Spring 2014 Newsletter - Education Credit Union

NOT JUST A FINANCIAL INSTITUTION
MEMBER FEELS AT HOME WITH EDUCATION CREDIT UNION
As a member/owner, Steven Staveley says he
couldn’t be happier with how he banks. With so
many banking institution choices available, he’s
pleased to call Education Credit Union his own; “I
feel at home with them,” he says.
Steven, who works for Babcock and Wilcox in
Cambridge, has been a member of the credit
union for almost 30 years, way back when it was
known as Canadian General-Tower
(Galt) Employees’ Credit Union;
and, says he wouldn’t have it any
other way. He finds that the relaxed
atmosphere and welcoming banter
to suite his style; “I like the fact that
everyone knows my name”. The
ladies at the Cambridge Branch.
“welcome [him] in, always have a
smile and go out of their way for
[him]. It’s a laid back experience that
makes [his] day enjoyable”.
ding free network.
Another very convenient option is that his entire pay
is directly deposited into this full service account.
He likes the fact that money for his savings/
investment plans come directly off his paycheque
and when his wage increases, he asks for the
wage increase to apply to his investments as well.
“It’s out of sight and out of mind, I like saving that
way,” he says with a smile. And,
with the low account fees, Steven
is able to save more money. “I like
that everything is geared toward
the member, low fees and ease
of convenience. I find I have more
money in my pocket then when I
belonged to a major bank. Plus, it’s
nice to be a member/owner”.
“Quite
honestly,
I have
no need
to bank
anywhere
else.”
Steve visits the Cambridge Branch
a couple of times a week to get
his banking done and check on his
accounts. Not only does he enjoy
the personalized service but he says that he likes
the low fee structure, the good investment rates,
the fact that the credit union offers everything the
major banks offer and the great hours. He finds
that after work, he can slip over and do his banking
before heading home, “It’s convenient and easy for
me”. On weekends when he needs to pay a bill or
get money, he finds it easy to bank online or use
one of the surcharge-free ATMs that are part of the
However, Steven feels he could be
doing more with his finances; “I
really want to speak to the Wealth
Management department about
TFSAs and RRSPs. I’ve been learning
about TFSAs and I know I can do
more to save more, so that’s my
next step”.
Although credit unions don’t waste millions of
dollars on advertising or TV ads, the limited
promotions are starting to catch on and Steven has
noticed this; “Everything the ads say about friendly,
courteous and reliable service is true. I believe you
get this when you bank with a smaller, caring credit
union like ECU. Quite honestly, I have no need to
bank anywhere else”.
IT’S YOUR MONEY –
GET IT FAST.
ENROL IN DIRECT DEPOSIT NOW!
The Government of Canada is phasing out cheques
in favour of direct deposit by April 1, 2016.
All Canadians and Canadian businesses must
therefore register for direct deposit as soon as
possible to avoid missing the deadline.
What is direct deposit?
Every Canadian with a bank account in Canada
is eligible for direct deposit. It is the electronic
transfer of funds that allows Government of Canada
payments to be deposited directly into your credit
union account instead of issuing you a cheque. You
do not need a computer or internet access, and can
continue to access your bank account as usual.
The many benefits to direct deposit:
•C
onvenient: You have faster access to your
money with virtually no risk of your payment
being delayed as a result of unforeseen
circumstances.
•R
eliable: Your payment will always be on time,
and your money can begin to earn interest
right away.
•S
ecure: Your direct deposit payment is safe and
secure with virtually no risk of your payment
being lost, stolen or damaged.
• L ow-cost: With fewer cheques to print and mail
the government is saving Canadian taxpayers’
money.
How do I enrol for direct deposit?
We can help you to complete the enrolment form
and we’ll even send it in for you! Simply contact
your branch and speak to a Member Services Rep
or send an email to [email protected] and
we’ll contact you.
Dennis Daub
Scholarship Winner!
Education Credit Union
is pleased to announce the winner of the
$1,500 Dennis Daub Scholarship:
Shyanne Langer
Shyanne will be attending Wilfrid Laurier
University, studying Business Administration.
Congratulations and
Good Luck from ECU!
A BETTER CHOICE
BY MELANIE MONDOUX,
EDUCATION CREDIT UNION, CEO
The weather is finally turning nice and I am getting
out for extended walks with the pooches. As I do
so, I see all the mobile signs that tend to pop up
this time of year. In my neighbourhood I pass by
many other financial institutions. One area in particular has four — one on each corner. All of them
are advertising mortgages with a big focus on the
rate, displayed in big, bold splashy numbers!
When you’re shopping for a mortgage, don’t
be blinded by low rates alone. There are many
other considerations you need to weigh, including
initial and ongoing fees, pre-payment options and
restrictions to name a few. ECU Mortgage Specialists will provide you with unbiased information and
advice, even if it means we ultimately lose your
business. Give us an opportunity to talk to you
about how we can help, and compare our mortgage
package against the others. I have no doubt that
you will be impressed with our service, our products, and our rates will be competitive as well.
Tell us what your goals are and then let us help
you achieve them. Maybe you need to do renovations and it is time to re-mortgage, or perhaps a
Home Equity Line of Credit, our MERITline, better
suits your needs. Our Mortgage Specialists will be
there for you during the life of your relationship with
ECU, and will help to guide your financial decisions,
whatever your stage of life.
Go ahead, dream big, but also plan big. Don’t forget to check ECU first. You’ll be happy you did!
ECU Mortgages
have a lot to
offer, including:
•
•
•
•
Discounted rates
Pre-approval
Generous prepayment options
No-cost transfer from another financial
institution upon renewal
• Flexible repayment terms to match your pay
schedule
• Conventional and high-ratio mortgages
A mortgage through ECU can be used
to finance a home, cottage, renovations,
additions and more. Our MERITline Home
Equity Line of Credit is also available to you.
Take advantage of low interest rates, flexible
repayment options, and access to funds when
you need them with the MERITline.
TAX REFUND TIPS
TURN YOUR REFUND INTO SAVINGS
There are few times of
year more joyful than
the day you finally
receive your good ol’
tax refund. However,
while it’s always good
news to discover that
you’re a bit wealthier
today than yesterday,
it’s also important to
remember two things:
1. T his is YOUR
MONEY, and it always has been. The
Government just “borrowed” it for a while.
2. Since this is your money, you can CHOOSE TO
SAVE it if you want.
You don’t have to spend it on a new big screen
TV or a sleek new laptop. Of course you can, but
instead consider saying: “This year, I’m turning
my tax return into big savings!”
And if that sounds like a good idea, here are three
ways to make it happen:
1. Grab some RRSPs.
Yes, the RRSP deadline ended a short while ago,
but there’s really no such thing as “RRSP Season”.
And if you start contributing towards your maximum
contribution amount now, you’ll benefit from compounded interest, and avoid the last-minute stress.
2. Invest in your TFSA.
Remember, unused contribution limits carry forward
indefinitely. So if you haven’t maximized your
annual deposits, then you can make those deposits
right now (up to your current contribution limit).
And while TFSAs don’t give you a tax deduction like
RRSPs do, they offer you a reward that’s just as
nice: your investment earnings are 100% tax free.
3. Pay down your high interest debt.
High interest credit card debts and other high
rate loans put a major dent in your savings power,
because you have to pay the interest with aftertax dollars. In other words, to pay $100 in interest
each month, you might have to earn as much as
$200 depending on where you live and your tax
bracket. You can see why paying down high interest
debt ASAP makes clear financial sense. And while
you’re at it, you might also look into consolidating
your debts or transferring balances to a lower-rate
borrowing option. ECU’s Fresh Start Loan is a great
option for reducing your debt (see Taming Your Debt
article and sidebar).
The Bottom Line
At Education Credit Union, we’re here to help turn
your tax refund into big savings and get the most
from your money. Contact your branch or visit us
online to learn more.
TAMING YOUR DEBT MOVEMENT AT ECU
A LOOK AT PERSONAL FINANCES
GOODBYE’S AND CONGRATS!
According to a study by credit reporting agency
TransUnion, $28,853 is the record-high debt load
that the average Canadian consumer will shoulder
by the last quarter of 2014 – an increase of over
$1,000 (more than 2%) from the same period
in 2013. This amount excludes mortgages, which
when added to the liability mix, calculates to an
average Canadian consumer debt-to-income ratio
of 1.63 – yet another dubious all-time high.
At the end of January we said a tearful goodbye
to Nancy Hogan after 7 years as ECU’s Graphic
Designer extraordinaire. Nancy got married and
moved to California with her husband. We wish
her all the best!
The fact is, getting into debt is all about the misuse
of resources. Start applying the 3Rs to your finances – reduce, reuse, recycle – and you’ll discover
that things that are good for the environment are
also good for your credit union account.
As a result of Nancy’s departure we’d like to
welcome Angela Burkholder to Marketing as
Marketing Assistant. Angela has worked at our
Waterloo Branch for the past year and can now
be found at our Ardelt location.
Another welcome to Amy Freiburger who has
worked at our Cambridge office for almost 4
years. Amy is now Marketing/IT Assistant and
works in both the Cambridge and Ardelt Branches.
Reducing costs and waste often begins in the
same place: the fast food joint. For example, a
grande cafe mocha from Starbucks with whipping
cream, rings in at an average $4 a cup, three times
a week, that’s $624 per year. Or to measure it another way, that’s 62,400 calories (which unburned,
will add 18 pounds). Then there are the paper cups
and plastic lids to consider. By contrast, filtered coffee comes in at about 20 cents a cup, when home
brewed and poured into your own mug.
We are happy to welcome Janine Coyne back
at our Waterloo Branch after a leave so be sure
to stop by and say hello!
Need to reduce the weekly grocery bill? Buy bulk
foods. Go vegetarian twice a week. Eliminate packaged and processed foods from your diet. Cook
meals from scratch and freeze the leftovers for later.
And finally, a big Happy Retirement to Valerie
Fessenden, who after 16 years with ECU, can
finally kick back and put her feet up!
Reducing energy consumption saves money,
so turn off lights, hang-dry clothes, shut off the
computer, and wear sweaters indoors. Limit car use
by walking, cycling, carpooling, or using transit. Or,
consider joining a local car co-op which charges a
user fee for trips as short as an hour.
Congratulations to Jennifer Restago who
after 14 years as a Member Services Rep, is
now the Financial Administrator for our
Cambridge branch.
Another congratulations to Connie Murphy who
is now a full time Member Services Rep in our
Cambridge branch!
Dowload your application today!
ECU’s
Fresh Start
Loan 2014
Purchase a smaller home and you’ll find all your
costs decline, including the mortgage, heating,
insurance, maintenance, gardening, and decorating.
In 2001, Hamilton, Ontario’s Dianne Nahirny
wowed Canadians with her book Stop Working, Start
Living, which detailed how she retired at the age
of 36, without winning the lottery. Her single most
effective idea was to spend as little as possible on
necessities that would devalue.
“Think of all the options before parting with your
cash,” writes Nahirny, who would borrow, rent, or
buy secondhand before heading into the malls.
Discover the debtor’s best friend: a budget. Just like
the earth’s resources, yours are limited so you need
to plan how to use them effectively.
If you’re currently facing debt, come in and speak
with us. Get an application for a Fresh Start Loan
which offers easy, manageable rates or just speak
with our professionals. We are here for you!
Combat debt!
Now is the time to take advantage of this great low
interest offer. Combine all your bills into one, then pay
it off with easy, manageable rates starting as low as:
7.90%
*
*Subject to OAC, apply before June 30, 2014!
ECU
SOLUTIONS
SPRING 2014
INSIDE:
Not Just a Financial
Institution
Are You a Silver Single?
It’s Your Money
Tax Refund Tips
A Better Choice
Taming Your Debt
At ECU, Social Matters!
Like us on facebook and follow us on twitter! #localisbetter
ECU will be closed Canada Day Tue., July 1; Civic Holiday, Mon., August 4 & Labour Day, Mon., September 1
CONTACT US
EDUCATION CENTRE
6-51 Ardelt Ave.
Kitchener, ON, N2C 2S9
TECHTOWN
103-340 Hagey Blvd.
Waterloo, ON, N2L 6R6
CAMBRIDGE
27 Water St. N.
Cambridge, ON, N1R 3B2
T: 519.742.3500
F: 519.742.6072
T: 519.772.3050
F: 519.772.1063
T: 519.623.2211
F: 519.623.2051
HOURS: Monday to Friday: 9:30am to 5:30pm
CO-ORDINATOR, WRITER
& GRAPHIC DESIGN:
Dennis Roberts
EDITOR:
Shari Freiburger
CONTRIBUTIONS:
Angela Burkholder
ECU WEALTH MANAGEMENT
Credential Asset Management Inc.
Tel: (519) 742-9998
/personalfinancingsolutions
Credential Securities Inc.
Tel: (519) 742-9370
/education_cu
Credential Financial Strategies Inc.
Tel: (519) 742-9998
/educationcreditunion
MEMBERDIRECT PHONE BANKING: 1-866-862-4437 (Canada only)
WWW.ECUSOLUTIONS.COM