2008 Year in Review

As we wind down on our time remaining in 2008 it’s customary to look back on the months past and remember what was the year of 2008. Throughout the World, throughout Canada there were plenty of developments that made headlines, just as there were in Ontario and within the city of Hamilton. The same holds true for Hamilton Community Credit Union as 2008 saw a year filled with plenty of changes, growth and development. Of course the end of 2008 will always be remembered for the Financial Crisis that took hold of most of the world and is still being played out as we head in to 2009, but there was also a lot of positives especially here at HCCU. Join me for a look back on 2008, you can also click each title to link to the orginal post for each event.

The Beginning of the Blog

January of 2008 saw the beginning of the HCCU blog, a forum that allows HCCU a more personal touch with our members that can’t make it in to our branches as much. With the adoption of technology, many members choose to do more of their banking online, or via Interac cards. Through the HCCU blog we’ve created a place where we can keep our members up to date on the happenings of the Credit Union and our staff. It also provides a place at the end of each post where members can comment, ask questions, or provide feedback. So far the HCCU blog has been a relative success with many members logging in every week to read the latest posts. We hope to continue the HCCU blog in to 2009 as well as introducing new ways that our members can interact with HCCU online.

HCCU Joins The Exchange Network

2008 saw HCCU creating many ways that our members could use their debit cards both for POS purchases and at other FI’s ATM machines at reduced costs. The first method was in partnering up with The Exchange Network to allow our members surcharge free withdrawals from other Credit Union ATMs that are also part of The Exchange. This gave our members access to 2300 ATMs across Canada that they could not only withdrawal from free of surcharges, but could also make deposits at.

Annual General Meeting

March saw our AGM where many of our members met, for the first time, our new CEO, Malcolm Stoffman. As usual our AGM had a fair turnout of members who listened to reports from our management team along with both our internal and external auditors on how your Credit Union preformed over the past fiscal year. As this year marks our 70th anniversary HCCU`s AGM will be a extra special event. Watch here for more details leading up to March 2009.

Launch of the New Website

June saw the launch of HCCU’s new website which I’m sure you`ve all become accustomed too. It was a busy month leading up to the launch with lots of work by our staff and third party web design team but in the end what we came up with was a progressive, interactive, and information rich website that is both modern and aesthetically pleasing. The HCCU website will be an ongoing project that will continue to grow throughout 2009 and the years to come.

Student Loans and LOC’s

In time for the coming school semester, HCCU introduced Student Loans and Lines of Credit, a product that had been extremely sought after by our members. What differs this product from many of the other FI’s student loans is that it is open not just to college or university students, but also to those going in to trade school or any post secondary course. We’re hoping this product will help develop our young HCCU members as they advance themselves academically.

HCCU Debit One Plan

In a second step to help reduce the costs of using ones debit card HCCU introduced the Debit One Plan at the end of summer. This Plan allows for a small monthly fee to be paid in return for unlimited POS use for purchases in stores and 4 withdrawals free of charge at any FI’s ATMs. This is one of the least expensive plans in the market for Debit Card usage in keeping with HCCU’s philosophy of no or low fee banking.

Malcolm Visits Bangladesh

In September our Malcolm was invited by the CCA and ACCU to visit Bangladesh and join in on a workshop to help develop strategies and plans for Asian Credit Unions in their rapidly changing culture. During his five day trip Malcolm kept a journal on the HCCU blog keeping us up to date on his exciting experiences both within the workshop and the amazing city of Dakka, the capital of Bangladesh.

Financial Crisis

As mentioned the Financial Crisis that ripped through the economic world beginning in late 2008 really dominated the headlines despite the positives created in the first three quarters of the year. With an absolute collapse of the worlds stock markets, major financial institutions being forced to close up shop south of the border due impart to a swamp of bad debt and mortgage foreclosures, along with plummeting home values, and a crumbling of the big three automakers, 2008 certainly had its doom and gloom. Thankfully due to strong government economic regulations in Canada, and HCCU’s tried and tested method of investing local money in our local economy at minimal risk we have been able to forego the meltdown that seemed to capture so many others. That’s not to say that a poor economy and tightening credit markets did not affect us, but we are certainly in a strong financial position and see this as an important time to show the values of a local Credit Union and our ability to serve our local community.

Participation Rebate

Finally we come to the last bit of financial information posted every year by HCCU - Our ever popular Participation Rebate. Once again, despite the credit crisis affecting global markets, HCCU is please to pay back a Participation Rebate to those members with Loans, Lines of Credits, Mortgages, Term Deposits or GICs at HCCU. On December 31st in the late afternoon, expect to see 8% of the interest made or paid to us deposited back in to your account, split 5% in to your savings (0) account and 3% in to your permanent capital (.28). Another successful year for HCCU and for all of our members.

That concludes our look back on 2008. We look forward to seeing you next year where you can expect to see a lot of new things at HCCU. I know I’m excited.

Have a Safe and Happy New Year.

HCCU Member Satisfaction Survey

Hamilton Community Credit Union understands that members like you deserve top quality service. In order to improve our processes, our products, and to be able to offer even better service, we are asking for your help in completing the enclosed survey.

The 2008 Member Satisfaction Survey will assess your experiences in the financial sector regarding products, convenience, referrals, and of course your overall satisfaction levels. Once the survey is complete, the data will be compiled and reviewed to assist in decision making at HCCU going forward into 2009 and beyond.

Your reply is greatly appreciated! Once you have submitted your survey you will be entered in to a draw for one of two chances to win $500 deposited in to your HCCU Self Serve Savings Account!

Click here to download the Member Satisfaction Survey in PDF format.

Please have all completed surveys returned at either branch, no later than December 15th 2008 for your chance in our draw.

Thanks for your participation and good luck in our draw.

Happy Halloween

Halloween is upon us. No doubt you’ll see plenty of ghouls, ghosts and monsters walking the streets tonight, but for many the biggest scare today is that of the current financial situation of Canada, and that of the Global Economy. We’ve all read the papers, and watched the news, but what does this mean for HCCU. For that we’ll go to the source and ask our CEO, Malcolm Stoffman.

Dear Member,

You have likely heard stories in the media recently about troubled financial institutions, bank failures in the United States, turbulence in the stock markets and frozen credit markets. There is little doubt, that we are in the midst of a global financial crisis of which the scale is not yet fully understood. That said, I wanted to take this opportunity to address the situation from Hamilton Community Credit Union’s (HCCU) perspective and put your minds at ease in regards to the safety and security of your Credit Union and your deposits.

HCCU is a local financial cooperative that matches the needs of local savers with local borrowers. HCCU does not currently borrow, nor do we rely on the capital markets to fund our lending obligations, all of our mortgages, loans and lines of credit are funded through the deposits of our members. We are well capitalized (in excess of regulatory and board policy requirements), highly liquid and have taken a number of steps recently to improve our risk management and lending practices. Our strong financial position and prudent lending policies position us well to weather this storm.

In addition to the strength and stability of our organization, deposits at HCCU are insured for up to $100,000 through the Deposit Insurance Corporation of Ontario*. Management and the Board of Directors at HCCU continue to monitor the financial services landscape carefully and are committed to taking the steps necessary to ensure the long-term sustainability of your Credit Union. We continue to take a prudent and conservative approach to managing the Credit Union and we are constantly aware of the trust that you put in us, every day.

If you have any questions about the safety and stability of HCCU or any other aspect of the business or the current financial crisis, I would encourage you to contact me directly at 905-529-9445 or by email at malcolm@hccu.on.ca. Thank you for your continued support of HCCU.

Sincerely,

Malcolm Stoffman
Chief Executive Officer
Hamilton Community Credit Union

*For further information on deposit insurance coverage, please ask for a brochure at the credit union, or call DICO at 1-800-268-6653or visit http://www.dico.com/.

Credit Union Day - Wrap Up

Once again Credit Union day was another success. HCCU would like to thank all of our volunteers, and supporters who donated prizes and baked goods. A lot of hard work goes in to organizing these events and their dedication is much appreciated.

HCCU was able to raise $920.10 at our Mohawk Branch and $718.50 at our King St Branch for a total of $1,638.60 all of which was donated to Hamilton Food Share. With every dollar donated Hamilton Food Share can you its buying power to purchase $10 worth of food for someone in need. That’s $16,386.00 worth of food that HCCU with the help of our members and staff were able to raise thanks to the success of Credit Union Day.

The following is a list of winners from our Credit Union Day Raffle

1st Prize – Bulldogs Prize pack - David Turbitt
....................................... - Sharon Mugford

2nd Prize – Bulldogs Tickets - Hubert Brons
......................................- Guy Hersey

3rd Prize – Ti-Cat Tickets - Randy Thompson

4th Prize – Preserve Basket - Leigh-Anne Vervaeke
......................................- Frank Mifsud

5th Prize – Jar of Honey - Christine Simonyai
....................................- David Turbitt
....................................- John Arnold
....................................- Dorothy Birkes

Congratulations go out to all the winners and another round of applause for all of those that took part in such a wonderful day.

Happy Thanksgiving

It’s a beautiful day in the neighbourhood. The sun is shining, the leaves are changing, and Thanksgiving is upon us. Weather wise, this could be the nicest long weekend of the year, and we here at the HCCU hope all our members make the best of it. We invite you to share any plans you may have in the comments below. Let us also remind you that we too will be enjoying the long weekend and will be closed both Saturday October 11th and Monday October 13th but open for business on Tuesday the 14th.

Of course if you were hoping to get an application in for our Santa’s Helper loans over the weekend you can always CLICK HERE and apply with an online application. One of our lenders will be in touch with you normally the following business day.

What’s a Santa’s Helper Loan you ask? Its HCCU’s Christmas loan special of $2000.00 per household at ZERO% Interest until March first. If that’s not the deal of the holidays I don’t know what is.

With that have a Safe and Happy Thanksgiving

Hunger Count 2008

Last Monday I attended the Greater Hamilton Food Share’s Head Office for a press release announcing the sponsorship program by Tim Horton’s and their Smile Cookie campaign. Every penny from the one dollar purchase of a smile cookie at time Horton’s went directly to Hamilton Food Share, which in turn can then purchase ten dollars worth of food to give to those in need.
It was at this Press release that Joanne Santucci, released the Hunger Count of 2008, a report on the state of Hamilton population in regard to those in need of financial support – and the numbers are shocking.

Some notes:

• More than 15,500 people turn to food banks every month.
• That number represents 6300 households
• 40% of those are children
• One in Five of those children go without breakfast or a balanced meal at least once a week.
• $4.10 per day – the amount that a single parent with one child on Ontario Works has for food.
• $14,000.00 – the poverty gap between actual Ontario Works Benefit Income and the poverty line for a single parent with one child.
  

As I said the numbers are shocking and it’s up to the community and organizations like Tim Horton’s and your Hamilton Community Credit Union to step up and assist.

HCCU will be doing there part by helping raise money with our Credit Union Day raffle and event. October 16th marks International Credit Union Day and at HCCU that means a BBQ and Bake Sale featuring the delicious eats of our very own members and staff (if you’re a baker please contact either branch to donate your baked goods) and our Credit Union Day Raffle.

1st prize – Hamilton Bulldogs Prize Pack including tickets and a Jersey
2nd prize – Hamilton Bulldog tickets

All proceeds are donated to the Greater Hamilton Food Share to help our local communities
during the busy winter season so come on in and get your tickets and make sure to visit us on the 16th.

Also check back for Malcolm’s wrap up of his trip to Bangladesh.

Malcolm in Bangladesh - Day 5

Today was a quiet day in the hotel for me. No presentations or visits and heavy rains kept me inside for the whole day. This evening the Co-operative Credit Union League of Bangladesh hosted “Bangladesh Night” that featured a number of culturally significant song and dance numbers by local artists and a traditional meal.

I’m hoping to get to bed early tonight as tomorrow is my final and largest presentation at the conference and when it is over I will be packing up and heading back on the long journey home.

This trip and conference has been an excellent experience but I am looking forward to getting back home to see my family, getting back to the office, eating some of my favourite foods and breathing some fresh clean air (yes, by comparison Hamilton has nice clean air).

Malcolm in Bangladesh - Day 4

September 25

As mentioned, today we took a bus tour through the city to a local Credit Union but before we went there, we stopped for a presentation at ASA (pronounced Asha), Bangladesh’s largest Micro Finance Institution (MFI). The name is not as familiar as the other major MFI (Grameen Bank, whose founder Muhammad Yunus won the 2006 Nobel Peace prize) but the organization is very similar in its mission to help lift people out of poverty by encouraging savings and offering small self-help loans. There we heard their founder talk about the organization and the work that they are doing. They have over 3,330 branches and over seven million members accessing their services which include savings, and a variety of lending products classified as Small Loans, Small Business Loans, Small Entrepreneur Loans, Hardcore Poor Loans, Education Loans, Short Term Loans, Rehabilitation Loans, IT Loans and Agribusiness Loans. They also provide health assistance, and insurance solutions and they run a well respected University that grants degrees, including an LLB and MBA.

The presentation was very interesting and the work that they are doing is certainly having a positive impact for some, but my thoughts are mixed on whether Micro Credit, is a realistic long term strategy to solve the poverty problem. One participant asked an excellent question that ASA, was unable to provide a good answer to…”with all of the MFI’s offering services in the area aren’t many people simply borrowing from one to pay the other”. ASA’s answer was simply yes, in some cases. To me it sounded a lot like people at home using credit cards to pay for other credit cards, and this is certainly not an effective way to reduce poverty. The intention is good and it is helping millions, but I don’t think that it is the right solutions for everyone. But until a better solution emerges it is a step in the right direction.

From there, we fought our way through Dhaka’s traffic to visit the Buddhist Co-operative Credit Union, that serves 1515 members. This tiny one room Credit Union welcomed us warmly with song, food and drinks and they showed us their basic operations and gave us statistical overview of the organization that has been in business since 1990. Today, they have roughly $300,000 (in Canadian dollars) in assets and notably almost $25,000 of that is in children’s savings accounts. They also have 8 of 12 board member who are under the age of 35, so they seem to be doing a good job of reaching the next generation of members and leaders and they should be well positioned to survive and thrive into the future.

Overall a very interesting day, although I have to admit that I was at times overwhelmed by the sights, sounds, smells and heat of the city.

Tomorrow, I’ll spend the day in conference sessions in the comfort of the hotel’s air conditioning.

Malcolm in Bangladesh - Day 3

September 24, another productive and successful day in Bangladesh.

Today was the final day of the workshop and we were able to synthesize all of the learning and theory into a number of recommendations that were presented to the conference and will be acted upon at the three levels of Credit Unions in Asia. Firstly we made recommendation to individual Credit Unions, knows as “Primaries” in Asia, to the national federations, and to the Asian Confederation of Credit Unions. We came up with some excellent plans and it is now up to those three levels to implement them and take action if these plans are ultimately going to have the desired impact of attracting young members to Credit Unions as a way to reduce poverty.

Judging by the excitement of the group, I think that they have a good chance of seeing at least some of these recommendations be implemented. In fact, I further explored the city and went to a local shopping centre (Bashundhara City, a 21 story modern complex that houses the largest shopping mall in South Asia)after the workshop and presentation, with Derek Cameron and Tapon Rodrigues ( a young Credit Union Director and native of Dhaka). Over a drink in the food court I was thrilled by Tapon’s excitement. He came to the conference with little in the way of expectations and is now very excited about the prospect for making changes in his Credit Union. He has already spoken to the Chair of his Board of Directors about some of the initiatives and programs that he would like to implement and he has developed a two year plan and timetable to measure his success. I’m certain that his enthusiasm and renewed passion will have a real and positive effect on the Credit Union system in Bangladesh and hopefully it will help to lift at least some people out of their unimaginable poverty. Education as well as products and services designed to encourage savings and thrift are extremely powerful tools to help people break their shackles of extreme poverty.

Tomorrow I will be spending the day with a group of conference attendees visiting at least one local Credit Union. I’m looking forward to seeing it in action and comparing it to what we are used to in Canada.

Malcolm in Bangladesh - Day 2

September 23 was an exciting and eye opening day.

My session went very well and I think that we made some real progress in terms of coming up with some solutions to the challenges of poverty and sustainability for Asian Credit Unions, and it was the first time that I have had a chance to experience the sights, sounds and smells of the city beyond my hotel walls.

As a group we went through a number scenarios that I had come up with in terms of needs of member and how to develop products and services to meet those needs. It was interesting to me that in many cases the scenarios that I had developed were nowhere near the realities of the Asian market place. For example in Canada, approximately 50% of marriages end in divorce, this creates needs for savings and lending solutions for single parents. While common in Canada, the notion of single parents in Bangladesh was extremely foreign. According the statistics that I heard today, less than 1% of local marriages end in divorce and the numbers are similarly low elsewhere in Asia.

Young people here are not buying houses (in fact many Asian Credit Unions don’t offer mortgages) until they are much older, many are living with multiple generations in a single “flat”. Asian youth are saving for smaller scale things like computers, and electronic gadgets that many North Americans buy outright or finance through loans or credit cards. There is also a lot of emphasis on saving for education because in many cases even a secondary school education requires that the student finance at least a portion of it. Another interesting piece of information that I learned today was that many Asian’s are unable to afford to deliver their infants in hospitals. Without the support of a national healthcare systems, many young Asian families are forced to give birth at home without medical attention. We discussed this situation in detail and explored the possibilities of Credit Unions providing some sort of self-insurance for exactly this situation. A model exists in Indonesia where some Credit Unions are doing just this and we explored the possibilities of adapting and applying their solutions elsewhere on the continent.

The workshop felt great. We tackled some big issues and came up with some small, but actionable solutions. Everyone recognizes that these are huge issues and we don’t think that we can solve any of them, what we are hoping to do is bring about some small changes that can hopefully grow.

After the workshop, one of the participants (Shajal a Dhaka resident), a couple of other conference attendees and I explored a bit of this sprawling, over-crowded, polluted and incredibly impoverished city. We walked a ways, visited a local art gallery and library before taking a rickshaw (the city has 400,000 of them) to a place known as the Bongo Bazaar. This market was literally packed floor to ceiling with all sorts of clothing and fabrics. People were selling everything and negotiating was the name of the game. I was extremely hot and crowded and a little bit overwhelming. Without Shajal I would be been lost and I’m sure I would still be there walking around in the maze of aisles and corridors. I bought a couple of shirts as did the others and we wondered around this market for about an hour. It was quite an experience. I have never seen anything like it. Then we took a “Tuck Tuck” a three wheeled motorized rickshaw back to the hotel where we had dinner and shared the story of our experience with others.

Today was truly a day that I will never forget.

Looking forward to wrapping up the workshop tomorrow, the tour of the local Credit Union on Thursday and then my presentation to the conference on Saturday.

Malcolm in Bangladesh - Day 1

As expected, my trip to the Bangladesh capital of Dhaka was very long. My journey started at 5:30 am with a pick up at my home and after a couple of stops to pick up other travelers I arrived at the airport around 7:15 am, checked-in and cleared security before heading towards my departure gate to meet up with my travelling companion Derek Cameron from the CCA. Our flight to Hong Kong left at 9:30 am and lasted about 16 hours and with the exception of some turbulence about three hours out of Hong Kong was relatively uneventful. Upon arriving in Hong Kong I enjoyed a short rest and shower in one of the airport’s traveler’s lounges, had some dinner and made a few phone calls before boarding the Dragon Air flight to Dhaka. This was a short four hour flight and it seemed like a breeze after the 16 hour marathon of earlier in the day. Got to Dhaka at about 1:00 am local time, took over an hour to get through customs and to claim my luggage and I arrived at my hotel just before 3:00 am.

Got a wake-up call for 8:00 so that I could attend the first conference presentation at 9:00 and begin my workshop at 10:00. The opening session was very interesting and had speakers from the ACCU and from the Bangladesh Credit Union League. They talked about the system and the economy and it was a real eye opener for me. Bangladesh has a population of 150 million people, making it the eighth most populous country in the world and with its relatively small land mass it has a population density of over 950 people per square Km. It is also an extremely poor country with a national average annual per capita GDP of only US$ 599. I expect that poverty and its alleviation will be a recurring theme at this week’s sessions.

My workshop topic for today was “Understanding the Youth Market” and from my perspective the session went very well considering cultural and language barriers with 22 people from 8 countries represented. It was interesting to me that Credit Unions around the world share a similar challenge…that of being relevant to the next generation of members. We talked about segmentation and tried to understand what drives the youth market (defined as under 35) in making purchase decisions and for signing up for Credit Union membership. We will continue the session tomorrow and on Wednesday we will create a marketing plan that will be endorsed by ACCU and rolled out to its member nations.

So far so good. Feeling good, although a little tired now that the day is done. Going to have some dinner in the hotel before turning in for an early night.

HCCU in Bangladesh

In the world of Credit Unions, an accusation that is so often tossed around is “You’re becoming more like a bank everyday!” but what does a statement like this mean? What it usually means is that the Credit Union has lost that personal touch. They’re no longer a friend to the member and begin to nickel and dime their “customers” every chance they get. More so they’ve lost the spirit of what a Credit Union is all about – Providing financial assistance and solutions to further community development. In other words, to help out his fellow man, which is why it gives me great pleasure to introduce to you Hamilton Community Credit Union’s CEO, Malcolm Stoffman, as he prepares to travel across the globe to achieve exactly this.

A few words from our CEO….

From September 20 – October 1 I have accepted a Technical Assignment that was offered to me by the Canadian Co-operative Association (CCA) in partnership with the Asian Confederation of Credit Union (ACCU). The assignment is made up of two parts; firstly, I will be working with a group of approximately 25 marketing managers and youth marketing experts (from all over Asia) in a three day workshop to help develop strategies and plans to increase their market share with this important demographic. Secondly, I will be addressing ACCU annual meeting on the topic of “Strategies that Build Credit Union Futures”. The meetings and workshops take place in Dhaka, the Capital of Bangladesh. Asian Credit Unions face many of the same challenges that we face here in terms of remaining relevant to the next generation of Credit Union members in addition to the challenges of rapidly changing culture and modernization as a result of the developing nature of their economies. The CCA and the ACCU have a long standing partnership and Canadians have played an important role in helping the countries to develop their co-operative and Credit Union sectors.

I will be leaving Saturday morning from Toronto, flying to Hong Kong, spending several hours there before flying to Dhaka for arrival at approximately 1:00 am local time (30+ hours later). I am in Dhaka from the 22nd until the 28th when I do the reverse trip home. I plan on posting regular updates (including pictures) on the experience to the HCCU Blog so check back often for info and updates.

If you have any questions I am happy to answer them in the comments section below.

Thanks for your support.

Malcolm Stoffman

I know I look forward to hearing about his progress and success.

About the CCA

CCA supports its members and the co-op sector through the provision of services in three core areas - development, government affairs & public policy, and common table.

Development

For over a quarter century, CCA has assisted co-operatives of all types and descriptions in over 40 countries through their International Development Program. Wherever the CCA is active - in Asia, Africa, the Americas, and Eastern Europe – our their development projects are designed and managed with the complete involvement of local co-operative partners. Through co-operatives, CCA works to reduce poverty. Their work helps people to provide themselves with food, with education, with shelter, and with higher levels of income.

Technical Assignments

Each year CCA recruits experts in technical fields such as Credit Union management, sustainable agriculture, co-op legislation and policy, project evaluation, micro-finance and micro-insurance to take on overseas assignments to strengthen local Credit Unions, co-operatives and their federations.

About the ACCU

Since its birth in 1971 the ACCU has served more than 16,000 Credit Unions with 20.5 million individual members in 26 countries in the region along with 17 affiliates promoting Credit Unions in Asia. Membership to ACCU is open to national credit union leagues/federations or other national cooperative financial or similar organizations that follow international Credit Union operating principles and with membership of at least 20,000 individuals or one percent of the population of the country where the organization operates.

Vision

Sustainable Credit Unions in Asia

Mission

ACCU works in partnership with its members to strengthen and promote credit unions as effective instruments of socio-economic development of the people.

ACCU is affiliated with the following international organizations of credit unions/cooperatives:
World Council of Credit Unions

• International Raiffeisen Union
• International Cooperative Alliance
• United Nations

HCCU Has Been Nominated

Once again this year Hamilton Community Credit Union is being recognized for going above and beyond the communities expectations by being nominated for a Readers’ Choice Award presented by the Hamilton Spectator.

What sets this nomination apart from other awards is that it is not your typical acclamation from a fellow Big Business. This is recognition from you our members in the community we serve.

Truly being recognized by our fellow membership for a job well done is something HCCU is proud of, but in order to secure our place a top the list of Bank/Credit Unions we need your vote.

Follow THIS LINK to the Hamilton Spectator’s Readers’ Choice nominee’s page and make your vote count.

Last year HCCU was awarded the Diamond Award, let’s make this the year we bring home the gold.

Ti-cat Tickets

The Ti-cats have arranged for 100 (more if we want) ticket vouchers to be made available to us to sell for 25$ each. No money is needed up front but I will be signing for vouchers so I will be responsible for them. They are good for a bronze section ticket to any regular season home game. These tickets are worth $35 plus a service charge and they are good seats. 10 dollars for each voucher sold will go to the Smith fund. There are 4 home games left this year so I hope we can move quickly to get the word out to ATU members who might be able to move some vouchers and perhaps all City of Hamilton employees who may buy vouchers. I will have the vouchers by Friday PM. The remaining home games are, Sat. Sept.6 @4pm, Fri. Sept. 19 @ 7:30pm, Sat. Oct. 4 @ 4pm and Fri. Oct. 24 @ 7:30pm. If you have any questions regarding the program call me or Brian King @ 905-547-2287 X307. To purchase vouchers call 905-387-8361 or 905-741-4872.

Debit Card Plan – Continued….

The Mob has spoken, even if the mob is only made up of 15, and they’ve come to a decision that we here at the HCCU are behind 100%.

With that I’d like to introduce to you…….drum roll please……..

The Debit One Plan



Yes, Debit One took the election with 53% of the vote, no need for a recount, no need for a run off, and all ready we’ve had an outstanding response from our membership.

I’ve been testing the product for the last couple months and have seen the positive results, not only in my balances, but in the clarity of my statements. If you feel you’re prone to swiping, I suggest you give this product some thought.

It Works for Me, it could Work for You too.

HCCU Prepares to launch its first Debit Card Plan

Hamilton Community Credit Union has always been proud of our commitment to no or low fees. Since our creation we have never charged monthly fees for savings accounts, chequing privileges, cheque printing, cashing of cheques, or monthly statements. We charge zero fees for withdrawing or depositing cash and even with the adoption of new technology we’ve never nickel and dimed our valued members on payroll deposits, bill payments, online banking, or Automated Fund Transfers.

Over the years our members have come to rely on this excellent pricing to keep their money where it belongs – Growing in their accounts. And for the most part our members don’t pay a single penny for our services unless using their Debit Card to withdrawal money at another institution’s ATM’s or making purchases in a store.

We’ve passed on the charges of $1.25 per withdrawal and .30c per purchase for use of this convenience.

That said many of our members enjoy the convenience provided by their debit cards, but were beginning to notice that convenience could get expensive. That is why HCCU will soon offer the option to pay a small monthly charge to be able to use your debit card as much as you’d like without worrying about the fees. Here’s how it works:

$8.50 a month will enroll you in the plan as long as you have a payroll deposit coming in to your account or a valid student card. This allows for unlimited POS purchases, and four (4) withdrawals from other institutions ATM, and of course the ATM’s located at our two branches will remain free for unlimited use.

We think this will be a real value added service for those members that enjoy the freedom and convenience that a Debit Card can provide. Members that only use their Debit Card in emergencies will not need to enroll in the plan and can continue paying on a per use basis.

The only issue HCCU has now is what to name this plan, and this is where you come in. Below is a few options we’ve come up with and we’d like you to choose what’s best. Have another idea? Leave it in the comments and we’ll give it a gander as well.

poll by twiigs.com

We’ll be running this survey until July 31st so that we’re ready to launch the product at the beginning of August. Regardless of the name we’re sure this will be a competitive product that allows you, our members, the freedom youdesire all while sticking to the philosophy of keeping your money where it belongs.

As Juliet said, what’s in a name?

Smith Girl's Trust Fund

Account #3196800 Transit #2115 Branch#828

For Madison & Genna Smith
(age 9 & 3)

An account has been opened here at the Hamilton Community Credit Union by the ATU Union in response to a traffic accident that claimed the lives of an HSR driver, Bill Smith, his wife, Sandra Smith, and their seven year old daughter Kaylee on Thursday June 26th. This account was created for the surviving daughters, Madison & Genna.

For more informaiton you can contact either of our branches.

Canada Day Weekend

Summer is officially here. Sure the Solstice was last weekend, but it is this weekend that signifies the summers start in Hamilton. CH News is reporting a humidex level, the Ticats kick off their season opener tonight, and all weekend long we will be celebrating our national day – Canada Day.

Of course no Canada Day would be complete without the annual HCCU Canada Day celebrations. Once again both of our offices will be celebrating Canada Day on Monday June 30th with snacks and coffee and the handing out Canadian flags to the HCCU youths.

We hope to see you on the Monday, but don’t forget our office will be closed on Tuesday July 1st

Happy Canada Day!

HCCU is Everywhere

Let me start by giving some details on how HCCU fared in the ball hockey tournament played a couple weekends ago at Limeridge Mall parking lot.....not good.....but we sure had a lot of fun. Despite a solid effort by staff and friends HCCU was defeated in both our games. Ultimately it was a team entered by Tim Horton’s that took home the gold in the tournament that raised over $8,000 for Hamilton's CHML/Y108 Children's Fund and Brantford's Kids Can Fly charities.

Speaking of Y108 (nice segue) have you happened to hear HCCU’s latest add that has been broadcasting in high volume on the airways of Hamilton’s best rock station Y108. In the ad HCCU calls attention to an outstanding mortgage promotion and directs listeners to a special website and redirects the traffic to the mortgage ad you see pictured. 50 months @ 5.0% definitely one of the best rates in the city.

If you’re someone who’s interested in the happenings of Hamilton then you probably make sure to grab a copy of View Magazine every week, and you hopefully noticed the half page colour ad that HCCU has posted in the Y-works section. View Magazine is a free newsprint that comes out Every Thursday containing information that’s important to Hamiltonians. Being a paper that is coveted by the youth of Hamilton, HCCU took the opportunity to promote the newest product released from our lending department, Student Loans and Lines of Credit. Something many student and parents have been asking HCCU for.

For more information on either of these two new products click the images to be direct to our website or contact either of our branches and one of our staff would be more than happy to assist you.

That’s all for now.

HCCU Road Hockey Tourney

Things in the NHL wrapped on Wednesday night with the Pittsburgh Penguins losing out to a better Red Wing team. I must say, I was pulling a bit for Sid the Kid. Especially considering that if Balsillie had gotten his way those could have been our Hamilton Penguins in the Stanley Cup Finals.

Regardless Hockey lives on in the steel city, but it will be off the ice and on to the paved parking lot of Limeridge Mall this Saturday, staring your very own HCCU staff.

Yes this weekend HCCU will be involved in a charity road hockey tournament, facing off against 20 other teams including other credit unions, credit union service providers, and local businesses teams all to raise money for the CHML Y108 Children’s Fund and for Kids Can Fly, both local charities that support the children in our community.

The tournament is expected to raise over $5000 for the charities and begins June 7th from 8:00 – 6:00 at the Limeridge Mall Parking Lot. HCCU will be playing at least 3 games and depending on our record, we may play a fourth or fifth game. Expect to see us in that fifth game and let’s hope we fair a little better than those Penguins

So come on out and cheer us on and see what the festivities have to offer. Games are scheduled for 9:30, 10:30 and 11:30.

Go HCCU Go!

HCCU Releases a New Website

On June 6th HCCU will be launching their newly designed website and I must say I’m extremely excited about this release. The new website, which will still be located at www.hccu.on.ca has be designed to be information rich and user friendly all while helping to bring important information to you, our members.

Of course the look and feel of the site is a drastic change from our current one. Just click on either image for a larger look and you will see it's a more modern approach to your Credit Union, but still contains that comfortable, personal touch. The first thing you’ll notice is the large information space currently dominated by the "There's no Wii in Win" campaign. This section will be a rotating gateway to new products and promotions from HCCU. See something that catches your eye, but has rotated past to the next offer? You’ll be able to click on the smaller image boxes located below the main display to lock on to that product and read more about it.

Beside our rotating product display will be three important features of the new web site. One is our ever popular quick rates, giving you the up to date information on the current Prime Rate, US Exchange rates as well as our loan mortgage and deposit rates. It’ll also contain a link to all of the Credit Union’s product rates, just as our current Quick Rates does. Below that you’ll find the "Mention it to Malcolm" box. Here you’ll have a direct link to our CEO Malcolm Stoffman where you can share any concerns, questions or praise you may have regarding the HCCU. Below that will be our HCCU 2.0 section. This includes a link to our HCCU Blog, and to our new Facebook group, where if you have a Facebook account you can sign up to receive HCCU updates and promotions directly to your profile. We expect some exciting things to come from both these developments.

Above the rotating product display is the file folder menu bar. Here you`ll find a link to everything that has to do with HCCU. Under "Personal Financial Services" you`ll find links to all your day to day credit union needs like account information, loan and mortgage info, and the ability to apply for any account or lending product online.

Under the "About HCCU" is where you’ll find more information about us the Credit Union. Things like our contact information, hours of operation, and a history of the credit union.

Finally, Under "Tools and Resources" you’ll find information on are partners, current and archived newsletters, financial calculators, and online applications to many of our products.

Of course, we know the primary reason to visit the HCCU website is to access your online banking, which is why we`ve placed a bright green button in the top right of every page that will take you directly to the log in screen so you can access your account with ease.

As you can see there has been a lot of work on developing this site with you in mind. We hope you like the new feel of the HCCU online experience and look forward to your feedback.

Answer #4 – Lawyer's Fees and Closing Costs

We’ve come to the end of our journey through mortgages and by now you’ve seen that there is a lot of information to take in and it’s best to talk to a professional, like our Sarah did, in order to get the best advice.

So when it came to answering questions regarding closing costs, and lawyers fees we went to a professional we trust, Peter Dudzic of Dudzic Law, to get you the right answers.

“Closing costs are comprised of numerous fees, once your lawyer receives instructions for your new mortgage, the property is searched, the mortgage is prepared in electronic format, fire insurance confirmation obtained, tax information obtained, mortgage payout statements will be obtained, they will attend to the clients to sign and attend to the registration of the mortgage. Fees are $500.00 plus GST and disbursements of approximately $450.00 comprised of sub searches, execution search, tax certificate, register mortgage, register discharges, miscellaneous (cheque certification, photo copies faxes etc.) Title insurance is required and Land Transfer Tax will make up the majority of your costs and the amount varies with each property. The total rough estimate is approximately 1.5% of your purchase price.”

For more information regarding lawyer’s fees you can reach Peter Dudzic of Dudzic law office at 905-528-4251 or at peter@dudziclaw.com

This wraps the answers to our mortgage survey. Of course, if you have any additional questions about what we’ve covered or would like information on something we didn’t covered please feel free to contact either of our resident mortgage professionals.

At our Mohawk Branch - Kathy Gordon – 905-383-3395 ext 103 or kgordon@hccu.on.ca

At our King St Branch – Anita Williamson – 905-529-9445 ext 107 or awilliamson@hccu.on.ca

Answer #3 - Who is CMHC?

In our last post we touched on what is required by a down payment, but many of us just don’t have the 20% to put down on the purchase of a house. That is when we turn to CMHC – Canada Mortgage and Housing Corporation. So who exactly is CMHC?

According to their website, “Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. We are committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. CMHC works to enhance Canada's housing finance options, assist Canadians who cannot afford housing in the private market, improve building standards and housing construction, and provide policymakers with the information and analysis they need to sustain a vibrant housing market in Canada.”

What does this mean to you, who is looking for a mortgage. Basically CMHC insures your mortgage for a premium allowing you to purchase a home without the full 20% down payment.

The premium charge from CMHC depends on the % of your down payment. 5% down is 2.75%, 10% is 2% and 15% is 1.75%, this premium can be added to your mortgage & is a onetime fee. Eg: a mortgage of $100,000 with 5% down would be $95,000, your CMHC premium of 2.75% added to the mortgage is $2,612.50 bringing your total mortgage to $97,612.50

Answer #2 – Requirements of a Down Payment

In the second part of our response to our Mortgage Survey, we are going to take a look at the Requirements of a Down Payment? For this we’ve gone to our resident expert, and HCCU’s Manager of Lending, Anita Williamson.

“The minimum down payment requirement is 5% which would be a high ratio CMHC (Canada Mortgage & Housing Corporation) insured mortgage. To avoid this cost a conventional mortgage requirement is 20% down. Source of funding would be cash from own resources, sale of property, gift, or an RSP if you’re a first time buyer.”

Thanks Anita, and if you have any additional questions regarding a Down Payment or any other lending question, Anita can be reached at our King St. Branch at 905-529-9445 or by e-mail at awilliamson@hccu.on.ca You can also reach Kathie Gordon at our Mohawk Rd. branch at 905-383-3395 or kgordon@hccu.on.ca

Stay tuned for more answers to our Mortgage Survey.

Answer #1 - Mortgage Insurance

First off, let me start by saying thanks for all your participation in our little survey on Mortgages. That is exactly the type of feedback we’re looking for from our members, as communication can not only help you but help us as well.

By the looks of things there seems to be a bit of apprehension in all the aspects of searching out the perfect mortgage for your home purchase, so over the next couple weeks we’ll be taking time to answer all your questions.

We’re going to start with Mortgage Insurance and work our way from there, and for this we contacted our Credit Union’s CUMIS representative Shelley Brown, and asked her what type of insurance is available.

“We offer insurance protection on all of our mortgages. Our members are able to protect themselves with Life, Critical Illness, Sickness and Accident Coverage and Loss of Employment Coverage. This coverage can be applied for at any time during your mortgage, so if you have not protected yourselves, please contact HCCU’s Mortgage Department for more information.”

Thanks Shelley! And like she said if you’re looking for more information feel free to comment below or contact our mortgage department at either branch.

Don’t forget to check back in a few days for more answers to your mortgage questions.

A Mortgage Survey

With the snow disappearing from the front lawns of homes, many of you will begin the search for that perfect home of your own. HCCU is interested in knowing where the trepidation may lie so we can help you through this important process. Please take a quick second to complete the survey so that we can start providing some answers in the coming weeks.

more at twiigs.com...

We thank you for your time. If there’s something we missed please feel free to comment, and remember to check back in the coming weeks for some answers to your questions.

Our First Interview

One of our very own, who had recently become engaged, has just finalized the deal on buying her first home. We sat down with HCCU Office Supervisor Sarah Dunsmuir to ask how she and her fiancé found the experience of buying their first house.

Let me begin by saying congratulations. How does it feel to be a first time home buyer? Exciting! I’m really looking forward to the Freedom and Independence that comes with owning my own home.

How long were you in the market for? We had been talking about getting our own place for about a year now, but we started our actual shopping three months ago and finally found a place that suits our needs.

What kind of planning was involved in the process? To begin with we had to figure out how we could afford such a thing. We both were carrying some personal debt and didn’t have anything set aside for a down payment. These were all things we knew we’d require.

Who helped you with all the decisions around home ownership? Well we first talked to a mortgage representative at the Credit Union. She told us what kind of deposit we would need to buy a house in the price range we were hoping for.

Did your family help you with any of the planning? To be honest they were just a pain. Just kidding, they did provide moral support along the way.

How were you able to save up the down payment? The first step was taking a look at our current situation. We were able to consolidate all our debt with a personal loan through the Credit Union. This eliminated both our car loans and the two credit cards we had. Then we cancelled the one card to keep spending under control. This freed up a lot of income to use towards our savings and helped eliminate some of our debt so we could qualify for the mortgage. We then laid out a budget for our spending and began to put aside every extra penny.

What other costs are you expecting? Well we’ve all ready put the down payment towards the house. We know we have lawyer’s fees, and since we’re only putting down 5% of the purchase price as a down payment we have our fee to CMHC (Canadian Mortgage and Housing Corporation). That will get us in the door, then we start saving to furnish the place.

Any advice for others in your position? Save early and save often. I can’t stress that enough. Also keep credit to a minimum. Especially the high interest credit cards. That kind of debt should be consolidated immediately.

Thanks Sarah, and Good luck with the new home.

If you have any questions regarding home ownership please, comment below or contact us here at the HCCU and we’d be happy to help.

HCCU is Handing Out iPods

There are quite a few things that I associate with the coming of spring. There’s the first exposure of muddy grass on everyone’s front lawns. There’s that final dump of snow that always seems to be the big one. Let’s hope what I’m referring to can be the one we just experienced. Of course there are the chirping birds, and the budding trees, and the streets packed with people on that first moderately warm day all dressed like they’re strutting down the promenades of South Beach. And then there is the HCCU Spring Raffle, which is once again upon us.

The HCCU Spring Raffle is always one of our biggest fundraisers generating more than $15,000 for the Cancer Assistance Program over the past 10 years.

During those years we’ve given away such prizes as Barbeques, Patio Sets, Bicycles, Tiger-Cat Tickets, Spa Packages and this year, to keep with the theme of modernization, we have two iPod Nano’s to give away.

We’ll also have a few additional prizes made up of Tim Horton’s Gift Certificates.

All of these prizes have been bought by the Credit Union and donated to the raffle so that all of the proceeds go directly to the Cancer Assistance Program to assist in their amazing cause.

As usual tickets are $2.00 each or 5 for $5.00 with the draw to be held on Thursday May 1st.

So get yourself in to the office and score yourself a chance to win. But cross your fingers cause you’ll have to be luckier than me.

In two weeks time is our Annual Meeting and if you’ve never been this is definitely the year to attend.

Why you ask?

Fist off the Annual Meeting is an important part of the Credit Union’s democratic existence. It is where you the members can vote on who sits on your Board of Directors. The Board of Directors is a crucial element to any Credit Union as they are charged with the conduct and management of its affairs.

You yourself can also run for a position on the Board if so inclined.

Secondly, you get to learn a bit about how your Credit Union is operating. You get to hear from your Credit Union managers on how we preformed throughout the fiscal year. You’ll hear from both our internal auditors and external auditors on what their reporting has found. It gives you a chance to ask any questions you have regarding where your Credit Union is heading. Any concerns you may have on the present or future.

Thirdly, you’ll get to be introduced to our new General Manager Malcolm Stoffman, and hear from him where he sees your Credit Union heading.

Last but not least, as with everything relating to your Credit Union, it’s a warm and friendly atmosphere, including food and refreshments, gifts and prizes including a cash prize of $100!

We’d love to see you out there. If you do plan to attend or if you have any questions regarding the Annual Meeting leave a little note in the comments below.

HCCU Annual Meeting – Tuesday, March 4th 2008 beginning at 7pm at Liuna Station. 360 James St N. Hamilton ON

A Little Credit Union Humour

Considering the poor weather we've had these last few days we thought we'd brighten your day with a little Credit Union humour.

Click the banner below to see a spoof on the famous Mac vs. PC ads with a Credit Union twist.

Reminds us of a certain Participation Rebate.

The Exchange Network

There appears to be some questions regarding exactly how The Exchange network works, and what the costs are to our members. Let me take the time to explain things in a little more detail than what is on our website.

First off, there is a cost involved with every Interac transaction. When dealing with a Point of Sale transaction such as making a purchase at a store, the cost is minimal. The transaction is routed from the store, to the switch (for us a company called Threshold) and then to us. The switch charges a service fee to us for this transaction as does the Interac association.
Shared Cash transactions or withdrawals at a bank machine cost a little more. The route the transaction takes getting to the switch can be a little more involved and we are charged more for each transaction.

The charges to your Credit Union from Interac and Threshold represent the fees you see on your account whenever you use your debit card. You are charged .30¢ for each Point of Sale transaction and $1.25 for each Shared Cash transaction to offset what the Credit Union pays to provide this service. Those fees are not revenue generating for us.

In addition to these costs most bank machines that you would use to withdrawal funds from also charge you a fee. This fee is incorporated in to your withdrawal amount. Let’s say you withdrawal $80 from a TD Canada Trust machine. Your Credit Union Account will most likely read the following:

Jan 31 - IAF - $1.25
Jan 31 - IAW - $81.50

That extra $1.50 in the withdrawal amount is what you were charged by TD to use their machine.

This is where The Exchange comes in. If you were to repeat that exact transaction on a machine displaying The Exchange logo, your statement would read the following.

Jan 31 - IAF - $1.25
Jan 31 - IAW - $80.00

You are still charged the $1.25 to use your debit card, but you’re not charged any additional fees by the machine you are using.

This service is available all across Canada and at many locations throughout the USA. However, any Interac transaction done outside of Canada will result in a fee of $3.00 rather than the $1.25.

The Exchange also offers the ability to make deposits in to your HCCU account from any bank machine that accepts deposits displaying their logo. The deposits are received instantly and this is all available with your current blue HCCU Interac card.

I hope this clears up any confusion, but if you have any question please direct them to the comment section below and I’ll respond as soon as possible.

Participation Rebate

It was New Years Eve and we were gathered around the systems main computer. The Board of Directors had given us a target that we knew we would be close to, but until you can look at some of the December month-end reports you never know exactly what kind of participation rebate can be offered. We hoped for the best.

The participation rebate is something everybody loves about the HCCU - Especially the employees. Once you get a full understanding, once you see how it works and see how much money is paid back to the members, how can you not. I think the staff especially appreciates it since they’re all members and get to reap the benefits of banking with the HCCU. They too, like every member paying or receiving interest within their account, like to see some extra money on December 31st.

The final ledger and balance sheet came off the printer like a hot part on an assembly line and worked its way from the back office to the hands of our General Manager and Manager of Finance.

Numbers were crunched

Beads of sweat wiped from brows.

That equal button was hit and the results were in.

12% would be the rebate. Another astounding return.

And with that I hit a few keys and divided almost half a million dollars amongst our loyal members.

Welcome

Come in, come in. Welcome to the HCCU blog. It is my honour and privilege to introduce you to this new aspect of the Credit Union. Now I’m sure many of you have heard of a blog. It’s been mentioned in every paper, magazine, and news cast over the last few years. It was even deemed the word of the year in 2004. But you still may be asking what is a blog exactly.

Well blog is short for web log, and is a journal written by one or many, posted online for the users of the world wide web to view. Blogs can be used to provide commentary or news on a particular subject, or as a more personal online diary. They can be made up of text, pictures, videos, and links to other pertinent information.

So what does a blog have to do with your Credit Union?

A blog provides a unique forum that all have access to where we can relate to one another. It provides a place where we can bring you inside the Credit Union environment and communicate on the behind the scenes. We can keep you up to date on the day to day, and help you get to know your Credit Union on a more personal level. And with the ability for readers to leave comments being an important part of a blog, we’ll be able to connect in a way not possible before.

In a word, a blog has the power to bring community to The Hamilton Community Credit Union.

I look forward to this experience. I hope you do too.