Upcoming Holiday Hours

Christmas

Thursday December 24th - Closing at 1:00

Friday December 25th - Closed

Saturday December 26th - Closed

Monday December 28th - Closed

New Years

Thursday December 31st - Closing at 1:00

Friday January 1st - Closed

NYLC Contest Winner

HCCU is thrilled to announce Jordan Moat’s recent win in the National Young Leader’s “Be the Voice” competition.

In early March the National Young Leaders Committee (NYLC), a Committee of Credit Union Central of Canada (Credit Union Central of Canada is the national voice and trade association for the Canadian Credit Union System) charged with developing young leaders within the Credit Union system, began a competition known as the “Be the Voice” NYLC contest. Young leaders were asked to submit their BIG IDEA that may be a successful strategy for the credit union system. The committee would pick five finalists out of the submissions, which would then be voted on by Young Leaders from across the Credit Union system.

The voting wrapped up last week and it was announced that Hamilton Community Credit Unions very own Jordan Moat emerged as the winner. In addition to the prestige of being the winning submission Jordan will receive a complimentary conference registration to the 2010 Canadian Conference for CU Executives to be held in May in Winnipeg, Manitoba, and $1,500 towards travel and accommodations to the conference.

Below is the winning submission.


Young Leaders “Be the Voice” NYLC Contest
Jordan Moat
Business Development Manager
Hamilton Community Credit Union

Set Ourselves Apart by Marketing Together

The single largest challenge faced by the credit union system in respect to marketing to a younger generation is purely getting the knowledge of what a Credit Union is in to the minds of our target market. This is especially true in the Ontario market, where the big banks rule supreme and accounts are opened by the youth with disregard for any research in to the matter.

With most credit unions possessing a limited marketing budget, simply broadcasting a message of Credit Union brand awareness will not seem cost effective. Rather individual products are pushed or particular promotions are offered. Most Credit Unions usually see other Credit Unions as their biggest competition. It is up to the entire Credit Union system to advertise their existence to begin to change the consumer’s beliefs or lack there of. This can be accomplished by outlining exactly what a credit union is, its similarity to a bank or other financial institutions, and mainly how exactly we differ with a focus on the competitive advantage to dealing with a credit union.

Here is where that advantage lies.....

The youth are jaded towards big business and their normal means of advertising and credit unions can capitalize on this through a concise message using alternative media and the local “feel good” community spirit we already possess.

With such a strong focus in today’s markets on environmentally friendly, organic and local or “green” initiatives it is my big idea that Credit Unions should position themselves as the green alternative to personal finance.

It is in this message that we can create the basis of affinity to a credit union that people would collectively identify with and want to publicize. If people think that using a Credit Union is some kind of esoteric knowledge, they'll tell their friends.

How does this work?

• It feels good to tell someone something they don't know. Being a member of a credit union gets to be someone's social currency.

• The savvy youth consumers are looking for deals - let them think that the Credit Union is their little secret and they'll share it with their friends.

• Capture what you want people to identify with in the group message.

1. "I don't pay bank fees...I'm a member of a Credit Union."
2. “I don’t drive a Hummer...I don’t belong to a bank”
3. “Home Grown in your Community...Your local Credit Union”
4. “Millions in overhead saved...Millions in rebates given”
   

• A delivery method through social media, youth targeted events and alternative mediums appear less like a marketing campaign and more like an awareness movement.

It is with this initiative that Credit Unions can be recognized as the smart alternative choice for banking.

Member Appreciation Day Winners

HCCU would like to congratulate all of the following winners of our Member Appreciation Day Raffle:
1st Prize - $200 Gift Card to Limeridge Mall – Kelly Deluca, Anne O’Breza

2nd Prize - $50 Gift Card to Limeridge Mall – Janice Barker, Irene Kluwak

3rd Prize – Handmade Crocheted Blanket – Samir Dakran, Bert Minchin

We thank all of you who contributed to our raffle. All of the money raised will be donated to Hamilton Food Share.

And a reminder to those who couldn’t make it in on Member Appreciation Day, there are still some calendars left at the branches. If you’d like a wall calendar or pocket planner be sure to stop in and see us before they’re all gone.

Readers' Choice Awards

HCCU is honored with being nominated and winning the Gold Award in The Hamilton Spectators Readers’ Choice Awards for 2009.

HCCU was nominated by our members and voted on by the readership of the Hamilton Spectator in the Favourite Bank/Credit Union/Trust Company category. This would be the third consecutive year that we have received a Readers’ Choice award.

Seeing that this award is decided on by the citizens of Hamilton it is a true testament to our exceptional service levels and a credit to all of our staff that HCCU stands out amongst the competition in the Hamilton area. Given our size it really shows that you, our membership, recognizes the effort we put forth and we thank you for that.

It is with this award that we will strive to continue with this trend in 2010!

Member Appreciation Day

Friday November 27th marks Member Appreciation Day. A day where we celebrate You our members. HCCU will be continuing with the tradition of providing coffee and treats as well as handing out Wall Calendars and Daytime Planners for the following year. In addition to this HCCU will be having a raffle with the money being added to the funds raised on Credit Union Day donated to Food Share.

Each branch will have a grand prize of a $200 gift certificate to any Cadillac Fairview Mall (the nearest being Limeridge Mall) with a second prize of a $50 gift certificate.

So get in to either branch (or both) and get your tickets today and be sure to visit us on the 27th for your 2010 calendars.

Phishing Scam

HCCU has recently been made aware of the re-circulation of a malicious phishing scam fashioned to gain access to an individual’s personal finances, and this time it is being addressed to Credit Union members. The following is a sample of the phishing e-mail:


Dear Customer,

Your Credit Union's On Line Banking has expired.

You must re-activate your account before : 16/10/2009 if you want to continue using online services.You can activate your account by clicking on the link below :

http://safran-arts.com/links/site/credit.union/OnlineBanking/

If you encounter difficulties using online banking, please call your branch during regular business hours for assistance.

NOTE: THIS IS A SCAM !

Hamilton Community Credit Union would never request you to verify your account’s existence, or to reactivate by entering your personal account information online, nor should you provide anyone with this information.

Please remember that it is very common for these email scams to be redistributed at a later date with only slightly different content, such as a different subject or return address, or with the fake webpage(s) hosted on a different webserver.

If you have any questions please contact your local branch.

Happy Credit Union Day

International Credit Union Day has been celebrated by the World Council of Credit Unions on the third Thursday of October, since 1948. The day is set aside to reflect upon the history of the credit union movement and to promote the achievements.

Tis the Season

There’s 85 days until Christmas, but it’s never too early to start thinking about your finances.


Yes, I’m aware that it is bad form to discuss Christmas before Thanksgiving has come and gone. The thought of stores in the mall playing carols from October to January makes everyone cringe. Not to mention the television commercials. That annoying representation of Scrooge pawning of paper towels that gets old after the first viewing yet you know you will see it every commercial break. But I come with something everyone can enjoy. Think of it as an early present.


Once again HCCU is bringing back our Santa’s Helper Loans.



That’s $2000.00 Interest free and with no payments required until March 1st 2010, at which point our variable loan interest rate applies.

For complete details click here, or visit one of our branches to speak with a loan officer.

Have You Seen Our Ads?

With back to school being just around the corner HCCU has launched a city wide campaign for Student Loans and Lines of Credit. Whether you or someone you know is heading to University, Community College, Trade school, Career College, or Apprenticeship, HCCU is here to assist in your financial needs with an extremely low rate of HCCU Prime while in school and only HCCU Prime + 2 upon completion. Contact either branch today to find out how you could qualify for a Student Loan or Line of Credit.

And in other news.........

Credit Unions Rank First in Customer Service

“For the fifth year in a row, an independent survey of thousands of Canadians has shown that credit unions rank first in overall quality of customer service among all financial institutions.

"We are pleased to see that Canadians continue to rate their at credit unions experience very highly," said David Phillips, president and CEO of Credit Union Central of Canada (Canadian Central).

"Credit unions have more than five million members across the country and do an excellent job of providing the service people want," Phillips said. "This is our core mission, meeting the needs of our members."

Global market research firm Synovate announced its 2009 Best Banking Awards, which are derived from its Customer Service Index. It found credit unions ranked ahead of all banks and other financial institutions in the following categories:

• Overall Customer Service Excellence
• Values My Business
• Branch Service Excellence

Credit unions also tied for first in the following categories:

• Financial Planning and Advice
• Recommend to Friends and Family
• Telephone Banking Excellence

Adrian Murphy, Vice President of Syndicated Research for Synovate in Canada, commented:
"The key to loyal customers is a good customer experience. The Synovate Best Banking Award
acts like a report card for our local financial institutions, highlighting their strengths and
weaknesses as well as how the industry players are performing overall."

The Synovate Customer Service Index survey had almost 39,000 responses among a regionally and demographically representative sample of Canadians. The survey has been conducted” annually since 1987. The 2009 Best Banking Awards are based on the combined results of ongoing quarterly Customer Service Index surveys ended August 2009. "

Financing Your Future

Hamilton Community Credit Union would like to cordially invite you to our Financing Your Future Seminar – an informative tutorial directed at helping a younger generation fiscally prepare.

Date: Tuesday August 11th 2009 – Beginning at 7:00pm

Place: The Ukraine Catholic Church of the
Resurrection Parish Hall
821 Upper Wentworth Street
Hamilton, ON L9A 4W5

Throughout our time we will touch on such subjects as:


Student Loans and Lines of Credit
RESP’s
CMHC and First Time Home Buyers
Saving for a Down Payment

In addition to this information we will also be holding a draw for all those that attend with the chance to win $100 gift certificate to Staples.

Please RSVP if you can attend. I hope to see you there.

Sincerely,

Jordan Moat
Business Development Manager

Phone:905-383-3395 x 104
Email: jmoat@hccu.on.ca

O Canada!

As you can see our Canada Day Celebration was a great success. Thanks to everyone who came by and helped raise funds for the LMFRC, which provides assistance to our military families. With your help HCCU was able to raise $568.14. A special thanks to Sean Noon from the LMFRC for his participation in this event.

I hope everyone had a fantastic Canada Day. We are already looking forward to next year.

HCCU’s New ATMs

HCCU is happy to announce the installation of two brand new ATM machines at our King St. and Mohawk Rd. locations. This investment in new technology is in keeping with HCCU’s dedication of providing the best services to our members.

Why did we need to replace the ATMs?

There are several reasons HCCU made the decision to invest in technology and replace our ATM machines. First, the ATMs we had reached the end of their life cycle and were beginning to malfunction. This made them very labour intensive and required plenty of man hours to keep them online and running smoothly. This was also the final year that we could obtain a service contract for repairs. With the frequency of malfunctions being reported it was time they were replaced.

The other reason for the replacement has to do with system compliancy in order to provide you, our members, with the service and convenience you require. Services such as Interac, allowing you access to your funds across the globe, and the Exchange Network, which provides service charge free transactions and depository services at 2,100 ATMs across Canada, all require HCCU to comply with certain regulations and industry standards. Our ATMs must be Interac and Exchange compatible; something our old machines were not. Moving forward with Canada’s adoption of Chip Technology requires all ATMs be Chip compliant; something our old machines could not be upgraded to.

As you can see the investment HCCU has made in to new technology and our new ATMs positions us positively for the future.

On Going Issues and Possible Glitches

During the installation of any new technology, glitches may arise and problems will have to be worked through. The installation of our new ATMs is no exception and we ask that you be patient with us as we work through any errors. There are currently a few issues we are aware of and our working around the clock to resolve.

HCCU members are being charged a $1.25 service charge for transactions at our ATM. Our banking system provider, is aware of this error and will rectify this as soon as possible. In the meantime a report is being produced and all members will have any incorrect charges reversed.

There may be several members whose debit cards need to be repinned in one of our branches in order for your card to work at our new ATM machines and on the Interac network. Regulations require a four (4) digit PIN number to be used on all ATM machines. If you were using a PIN with more than four digits at our machines, you should now be using your new four digit number as you would when using your card at any other financial institution’s machine. If you have never set up a four digit number you will need to visit one of our branches to do so.

If you have any other issues, problems, concerns or questions regarding our ATM machines or your debit card, please consult either branch and we`ll be happy to work through these issues.

Again HCCU thanks you for your patience during this installation period. In the near future you can look forward to new innovative features and functionality being added to our ATMs to provide you, our members, with the best service possible.

Canada Day

This year HCCU will be having a special celebration this June 30th in honour of Canada day and our Military Families. Come out and join us at either branch for a Barbeque with refreshments. All the proceeds will go to the LMFRC, a program that supports our local military families.

Hope to see you there, and remember, our offices will be closed on July 1st!

71st Annual Guide-Scout Parade

May 30th marked the 71st Annual Parade of the Girl Guides and Boy Scouts sponsored once again by your Hamilton Community Credit Union. Below are a couple pictures taken during the days events.

Girl Guides and Scouts parading down Main Street

On the reviewing stand at the parade: Scott Zimmerman (Chair of HCCU Board of Directors) - left, Clare Maitland (HCCU Internal Auditor) – centre

Important Information Regarding Debit Card Fraud

In view of the recent news reports that have been circulating regarding Debit Card Fraud within our communities, and the personal affects we have seen on our members, HCCU feels it’s important to set the facts straight and provide some information regarding this criminal enterprise and how you can protect yourself.

First off, we would like to enforce the fact that Member Cards, issued through the Interac Association, and our partnership with The Exchange Network is an extremely secure and protected system. All transactions are closely monitored and include a multitude of checks and measures to insure the safety of your money. However, as with any convenience, there is going to be a risk factor involved. This risk is present whether it be carrying cash or paying with plastic.

Here are the facts:

Canada is a world leader in debit card usage. In 2008 there were 110 million payment cards in circulation in Canada and by 2013 this is expected to reach 130 million cards, with 720,000 merchant acceptance locations.

In 2007, nearly 160,000 cardholders, about 1 in 200 Canadians, were victims of debit card fraud, and were reimbursed almost $107 million, an amount nearly double that of three years earlier.

Five seconds is all it takes for fraudsters to install equipment that would rig an automatic banking machine to capture debit card information from unsuspecting users.
There is no specific type of store or location that is more prone to debit card fraud. However, the fraudsters are looking to skim as many cards as possible in the shortest period of time. Any location that records a high volume of debit card transactions could be at risk.

As you will see in the following scenario, in most cases it is not an employee of the store doing the skimming of the cards. Typically the store is unaware of the fraud until notified by the police that their equipment has been tampered with. It is because of this that financial institutions do not release the location that the fraud took place if your debit card has been compromised.

The following was taken from the Hamilton Spectator in an article dated January 24 2009 titled Beware the Debit Card Swindlers regarding Debit Card Fraud in Ontario and outlines the normal approach used in a Debit Card Scam.

“The first step in a scam is to accumulate the debit card information from unsuspecting users, via a couple of avenues -- from an automatic banking machine that has been rigged, or by tampering with the portable terminals that stores and restaurants hand their customers to enter their personal identification numbers during a transaction.

When a user inserts a debit card, the counterfeit slot gathers the information before the card gets sucked through the real slot into the machine. Because the transaction proceeds normally, the user isn't aware that something improper has happened.

A second piece is designed to fit under the top of the banking machine. A small pinhole opening has been cut into the metal so that a miniature camera can record the keypad below.

Next to the camera, a small computer processor stores the video, complete with a date and time stamp. When account information has been captured from a debit card inserted through the phoney front slot, the camera then records the PIN that has been entered by the customer. The date and time stamp allows the crooks to match the PINs with the right card info.

At some later point, the fraudsters will return to retrieve the pieces they've installed and then the information will be dumped into a spreadsheet program.

At a retail outlet, the thieves want to get their hands on the portable terminals used by the customers.

Working in groups of two, their goal is to be the last shoppers left in a store at closing time. One of them will distract the sales staff while the other surreptitiously unplugs the debit card terminal and replaces it with a dummy replica.

Overnight, the crooks will carefully open the confiscated terminal so that the security switch doesn't activate, and then a duplicate processing chip will be inserted beside the original chip.
The newly inserted chip will now capture the account information stored on the magnetic stripe of the debit card when it's swiped in the machine.

The duplicate processor comes equipped with Bluetooth wireless technology that will transmit the data like a radio signal that can be captured by a nearby laptop computer or BlackBerry-style device.

The next morning, the thieves return as the store's first customers of the day, replace the dummy terminal with the altered terminal and then set up shop outside the store, ready to begin gathering information from the cards. You'd have no way of knowing the portable terminal has been compromised.

Once enough information has been stolen, it's surprisingly simple to make fake copies of the debit cards.

A magnetic stripe encoding machine costs a few hundred dollars, and plastic cards with blank stripes can be easily purchased off the Internet at a cost of $19 for 100.

The crooks will then begin encoding plastic cards with the required account information, and then write the PIN on the front of the card.

The final step is the "spend" -- the highly synchronized operation when the counterfeit debit cards are used to collect cash.

The bank machines targeted for a spend may be spread across southern Ontario, into Quebec and as far away as B.C.

Each team has four people -- a driver, a lookout and two people inside at the automatic banking machine.

The team is given a cellphone and a portable safe. At 6 a.m., a call comes in, giving the team the combination to the safe.

Inside are all the counterfeit debit cards to be used during the spend, and the thieves are told not to exceed certain withdrawal thresholds with the cards to avoid setting off security warnings.

And then it's like kids in a candy store. Card after card is inserted, and $480 or $980 is withdrawn time after time.

The thieves have only a small window of time before the cards will get shut down by the banking institutions.

On the other side of the equation, banking institutions are constantly monitoring transactions, looking for suspicious patterns of card activity.

Within half an hour from the start of a spend, the banks will be able to identify that a fraud is taking place.

The banks are able to work backwards in that short period of time to determine the common point of use where all the card information was stolen, whether it was a bank machine, retail outlet or fast-food restaurant, for example.”

How to Protect Yourself

Although HCCU along with The Interac Association is constantly monitoring card usage to protect your account there are many simple ways you can help prevent yourself form being defrauded.

1. Cover up your PIN when entering it.
2. Never let someone at a retail outlet or restaurant walk out of sight with your debit card.
3. Check your bank statements for irregular transactions
4. If you don’t feel comfortable with the transaction, don’t proceed.
5. Change your PIN often

Debit cards will soon come with microchips that will eventually replace the black magnetic stripe used to store information. The chip acts as a small computer allowing the card to interact with the terminal to perform complex security checks. This technology will be mandatory by 2012 for all bank machines and 2015 for retail outlets.

If you have any other questions regarding your debit card, the Interac system, or instances of fraud, please contact your HCCU branch for details.

Weekend Update

As the first long weekend has past, with fireworks being lit across the city it is clear that summer is upon us.

And with summer comes baseball. Weekends at the local diamonds will be crowded with tots of all ages trying to master hand eye coordination.

One team in particular that HCCU will be keeping its eye on plays in the Berrisfield league. Our Hamilton Community Credit Union sponsored t-ball team played their first game over the Victoria Day weekend, winning by a score of 31-29.

Let`s hope, like the Blue Jays, that they can keep this winning season on course.

Spring Raffle Winners

HCCU would like to congratulate the following winners of our 2009 Spring Raffle

Mohawk Road Branch

1st Prize – Camping Package – Roddie Perks

2nd Prize – Dinner and a Movie Passes – Terry Gadoury

3rd Prize – Tim Horton’s Gift Certificates – Christine Simonyai, Mary Irvine, & Albert Longtin

King Street Branch

1st Prize – Mountain Bike – Tim Kersley

2nd Prize – Dinner and a Movie Passes – Greg Estey

3rd Prize – Tim Horton’s Gift Certificates - Harvey Phillips, Nancy Nault, & Anne Forester


All of the proceeds from our raffle went to Cancer Assistance

HCCU on Facebook

HCCU now has a Facebook page and we would love to have you become a fan!

Facebook provides yet another channel for us to talk to you, our members, on a more personal level through the channels you already enjoy to use. Through Facebook we will be keeping our members up to date with events and promotions, and general news taking place at our Credit Union.

And if you have any comments or concerns, Facebook is a great way to share your voice and receive a direct response from an HCCU employee.

Come check our page out here.

Talk to you soon.

It’s Spring Time It’s Raffle Time

If there’s something that can be relied upon, like the leaves returning to the trees, it’s that when April arrives HCCU will be raising money for Cancer Assistance and handing out some fantastic prizes. This year is no different.


What is different is that there are more great prizes to be won with a separate raffle being held at each branch. Check the details below ....

King Street Branch

Mohawk Rd. Branch

Don't forget all the proceeds go to Cancer Assistance. Raffle ends at the end of April so get in and get your tickets today!

Credit Crisis Explenation Through Video

A good and simple explanation of how the Credit Crisis took place.

Please keep in mind that this video illustrates the situation in the US and how it has affected the rest of the world. It is meant for information purposes and HCCU does not take responsibility for the accuracy of the information contained in the video.


The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

HCCU’s 70th AGM’s Success!

Last night was HCCU’s 70th Annual General Meeting and what a success it was.

The AGM was held at Michelangelo’s banquet Hall on Upper Ottawa in Hamilton, which was a beautiful location to house such an event. The turn out was fantastic, one of our best in years, with roughly 200 members and 15 guests in attendance, including business partners, suppliers, auditor and regulators.

The food was fantastic and the service very professional. A four course meal beginning with delicious lasagna was followed by a turkey dinner complete with all the fixings. Along with the turkey dinner was a side salad, and a crepe dish stuffed with vanilla ice cream and a cherry topping to finish. Throughout dinner we were able to watch a video of the history of Hamilton Community Credit Union created by Debbie Foley and Jordan Moat. The video will be hosted soon on our webpage for all to view.

After dinner it was time for business with reports being orated regarding the success of the Credit Union in 2008, and our concerns and goals moving forward in the current economic situation. With all motions carried we moved to the elections of the Board of Directors. Three of the Board Members were up for re-election, Pearl Davie, Pat MacDougall and Walter Robertson, with Sharron Miller also running for election. After 60 years of dedication and service to the HCCU Board of Directors, Walter Robertson decided it was time to hang up his hat, and stepped down from the nomination. Walter Robertson’s devotion and commitment to the HCCU and our board of Directors will be sadly missed. With that the election was closed and the three remaining candidates were voted in. Alec McLeod was also successfully re-elected to our Auditing Committee.

Upon completion of the election it was time for the fun stuff. There were numerous draws for some excellent door prizes followed by our Grand Prize of a 40” LCD HDTV which we’re happy to announce was won by Gord Sommers.

Overall the night was a wonderful success. Special thanks to Debbie Foley, Sarah Quinn, and Jen Digennaro who helped make the night run without a hitch. Hopefully we can continue in to the future with such outstanding turn outs to all of our AGMs.

Have a look at some pics from the night below.

HCCU Celebrates Family Day

HCCU Will be observing the following hours in regards to Family Day:

Open - Saturday February 14th 2009

Closed - Monday February 16th 2009

Open - Tuesday February 17th 2009

Have a safe and Happy Family Day.

TFSA Q&A

We’re now 19 days in to the New Year, and 19 days in to the existence of the new TFSA accounts. What’s a TFSA you ask? That’s a good question as many people either know little about the TFSA’s or have other questions on just how exactly they work. So let’s open the HCCU blog up for a little TFSA Q&A.

What is a TFSA?

The basics behind the TFSA are as follows. On January First 2009 the Federal Government of Canada introduced a new savings vehicle called a Tax Free Savings Account or TFSA. A TFSA consists of contributions that are made within pre-defined limits and the investment income earned on the TFSA deposits is tax-free. For 2009 you can deposit $5,000.00 in to a TFSA account offered by financial institutions such as the Hamilton Community Credit Union. Each year thereafter the contribution room will increase by at least an additional $5,000.00.

Here at the HCCU we offer two different options for investing in a TFSA. You can either deposit the money to a TFSA savings account, where the money is available to you at any time, or lock it in to a TFSA GIC for a term of 1 to 5 years at corresponding rates of interest.

You can withdrawal these funds at any time, providing they are not locked in to a GIC, but can not redeposit this amount until the following year unless you still have the available contribution room. The withdrawn amount gets added to your contribution room for the following year, just like any unused contribution room carries forward to the following year.

This should explain the foundation of a TFSA, but if you have any other questions regarding these please post them in the comments below and we’ll be sure to answer them over the coming weeks.