Attention all Essential members!

Attention all Essential members! Please be advised that the annual Membership fee is scheduled to be applied to all Essential accounts by February 28, 2018. 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.

DICO limit is now $250,000

The Deposit Insurance Corporation of Ontario (DICO) is an Ontario Provincial Agency established under the Credit Unions and Caisses Populaires Act, 1994 . DICO’s role is to protect depositors of Ontario credit unions and caisses populaires from loss of their deposits. Deposit insurance is part of a comprehensive depositor protection program for all Ontario credit unions which is backed by provincial legislation.

DICO helps keep Ontario’s credit unions safe and sound by providing deposit insurance and regulating their activities.

  • Your deposits are automatically insured up to the $250,000 limit (unlimited for deposits in registered plans);
  • You don’t have to pay for deposit insurance. Premiums are paid to DICO by credit unions and caisses populaires;
  • They insure most—but not all—types of deposits. See What’s Covered,What’s Not Covered;
  • They insure deposits placed in all credit unions in Ontario. See the list of active Ontario credit unions.

Travelling with your ATM card?

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.

Credit Union Prime Rate Change

Attention all members. Effective 18 January 2018, the Credit Union’s prime rate increased by 0.25% to 3.75%. 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 at 416-238-5606.

There were some changes to our wonderful TFSA rate. The TFSA variable rate will increase to 2.4% 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.

Winter Loan Special 2.83%

Take advantage of our Winter Loan Special. With the introductory rate of 2.83% that will last on all approved loans until 28 February, 2018 time is of the essence! This is for New Money Only and there will be no loan blending if you happen to have a current loan with the CU. On March 1st 2018, we will be having a draw and the lucky winner will receive all the introductory interest they paid on the loan back!

In cash, right to your account!

So, obviously the sooner you apply and are approved, the more potential interest could be returned to you. Also on March 1st 2018, the introductory rate increases to a variable loan rate based on the Credit Union’s prime rate of 3.75%+3.50% APR or the rate reflected in the variable rate Loan agreement on March 1st 2018.

Apply online, or give us a call at 416-238-5606 today!

Bell Canada Data Breach – Stay safe!

With the most recent data breach putting the personal information of possibly 100,000 people at risk, now is a great time to review our post about Password protection. When thieves have one of your passwords there is a good chance they are going to have access to more than just one account. While large companies do their best to secure your information. You need to do your part too.

 

Read more about the breach here.

2018 TFSA Contribution Limit is $5500

  • All interest earned is tax free.
  • Transfer your existing TFSA from other Financial Institutions.
  • 2018 Contribution limit is $5,500
  • Total Cumulative contribution room is $57,500

You can still make your TFSA deposits in a variety of ways. You can choose to make your contribution as one lump sum. You can have an automatic deposit made to your TFSA from your payroll or account on a regular basis. You can also transfer your TFSA funds to the Energy CU from another institution. Please touch base with a TECU staff member to see how easy it can be to earn 3.15%.  If you have any questions about how you can maximize the rate you are receiving for your TFSA please do not hesitate to contact our offices at 416-238-5606.

*Some conditions apply.

Canadian Anti-Spam Law (CASL)

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.

Let’s talk Late!

In keeping with our continuous commitment to ensure our members receive excellent personalized service, our call centre will soon be able to take member calls from 8:30 – 5pm Monday to Friday! Starting 5 February, 2018 you can reach us even later!

Our call centre is staffed by professionals who are ready and waiting to serve our members. Whether you need help with your online banking, or just need a balance of your accounts, our call centre has been designed to improve member response times and augment our member service delivery.

One more way we are there when you need us!

RRSP DEADLINE MARCH 1ST, 2018 – Rate Update!

Don’t miss your chance to contribute to your RRSP for the 2017 tax year. March 1st, 2018 is the last day to make contributions!

If you have an RRSP variable account open you can easily contribute online through our Cyber Banker. If you need funds to take full advantage of your tax break, contact our loan department today! You can borrow for your TECU RRSP at the CU prime rate of 3.75%.

We are also offering Great promotional rates for new money to the CU. Limited time only! Conditions apply!

  • 1 year @ 2.20%APR*
  • 2 year @ 2.45%APR*
  • 3 year @ 2.70%APR *

If you have questions, or if you would like to speak to us about your RRSP please do not hesitate to contact our offices at 416-438-5606 or visit us online at www.theenergycu.com

*Some conditions apply. New Money only. Rates subject to change at any time. Limited time offer.