Why Doesn’t My Credit Union Name Match When Linking My Bank Account?

When setting up your account with Keep, you will be prompted to select a linked bank account; if you are a credit union customer, you might notice that the credit union name displayed doesn’t match the institution you operate with, instead another financial institution will appear. This is due to how Canadian banking is structured, ensuring accurate routing of transactions. Please follow this guide to address any concerns.

In This Article:

1. Why doesn’t the credit union name match what I selected?
2. Why do credit unions share institution numbers?
3. What is Central 1’s role in credit union networks?
4. Frequently Asked Questions

Before You Get Started 

Your linked bank account is the primary bank account associated with your Keep account. It is used to make payments and settle any outstanding balances. Ensuring that your linked account is set up correctly is crucial for seamless transactions and account management.

If you have a credit union and are seeing some discrepancies during account linking, please continue reading for clarification.

Why doesn’t the credit union name match what I selected?

If you’re linking your bank account and notice a different credit union name, such as Central 1 Credit Union, it’s because the displayed name corresponds to the payment processor managing the financial institution number. Unfortunately, this cannot be changed, as it’s part of Canada’s banking infrastructure.

Important: Verify all account details, such as branch and transit numbers, to ensure they are correct.

Why do credit unions share institution numbers?

In Canada, many credit unions are part of centralized networks or cooperatives, such as Central 1 Credit Union, that handle their payment processing. These shared platforms assign a single financial institution number to multiple credit unions

Example: The financial institution number 828 is associated with Central 1 Credit Union, which processes payments for credit unions like PEN Financial Credit Union and Duca Financial Services Credit Union.

While the institution number is shared, branch and transit numbers uniquely identify individual credit unions.

What is Central 1’s role in credit union networks?

Central 1 is a cooperative financial institution that supports numerous credit unions in Canada by providing shared payment processing infrastructure. This system:

1. Reduces costs and complexity for member credit unions.
2. Ensures seamless transaction routing between members.

Examples of credit unions supported by Central 1:

Ontario:

1. Duca Financial Services Credit Union
2. Meridian Credit Union
3. Alterna Savings

British Columbia:

1. Vancity
2. Coastal Community Credit Union
3. Prospera Credit Union

For a comprehensive list, refer to the Payments Canada Financial Institution Directory.

Frequently Asked Questions

1. Why do I see a different credit union name when linking my account?
   Credit unions often share institution numbers through networks like Central 1. This ensures accurate transactions, even if the displayed name doesn’t match.
2. Can I change the name that appears when linking my account?
   No, the name is determined by the payment processor and cannot be customized.
3. How can I confirm my account is linked correctly?
   Check your branch and transit numbers. Contact support if anything seems off.
4. How can I update or change my linked bank account?
   Follow the steps in this guide.

Need more help?

If you have additional questions or need assistance, contact our support team at support@trykeep.com. We’re here to help!