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Frequently asked questions

Questions about safety measures for Members and employees

  • What is Meridian doing about COVID-19 to help keep employees & Members safe?

    We are monitoring the situation closely and following guidelines from government and public health authorities. As the situation evolves, we are making decisions about reducing branch hours, limiting access, and closing branch locations if necessary.

    Keep checking this page for the latest information. We thank you for your patience as we work together though this difficult situation.

  • How are branches and ABMs being cleaned?

    In keeping with public health recommendations, we are cleaning and disinfecting branches and corporate offices with greater frequency. Employees at branch locations will ensure that surfaces and high traffic areas are clean, including our onsite ABMS, with alcohol-based sanitizer at the ready wherever possible.

Questions about where and how to bank right now

  • I want to make sure that I’m getting any emails Meridian sends about COVID-19. What should I do?

    Make sure that you have a current email address listed in your contact information.

    From online banking:

    1. Select “Settings”

    2. Scroll to Profile Setting to see your Contact Info

    3. Select the Edit button to update your Contact Info

    If you are registered for the mobile app we already have your email. If you haven’t signed up for online or mobile banking yet, simply call the Contact Centre at 1-866-592-2226 and one of our representatives will be happy to help you register.

Questions about mortgage and loan payments

  • Am I eligible to skip a mortgage payment?

    You are eligible to skip a payment as long as:

    • Your mortgage is currently in good standing.

    • There is more than 60 days until your mortgage maturity date.

    Interest-only construction mortgages are not eligible for the skip-a-payment-feature.  

  • How do I request to skip a payment?

    You can now request to skip a mortgage payment through online banking. Sign in, and from the ‘Select an Action’ menu for your mortgage, choose “Skip a payment”.

    You can also make the request by calling our Contact Centre at 1-866-592-2226.

  • Should I skip a mortgage payment?

    This option is available to you; however, if you can make your current mortgage payment, you should. Paying off your debt is always going to be better for your finances overall. Our skip-a-payment feature is intended to help you if you are incapable of making a payment due to financial difficulties arising from a crisis or emergency.

  • What’s the financial impact of skipping a payment?

    When you request to skip a payment, you are deferring the payment only, not subtracting it from the total you owe. Interest continues to accrue based on your outstanding mortgage balance, so the balance owing at the end of your mortgage term will be higher than projected.

  • Will skipping a payment hurt my credit score?

    In most cases, no - skipping a payment won't negatively affect your credit score or impact the rating of the loan or mortgage for which you skipped a payment. In cases where the loan was delinquent for over 30 days when you requested to skip a payment, your credit score may be affected.

    If you have any questions about the impact of skipping a payment, please call our Contact Centre at 1-866-592-2226.

  • Is Meridian charging interest on interest for a loan I defer?

    No, Meridian is not charging interest on interest for mortgages and term loans you defer.

    By skipping a mortgage or term loan payment, you are deferring interest payments to the future. The interest will continue to accrue but will not be added to the principal balance outstanding, so you are not charged interest on missed interest payments.

  • How does Meridian compare to the banks that charge interest on interest?

    When you skip a payment with Meridian, the interest will continue to accrue but will not be added to the principal balance outstanding, so you are not charged interest on missed interest payments. This means that the principal balance of the term loan or mortgage does not change during the time the skip a payment is effective.

    Some banks are offering a deferred mortgage that adds accrued interest to the outstanding principal.  Since the principal balance is not being paid down, the interest is accruing on an increasing principal balance.  

    We are committed to taking a holistic approach to helping our Members, and seeking out the best solutions. If skipping a payment approach isn’t a good fit for you, we can help you find a better solution. 

Questions about credit cards

  • What’s the limit for contactless payments?

    We have increased the limit for contactless payments to $250. This means that you can now tap your card for higher balances, decreasing the need to touch PIN pads. There may be exceptions if the merchant has a lower limit.

Questions about CRA payments

  • Am I eligible to deposit CRA payments online?

    As long as you have filed at least one income tax return and your account has been opened for more than 90 days, you can register to receive your CRA payments via direct deposit. If you don’t fall under this criteria you can still register for direct deposit by contacting CRA directly or using their My Account application. For more information visit the CRA website.

  • What payments can I deposit online?

    The Canada Revenue Agency will deposit any refunds and payments you’re eligible for into your account, including:

    • Canada Emergency Response Benefit

    • Income tax refund

    • Goods and services tax / Harmonized sales tax (GST/HST) credit

    • Canada child benefit

    • Canada workers benefit

    • Ontario trillium benefit

    • Canada Emergency Student Benefit (CESB)

  • How can I make sure my direct deposit information is updated with the CRA?

    If you have submitted your online request for CRA direct deposit through Meridian, and you want to know if your information has been updated, you can log in to your CRA My Account and check your deposit information on file. This typically takes between 3-5 business days to update after submitting your online request.

  • I tried to submit a CRA direct deposit request, and saw an error that says there isn’t enough information. What do I do?

    If you are receiving this error message, either your Meridian account is missing some mandatory pieces of information that are required in order to submit your online request for CRA direct deposit, or your Meridian account has been open for less than 90 days. In the case of missing account information, please call us at 1-866-592-2226 and a representative from our Contact Centre will help you update your account information. If your Meridian account has been open for less than 90 days, you will not be able to set up CRA direct deposit through Meridian’s website; however, you can do so directly through the Canada Revenue Agency website using their My Account application. For more information visit the CRA website.

Questions about security and fraud prevention

  • Everything is so uncertain. Is my money safe from fraud?

    Yes. Meridian’s Fraud Management team is fully operational. We take the security of our Members very seriously and we have a robust fraud-monitoring program in place to protect Meridian and our Members.

    We guarantee that it is safe to keep your money at Meridian. As a regulated financial institution, deposits at Meridian are guaranteed for up to $250,000 per Member, and deposits held in joint Member accounts are separately insured up to $250,000. There is also unlimited coverage on registered deposits per Member, such as TFSA’s, RRSP’s, RIF’s and other applicable registered plans.  This coverage is insured through DICO (Deposit Insurance Corporation of Ontario) and protects deposits in chequing and savings accounts, term deposits and guaranteed investment certificates of any term, money orders, bank drafts, funds in transit, and index-linked term deposits (principal portion only).

    Read more about DICO

  • Is there an increased risk of fraud as a result of COVID-19?

    The risk of frauds and scams is ever-present and fraudsters always take advantage of any opportunity, particularly when people are in a vulnerable state, like now. We have become aware of a number of new fraudulent schemes seeking to exploit the COVID-19 pandemic, including fraudulent websites asking for donations to support those impacted by the virus. Always verify a charity through a reputable source and conduct your own due diligence to make sure they are legitimate before you make a donation.

    You can help protect yourself by being continuously mindful of phishing scams, protecting and limiting the sharing of your personal information, and taking protective measures such as having an up-to-date operating system and anti-malware software. Read more about protecting yourself from scams and fraud related to COVID-19

Questions about travel

  • What can I do about travel that I have already booked? Am I covered?

    Meridian partners with two insurance companies, Desjardins Financial Security and Allianz Global Assistance.

    Desjardins Financial Security has provided general guidelines for cardholders relating to the COVID-19 outbreak and travel insurance cardholder coverage. Learn more 

    Allianz Global Assistance has provided an update about their travel insurance here.

We're here to help - get in touch

If you have any questions, please reach out to us. You can call your local branch to speak to an advisor, or call our Contact Centre to talk to a representative.