The credit union will provide suitable product and service information that is easy to understand, and considers the financial needs of the Member, Account Holder, or Consumer. Up-to-date information is made available to individuals before and after a product or service is acquired. Our documents are clear and contain all the financial implications of a transaction.
When someone opens an account, we ensure they are making an informed decision by letting them know the key features of an account and any associated risks, exclusions, or limitations. We make sure they are aware of the financial implications of a transaction, that they understand all related costs, and that they know the terms and conditions and their rights and obligations. We draw special attention to the key areas of an agreement, including fees and charges, changes to the agreement, applicable restrictions, overdraft protection, deposit insurance coverage, and other relevant terms and conditions.
To ensure people are fully informed, when a member or account holder acquires a product or service, we provide them with the related documentation. Account holders receive regular statements and are advised of any changes. If a statement has already been provided, we may charge a reasonable fee to provide a duplicate copy. The credit union gives advance notice of changes to agreements, service fees or account structures, and interest rates in accordance with applicable legislation. In cases where notice is not legally required, the credit union may provide notice on their website, in-branch, by mail or electronically. Where no such rules exist, we follow the rules agreed to by the credit union and the provincial regulator.
The credit union provides general mortgage information for members and account holders with mortgages on request. This information includes a contact number the Member or Account Holder can call to obtain additional specific information about their mortgage.
Branch and ATM Closures
We understand the potential inconvenience that the closing of a branch or ATM may have on our Members and Account Holders, and thus we make every effort to alert our members to the closing of a branch or ATM as soon as possible. The credit union will notify Members and Account Holders of any closures – permanent or temporary – in accordance with applicable legislation. In cases where no legislation applies, notice may be communicated by the credit union on their website, inbranch, by mail or electronically.
Because we often use the terms “bank,” “banking” or “banker” in our marketing materials, we make sure account applicants new to a credit union understand that the account is not being opened in a bank. We call this process onboarding. Customers new to a credit union may not be clear on the distinction. We verify that they understand the account is with a credit union and not a bank.
Identifying Deposit Insurance System
When identifying our deposit insurance system, we follow the restrictions, guidance, requirements, and display and advertising rules established by provincial deposit guarantee or insurance corporations