Friends With Benefits Mortgage

The TECU Friends With Benefits mortgage is a perfect option for many members in this hot real estate market. With rising real estate costs keeping some people out of the game TECU members can now team up with a friend or family member to purchase a property. You can have up to 4 people on title to help ease the heavy constraints that new regulations have added to the qualifying process. If you think this may be something you are interested in why not give us a call and arrange to discuss your options with an experienced lender. Some conditions apply, must have a 20% combined down payment.

Call our offices today at 416-238-5606

500 Commissioners Closure – March 28 2017 at 12pm

Please be advised that our branch at 500 Commissioners Street will be closed on Tuesday March 28 2017 at 12pm due to a Toronto Hydro maintenance replacement project that will require access to our branch during regular business hours.  For the safety of our members, we will be unable to be open to serve you during these hours.  We will resume regular business hours on Wednesday March 29 2017.

Members can make deposits and withdrawals through our ATM Machine, which will continue to be functional during these days; and can perform other financial transactions through Online Banking (www.theenergycu.com) and Telephone Banking (416-465-8251).

If you require any other service, feel free to contact our office at 416-238-5606 and we can assist you.  Our Loan Department will still be available during this time, and can be reached at the number above.

Thank you for your understanding.

500 Commissioners Closure – March 23 2017 at 12pm

Please be advised that our branch at 500 Commissioners Street will be closed on Thursday March 23 2017 at 12pm due to a Toronto Hydro maintenance replacement project that will require access to our branch during regular business hours.  For the safety of our members, we will be unable to be open to serve you during these hours.  We will resume regular business hours on Friday March 24 2017.

Members can make deposits and withdrawals through our ATM Machine, which will continue to be functional during these days; and can perform other financial transactions through Online Banking (www.theenergycu.com) and Telephone Banking (416-465-8251).

If you require any other service, feel free to contact our office at 416-238-5606 and we can assist you.  Our Loan Department will still be available during this time, and can be reached at the number above.

Thank you for your understanding.

2017 AGM- are you coming?

THE ENERGY CREDIT UNION LIMITED NOTICE OF ANNUAL GENERAL MEETING
NOTICE is hereby given that the 78th Annual General Meeting of The Energy Credit Union Limited will be held at The Holiday Inn, 30 Carlton Street Toronto, Ontario M5B 2E9 on April 7th, 2017 at 5:00pm (doors open at 4:30pm).

As our buffet is to be catered, it would be appreciated if you advise us of your intention to attend. Please call 416-238-5606. We regret that space is at a premium, if you need to be accompanied by a non-member guest, the charge is $150.00 per head, otherwise this is a member’s only meeting. The Energy Credit Union Limited reserves the right to photograph its events, and from time to time we may use these photographs in our publications,
marketing materials and website. By registering or attending any of our events you understand and acknowledge that your photograph may be taken and used at TECU’s discretion.
SPECIAL NOTICE
In order to attend our Annual General Meeting (AGM), your Energy Credit Union account must be in good standing. Unanimous membership approval at The Energy Credit Union`s 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. 1994,c.11,s.213
(1-6). This means that each member must hold a total of twenty (20) five dollar Capital Shares, totaling $100, as of April 4, 2016. Please call our offices at 416-238-5606 to RSVP and ensure that your account is in good standing, this will ensure you are eligible to enjoy all the privileges that being a member in good standing allows you.

Technically advanced with humans still in control!

Is seems that the future is here with machines doing some of the work that at one time was done solely by humans.We understand that technology is here and we need to use it to our full advantage. That’s why we offer ATM access, Mobile apps, online banking. These products allow our members to do their banking when its convenient for them. But our members also get the confidence that they are being handled with care by a human

A recent article states a woman used one of the new “envelope free” ATMs to make a deposit to her CIBC account. She inserted $400 into the machine but the machine only counted $320. After declining the $320 transaction she had only $320 returned to her. Complaining to the bank revealed that according to their records, the ATM balanced, so she was out the funds. They also revealed that the money deposited into the envelope free machine was also counted by another machine when balancing.

Our ATM at 500 Commissioners street is balanced every business day by not one, but two employees. We have had many instances where a member makes a deposit to our ATM and that deposit does not correspond to the amount entered by our member. Sometimes an error is made while totaling the cheques they want to deposit. It’s easy to forget to carry the one sometimes!) Sometimes they made an error while entering the deposit on the screen. (who hasn’t accidentally pressed six when the meant to press nine!) Sometimes the member realized they made a mistake and sometimes they didn’t. The situations are really endless, but one fact remains clear. Each and every time two human employees balanced that machine, made adjustments to the account and contacted the member within one business day.

In fact since January 1st, 2017 there have been three instances where an error had been made while a member made a deposit to the ATM at 500 Commissioners outside of our office hours. Each time we made the adjustment, contacted the member and got the situation sorted within 6 business hours of making the original deposit. Before the member had a chance to contact us first.

You can read more of the previously mentioned article here.

Scam Alert!! Can you hear me?

If you receive a phone call from someone and they keep repeating “Can you hear me? Can you hear me?” should you answer them? Anti-fraud agencies would tell you NO!

This new scam seems to be trying to bait whomever answers the phone to say “yes”. Anti-fraud agencies say that simple acknowledgment can be used to make it sound as if you signed on for a purchase or service.

“They’re trying to get a recording of you saying ‘yes,'” said Ron Mycholuk, a spokesman with the Better Business Bureau of Central and Northern Alberta.

“They’re going to take that recorded ‘yes,’ play around with that audio and make it seem to you, or a representative of a business, that you have paid for some advertising, a cruise or a big ticket item, and send you the bill.”

Don’t fall victim to this scam. You can read more about this scam here.

You can read about other types of scams on our website here.

 

Earning your trust and showing our integrity for over 77 years

With the recent admissions of Big Bank employees using underhanded tactics to reach sales quotas at the expense of their customers, we would like to take a moment to thank all of our members for trusting us with their business. Our mission statement states our viewpoint:

To Enable growth, wellness and financial prosperity for our community through the values of trust, loyalty, compassion and integrity above all else.

We have earned your trust by showing our integrity for over 77 years.

At the Energy CU our members are owners and all profits go back to our members. Free products and services, loan interest rebates, deposit bonus interest, golf days, bus trips, dividends and increasing our reserves to maintain our financial stability, that’s where the Energy CU profits go.

The little white lies told by big banks may seem like small potatoes on the surface but look at what is really going on. These unethical upgrades and increases let TD alone earn reported earnings of $8.9 BILLION last year. Guess where those billions of dollars came from? Customer accounts, a little bit at a time.

  • Being signed up for the most expensive account option when there are other cheaper options that would suit you better. That could be $30 per month that you don’t get to save for your retirement, or contribute to your Energy CU TFSA (and earn 2.15%) What else could you do with over $360 per year? Great Wolf Lodge with the Grand-kids? Karate lessons? Dance class? That new guitar you always wanted? Our full service members don’t pay a monthly fee for doing their banking with us.
  • Increasing Limits on Lines of Credit without authorization. Not only is it illegal, but that customer who uses the line of credit regularly is spending up to what they assume to be a $5,000 limit when in reality there is now a limit of $8,000, unbeknownst to them. Those monthly payments that were at one time attacking the principle are barely covering the interest. You would need to increase your monthly payment by nearly $100 to pay off that extra $3,000 over 3 years at an interest rate of 8%.
  • Increasing the limit on your credit card with out authorization. Besides being illegal, increased available credit can have a detrimental effect to your credit score in some cases. This sly little increase can also increase your exposure to fraud. Some people prefer to have a card with a low limit to make online purchases and other orders. If that limit has been increased and the customer is not 100% diligent in reviewing their statement, they may not notice this increased exposure to risk until it’s too late. What about your out of pocket expense? Using the same example as above. You would need to increase your monthly payment by nearly $100 to pay off an extra $3,000 over 3 years at an interest rate of 8% (and we all know you are probably not lucky enough to get an interest rate of 8% on your credit card. In most cases you can at least double it.) Did I mention there would be about $390 in extra interest paid as well?

So thank you, to all our valued members who know that every transaction that you make here at the Energy CU will be with your own best interests at heart. We want you to know that we take our relationship with our members very seriously. If you have any questions about any of our products or services please give us a call at 416-238-5606.

We succeed when you succeed. Here’s the proof!

 

500 Commissioner Branch Closure – March 16, 2017

Please be advised that our branch at 500 Commissioners Street will be closed on Thursday March 16 2017 at 12pm due to a Toronto Hydro maintenance replacement project that will require access to our branch during regular business hours.  For the safety of our members, we will be unable to be open to serve you during these hours.

Members can make deposits and withdrawals through our ATM Machine, which will continue to be functional during these days; and can perform other financial transactions through Online Banking (www.theenergycu.com) and Telephone Banking (416-465-8251).

If you require any other service, feel free to contact our office at 416-238-5606 and we can assist you.  Our Loan Department will still be available during this time, and can be reached at the number above.

Thank you for your understanding.

Happy International Women’s Day!

The theme for International Women’s Day 2017 is “Women in the Changing World of Work: Planet 50-50 by 2030”.They are promoting the theme as #BeBoldForChange.

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.”

For more information about International Women’s Day 2017 please click here!

The Winter Loan Special winner has been drawn!

The winner of our Winter Loan Special has been drawn! Our lucky winner was notified this morning by phone and was very pleased to hear that  his name had been drawn from all the entries that were received. This lucky member had all interest that had accrued on his Energy CU loan returned back to his account! Congratulations!

If you are in need of some financing to get yourself ready for the warm weather why not take advantage of our Give Yourself a Spring Break Loan Special. Whether you want to get away from it all or you would like to get a head start on sprucing up your home or yard for spring, contact us!

You can apply online at here or call our offices at 416-238-5606

Annual percentage rates, terms & financing limits determined by credit history. New money only. Limited time offer. Rate subject to change at any time, additional discounts do not apply. Cannot be combined with any other specials. Membership required. PPSA Fees & other exclusions may apply.