News & Events

Returning and Repaying CERB Expand/Collapse

The Canada Emergency Response Benefit (CERB) was created to give financial support to employed and self-employed Canadians who were directly affected by COVID-19.

If you received CERB but are later found ineligible, the payments you received are required to be returned or repayed.

If the payments are not returned or repayed by December 31, 2020 you will need to pay tax on the full CERB amount you received and will still be required to repay or return the full amount.

For more information on determining your eligibility and/or learning about returns or repayment, click here or follow the link below.

https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/return-payment.html

Bank Notes Removed From Legal Tender - January 1, 2021 Expand/Collapse

In accordance with amendments to the Bank of Canada Act and the Currency Act approved by Parliament in 2018, the federal government recently decided to remove legal tender status from some older bank notes as of January 1, 2021. This change will affect the $1, $2, $25, $500 and $1,000 notes, which are no longer being produced. Essentially, this means that Canadians will no longer be able to use them in transactions.

Most Canadians will not be affected because the bank notes targeted by this announcement have not been produced in decades and are rarely used in transactions.

Importantly, these bank notes will not lose their value. Canadians can redeem them at face value or decide to keep them. Those who wish to redeem their bank notes can do so most easily at their financial institution. They can also send bank notes directly to the Bank of Canada.

The Bank of Canada supports this initiative, which helps ensure that the bank notes used by Canadians are current, in good condition, easy to use and difficult to counterfeit.  

The government has indicated there are currently no plans to remove legal tender status from any other bank notes.

Interac E-transfer Interception Fraud - Dec. 9, 2020 Expand/Collapse

More than 370 million Interac e-Transfers worth over $132 billion were sent in Canada in 2018.  This method of sending and receiving money from friends, family and merchants is so simple and convenient there is no mystery why e-Transfers have become so popular in recent years.  

But unfortunately, with every new technological advance there are fraudsters waiting to take advantage.


What is an Interac e-Transfer Interception?

An interception happens when an Interac e-Transfer does not reach the intended recipient.  The recipient’s receiving device (computer, mobile phone, tablet etc.) has been compromised and the fraudster has redirected the transfer to another bank account. The fraudster was able to reroute the funds to another account by answering the test question correctly. 


How do I protect myself from an Interac e-Transfer Interception?
  • Sign up for Autodeposit to have money automatically deposited to your account without answering a test question. With Autodeposit enabled, even if your e-mail account was compromised there would be no way for a fraudster to redirect the funds.
  • Ensure your intended recipient also has Autodeposit enabled to avoid your sent money being redirected if your recipient’s e-mail is compromised.
  • If you do not use Autodeposit, ensure you choose a strong security question (not something that someone could guess) and do not include the answer in the notes section.
  • Avoid sending the security question and answer via e-mail, text message or social media.  If your device or social media account has become compromised, the fraudster will have access to this information.  If possible, call the recipient to give them the answer to the security question.
  • Do not reuse the same security question and answer for multiple recipients.

Please contact the office for more information or click here:  
https://www.interac.ca/en/consumers/products/interac-e-transfer/

Exchange Network ATM Update Expand/Collapse

A change impacting a large number of surcharge-free ATMs at Macs, Couche-Tard, and Circle K Convenience Store locations across Canada has recently been made.

If your favourite location is no longer available, please use THE EXCHANGE ATM Finder App or visit TheExchangeNetwork.ca to find another location.

Check Out Our New Learning Centre! Expand/Collapse

We're proud to offer an awesome new series of financial education videos designed to help our members learn about money!

Take a look at the videos on our new Learning Centre Page!
 

Find Branch/ATM

Enter address, postal code or branch name

Get in Touch