What's New ... keeping you informed!
Patronage Dividend Paid!
November 27, 2012
– For the 8th consecutive year, the Board of Directors of Your Neighbourhood Credit Union has declared
that a patronage dividend of $180,000 be paid to members following the
close of YNCU’s fiscal year on September 30, 2012. This brings the total
of patronage dividends returned to members since 2005 to $1,720,500.
YNCU donates $1000 to Cobblestone Elementary School's new playground!
YNCU a Reader's Choice Nominee!
International Credit Union Day - October 18th!
Luther Village residents can now bank onsite with YNCU!
September 14, 2012: YNCU has established a banking relationship with Luther Village on the Park retirement home in Uptown Waterloo, replacing another financial institution that pulled out earlier this year. Our presence to provide on-site personal banking services every Wednesday, in addition to placing a cash dispensing machine, is being warmly welcomed! The ribbon cutting above took place on Wednesday, August 29th. Our Uptown Waterloo team is very excited about bringing this new service to the residents, staff and friends of Luther Village.
YNCU partners with Chicopee for new YNCU Kids Zone!
August 10, 2012: We are very excited to sponsor the new Kids Zone at Chicopee Ski & Summer Resort located in Kitchener! The YNCU Kids Zone will open this winter and is part of Chicopee's ongoing infrastructure plan for resort enhancements. Kids Zone allows young skiers and snowboarders to develop their skills in a safe and fun area and will also allow for group and individual instruction. A viewing area alongside the facility is available for spectators.
Woodstock branch is on the move!
August 10, 2012: We are pleased to announce that our Woodstock branch will be relocating to a bigger and better location! The new space is conveniently located on the corner of Dundas and Douglas Streets, in the downtown core. Plans are underway to quickly transform this new location into a welcoming and accessible branch for our Members and the community of Woodstock and surrounding area.
Credit Unions poised for cross-country expansion.
On July 5th, Finance Minister Jim Flaherty announced draft regulatory changes that, when finalized, will establish a legal framework to allow credit unions the option to be incorporated and regulated at the federal level. These changes will support the evolution of the Canadian credit union system by providing interested credit unions with an option to operate across Canada and beyond their current provincial boundaries. For example, some of British Columbia’s largest credit unions have eyed the Alberta and Ontario markets as a way to increase their membership.
What does this mean for YNCU? While some credit unions are large enough to present formidable competition for the major chartered banks in their respective regions, and would have the heft to expand to other provinces if they chose, we are not there yet. However, it is important for YNCU to be prepared for such eventualities. A commitment to member service excellence, prudent lending practices, increasing non-interest revenue, and executing our strategic plan will put us on track to compete with larger credit unions - those currently in our markets and those from out of province looking to establish a presence.
No fee increases ... again!
July 17, 2012: For the fourth year in a row, we will not be raising fees! In addition, we continue to pay interest on all our chequing accounts – you don’t find that everywhere.
And the award goes to ...
Two of our innovative "Cool Tools", the MOOla iPhone app and the Net Worth Calculator, were recognized with an award in the Electronic Marketing division at the Achievement in Market Excellence Awards competition. This AIME attaches entries from credit unions across Canada.