New Online and Mobile Banking System Benefits

We’re excited to share some of the major improvements you will see with our new online and mobile banking system.  We are confident that once you experience this system, you’ll find it flexible, intuitive and easy to use.  Here are some of those benefits: 

Improved Digital Banking Capabilities

1.  You will be able to carry out a number of banking transactions yourself, no longer requiring a branch visit or a call to our Customer Contact Centre as happens today. This self-serve capability includes being able to download and print a void cheque or cancel a bill payment.  This gives you the flexibility to bank when it works best for you. 

2.  You can choose your own easy-to-remember username, which you’ll use each time you sign in to online or mobile banking.

3.  It will be easier to reset your password on your own. After you reset your password, you’ll be able to log in right away and continue with your online banking activity, saving you time and effort.

4.  You can set your regular, recurring banking transactions as favourites, making it quicker and easier to complete these transactions.

5.  If you’d like to open another account, you can do that directly through online and mobile banking. This includes a variety of products, such as a US Chequing account and a non-registered term deposit.

6.  Within the new system, you are able to transfer funds between Canadian and US currency. This means you’ll save time and effort as you won’t have to visit or call a branch to transfer money between your different currency accounts.

7.  There will be new calculator options that you can use within online banking, which include scenarios such as paying off a loan or determining your TFSA investment growth. These will be easy to use, and you can run them using current interest rates or input your own. This will give you more insight into your own financial options with quick and accurate calculations.

8.  You’ll have a larger selection of alerts that will make it easier to manage your accounts. Some of the new options for alerts include when your account reaches a set dollar amount, when you have insufficient funds to cover a scheduled transfer or bill payment or when a transaction wasn’t able to be processed. You’ll also be able to select how you’d like to receive these alerts: by email, text message or push notification from the app.

9.  Business members will have additional alert options for transactions that require a second approval. The initiator of the transaction can receive an alert confirming approval of transfers, bill payments or e-transfers. The initiator will also receive an alert under their “my pending transactions” section when a transaction has been cancelled.

10.  As a Business member, you’ll be able to add up to nine signors through online banking. Each of those signors can also add an unlimited number of delegates. This gives you a lot more flexibility if your organization has multiple people who make transactions on behalf of your company or group.

Enhanced Security Features

11.  You’ll have a completely secure messaging system within online banking to connect with our Customer Contact Centre. It has the same encryption level as the rest of the online banking platform, so in cases where you need some assistance, you’ll be able to send sensitive personal information or transaction details securely.

12.  You’ll be able to block access to online banking from a specific device. This gives you an extra layer of security if you happen to misplace your phone or tablet, or if your device is stolen, without having to change any login credentials. You’ll also have the ability to reinstate access once you’ve located your device.

13.  If you use the CUA mobile app on an Android device, you’ll now be able to use your phone’s biometric features to log in. As an example, this could mean using your fingerprint rather than your password to access online banking. This gives you more flexibility in how you choose to sign in and also provides an added layer of security to protect your accounts.

14.  A One-Time Passcode (OTP), also called an authentication code, will be sent each time you perform one of 13 specific transactions, which are generally considered higher risk based on research by IT security experts. For all other transactions, such as viewing an account balance, you won’t have to go through the verification step to log in.  This change will keep the extra verification step focused on transactions that have greater risk of an unauthorized access to your account.  If you use the mobile app, you’ll also have a one-click option to enter your OTP code directly from a text or email, rather than having to manually type it in.

Streamlined Branch and Other Services

15.  Banking and member records will now be organized by each person or organization. You will have a single profile which shows all of your CUA accounts (including any joint accounts and business signor privileges) within either the personal or business stream. If you have both personal and business accounts, you can easily link them so that you can toggle between them within online banking. This will streamline your banking in the following ways:

•  You can see all of your accounts through online and mobile banking and won’t need to remember multiple login credentials.
•  You can change ownership on an account (e.g., from joint account to single account) without going through the membership process again.
•  You’ll receive consolidated banking statements showing all of the accounts that you own either singly or jointly. Any business accounts will be reported separately on a statement in the business name.
•  You’ll receive more personalized recommendations and relationship-based pricing options as our staff will be able to clearly see all products and services that you currently use.

16.  In the branch, our Financial Services Representatives are able to perform transactions on your behalf more quickly and accurately with streamlined processes, bookmarked regular transactions, advanced search capabilities and queuing multiple transactions at once. This means you’ll complete your banking faster.

17.  If you make a cash deposit at one of our envelope-less ATMs (located at our Tantallon, Wyse Road, Annex, Pleasant Street and Civic branches), there will no longer be a hold placed on your funds, which means you’ll have access to your money even faster.

18.  You’ll have access to a new telephone banking system which will allow you to perform a variety of transactions, many of which are not available in the current system. With the new system, in addition to checking your account balances, you’ll be able to transfer funds, make payments on loans and pay bills.