Member Update

October 3, 2023

WFCU Declares and Pays Annual Dividend

WFCU Credit Union announced the declaration and payment of a dividend of 4.29% on the Series 7 Investment Shares for a total of $307,989 paid. Dividends were paid to shareholders in the form of additional shares on Saturday, September 30, 2023 based on their holdings as of the anniversary date.

By investing in WFCU’s Investment Shares, members provide an increased capital base for the credit union’s future growth. A strong capital base ensures that WFCU continues to expand and offer competitively priced products and services to meet all members’ financial needs. Investment Shares also enable members to earn a premium rate of return on their investment.

For more information and to participate in a proven successful Investment Share product, call us at 519-974-3100 so that we can notify you when opportunities become available.

September 29, 2023

CEBA Loan Repayment Deadline

As of September 14, 2023, the repayment deadline for eligible CEBA loan holders to qualify for partial loan forgiveness was extended to January 18, 2024. Additionally, CEBA loan holders that submit a refinancing loan application to the financial institution that provided their CEBA loan by January 18, 2024 but require a grace period in order to finalize the payout of their CEBA loan can still qualify for partial loan forgiveness if the outstanding principal of their CEBA loan, other than the amount of potential debt forgiveness, plus any applicable interest, is repaid by March 28, 2024.

For additional information please visit Canada Emergency Business Account (CEBA).

September 22, 2023

New Transaction Handling Procedures
Beginning on October 3, 2023, WFCU is implementing enhanced procedures related to the handling of cash and cheque transactions, in support of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulatory requirements. These procedures support the government’s efforts to strengthen financial transaction reporting in defence of money laundering and terrorist financing activities, while contributing to improved security for WFCU members.
 
Members will now see cash and cheque deposits posted separately within their accounts and reflected accordingly on their monthly statements. Additionally, for all cash deposits, details of the individual making the deposit will be required and recorded unless already noted on the account. If you have questions regarding these enhanced procedures, please visit your local branch or call our Member Contact Centre at 519-974-3100 or toll-free at 1-866-500-WFCU (9328).

September 21, 2023

39th Annual General Meeting
WFCU Credit Union held its 39th Annual General Meeting at Crowne Plaza in Kitchener on Monday, September 18th, 2023 and continued the meeting at the St. Clair College Centre for the Arts in Windsor on Wednesday, September 20th, 2023.

Mr. Gillis, Chair WFCU Board of Directors thanked the members of WFCU Credit Union for continuing to put their trust in WFCU as their Financial Institution of choice. He explained that this continued support has allowed WFCU to continue expansion across Southern Ontario as WFCU Credit Union closed on the asset purchase of Health Care Credit Union, expanding our presence in London, Ontario, and opened our newest branch location in Chatham. WFCU Credit Union also supported the opening of our Kitchener branch and celebrated the grand opening of our Cambridge branch, bolstering the presence of our ECU – A Division of WFCU Credit Union brand across the Waterloo region.

“We take pride in the legacy we have built in Windsor-Essex and are committed to extending this impact across our newer communities in the Waterloo Region, as well as in London and Chatham,” shared Mr. Gillis. “As part of WFCU’s ongoing leadership in the credit union sector, we will continue to seek out environmental, social and governance best practices and evolve our operations for the pursuit of excellence in corporate citizenship,” said Marty Gillis, Chair of WFCU Credit Union Board of Directors. READ MORE.

August 16, 2023

One-Time-Passcode Text Message Scams Are On the Rise
Across a number of financial institutions, we have been made aware of bad actors attempting to acquire members' banking information through a text message scam. Members of the public have received a text message that contains unrequested One-Time-Passcode information. While these messages do not contain links, they may include a “Reply if opt-out is desired” option. With this, fraudsters are attempting to identify people and collect their phone numbers by getting them to reply to these text messages.

If you receive an unprompted One-Time-Passcode authentication message from an unknown source, it is important to take the following steps:
  1. Do not respond to the One-Time-Passcode message or share any personal information.
  2. Contact your financial institutions, such as banks or credit card companies, to alert them of suspicious activity and to check if any unauthorized transactions have been made.
  3. Consider blocking the number that has sent the One-Time-Passcode or reporting them to your mobile service provider.
  4. Be cautious of unsolicited emails, phone calls or text messages asking for personal or financial information.
  5. Keep a close eye on your bank statements and credit reports for any unusual activity
If you suspect that you have been a victim of financial fraud, you should also report it to the relevant authorities, such as the police and the financial institution involved. Taking quick action can help prevent further damage and protect your financial security!

August 16, 2023

Three-Partner Merger Update
In February 2023, the Boards of Directors, through the Joint Partnership Committee of WFCU Credit Union, Northern Credit Union, and Copperfin Credit Union, engaged in exploratory discussions to determine the potential of a three-partner merger. A defined framework, including key milestones and timelines, helped assess the potential benefits, risks, and overall alignment between the three organizations. After thorough analysis and deliberation, we have decided not to proceed with a three-partner merger between WFCU, Northern, and Copperfin.

WFCU continues to evaluate potential partnership opportunities that will enhance the member experience and support the growth of the Credit Union.Please direct any questions to mergerQs@wfcu.ca.