Sometimes life gets very busy and some things can slip our mind. The hectic pace of daily life can mean that some things can get overlooked unintentionally. If you were one of the few members who didn’t get a chance to increase your Capital Shares to the required $100.00 by April 4th , we’ve got you covered. We transferred available funds in your account to cover the share requirement. This way you don’t miss out on all the benefits that being a member in good standing affords you. In a few instances a small number of accounts may have come up a little short of the $100 Capital Shares. Those few members can expect a call in the coming weeks to make sure that the accounts are brought into good standing.
You also may have noticed some transactions on your account, for the majority of you, the transaction in question was the deposit of your dividend! At this year’s Annual General Meeting the Board of Directors announced that there would be a dividend of 3.65% paid on all Energy CU shares. This includes the $100 Capital Shares you hold as well as the $1000 Additional Shares that a lot of you have purchased. For a small group of you it was a transfer to meet your CU share requirement. If you have any questions please give us a call for a full explanation of any transaction on your account or if you would like some more information about our $1000 Additional shares that paid our members a dividend of 3.65% this year. You can make regular payments to the Additional Shares or one convenient purchase. This Additional Shares purchase acts exactly like your Capital Shares and some more info can be found here if you are interested. Please give our offices a call at 416-238-5606 with any questions you may have.
As a member, you already hold at least the minimum of one hundred dollars in Regulatory Capital Shares. Did you know Credit Union members are permitted to deposit up to one thousand dollars in addition to the minimum?
Why you should consider this investment opportunity: Your Credit Union has been looking over your financial needs for over 77 years. We continue to show strong growth and financial results, have maintained a clear vision of our future and continue to deliver you quality and value-added services. You may choose to work toward the one thousand dollar Additional Membership Shares maximum in increments of your choosing (perhaps $50.00 per pay or some other amount) or you may choose to make one convenient lump sum deposit.
Why your Credit Union is informing you of this opportunity at this time: Your Additional Membership Shares investment will provide us with additional capital in order to fund our aggressive business expansion activities planned for the future. With more members doing business with us, we can continue to provide you with innovative products, services and added convenience. Under provisions of the Credit Union and Caisses Populaires Act, proclaimed on October 1st 2009, a unanimous approval of our by-law amendments by the members on April 9th, 2010 and subsequent filings to the respective government bodies, we are able to provide this wonderful opportunity to you!
Are there limitations? Similar to your existing Regulatory Capital Shares, the Additional Membership Shares are not covered by the deposit insurance provided by the Deposit Insurance Corporation of Ontario (DICO). Also, in the unlikely event that the Credit Union fails to maintain adequate regulatory capital, it will be unable to release the Regulatory Capital Shares and Additional Membership Shares until adequate capital is restored. The Additional Membership Shares purchase does not entitle the holder to additional voting privileges. The maximum you may invest is $1,000.00 in addition to your existing $100.00 Regulatory Capital Shares. The Additional Membership Shares are not RRSP eligible. Withdrawals of Additional Membership Shares are restricted exactly like your current Regulatory Capital Shares, meaning you will receive them back in the event that you choose to close your Credit Union account.
You have reason for confidence. Your Credit Union continues to show outstanding fiscal management and commitment to high quality member service. Our assets grew by over $6.5 million in 2015 to over $56 million! Your board of Directors and Management work diligently to provide you with strong results to continue to merit that confidence and the future is no exception. It is your Board of Directors’ goal to pay a dividend of 3.00% on the shares in order to compensate more than adequately for any risk attached to this investment opportunity The dividend for the preceding year will be guaranteed once our audited financial results are available and approved by the membership at the Annual General Meeting (AGM) in April 2017. At the AGM in April of 2016 it was announced that the dividend paid on the previous year’s shares would be 3.65%.
Interested? Have additional questions or concerns? Call 416-238-5606 or email us at email@example.com at your earliest convenience and remember the opportunity is optional. If you choose not to participate you can still maintain your $100.00 shares and continue to enjoy the privileges of membership.
Thank you for your support and ongoing patronage.
Now you can Tune Up your financial position! Over the course of your loan, with regular reviews you can decrease the interest rate on your loan! Things like Credit Bureau improvement, the creation of a Savings Plan and overall debt reduction can save you money and help you on your way to maintaining financial freedom! If you are interested in this great new product, please apply online here!
Did you know that our CyberBanker has been upgraded with two great new features? You can now log into your CyberBankerand place a stop payment or order cheques on your TECU account. You can access these great new features just by logging in to your CyberBanker as usual. Please note that there may be some fees associated with these products. If you are interested in finding out how to get FREE products and services with the Energy CU please call our offices or visit us online here to learn more!
You can call ou offices any time at 416-238-5606