Since Meridian is a credit union, you must first become a member to open up a chequing account. To become a Meridian member, you must own $1 in Membership Shares. This is a one-time fee, but should be considered when deciding to open a new account. If you decide to leave Meridian, your Membership Shares will be refunded. Even though Meridian only has branches in Ontario, all Canadians 18 years of age and older can open a Meridian chequing account.
Meridian offers chequing accounts with different plans depending on the type and frequency of transaction you complete. They also have an account designed for seniors and one for students. All accounts allow you to make an unlimited number of deposits and come with four free Interac ABM withdrawals per month if the minimum monthly balance is met. Unlike the big 6 banks, Meridian has a small ATM network. Make sure to compare ATM availability from other providers to ensure your needs are met.
Meridian Plus Package
For the highest monthly fee among meridian chequing account offerings, the Plus Package chequing account offers unlimited self-serve, personal service, and cheque transactions. The account also includes one free cheque order per year, four free bank drafts per year and a discount on safety deposit box rentals.
Meridian Electronic Package
The Electronic package is designed for those who conduct all of their daily banking online. The package includes unlimited self-serve transactions, however you will be charged a fee for each teller service and cheque transaction.
Meridian Convenience Package
For a monthly fee, the Convenience Package includes 15 self-serve transactions, 15 teller transactions and 15 cheque transactions per month. For any transaction beyond these allocations (15 of each type) a transaction fee is incurred.
The Pay-As-You-Go chequing account is designed for people with minimal banking needs. Transaction fees are charged for all self-serve, personal service and cheque transactions. These fees are waived if you maintain the required minimum monthly balance.
Meridian Limitless Chequing Account
The Limitless Chequing Account is designed for youths, students, and all members aged 18 to 29. There is no monthly fee and you are able to make unlimited transactions. Fees for other account services such as cheque orders and bank drafts are still applicable.
Meridian Senior Chequing Account
Meridian's Senior Chequing account has no monthly fee and provides seniors with unlimited transactions. This account also includes one free cheque order per year, four free bank drafts and a discount on safety deposit box rentals. Additionally, as a Senior Chequing Account holder you receive monthly and quarterly paper statements, a passbook and an in-branch interim paper statement.