Are you travelling with your MemberCard outside of Canada?

If you’re planning on taking a trip outside of Canada, please contact us at 416-238-5606 prior to leaving. Our ongoing monitoring programs have identified increased levels of fraud in certain countries recently. As a result, debit card transactions may not be processed in those countries effective 1 November 2016.

We apologize for any inconvenience this may cause, but the security of our Members and their funds is very important to us.

Interac Flash®Debit Cards

As of October 4th 2016, new cards issued by The Energy Credit Union come with Interac Flash® capability. As your debit card expiry date nears, you will receive a new card with the ability to “tap and pay” for small purchases, without having to insert your card or enter your Personal Identification Number (PIN). If your expiry date is further in the future and you would like to take advantage of this free and convenient service, please contact the CU to order your contactless Interac Flash® card. Members who do not want the contactless Interac Flash® service on their card are free to opt out by letting the CU know in writing that they are choosing to opt out. Please note that due to the extensive administration required to have the contactless feature removed from your contactless card, opting out of this service will result in a per- card fee.

Benefits of Interac Flash®
Speed and convenience of moving through the purchase transaction Ideal for small purchases
Not having to enter your confidential PIN where others could see it
Your card never leaves your hand

Using Your Card to Pay

First, the store’s point-of-sale terminal must accept this form of contactless payment. Look for the contactless logo ?on the device screen or simply ask the business if they accept Interac Flash®. Then follow these steps:
Tap your card against the terminal’s screen, or hold it no more than 4 cm away.
A beep and/or an approved message on the screen will indicate that your transaction has been completed.
The purchase will automatically be deducted from your primary chequing account.

Security Measures Implemented with Interac Flash®
The contactless feature can’t be used for more than $200 in purchases in a row. Once that limit is reached, your PIN must be used. This resets your limit, and you can again use Interac Flash® for your purchases. A limit is placed on how large a purchase can be made at any one time. – up to $100
From time to time, a point-of-sale terminal will randomly disallow the use of the contactless method for the transaction, and prompt you to insert the card and enter your PIN. This ensures that the rightful card owner is using the card.
Interac Flash® uses secure chip processing and a secure RF smartcard technology with exclusive functionality and security. Each transaction is unique and encrypted, thus unable to be copied. No personal information is ever sent in a transaction, only an encrypted payment code to complete your transaction.
Additional information on security and the Interac Zero Liability policy can be found on the Interac® website.
If you would like to opt out of the contactless service, you can at any time by letting the CU know about your request in writing.

Financial Institutions – What exactly are you doing for me?

Everyone should be able to answer this question.  How does your Financial Institution actually help you? A bank is a business. First and foremost, all activities are expected to show a profit and the business is run by people who answer to their investors. These investors expect a certain return on their investment and the more they have invested, the more they expect in return. Does it surprise you to know that each little fee and charge is essentially going into  the pockets of an investor?

TECU exists solely to enhance the financial position of our members. Our profits are reinvested back into our members in the form of free products and services, loan interest rebates, dividends, bonus deposit interest, technologically advanced products like mobile banking and Interac® Tap debit cards.

Our members know we’re reinvesting in what’s important. Our members! What does your Financial Institution invest in?

Happy Thanksgiving!

The Energy Credit Union
will be closed on
Monday October 10, 2016
We will reopen again on
Tuesday October 11, 2016

For your convenience CyberBanker
and the Telephone Teller: 416-465-8251 are available 24/7.

Planning a trip soon?

Let Us Know Your Plans Before You Leave!

Avoid card interruptions while traveling by letting us know your travel dates prior to your trip by calling 416-238-5606 Our fraud detection system looks for unusual or suspicious transactions that fall outside your normal pattern of card usage. If you let us know you’re traveling, we will know it’s you using your card and not someone else. Safe and happy travels!

International Credit Union Day


Ten years ago the economy was booming, and mobile banking was new. Today the economy is recovering from the recession, and online checking accounts are more common than checks. Who can give you a loan, where you can put your money, who’s offering financial advice—there are more options every day.

Economies rise. Economies fall. The future is uncertain. The present is in flux. Everything changes…except our principles. Our principles have steered credit unions through more than 150 years of change.

Our principles are our foundation—our bedrock. They make our service better, our advice truer, our choices sounder, and our desire to help genuine. They are what make us different, and they are what make that difference authentic.
Yes, everything changes. That’s why our principles never will.

the 9 credit union principles


Additional Government Changes to Mortgage Qualifications

On October 4, 2016 Finance Minister Morneau announced that there would be upcoming changes to insured Mortgages.  These changes will be rolled out on the following two dates:

October 17, 2016 – All insured Mortgages will be required to qualify using the Bank of Canada’s 5-year Benchmark Rate.  Although this is something that lenders and borrowers have already been accustomed to for the past couple years on Mortgage terms less than 5 years; now even the 5-year fixed term will require qualification using the 5-year Benchmark Rate.

What changed?

For all home buyers who do not have a 20% down-payment, they will continue to require an insured Mortgage.  However, even though the contract rate may offer a low rate such as 2.49%, the rate used for qualification purposes would be 4.64% based on the current 5-year Benchmark Rate.  This new calculation overinflates the borrower’s mortgage payment for qualifying purposes, making it more challenging to qualify for a larger mortgage.  Borrowers will either need to save for a larger down-payment or consider purchasing a more affordable home to qualify under the established Benchmark Rate.

November 30, 2016 – There will be increased qualification standards on portfolio-insured Mortgages, such as 25-year amortization max, rental and investment properties and Mortgages exceeding $1million which will no longer be portfolio-insured.

How Are Credit Union Members Affected by this?

Members will likely find that this has little impact on their ability to qualify for a Mortgage with the Credit Union, as we do not normally portfolio-insure.  More details on these increased qualifications are still pending from our insurer.

Why is this happening?!

Regulators believe that these changes to mortgage qualification rules are based on the Government’s attempt to cool the heated housing market, without raising interest rates which could negatively affect the economy as a whole.

Please contact the Credit Union to discuss your Mortgage needs, to determine how these changes may affect your eligibility for a Mortgage with the Credit Union.  We strive to help make your dream home a reality.  Please call us today at 416-238-5606 and let’s get ready to start the process!

For more information on these and other changes, visit:

Leadership Through Diversity

Recently this year, Ontario’s provincial government has initiated its aim to improve gender diversity on corporate boards, appealing to companies to set targets for female representation. The government further announced that it’s implementing a “target of 40% women for all appointments to every provincial board and agency”. It is also appealing to private sector businesses to institute a 30% target for their boards by the 2017 year-end and further maintains that this sector should pledge to meeting these targets within a three to five year timeline. Failing which, it warns that it may consider “more stringent legislative or regulatory approaches.”

The Energy Credit Union Limited is pleased to announce to our members that the Board has excelled its commitment to gender balance and currently 37.5% of The Energy Credit Union (TECU) board are female. Our proactive approach to leadership continues to drive our sustainability.

Joseph Bonello Chair of TECU asserts, “The Energy Credit Union takes a unique and multifaceted approach to diversity, reaching beyond barriers to create our own destiny. Our long history of gender equality began with our members, our employees, our products and services and extends to our business partners. At the Energy Credit Union, we have always understood that diversity is the key to seeing the greater opportunities that shape our future.”