It started as just an idea and now it’s a reality for over 1400 Albertans. Within a few weeks, Cashco and ATB, through their new arrangement, have responded to the needs of Albertans to offer banking services to the under-banked and under-served. Real World Banking is now very real for over 1400 Cashco clients, who have opened accounts through Cashco branches in Alberta.
Before the introduction of the Everyday Use Account and the Savings Account, Cashco fulfilled a rigorous compliance agenda and staff went through intensive training. Of course, like any new initiative, a venture can become an adventure and, along with many enthusiastic responses from customers, Cashco also received questions.
So, here are some answers to some of the more common questions.
1400 Albertans opened accounts and had some questions.
Here are some answers.
Q1. How does the overdraft work?
Answer: when you open an Every Day Use account, it automatically comes with a $25 overdraft. It’s a free overdraft and it’s above and beyond what you have in your account. Now, you can increase your overdraft up to $500 simply by directly depositing your paycheque into your Cashco account. With an overdraft, you can make purchases (or have automatic payments) through your account or debit card even if you don’t have sufficient funds to cover them. You can opt to use your overdraft whenever you like. It can be a much better alternative to a short term loan because it is a fraction of the cost of a payday loan (under $2 per $100 borrowed).
Q2. How do you set up the direct deposit of a paycheque into a Cashco account? How does it get set up?
Answer: all you have to do is give your Cashco account number to your HR department (Human Resources), or the person in the company you work for who does the accounting, and ask them to deposit your paycheques into that account going forward. And, if they have any questions, put them in touch directly with the Cashco representative you talked to or have them phone this number: 1-855-914-7940. You might also wonder why you should directly deposit your paycheque. Setting up a direct deposit to your Cashco account not only qualifies you for overdraft protection up to $500, it will also make your account free (by waiving the monthly fee). Lastly, it’s convenient. It eliminates the monthly trip to the bank, saving you time and the gas it costs to get there and back. Now you can just go to lunch without stopping at the bank. Yay!
Q3. What’s the skinny on the incentives Cashco is talking about with the Savings Account?
Answer: Cashco’s matched-savings account is exactly that. Cashco will match monthly savings of $10 up to $120 a year.
Q4. Can I still qualify for an account of I have been turned down before for a Flex Loan or Payday Loan?
Answer: YES! You can qualify even if you have been turned down for a loan before. And there’s a reason we want to qualify you. Cashco wants to give everyone the opportunity to enjoy a healthy financial life and an account is a solid way to start the process. The mandate is to deliver accessible real world banking to everyone.
Q5. What do I need to open an account?
Answer: Easy. All you need is two pieces of Government Issued ID and your Social Insurance Number. Cashco doesn’t need your SIN card, just the number.
Cashco welcomes all questions because it will contribute to the quality of Real World Banking. If, while reading this article, a question popped up in your mind, please share it with Cashco. You can contact Cashco online or phone 1-855-914-7940.
You can also learn more about Real World Banking online as well. Check it. Real World Banking!