Holiday Closure

Please be advised that all Energy CU branches will be closed for Labour Day, Monday September 4th, 2017. Branches will re-open Tuesday September 5th, 2017.

Did you know? You can bank when and where you like!

You can access your account 24/7 with our Mobile App (for iOS and Andriod), online through our Cyber Teller or our Telephone Teller. We have Remote Cheque Deposit through your Smartphone too! If you are not yet signed up for these free services give our offices a call! For more information: dial 416-238-5606, reach us toll free at 1-888-942-2522 or please visit us online at www.theenergycu.com .

It’s not PC… CIBC, what are you really doing?

Low fee banking customers of PC Financial are feeling the sting of an announcement released this August stating that PC Financial will be soon no longer offering banking services, and starting November 1st, 2017 all current customer accounts will be transferred to CIBC’s newest offering, “Simplii”. PC Financial is popular with people who prefer the ease and security of doing their banking online while taking advantage of the lower fees associated with handling your finances this way. You couldn’t go into a branch if you wanted to do your banking with a teller, but you could have 24-7 access to your accounts electronically.

CIBC says don’t worry! You don’t have to do anything! Everything will be exactly the same. They are hoping to prey on your complacency. Think it’s too much trouble to change the account that you have had active for years? Well, now might be the time for you to really evaluate what this could cost you. Moving your account to the Credit Union might be your best bet. Easy one on one interaction through Skype and the telephone as well as 24/7 electronic access to your account through our free telephone teller, online access and our mobile app.

According to the letter sent to PC Financial Customers, if you do nothing and “continue to use or hold your banking product or service after the changes take effect, you are accepting these changes.” “If you choose to cancel, you remain responsible for repaying all amounts outstanding on your accounts on the date of cancellation and for any tax or other amounts which may become due with respect to your accounts.”  We see red flags! Do nothing and accept the changes, wait and see what these changes really are and be bound to them. This wording seems to imply that there will be fees associated with the closure of your account, moving TFSAs, RRSPs and other investments. These registered investment accounts of course could have tax implications for you if you don’t pay special attention.

Let us next look to what this also could mean. When the Big Guys are involved it usually comes down to dollars. Oldest trick in the book. Start off free and once you’re hooked in, start raising the fees. But it will likely go slowly, so you don’t feel it. It might be just a matter of time until this new venture from CIBC becomes “financially nonviable” and everyone is converted to a regular CIBC customer from this “low fee” model. Yesterday CIBC announced that dividends were increased, as they posted a third quarter net income of  $1.1 BILLION. Remember how the banks make their money… from YOU! The customer. Where does this money go? Shareholders of course, and as bonuses to those big executives. Which you are NOT. You, are a customer.

The Energy Credit Union returns it’s profits to the shareholders too. But therein lies the difference, our shareholders are YOU! Our members are owners and the profits we make go right back where they came from… you! Free products and services. Competitive interest rates on loans and deposits (like 3.15% on our 3 year TFSA term, 2.15% on our TFSA variable). Our subsidized events are popular and sell out over and over. With trust, loyalty and compassion we care about making your financial position better. Don’t wait to see exactly how the banks will make their next BILLION from you. Switch to the CU, with ClickSwitch to easily transfer their Direct Deposit, Bill Payments or pre-authorized Withdrawals service its even easier than ever before. We also offer MasterCard and insurance through the Personal Home and Auto Insurance.

We are here for you! Please call us today at 416-238-5606 to find out just how easy it can be to enjoy all the benefits that membership brings!

The Energy Credit Union welcomes federal government review of common banking terminology

The Energy Credit Union is pleased with the recent decision by the federal government to review Bank Act restrictions around the use of the terms “bank, banker and banking” by credit unions as part of its ongoing review of the federal financial services framework.

The review follows a decision by the Office of the Superintendent of Financial Institutions (OSFI) to issue an advisory on June 30 outlining its interpretation of the Bank Act restrictions.  These restrictions contemplate the possibility of criminal charges and millions of dollars in fines against credit unions and other non-banks that use the term “bank,” “banker,” or “banking”.

The Energy Credit Union is pleased that Finance Minister Morneau’s office has decided to review a rule that if interpreted in the way outlined by OSFI in June, would have made it very challenging for credit unions to compete fairly with banks.  Throughout the process we have been looking for a common-sense solution that would allow credit unions to speak in a language familiar to Canadians, without anyone confusing us with banks.

Following the release of the consultation paper, the Office of the Superintendent of Financial Institutions (OSFI) said it was “suspending the compliance expectations set out” in the June 30 advisory  pending the Department of Finance’s review of the Bank Act restrictions. OSFI will revisit the issue once the Department of Finance has announced the completion of its review.

At this time we would like to sincerely thank all members who have voiced their concerns regarding this issue with their local MP’s.

 

Together we truly can make a difference!

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. If you are a frequent traveler to the US, you can sign a Bond of Indemnity which would allow you to have full access of your card without having to notify us each time, for the states you specify. Some conditions apply. For more information please contact us at 416-238-5606.

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