Summer 2014 - Sunrise Credit Union

Baldur ATM
204.535.5000
Boissevain ATM
204.534.2421
Brandon
204.727.5000
Women’s
Mentorship
Program
page 2
Proud to be your financial institution of choice
in our Manitoba communities.
Construction is well underway
at the new Brandon location!
Cypress River ATM
204.743.2181
Hartney ATM
204.858.2171
Melita ATM
204.522.3272
Minto
204.776.2330
Reston ATM
204.877.3991
Treherne ATM
204.723.3250
Virden ATM
204.748.2907
Waskada ATM
204.673.2774
Summer 2014
Sunrise Credit Union collaborates with other
Manitoba CUs in Support of the Manitoba High
School Athletic Association
Holland ATM
204.526.6470
Sandy Lake ATM
204.585.2609
Baldur
Branch
Annual BBQ
Fundraiser
page 3
Construction
Underway
Brandon
Location
page 4
Deloraine ATM
204.747.2336
Rising Above
®
Wil Weir Memorial Charity Golf Tournament
Unlimited banking
transactions & more
for one flat monthly
fee at Sunrise
Credit Union!
Brandon
Administration Office
204.726.3643
Sunrise Credit Union would like to give a big thanks to our
sponsors and the golfers that attended the tournament.
Without you the tournament wouldn’t have been a huge success.
PLATINUM SPONSORS
CRI Canada
T.L. Penner Construction
TSL Industries
Crescent Point Energy Corp.
Brandon Chrysler
White Owl Service Ltd.
GOLD SPONSORS
Virden Mainline Motors
Wolverine Supplies
Virden Ford Sales
Valleyview Consumers Co-op Ltd.
Third Dimension Industries
Carla McLean - Royal Lepage
Town of Virden
D.B. Higginbotham Electrical, Plumbing,
HVAC and Locating
BDO Canada
River City Cigar Company
Capital Rentals
Subway
Andrew Agencies Ltd.
Integra Tire & Auto Center
Extreme Glass
LRB Electric
Cross Plumbing & Heating
H&G Directional Drilling Ltd.
Four Seasons Sales
Comfort Inn & Suites
Pillar Wealth Management Co.
Gene & Deb Pielechaty
Sunrise Credit Union
Livingstone Landscaping Ltd.
McLean Signs
Virden Oil Capitals
Virden Water & Portables Ltd.
Home Hardware Building Centre (Virden)
Titan Productions
SILVER SPONSORS
G.R. Carscadden Funeral Chapels
McNeill Harasymchuk McConnell
Chicken Chef
John Masson Accounting
A. Wilson Autobody
Renard’s Meat
Western Edge Ltd.
MyPhone.ca
Custom Creations
BRONZE SPONSORS
Midwestern Redi-Mix Concrete
That Special Something
Flower Attic & Gifts
Gibsons of Virden: The Sport & Fashion
Place
Ice Cream Island/Virden Car Wash
Genworth
Virden Recreation & Water Sports
San Tai’s Natural Health
Virden HiWay Grocery
Tundra Oil & Gas Partnership
The Wil Weir Memorial Golf Tournament and Sunrise Credit Union, to date,
have raised $35,160 for organizations in the community and are looking forward
to continued success in the future.
sunrisecu.mb.ca
Along with other Manitoba Credit Unions, Sunrise Credit Union has committed to another three year sponsorship of the Manitoba High
Schools Athletic Association. The sponsorship includes medals awarded at championship competitions and the Manitoba Credit Unions
Scholar Athlete awards for the 2014-15, 2015-16 and 2016-17 academic years.
The MHSAA presents approximately 2,600 medals to first-, second- and third-place finishers in fifty championship competitions held
across the province throughout the school year.
The MHSAA Scholar/Athlete awards program recognizes four students with $1,000 scholarships, for maintaining a minimum 85% academic
average while participating in at least two interscholastic athletic activities. Additional criteria include citizenship and other school activities.
It provides an excellent opportunity to build on our strong presence in the amateur athletic community — already established through the
system’s ongoing support of the MHSAA and sponsorships of Senior Curling Championships, Manitoba 55-Plus Games and the Summer and
Winter Manitoba Games.
MHSAA coordinates competition in all sports at all high schools in Manitoba, regardless of size (schools participate in A, AA, AAA or AAAA
competitions, depending on student population).
Fifty championships are held province-wide each
school year, involving approximately 37,000 student
athletes and over 2,500 volunteer teacher coaches.
Manitoba’s credit unions are the MHSAA’s sole
financial services partner.
Be wary of this
common ‘computer
virus’ telephone scam
It’s the kind of scam that’s just a little too easy to fall for.
Your telephone rings and the person on the end of the
line explains they’re calling from the “Microsoft Windows
Security Centre.” They’re calling to inform you that a serious virus has been detected
on your computer.
For many people, even if they’re initially suspicious, the prospect of a harmful
virus on their computer is enough to keep them on the line. And for many of us, the
vagaries of the inner workings of a computer are enough to plant a seed of doubt. This,
of course, is exactly what the fraudsters are counting on.
Once they’ve got your ear, they will then usually proceed to tell you there is a
downloadable piece of software available to clean up your computer at a reasonable
price. All they need is your credit card information and they’ll install it for you.
If you receive this kind of call, rest assured it is a scam. If you’re concerned about
computer viruses, you can always purchase anti-virus software or have your computer
checked by a reputable firm.
sunrisecu.mb.ca
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The Four Per
Cent Rule — is this
common retirement
benchmark right
for you?
First coined 20 years ago, the Four Per Cent
Rule has become an accepted rule of thumb in
the retirement planning community.
The basic premise is this: If you withdraw four
per cent of your retirement nest egg in your first
year of retirement and then adjust that amount
for inflation thereafter, you should have enough
money to last you through your retirement
years.
However in recent years, as the recession kept
interest rates at near-record lows, the Four Per
Cent Rule began to get called into question.
Economists and financial planners started to
question whether retirees would use up their
savings too quickly in an environment where
returns on their investments weren’t able to keep
up with the withdrawal pace established under
the Four Per Cent Rule.
Given that returns from mutual funds and the
stock market are unpredictable, many retirement
planning experts are beginning to suggest a
more dynamic approach whereby retirees adjust
their withdrawals on an annual basis, based on
the performance of the markets.
And while the Four Per Cent Rule is still
often advocated as a good starting point, other
factors like your retirement age also impact its
applicability. For example, those who retire at 50
need to plan for many more years of retirement,
which may mean that withdrawing four per
cent in the beginning is too high and perhaps
they should start at three per cent. Conversely,
those who retire at 65 may be able to afford to
withdraw closer to five per cent right from the
start.
The right retirement plan for you will depend
on your own financial situation, your retirement
goals and the steps you can take to get there. If
you’d like help with your retirement plan, we’d
be happy to discuss it with you.
Sunrise Credit Union participates
in The Women’s Mentorship
Program for Second Year
Manitoba’s credit unions
continue to put service
ahead of profit
When approached by
the Canadian Co-operative
Association (CCA) to
participate in The Women’s
Mentorship Program again,
Sunrise Credit Union
immediately agreed, this
being its second year.
In 2013, the Baldur
Branch was chosen to host
an international visitor,
Tapiwa Chima, from the
beautiful and peaceful
country of Malawi, Africa. The experience proved rewarding for both Tapiwa and the
branch staff. Tapiwa learned more than she thought possible, and branch staff learned
about her country and her life…a truly great experience for all.
This year, Sunrise Credit Union’s Boissevain Branch hosted Mary Kuma, from NewLongoro, in the Kintampo North Distric of Brong Ahafo Region of Ghana, West Africa.
Mary has been with the Co-operative system since 2001 and is currently the Assistant
Manager at Ebenenzer Co-operative Credit Union.
Boissevain staff and Mary both found the differences in technology and processes
between each region fascinating. Because most businesses in Mary’s region only accept
cash, there is no ATM machine, credit cards, or statements. All dealings are done with
a passbook and people do not write very many cheques.
Also interesting to staff was that in Mary’s region of the world, they do not have
street addresses. In order to approve a loan; lending staff have to follow the Member
home so they know where they live in case they have to follow-up with a delinquency.
They also attend their work place so they know they are working.
When asked, Mary commented that she loved the whole experience of working
within Sunrise Credit Union. Mary commented, “It was a very valued experience. The
front line staff welcomes Members inside. While doing transactions, the conversation
is friendly. It lets the person feel free, to even tell their troubles, to help deal with
problems and other things”. She went on to say, “There is lots I’ve learned that will help
us back home, when interacting with Members and dealing with collection problems.
Our Credit Union is run by boards of governors and staff, so we talked of governance,
how peacefully we can run our Credit Union, how to settle grievances, to help our
Credit Union grow.”
Boissevain Staff found the whole experience very rewarding; learning about the
Credit Union system in West Africa and appreciating the technological advances we
have here in Canada.
As financial co-operatives, credit unions are unique in the financial services
industry in that they’re owned by their members. This means that instead of placing a
priority on generating profits for the benefit of shareholders, credit unions put service
first.
It’s a model that continues to prove popular with Manitobans. In fact, the provincial
credit union system gained 14,000 new memberships in 2013, meaning that well over
600,000 Manitobans now belong to a credit union.
It’s not just individuals who prefer credit unions either. More than half (57 per cent)
of Manitoba businesses with annual sales under $5 million consider a credit union to
be their primary financial institution.
Being locally owned and managed means the values of the credit union reflect the
values of its members. It also means an emphasis on service — something Manitobans
have noticed.
Research conducted by Credit Union Central of Manitoba, the trade association for
the province’s 36 credit unions, found that 51 per cent of credit union members say
they are “very satisfied” (44 per cent “satisfied”), compared to 31 per cent of customers
of other financial institutions who are “very satisfied” (62 per cent “satisfied”).
National numbers grow as well
Manitoba is far from the only province where credit unions continue to add new
members. Across the country, more Canadians are becoming members of credit
unions every day.
More than 5.3 million Canadians now belong to one of the 326 credit unions in
Canada. By the end of 2013, the credit unions and caisses populaires affiliated with
Credit Union Central of Canada reported over $160 billion in assets, an increase of
$8.3 billion over 2012.
Baldur Branch raised $1,500 for
the Children’s Wish Foundation
through their annual summer
BBQ and fundraising raffle.
Variable or
fixed-rate
— what’s the right
mortgage for you?
If you’re in the market for a mortgage, one of
the first — and most common — questions to ask
yourself is whether you want a variable or fixed-rate
mortgage.
Variable-rate mortgages, which have been
around in Canada since the 1990s, are typically set
at a pre-determined percentage above the prime
rate and then fluctuate up and down with prime.
The interest rate is generally a little lower than that
of a fixed-rate mortgage, which offers the peace of
mind of having a locked in rate for the duration of
the mortgage term.
At a time when interest rates are expected to stay
the same or decline, variable-rate mortgages are
usually the more attractive option. But when faced
with rising interest rates, locking in at a fixed rate
can be a good way to reduce the risk of unexpected
mortgage payment increases down the road.
These days, despite the fact that the Bank of
Canada has held its overnight rate steady since
September of 2010, more Canadians than ever say
they would choose a fixed-rate mortgage if they
had to make the decision today. A recent Nielsen
poll found that 48 per cent of Canadians would
now choose a fixed-rate mortgage, compared to
31 per cent who would opt for a variable-rate
mortgage and 19 per cent who were undecided.
That marks the fourth consecutive year where
fixed-rate mortgages have been the most popular
option.
Which mortgage is best for you? If you’re unsure,
we can help. Visit Sunrise Credit Union today to
work through your options.
Want a Better Community?
Keep Your Money in Manitoba!
Choose a Sunrise Credit Union Mortgage.
sunrisecu.mb.ca