Capital Shares have increased!

Dear Members,

 

By unanimous membership approval, members at The Energy Credit Union`s recent Annual General Meeting (AGM) held on Friday, April 4th 2014 approved a special resolution passing an amendment to section 2.03 of By-Law No. 1 of The Energy Credit Union Limited. Previously, the Board of Directors determined that it is desirable in the interests of the Credit Union to raise additional capital by increasing the minimum required shareholding. This was approved and will be done in two steps. Effective April 4, 2015, no person shall become a member of the Credit Union until that person has fully paid for a total of at least ten (10) five-dollar ($5) Capital Shares, and effective April 4, 2016, no person shall become a member of the Credit Union until that person has fully paid for a total of at twenty (20) five-dollar ($5) Capital Shares.

 

Basically what this means to you as a member is that the Credit Union’s Capital Shares have increased. Members will have two deadlines to keep in mind. By April 4, 2015 current members will need to increase their Capital Shares to a total of $50, and by April 4, 2016 current members will need to increase their Capital Shares to a total of  $100. All new members who join our credit union after April 4, 2014 will be required to have a total of twenty (20) five-dollar ($5) Capital Shares totaling $100.

 

Similar to your current $25 Capital Shares, these additional Capital Shares are not covered by the deposit insurance provided by the Deposit Insurance Corporation of Ontario (DICO). Also, if the Credit Union fails to maintain adequate regulatory capital, it will be unable to release the membership shares for withdrawal until adequate capital is restored. It is your Board of Director’s goal to continue to pay an annual dividend on these shares. The dividend for the preceding year will be established once our audited financial results are available and approved by the Board and accepted by the membership at the Annual General Meeting.

 

You may choose to work toward the new Capital Shares requirements in increments of your choosing (perhaps $5.00 per pay or some other amount) or you may choose to make one convenient lump sum deposit. Please see the attached form for payment options. You do not need to wait until the 2016 deadline in order to increase your Capital Shares to a total of  $100. You may find it more convenient to increase your Capital Shares in one lump sum, all at once. Any potential dividends are paid on the total amount that the member holds in the account.

 

Membership shares are important to the Credit Union because your shares provide us with additional capital in order to continue to fund business expansion activities planned for the future and  strengthen our overall reserve position. With more members doing business with us, we can continue to provide you with innovative products, services and added convenience. If you have any questions, please do not hesitate to contact Credit Union staff.

 

 

 

 

Thank You

The Energy Credit Union

 

The Heartbleed Bug

According to CBC.ca, Heartbleed is a security bug or programming error in popular versions of OpenSSL, software code that encrypts and protects the privacy of your password, banking information and other sensitive data you type into a “secure” website such as Canada Revenue Agency or Yahoo Mail. Such websites can be identified by the little “lock” icon on your browser or the “s” at the end of “https” before the web address.

Heartbleed is not a virus or malware, but could be exploited by malware and cybercriminals.

The vulnerability allows “anyone on the internet” to read the memory of the system protected by the bug-affected code. That way, they can get the keys needed to decode and read the data, according security researchers at the Finnish firm Codenomicon who discovered it.

The bug, named for the “heartbeat” part of the code that it affects, was independently discovered recently by Codenomicon and Google Security researcher Neel Mehta. The official name for the vulnerability is CVE-2014-0160.

The researchers have set up a website with more detailed information.

Visit the Heartbleed website.

The Energy CU celebrates 75 years of success!

On Friday April 4th, 2014, 93 members and 5 guests joined us at our Annual General Meeting at the Holiday Inn on Carlton Street. Not unlike other years, our 75th AGM was a tremendous success.  Members heard from a variety of speakers that night. We heard personally from each present Board Member about the unique qualifications and certifications that they have and how they can benefit the credit union.  We also heard from Greg Aletto and the Toronto Hydro Hockey Team with regards to this year’s winner of the Bill Gayle Award, Bill McConnell. Our Board Chair, Joe Bonello, presented board member Sandy Scott with a service award for 25 years of service on our Board.

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  Joseph Bates of MNP presented the audited financial statements of the credit union to those in attendance. After the business portion of the meeting, members had a chance to chat and catch up with each other to discuss another successful year!

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 There was a delicious buffet as well as numerous door prizes. A special thank you goes out to our many valued sponsors, who donated a great assortment of wonderful door prizes and made a special event that much better! We’d like to sincerely thank

  • Wilson Dunn Promotions
  • The Personal Home and Auto Insurance
  • CRI Canada
  • McKinnon Associates Inc.
  • Central1
  • Dan Lawrie’s The Benefits Lady (Sharon Wilson)
  • Fort York Community Credit Union
  • Rick Belsby and Associates
  • Graphix Works
  • First Canadian Title
  • RZCD Law Offices

… for donating to our plentiful prize table.

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There was also a special treat for those members who were able to make it to our meeting as well. Our brand new video made its debut! A little walk down memory lane for some members and an introduction to the credit union to others, it was well received by all! Special thanks goes out to Nicole Lake for the coordination of video production. Click on the button below and have a look for yourself!

 

So once again please accept our thanks for allowing us to help you for the last 75 years and here’s hoping we share Trust, Loyalty & Compassion for 75 more!

 

The Energy Credit Union Holiday Hours

Please be advised that all  Energy CU branches will be closed on Good Friday and Easter Monday for the Easter Holiday weekend. You can access your account 24/7 with our CyberBanker and Telephone Teller. If you are not yet signed up for these free services give our offices a call!

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Please see the listed hours for each branch below.

 

 Head Office and Service Centre

Thursday, April 17

8:30- 3:00

Friday, April 18           

Closed

Saturday, April 19     

Closed

Sunday, April 20

Closed

Monday, April 21           

Closed

Tuesday, April 22

8:30- 3:00

Southlake Branch

Thursday, April 17

8:00-4:00

Friday, April 18           

Closed

Saturday, April 19     

Closed

Sunday, April 20

Closed

Monday, April 21           

Closed

Tuesday, April 22

8:00-4:00

Gerdau Branch

 

Thursday April 17

12:00-4:30

Friday, April 18           

Closed

Saturday, April 19     

Closed

Sunday, April 20

Closed

Monday, April 21           

Closed

Tuesday April 22

12:00-4:30

Transportation Branch

 

Thursday, April 17

10:00- 2:00

Friday, April 18           

Closed

Saturday, April 19     

Closed

Sunday, April 20

Closed

Monday, April 21           

Closed

Tuesday, April 22

11:00- 6:00