Concentra Financial has announced recently that they will be discontinuing their Client Held Deposits. Many of our members may currently hold funds on deposit at Concentra. These funds will be held at Concentra only until they come due and subsequently they will be held in a variable account with Concentra (earning very minimal interest) until arrangements are made to transfer them out to the Credit Union.
You may be affected by this change in service, and we can help. We are able to make this new update to Concentra’s operating policies a great streamlined opportunity for you. We can make sure that your funds are transferred easily and promptly with minimal disruption to your rate of return. We understand that you may not want to have your funds hanging in limbo waiting for transfers to occur. Let us show you how we can take care of you today! We are currently having a great deposit promotion. Time is limited so don’t delay!
Deposit Programs Referred by the Credit Union will continue to remain unaffected by these changes, such as our RESP, RRSP and GIC’s where the Credit Union referred the funds to Concentra Financial on our members behalf.
For more information about exactly how we can help you, please call our offices at 416-238-5606.
Attention all Essential members! Please be advised that the annual Membership fee will be applied to all Essential accounts in February 2017. If you are an Essential Member and you would like to know more information about how you can avoid this charge, please visit our website here or give our offices a call at 416-238-5606.
If you cancelled your Life and/or Disability insurance or paid out your loan early at the CU between 1 October, 2010 to 1 March 2016 you can expect an Insurance Refund in your account.
In October 2010, the Ontario government under a regulation called “Cost of Borrowing and Disclosure to Borrowers” changed the way refunds for early cancellations of group creditor insurance policies are calculated.
In a recent audit performed on our insurance provider of their refund calculator, it was brought to their attention that the loan insurance system which they provide to the Credit Union used to calculate refunds was not updated to reflect the new refund method. Any insurance cancellations or early payouts that occurred during the time period October 1, 2010 to March 1, 2016, were refunded using the wrong formula. This resulted in a lower refund than what should have been provided.
How Much Did You Get Back? If you have an existing loan at the Credit Union, your refund was applied against your loan as an additional payment as per our normal process and to assist you in reducing your debt faster. If you have no existing loans, the refund was posted to your chequing or savings account.
Great News…Invest in our Additional Shares with your Refund and you can earn annual dividends that will keep your money growing. If you have any questions or concerns or to purchase your additional shares, please contact our office at 416-238-5606.
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