  • Automated loan payments from your Momentum Business Chequing Account

Momentum Credit Union Business Mortgages

Like the personal mortgages, Momentum’s business mortgages offer you the choice between a fixed, variable, close, or open rate mortgage option.

As a member of the Momentum Credit Union, you can get your own Member Card.

  • Daily POS purchase limit of $1000

  • Daily ATM withdrawal limit of $500 (withdrawals are free if you use a Momentum or The Exchange Network ATM)

  • You can deposit money using any Momentum or The Exchange Network ATM

  • Check your account balance

  • Conduct account-to-account transfers

  • Change your card PIN at any Momentum or The Exchange Network ATM

Momentum Credit Union Debit and Credit Cards

Momentum’s Member Debit Card is accepted by Interac, ACCEL, Maestro, The Exchange Network, and Cirrus.

Besides the Member Card, the credit union also offers a plethora of other personal and business credit card types.

For individual users, they offer:

For business credit cards, the options include:

Conclusion

Simply put, Momentum Credit Union is one of the best credit unions in Canada. My review of Momentum is positive. 

As I said, there are millions of Canadians who trust and bank with credit unions for a reason. They are safe and offer better services than banks. 

Share this article if you find it helpful and spread the word, let me know your thoughts and comments below. 

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Sagar Sridhar

Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master's degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.

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