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 The withdrawn amount gets added to your contribution room for the following year, just like any unused contribution room carries forward to the following year.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.
Wednesday, January 21, 2009
Wednesday, December 31, 2008
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.
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.
Wednesday, November 19, 2008
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.
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.
Friday, October 31, 2008
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.
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
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/.
Tuesday, October 21, 2008
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.
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.
Friday, October 10, 2008
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
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
Monday, September 29, 2008
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.
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.
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