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Improvements are coming soon to CCEC’s online banking. We are adding mobile features and increasing login security. With the enhanced security measures being introduced, we feel that members will be more comfortable switching to online banking or using more online banking services.  

 

A few of the new features include: 

  • Mobile Banking App. 

  • Mobile cheque deposit - take a picture to deposit a cheque to your account. 

  • Get customized Alerts about your account activity sent to your phone or email. 


You will notice improvements on the login screen. It has a new look and you will be asked to set up User Authentication. Here are the three steps to follow: 


  1. On the login screen, you enter your Login Name which is your current Account Number; and your Password where you enter your Personal Access Code (PAC) from the current banking system. 

  2. Set up your User Authentication. Select three questions and enter your answers. 

  3. Pick an image to use as your Personalized Security Image. 


Each time you login, you will be prompted for this User Authentication confirmation. It is random if you answer the questions you set up but the image will be displayed every time you login. The User Authentication takes a few minutes to set up and we feel the increased security will help our members feel more secure and comfortable banking online.


We will be providing our members with more information on the enhancements and improvements to online banking. This is a great time to sign up for Online Banking and switch to e-Statements. Visit our website www.ccec.bc.ca for updates.


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Are you planning to purchase a new property or renovate your existing one? Do you want to learn more about your borrowing options at CCEC? Call or email Derek, our Mortgage Loans Officer to learn more.  Derek recently joined our staff at the credit union and has been working with members to make sure the process is easy and as stress free as possible.

When it comes to something as important as taking out a mortgage, you want to make sure you are making the best decisions for your situation. Derek is here to walk you through the options and work with you to get pre-approved for a mortgage.

At CCEC, we provide first and second mortgages for purchase of a residential or recreational property. Moving your mortgage to CCEC may be easier than you think. If your friends and family need assistance with a mortgage, please have them get in touch with us. We have helped many new members because their "bank" couldn't help. Help your friend, the credit union, and our local community!

At CCEC, we keep your money working in your community.  

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March is Fraud Prevention Month: Recognize, Report and Reject. 

If it seems too good to be true, it is. We are all targets for scammers. As we are spending more time and shopping online, our susceptibility and exposure to scams has also increased. The 2020 BBB Scam Tracker Risk Report helps to shed some light on how scams are being perpetrated, who is being targeted, and which scams have the greatest impact,  They also provide timely tips on how we can all better protect ourselves from fraud.  Here are a few highlights from the report. 

The riskiest scam reported by Canadians in 2020 was advance fee loan scams. The second riskiest scam was online purchases with the highest type of purchase being for pets and pet supplies. 

Impersonation is one of the most common tactics fraudsters use to perpetrate scams. By pretending to be well-known and trusted companies, government agencies, and organizations, scammers can better manipulate their targets. Scams impersonating Canada Revenue Agency is one of the most common types of impersonation scams.

Who is most at risk to scams?  Younger people lost money to scammers at higher rates than older people. Online purchase scams were the riskiest for ages 18 through 54 and the second riskiest for ages 55+. Romance are riskiest for ages 55 through 64. Fake cheque/ money order scams ranked #2 for the 18-24 ages and #3 for the ages 25-34.

How do you reduce your risk of losing money to online scams? 

  • Asking questions when unfamiliar with something

  • Tending to be skeptical when dealing with new situations

Also, by following these  Ten Tips to Avoid a Scam, you increase your likelihood to avoid most scams and protect you and your family. 

1. Never send money via gift card or wire transfer to someone you have never met face-to-face. 

2. Avoid clicking on links or opening attachments in unsolicited emails. 

3. Don’t believe everything you see..

4. Double check your online purchase is secure before checking out. 

5. Use extreme caution when dealing with anyone you’ve met online. 

6. Never share personally identifiable information

7. Resist the pressure to act immediately

8. Use secure and traceable transactions

9. Whenever possible, work with local businesses

10. Be cautious about what you share on social media.   

March is fraud prevention month. Report any suspicious activities to BBB Scam Tracker, and learn more about the different types of common scams on BBB.org/scamtips       

For more information and helpful tips visit the Canadian Anti-Fraud page.


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“Pandemic restrictions have accelerated the shift from paper to digital payments”, reports Central1 who process our Interac e-Transfers®. There are many benefits to transferring funds electronically, but are they safe and is your money secure? Yes! 

When you send money using Interac e-Transfer®, your money doesn’t actually travel by email or text message – just the notifications and deposit instructions. The receiving and sending bank or credit union transfer the funds to each other using established and secure banking procedures. At CCEC, our security measures include:

  • Encryption technology
  • Confidential user IDs and passwords
  • Secure login process
  • Security question and answer

While these security measures are in place, when you use the service please follow these safety tips:

  • Sign up for Auto Deposit. Also, encourage your recipient to sign up for Auto Deposit.
  • Action the e-Transfer the moment you receive it. Also, encourage your recipient to action the e-Transfer as soon as it is received.
  • If you created a security question, do not email the answer or put it in the message of the e-Transfer. 
  • Do not open any e-Transfer Requests that you do not recognize. 
  • Be very aware of online scams and requests for money. Refer to these security tips 

Click here to learn more and visit the Interac website. 

If you have any questions, refer to the FAQ on our website

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We recognize times may be uncertain and finances may be tight this year. Saving for your future may not be top of mind. However, even contributing a small amount to your RRSP today will go a long way in the future.  It’s not just about long-term growth but also benefits, like lowering this year’s taxes.  More important, your funds at CCEC are invested in your community, neighbours and local businesses.  

Our members tell us that they are with CCEC because we are aligned with their values.  As we are hosting the second Virtual Town Hall on Saturday, January 16th at 10:30am, a member wrote to us saying, “CCEC fills a niche that no other credit union does: a people-centred perspective that sees everyone as an equal no matter their heritage, income, or orientation.” We continue to  be an independent single branch credit union in a financial industry that has been undergoing consolidation for many years. The member reminds us of our history and says, “Where else can BIPOC and employment-challenged communities go for vehicle loans? Where else can social enterprises go that aligns with their values-based mission statements? Where else could a WomenFutures Loan Guarantee Fund exist?” 

The member adds, “There is part of CCEC's original mission that is based on E. F. Schumacher's "Small Is Beautiful" (1973). There is something to staying small on purpose! CCEC has always been about ensuring its acronym stays true: Community, Congress and Economic Change. This is why CCEC exists. “

So, as we are encouraging our members to invest in an RRSP, remember that the funds in your RRSP at CCEC stays in your community and support what is important to you. 

Call us today and ask how you can contribute to, top up or start an RRSP. 

Email Joanne to RSVP for the Virtual Town Hall on Saturday and add your voice to the conversation on the future of CCEC. 


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Saturday, January 16th at 10:30am  is our second virtual Town Hall meeting. We want to hear from our members your thoughts about CCEC’s future and the upcoming Annual General Meeting (AGM).

 

At our AGM on February 4, 2021, we will be reporting healthy earnings in the year ending September 2020.  However, our long term financial planning indicates we will face challenges  The credit union sector is facing enormous pressure with ever increasing regulatory requirements, rising costs and low margins resulting from historically low interest rates. Across the province, over 25% of credit unions are currently considering a merger or acquisition. We want to share with you the informal conversations we have had with other credit union boards on their challenges and opportunities. 

 

Please RSVP to Joanne to attend the Town Hall and the AGM.  Join the conversation, hear what other members have to say and have your voice heard.  A zoom link will be sent closer to the date. 

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2020 was an unprecedented year.  It did not go as we were expecting as Covid impacted all of us.  We have seen loss of lives and changes in our communities and local businesses. As we are set to enter a new year, let’s pause, reflect and identify what is important to us.  

The CCEC Board is inviting members to join us to  discuss the future of the credit union and the upcoming Annual General Meeting. We hosted a Virtual Town Hall on December 10th and our second Town Hall is on: 

As you know, the credit union sector in British Columbia is facing enormous pressure with ever increasing regulatory requirements, rising costs and low margins resulting from historically low interest rates.  While our financial position is strong and we will be reporting healthy earnings in the year ending September 2020, our long term financial planning indicates we will face challenges. Across the province, over 25% of credit unions are currently considering a merger or acquisition.

 

CCEC’s Board has initiated some informal discussions with other credit union boards about what they are experiencing and what, if any, opportunities there may be to collaborate and/or join forces.

 

This is also a great opportunity to learn more about CCEC if you are interested in running for the Board at the AGM on February 4, 2021. Nominations are being accepted for 6 positions on the  Board and 4 positions on the Credit Committee. Click here for more information and to download the Nominations Form. 

 

We look forward to seeing you at a virtual town hall meeting and the upcoming virtual AGM on Thursday, February 4, 2021. 

 

RSVP Joanne  jmackinnon@ccec.bc.ca to attend the Town Hall and the AGM.  A zoom link will be sent closer to the time. 

 

Thank you and be safe and healthy in 2021.


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Managing your money, debt and investments, planning for retirement and protecting yourself from consumer fraud -  November is the 10th Anniversary of Financial Literacy Month  and a good time to review how you are doing. 


It is important that we all know how to protect ourselves, our identity and our money from frauds and scams.  Did you know that each year Canadians lose an estimated $100 million dollars to a variety of scams? In the past six months, loss to Covid-19 fraud was $6.2million. Lean more in the webinar hosted by the Vancouver Public Library taking place on November 24. 


The Canadian Government has many online tips and tools to help you better manage your finances in challenging times.  These include making a budget to keep track of your money, minimizing debt, and understanding financial products and services.  You can also learn how your credit score is calculated and how to make it better.  


If you have any questions about your financial well-being, we ask you to give us a call. We can provide complimentary advice. 


Financial Literacy Month is online in November. Follow them at @FCACan  and #FLM220


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It’s International Credit Union Day on Thursday, October 15.  It has been held on the 3rd Thursday in October for the past 72 years. Did you know there are  291 million credit union members worldwide?  As we reflect on the role CCEC has played in our community and in our members’ lives, let’s share our experiences and invite our friends and family to join CCEC. 


CCEC received its charter in 1976, 2 years after a group of people involved in daycare, consumer and housing co-operatives raised capital to support community economic development. They called their group the Community Congress for Economic Change Society.  Our mandate was to serve groups that have been excluded from the economic mainstream - because they don't fit a banker's idea of a good credit risk - for example, the arts groups, immigrant organizations, housing co-operatives, and similar organizations that continue to be core of our membership. Loans were available to meet our members needs, and for community enterprises and community action. The founding members of CCEC described the loan process as "group solutions to individual problems."  The local focus of the credit union saw the money reinvested within our community. 

Some things haven't changed at CCEC over the past 44 years.  We continue to be guided by the principles that are the foundation of CCEC. We also continue to ensure community input into the lending process by maintaining a credit committee elected from the membership. Also, many directors, credit committee members, and staff are active in community groups that make up our membership.

CCEC is a member-owned, community development organization that is powered by people, like you;  in service of people like you.   Let’s celebrate International Credit Union Day! 


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A Registered Retirement Income Fund (RRIF) provides a source of retirement income. It can be set up anytime and withdrawals must start one year after it is opened. CCEC is now offering this service to our members and we want you to better understand them. 


There are various retirement investment options and we can provide you with complimentary financial advice and guidance.  While you must convert your RRSPs to a RRIF by the end of the year you turn 71, you can transfer your existing RRSP into an RRIF at any time.  To open an account, we can help you transfer your RRIF from another financial institution. 


A RRIF, like an RRSP, is tax-sheltered for deposits. As you need to withdraw a minimum amount in the calendar year after it was first funded, those members who are thinking of taking an early retirement may want to talk with us about opening an account.


Investing at CCEC means that you keep money working in the community to benefit you, your neighbours and local businesses.  CCEC has always been highly localized in how we invest your money since we opened in 1976. Our values have not changed. 


We are pleased to offer our members the option to invest in an RRIF. 


Call us to learn more. 


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