Banking FAQ

Frequently Asked Questions

 

1.     What is a Transit Number?

 

The Transit Number identifies which branch your account is located at. All accounts at V.P. Credit Union are assigned the Transit Number, 13500. You will find this at the bottom of your cheque.

 

2.     What is an Institution Number/Institution Code/Bank Code?

 

The Institution Number/Institution Code/Bank Code is the number that identifies which financial institution you bank with. All credit union accounts within B.C. including V.P. Credit Union are assigned the Institution Number, 809.

 

3.     What are the “bank account encoding” or “cheque encoding” numbers on my bank account?

 

These are the numbers at the bottom of your cheque that reference the account that your funds are debited from. If you have a Silver Shield account, Chequing account and a US dollar account, the encoding will be different for each account.

 

13500                     809                                           # # # # # # # # #

Transit #                  Institution #                   Account Number (9 digits in total)

 

4.     Why is my Account Number different on my cheque than when I log on to Online Banking?

 

Your Account Number might be 4 digits, 5 digits or 6 digits long when you log on to Online Banking. However, for the purposes of cheque encoding in Canada, the cheque clearing system requires a total of nine digits to be listed on the cheque. In view of this, we add a “prefix number” in front of your Account Number to fill out the full nine digit Account Number and to identify which sub account you have.

 

Listed below is a guide to determine the “prefix number” for the respective account type.

 

If you have a FOUR digit account number the prefix will be as follows:

 

Chequing Account: 10000

Example: If your Account Number is 1234 then your full 9 digit Chequing Account Number is 100001234

 

Silver Shield: 70000

Example: If your Account Number is 1234 then your full 9 digit Silver Shield Number is 700001234

 

US Chequing: 35000

Example: If your Account Number is 1234 then your full 9 digit US Chequing Number is 350001234

 

 

If you have a FIVE digit account number the prefix will be as follows:

 

Chequing Account: 1000

Example: If your Account Number is 12345 then your full 9 digit Chequing Account Number is 100012345

 

Silver Shield: 7000

Example: If your Account Number is 12345 then your full 9 digit Silver Shield Number is 700012345

 

US Chequing: 3500

Example: If your Account Number is 12345 then your full 9 digit US Chequing Number is 350012345

 

 

If you have a SIX digit account number the prefix will be as follows:

 

Chequing Account: 100

Example: If your Account Number is 123456 then your full 9 digit Chequing Account Number is 100123456

 

Silver Shield: 700

Example: If your Account Number is 123456 then your full 9 digit Silver Shield Number is 700123456

 

US Chequing: 350

Example: If your Account Number is 123456 then your full 9 digit US Chequing Number is 350123456

 

5.     What would the cheque encoding be if I have more than two Silver Shield, two Chequing and two US Chequing accounts?

 

If you are more than one Silver Shield, Chequing or US Chequing accounts, please contact us so we can provide you with the proper encoding information.


 

6.     I am setting up my new ICBC pre-authorized debit agreement and also setting up a debit agreement for my loan payment at another financial institution. They need my V.P. Credit Union bank account information. Do I just give them a void cheque so they can set them up accordingly? 

 

In most cases the answer is yes. However, if you opened your VPCU account after April 1, 2016, there is an extra step as ICBC and other financial institutions or vendors require some additional encoding. In these situations, we recommend you contact us before setting up an external pre-authorized agreement.


 

7.     What are my options in viewing my account history?

 

You have many options to view your past account history. You may review account activity from specific dates or you can select a specific month to review. These options will provide you with account transaction information for the past two years. Alternatively, you may access your e-Statements. Your e-Statements will provide you with over six years of monthly statement history. Please refer to the screenshot below for further details on how to view this information.



 

8.     I see different rates of interest offered by various saving account types such as the Plan 24, Silver Shield and Special Savings. What's the best way to save and earn a few dollars of interest while doing so?

 

A general rule of thumb to go by is if you are planning on using your cash savings within 90 days you should look at holding your cash in a Special Savings account. Depending on the amount of funds you have to stash away in your savings account, the Silver Shield account may be a better option. Please refer to our current Account Rates accordingly. If you are not looking to use your cash savings for at least 90 days, we would recommend setting up a Redeemable Term Deposit. A Redeemable Term Deposit can be cashed at any time after the first 90 days and all accrued interest would be paid at the time of redemption. Please see refer to our current Term Deposit Rates accordingly. 


 

9.     Why is there a different calculation method for the Special Savings account?

 

The Special Savings account was designed specifically for those that would like to save. As a result, the interest is calculated on lowest monthly balance, paid monthly. In order to receive the accrued interest for the entire month, your funds should be deposited into the account by the last day of the previous month.

Example:

A member makes a deposit of $10,000 on November 30, 2019 into their Special Savings account and they leave the funds in the account until January 1, 2020. This would mean the member would be entitled to an interest payment on December 31, 2019. This interest payment would include accrued interest for the period of December 1, 2019 to December 31, 2019. The calculation is as follows:

$10,000 * .75% divided by 12 months equals $6.25, which is the interest payment to be received on December 31, 2019.


 

10.     I just setup a new bill payment vendor. What happens if I entered the account incorrectly?

 

We can always setup a bill payment trace to retrieve funds paid in error. In cases where an incorrect account number was setup on the bill payment vendor list, VPCU will be notified of this and the funds will be returned to your account on the following business day in most cases. However, to mitigate any inconvenience, we suggest the following:

a) Give us a call and one of our Member Service Representatives can review our bill payment vendors listing to see if there are any special codings to be entered for the bill payment vendor you are looking to add. Not all bill payment vendors are the same.

b) Prior to making a full bill payment to the new vendor, it is always best to make a test bill payment for one cent to make sure everything runs smoothly. Once the vendor has confirmed receipt of the one cent, you will have 100% confirmation the account has been setup correctly.

c) As a general rule, please always allow two to three business days for processing. Although your funds are submitted for processing immediately via Member Direct, the vendor receiving the funds may not receive the funds in their account for at least two to three business days.

It should be noted that VPCU's Member Direct does not provide the vendor account formatting details for any bill payment vendors. However, we do have a listing at our office that may provide additional details of the format for many bill payment vendors. Thus, it is important for our members to contact us when in doubt to avoid any delay or errors so we can provide our best advice.