Be Alert about your Alerts!

Scammers will try many different ways to trick you out of your hard earned cash. There have been reports of other customers of large financial institutions falling victim to fraud. This time with the account alert systems. If you enjoy getting our alerts please remember that The Energy Credit Union would not solicit any personal information from you via these alerts. Do not reply to these alerts if you are prompted in any way. If you are unsure please contact the branch directly at 416-238-5606 with any questions.

The Energy Credit Union does not send text messages or emails that ask you for your password for online and mobile banking, Personal Identification Number (PIN) for either your Member Card or credit cards, account numbers for any type of account, answers to your security questions, or access code for adding payees.

Here is a link to an article that tells how a couple in Nova Scotia got scammed when they replied to a text they received from what they thought was their financial institution.

Stay safe!

Credit Union Prime Rate Change

Attention all members. Effective 12July2017, the Credit Union’s prime rate will increase for the first time in 7 years by 0.25% to 3.25%. This rate increase may affect some Credit Union member’s variable loan and deposit rates. If you have any questions please do not hesitate to call our offices and speak with a lender at 416-238-5606.

There will be no change to our wonderful TFSA rates. The TFSA variable rate is still 2.15% with no minimum and without locking in your funds. If you want an even better rate of return you can choose to lock in your TFSA funds for 3 years for 3.15%. If you have any questions about TFSAs and how you can take advantage of these great rates please let us know by dropping in a branch or calling us at 416-238-5606.

We’ve Got Your Back!

On July 6, 2017 OSFI released recommended changes to the B-20 Guidelines for sound residential Mortgage Underwriting.  The changes align language throughout the guideline with OSFI’s July 2016 letter and clarify and strengthen expectations in a number of specific areas, including;

  • Requiring a qualifying stress test for all uninsured mortgages;
  • Requiring that Loan-to-Value (LTV) measurements remain dynamic and adjusts for local market conditions where they are used as a risk control, such as for qualifying borrowers;
  • Expressly prohibiting co-lending arrangements that are designed, or appear to be designed to circumvent regulatory requirements.

These are only a small number of changes that have taken place within the past year to try to cool the housing market, and it looks like it may be working.  Housing Sales in Canada have dropped significantly over the past several months, and what we are starting to see and hear from our members, is that Banks are reneging on prior Pre-Approval Commitments to their clients.  If these are the type of practices going on at the Banks, then we are happy to differentiate ourselves from referencing the words Bank, Banker or Banking  Check out this article for more information.

The Credit Union although not regulated by OSFI, does recognize these standards as prudent sound lending practices; however, knowing how important a home purchase can be for our members, we wouldn’t think of withdrawing an approval once we have made our commitment to you.

If this has happened to you, We’ve Got Your Back! Contact us today to see what we can do to  assist you with your home purchase or refinance.

Gerdau Shutdown hours

The annual scheduled Gerdau plant shutdown will be happening between July 17-28, 2017.

The credit union hours of operation for members will be as follows.


July 18th                   12:00pm – 3:00pm

July 20th                   12:00pm – 3:00pm

July 25th                   12:00pm – 3:00pm

July 27th                   12:00pm – 3:00pm



Canada’s Anti Spam Legislation (CASL)

Hey Members! We need your help! Express your consent to allow the Energy CU to send you electronic messages from time to time.

The Canadian Anti-Spam Law (CASL) went into effect July 1, 2014. It is in place to protect Canadians while ensuring that businesses can continue to compete in the global marketplace. On July 1, 2017 the third phase of CASL comes into effect. From time to time Energy CU staff may contact our members via email or other electronic means in order to serve them more efficiently. If at any time you would prefer not to receive electronic messages from The Energy Credit Union Limited, please contact us by email or phone 416-238-5606.

You can give your consent online here.

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.

“A rose by any other name would smell as sweet…”

“Banks” and “banking” are words that we use on a daily basis to describe our services to our members. Now we’re told that using these words is confusing Canadian consumers. 

Maybe Shakespeare said it best…  “A rose by any other name would smell as sweet…” the names of things do not really affect what they really are. A bank is a bank and a Credit Union is something much more special.

We will have to divert precious funds belonging to our members so that you are not confused! Don’t be confused! To be clear, by accessing your account at the credit union online, you are not magically transported to an account of a BANK. You are logging into your CU account, not a place that you had thought was a bank, but was really a completely different kind of financial institution disguised as a bank. Clear?

As if you didn’t already know that a Credit Union is different! That’s likely why you opened your account with us in the first place. Because you knew there was a big difference. Do regulators really think Canadians are so confused that they cant tell a BANK from a Credit Union? Well, OUR members certainly can tell the difference. Our testimonials have proven that we stepped up when the BANKS failed our members. We gave free services and compassion when the BANKS charged fees and only saw the situation in black and white.

Our members know the difference between a bank and a Credit Union. And now it seems that the profits we are returning back to our members must be diverted into the costly task of fluffing a non existent “problem” into rigid compliance situation. There were no firm regulations to reign in the BANKING industry from over charging and other unscrupulous acts BUT…  don’t worry!  Regulations now exist so that you will be able to tell the difference between a BANK and a Credit Union. We know our members can tell the difference and won’t get confused. A Bank is still a bank and a Credit Union is still a financial institution that you can trust.

Together we are stronger.

We encourage you to contact your local MP’s and let them know how you feel about this matter as well!


Blah! Blah! Blah! We are not a BANK!

Hello Members,

Just in time for the long weekend in July (Canada Day), The Office of the Superintendent of Financial Institutions (OSFI) issued advisory 2017-01 which has restricted The Credit Union’s use of the words “bank”, “banker” and “banking”.  After using these terms for over 78 years, the Credit Union is no longer permitted to use these words effective immediately.  Unfortunately, this is not an April Fool’s Day joke.

As we commence the very costly and timely removal of these words on our website, other electronic mediums, print materials and other signage, we will be utilizing the word ‘blah’ and other similar terms until we find a more suitable term for such known services as ‘on-line banking’, ‘telephone-banking’ and other similar services that you have become accustomed to over the many decades that we have been in business as your financial service provider of choice. Perhaps we have been doing such a great job in returning our profits to our members instead of gauging you at every opportunity that the BIG guys are working on finding ways to curtail their competition? Nevertheless, we truly regret any inconvenience or confusion this may cause and thank you for your patience as we look to find other suitable terms.

Not happy about this?  Neither are we quite frankly. We therefore encourage you to contact your local MP’s and let them know how you feel about this matter as well!

The Energy Credit Union Limited

For more information:

Please click here.