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Frequently asked questions

Questions about where and how to bank right now

  • 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.

  • How can I make deposits?

    Members with night depository access can continue to use this method. You can also use Remote Deposit Capture from the convenience of your office.

    To sign up for night deposits, Remote Deposit Capture, or request support with either, get in touch with Cash Management services by emailing Cashmanagement.requests@meridiancu.ca.

Questions about business relief

  • Am I eligible for the Canada Emergency Business Account Loan Program?

    To qualify for this program through Meridian, you must meet these criteria:

    • Your business has had a payroll expense between $20,000 and $1.5 million for the year 2019

    • Your business was in good financial health before the COVID-19 crisis

    • Meridian is your primary bank (you use a Meridian business operating account for day-to-day payments and/or cash management activities). 

    • The person applying for the CEBA loan has the authority to attest on behalf of your organization and bind the organization to the terms of the CEBA loan agreement.


    If you have payroll lower than $20,000 you can still apply. Make sure that have:

    • A business operating account at a participating financial institution

    • A Canada Revenue Agency business number, and to have filed a 2018 or 2019 tax return.

    • Eligible non-deferrable expenses between $40,000 and $1.5 million. These expenses could include costs such as rent, property taxes, utilities, and insurance.

  • How does the Canada Emergency Business Account Loan Program work?

    The CEBA loan program provides qualifying businesses with a $60,000 loan (with $20,000 of the $60,000 eligible for complete forgiveness provided that the outstanding balance is fully paid between January 1, 2021 and December 31, 2022.).

    If your business had previously applied for and received a $40,000 CEBA loan, you may be eligible to receive an additional $20,000 loan under the expanded program.

    If your application is already in progress, you may be eligible to receive an additional $20,000 loan under the expanded program if your application is successful.

    Here are the details:

    • There are no minimum monthly principal payments until December 31, 2022.

    • You can make principal repayments at any time.

    • $10,000 loan forgiveness is available, provided that the outstanding balance as at Jan. 1, 2021 is fully paid on or before December 31, 2022.

    • Full repayment due by December 1, 2025. If the loan can’t be repaid by December 31, 2022, it can be converted into a 3-year term loan charging an interest rate of 5%.

  • What can I use CEBA funds for?

    You should only use the funds from this loan to pay non-deferrable operating expenses, including payroll, rent, utilities, insurance, property tax and regularly scheduled debt service. These funds may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions, and increases in management compensation.

  • How does the CEBA loan “forgiveness” work?

    Meridian can accept re-payment at any time without penalty; however, you will not qualify for the 25% forgiveness on amounts that are repaid between now and December 31, 2020.

    The window for obtaining 25% forgiveness on the outstanding balance opens January 1, 2021 and runs to December 31, 2022. During this window you will only have to repay 75% of the outstanding balance at time of repayment.

  • What other business relief programs are available?

    The Export Development Canada (EDC) Business Credit Availability Program (BCAP) Guarantee

    • The Business Credit Availability Program provides working capital to help sustain operations impacted by COVID 19. This program provides up to $6,250,000 in available financing.

    • This program provides short-term capital: a 1 year term loan which is renewable to a maximum of 2 years.

    • Details for this program are still being finalized - application information will be available soon.

    The Business Development Bank of Canada (BDC) BCAP Co-Lending Program

    • The Co-Lending program partners BDC, together with Meridian, will co-lend term loans to businesses to assist with operational cash flow requirements.

    • Amortization for these loans can be up to 20 years with regular payments.

    • Details for this program are still being finalized - application information will be available soon.


    Compare lending programs

  • Will Meridian be offering any other assistance?

    Yes. We will be offering all programs under the Business Credit Availability Program in conjunction with the Government of Canada. These programs will look a lot more like regular loans and the process will be closer to our current practice. Please reach out to your Commercial Relationship Manager or Small Business Advisor for further information.

Questions about security and fraud prevention

  • Everything is so uncertain. Is it still safe to keep my money at Meridian?

    Yes. Your money is safe and Meridian is secure. As a regulated financial institution, deposits at Meridian are guaranteed up to $250,000 through DICO (Deposit Insurance Corporation of Ontario). This coverage protects deposits in chequing and savings accounts, term deposits and guaranteed investment certificates (regardless of the term length), money orders, bank drafts, funds in transit and index-linked term deposits (principal portion only).

  • 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 right 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 and your company by being continuously mindful of phishing scams, protecting and limiting the sharing of your personal or business information, and taking protective measures such as having an up-to-date operating system and anti-malware software, ensuring separation of duties, eliminating paper cheques that can be compromised or adding secondary approvers to electronic payment solutions. Read more about protecting yourself from scams and fraud related to COVID-19. You can also contact one of Meridian’s Cash Management Specialists to discuss effective use of our business solutions by emailing Cashmanagement.requests@meridiancu.ca.

  • Is my money safe from fraud?

    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.

Get in touch

The best way to get personalized help and support is to reach out to your Relationship Manager or Small Business Advisor. You can also call your local branch to get in touch with a business advisor.

Call the Contact Centre at 1-866-592-2226 and choose Option 3 if you have been locked out of online banking or the Automated Funds Transfer Platform (AFT), need to add a service or want training on a service, need support adding a payee or paying a bill, or need to add a user or administrator to online banking or AFT.

Find a branch phone number
1-866-592-2226 (Choose Option 3)