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 We C.U. here. Reap the many benefits. Nobody
tells The Credit Union story better than our members. Chances are, you’ll
benefit from your membership as well. Newsletter Testimonials "A couple came in looking for some advice on how to fund their bathroom renovation, after a financial consultation we decided the best way to go was to finance the renovation with an equity line of credit. This way, once the bathroom was completed, there would be funding in place for the next step – a great gourmet kitchen. The Credit Union Home Equity Line of Credit saved money, provided flexible payment options and gave our members the ability to continue renovating their house over the long term, accessing funds only when needed." "Recently, a member came in to share she was being relocated from one town to another by the ministry she works in. The member had her mortgage, LOC, truck loan and investments with us and was hoping it would be simple and easy to go through us for the new purchase. She was right. Within a couple of hours we had provided her with a mortgage pre-approval and let her know we would take care of the paperwork on her new mortgage. With her pre-approval in-hand she could concentrate on finding her new home. Our member thanked us for making her move that much easier. We are always pleased when we can provide our members with a solution that makes their lives easier and less stressful. After all, as your financial advocate, that is what we strive to do." “A member was looking at purchasing a new car and was originally looking at a dealership with 0% ἀnancing. After we educated our member on the hidden costs of 0% financing, and we ran the total cost of repayment for the 0% financial deal and our 3.99% car loan it became clear the loan through The Credit Union would save him money. Our member was happy he got the car he wanted for even less money than originally anticipated." “Two years ago we spoke with a member who wanted to start saving for a down payment on her first home. We set up a plan to not only save for her down payment, but also to pay-off her student loan. Just a few months ago the member was ready to look for her first home and had saved more than enough for a down payment. When she was ready we provided her with a mortgage pre-approval to help with her search and answered all the questions a first time buyer has. Recently our member moved into her new home. As her financial advocate we were with her every step of the way, from the start of her savings plan to the purchase of her new home. It’s alwaysgratifying to see a plan succeed." "A member called regarding a transaction in his chequing account, I noticed he paid over $120 in service fees in one month. After reviewing the account activity, I recommended the member switch to our ‘Unlimited’ Power chequing package,which would save him over a $100 a month in service fees. The member who was not aware of how much he had been paying in service fees was ecstatic over his new found savings." “Retirement was on the horizon for one of our members and he was not sure if he had saved enough. After we reviewed his financial portfolio and retirement benefits he was relieved to find out he was in better shape than he thought. To assist in meeting his financial goals we set up a retirement plan and opened RRSP and TFSA accounts. As our members’ financial advocate, it is always a great feeling to know we helped a member change concern, into peace of mind.” “Recently a member came to us for a loan. We reviewed his finances and suggested
he switch chequing packages, pay off his
overdraft and consolidate debt. Our member
agreed and once we were finished we had
increased his monthly cash flow by decreasing
his chequing account service fees, eliminated
his overdraft interest and fees and reduced
his overall loan interest rate. Our member
ended 2009 in a better cash flow position and
can look forward to better financial health
in 2010.” "We have several members who have been
using their line of credit (LOC) for day-to-day
expenses instead of using it as an emergency
fund or for a major purchase. For each
member we took the time to go through their
budget and debt payments to figure out why
they were falling short on a regular basis.
In each case, we were able to present loan
scenarios that enabled our members to payoff
their LOC, establish a fixed payment loan,
improve their cash flow and have a date when "Before
seeing our new car loan rate of 3.99% a member had taken a car loan
from a major bank at 9%. Our member did not understand
why her bank wouldn't give her the low rate we were offering, even though
she had been a loyal customer for over 20 years. Quite frankly, neither
did we. So we explained The Credit Union recognizes and rewards members
for their loyalty and customers and members are not the same. Since
the member just purchased the brand new car, we were able to transfer
her loan to us. Not only did The Credit Union save her just over 5%
in interest, we improved her monthly cash flow with lower payments.
Money that would have gone to interest instead!" "Recently,
a member asked if she could have her monthly payment for her loan reduced,
as she was having financial difficulties. While reviewing
her financial situation, we noted the member had a credit card from
a major retailer with a large balance and interest rate of 28.8%. The
monthly payments were quite high given the balance on the card. As a
solution, we refinanced her current
loan to pay off the high interest credit card and extended the amortization
to allow for a reduced and more comfortable payment. This allowed the
member to have more income which we put towards a savings plan."
"A retired
member, very concerned about recent declines in her mutual fund portfolio,
worried she wouldn't have enough to maintain her lifestyle.
Using a financial plan to analyze
her investments, debts and income needs, we showed her how she could
continue her lifestyle indefinitely and debt free."
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