What's New

Patronage Dividends - 2014-15 Fiscal year Expand/Collapse

Patronage dividends paid December 11

We're sharing the wealth - again!

We are pleased to announce that $200,000 in profits was shared with our membership in the form of patronage dividends on December 11, 2015! With this payment, we have returned $2,280,500 in profits to our members since 2005!  Sharing the wealth is one of our core values and a benefit of banking the credit union way!

The amount paid to each eligible member is based on that member’s business with us, and ranges from a minimum of $2.00 to a maximum of $200.  To find out your share of the total dividend, check your new Dividend Account.

Download the full details (PDF)

 

New Dividend Account Expand/Collapse

All members of YNCU who have an active membership share account will soon see a new Dividend Account listed in their Account Summary. When Patronage dividends are declared by the Board of Directors, the dividend will be paid to eligible members directly to the Dividend Account.
 
The Dividend Account will automatically appear on the Online Banking account summary page for Personal Banking members.  Organizations and Business members may request the Dividend Account be linked to their Online Banking.  The Dividend Account will be included on consolidated statements for all members.

Can I make transactions on the Dividend Account?

No.  The Dividend Account is limited to withdrawal transactions only.  No deposits or bill payments can be made on this account and it cannot be linked to an ATM card.

When will dividends be paid?

Dividends for the 2014-15 fiscal year will be paid in December, 2015.  An announcement will be made on this page as soon as the dividend is paid to eligible members.

How are dividends calculated?

The amount paid to individual eligible members ranges from $2 to $200, based on the amount of business you have with YNCU. This practice of capping the dividend payment ensures the dividend is shared by more members.

Community First Credit Union and YNCU announce intention to merge Expand/Collapse

Kitchener, ON (June 30, 2015) The Boards of Directors of Community First Credit Union (CFCU) and Your Neighbourhood Credit Union (YNCU) announced today that they will pursue a merger to strengthen cooperative banking in their respective communities.

YNCU and CFCU

As there is no geographical overlap, the merger of these two credit unions means that each will maintain a strong community foothold and branch presence. The agreement provides the opportunity to take advantage of shared technology and additional member service channels while continuing to deliver local, personalized and cooperative financial services to individuals, businesses, and farms.

“We are excited about the opportunity to align with an organization that supports our vision of delivering financial solutions to our members and communities.  We are passionate about making our members lives easier and helping them reach their financial goals. Combining our operations will ensure that our members have increased access to branch and convenience locations, access to more financial product offerings and enhanced member services", said Community First CEO Brent Lamming.

YNCU’s CEO, Kerry Hadad, said, "There is so much that aligns our two organizations, including shared values for our staff and members, which makes this agreement a natural step. We share the principles of building relationships with members that enrich their lives and their communities. Working together as equals in pursuit of the greater good is what we want to achieve with this partnership."

COMMUNITY FIRST CREDIT UNION serves 15,000 members and operates three branches in Sault Ste. Marie and Timmins; they hold approximately $490 million in assets under administration. YNCU currently serves approximately 43,000 members, and operates 18 branches across Southwestern Ontario (Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Windsor, LaSalle, Guelph, Woodstock, and London), with over $1 billion in assets under administration.

There is no planned job loss as a direct result of this merger, and employees will have an opportunity to grow and develop under the new combined organization.

“Merging our organizations will strategically position both Community First and Your Neighbourhood Credit Union for long term growth and sustainability.  As a board we are committed to ensuring that our members and communities have an opportunity to succeed financially and we see the same values in Your Neighbourhood Credit Union,” said Community First’s Board Chair, Jeff Piper.

YNCU Board Chair John Haines echoed those sentiments. “Our respective communities will benefit from a stronger credit union that will continue to be good community leaders that connect us together.  We’re pleased to be delivering co-operative banking with a partner such as Community First; this is truly a partnership of equals.”

The merged organization will be known as Your Neighbourhood Credit Union; however, the Community First branches will retain their name and branding. Mr. Hadad will be CEO of the merged entity, while Mr. Lamming will assume a senior organizational strategic role with YNCU as Senior VP of Strategy, while continuing to lead the Community First region as President. Subject to the normal conditions of due diligence, regulatory and membership approval, the agreement is anticipated to close on December 31, 2015. The merged entity will become the 6th largest Credit Union in Ontario.

About Community First Credit Union

Community First Credit Union Limited is a full service credit union open to everyone living in the province of Ontario.  Community First offers a full range of financial products and services for both personal and business banking.  Located in Northeastern Ontario and operating for over 65 years.  Community First has two branches located in Sault Ste. Marie and one location in Timmins.  For more information please visit: www.communityfirst-cu.com

About Your Neighbourhood Credit Union

Your Neighbourhood Credit Union is the result of multiple mergers over the years, most recently of Grand River Credit Union, Brant Community Credit Union, Mitchell & District Credit Union, Your Neighbourhood Credit Union (Windsor), and Boomerang Credit Union. Each of the legacy credit unions have roots reaching back to the 1940s. Your Neighbourhood Credit Union was selected as the organization’s name in 2007 as it is borderless and welcoming to all, and is a reflection of the values shared by the founding organizations. For more information please visit:  www.yncu.com

For further information, please contact:

 

Brent Lamming
Chief Executive Officer
Community First Credit Union
289 Bay street, Sault St. Marie, ON
705-942-1795
blamming@communityfirst-cu.com

Kerry Hadad
Chief Executive Officer
Your Neighbourhood Credit Union
38 Executive Place, Kitchener, ON
519-804-9190 ext. 612
khadad@yncu.com


Our ATM network has expanded! Expand/Collapse

Your Neighbourhood Credit Union is pleased to announce that our debit cardholders have even greater access to surcharge-free ATMs across Canada with the addition of over 800 surcharge-free cash dispensing ATMs in select Mac’s, Couche-Tard and Circle K locations throughout the country.

YNCU now has access to the second largest financial institution ATM network in Canada as THE EXCHANGE® Network has expanded to over 3,300 surcharge-free ATMs across Canada.

Our cardholders also have access to over 500,000 ATMs and over 3 million Point of Sale terminals in the United States. Look for the Accel® debit payments network logo when you are travelling south of the border.

Your Neighbourhood Credit Union cardholders can download the free Exchange ATM Locator App for smartphones or tablets at www.TheExchangeNetwork.ca. Now, no matter where you are, a surcharge-free ATM is right at your fingertips. You can also use this free ATM Locator App to identify the ATMs that have full-service functionality such as surcharge-free withdrawals, deposits, PIN changes and more.

FAQ

Q: What is THE EXCHANGE®?

A: THE EXCHANGE® Network is a Canadian network of ATMs that provide surcharge-free deposits, withdrawals, PIN changes and more.

Q: Are there any fees for using THE EXCHANGE® Network of ATMs?

A: If your bank or credit union is a member of THE EXCHANGE® Network of ATMs, you will never pay any additional surcharge fees when you use an Exchange ATM— anytime, anywhere.

Q: How do I get a debit card that can access THE EXCHANGE® Network?

A: To take advantage of EXCHANGE ATMs, your debit card must be issued by a bank or credit union that is a member of THE EXCHANGE® Network.

The Exchange Network logo

YNCU moving to professional advisory model in Windsor and LaSalle Branches Expand/Collapse

JUNE 12, 2015 – Your Neighbourhood Credit Union (YNCU) is making changes in their Windsor and LaSalle branches, moving to a professional advisory business model. Both branches will continue to provide personal service to members, supported by easy-to-use technology. The Windsor branch will relocate to a nearby mall effective August 1st; the LaSalle branch will be renovated.
 
“We are committed to the communities of Windsor and LaSalle and are making an investment in the new branches,” said CEO, Kerry Hadad. “Technology has had a significant impact on all sectors of our economy.  Customers in the financial services industry have increasingly insisted on the use of technology such as online banking.  A result is the reduced member traffic we are experiencing in the Windsor and LaSalle branches.  Your Neighbourhood Credit Union has responded by committing new resources to these branches and moving to a new advisory branch model.”
 
VP, Member Services, Lew Figol said, “We are responding to a decline in traffic in the branches, and increasing requests for more mobile and self-serve options. Members regularly ask us what we are doing to attract younger members. This blended way of providing service means routine transactions will be handled at a ‘smart’ ATM, by desktop or on mobile devices, while those who need assistance with more complex matters will also be served more efficiently, as our management staff will focus on more specific member needs.”
 
In the new and renovated branches, self-serve technology will offer members greater convenience and more options to conduct simple transactions, with the option to get on-site help from a manager, if needed.  Enhanced withdrawal and deposit functionality at the ATMs includes the ability to choose Canadian or U.S. bills in various denominations, and deposit cheques using image-enabled technology – resulting in faster processing and clearing times.
 
Branch Manager Lori Roy says, “We are receiving positive feedback from members who speak with us about the new branches. Being open longer hours in LaSalle and seven days a week at the Tecumseh Mall means greater access for everyone.”
 
The new branch model resulted in eight member service positions being made redundant; however, it created the need for three new assistant branch manager positions. Notice well beyond the minimum required, and career transition and other support were offered to the affected staff.
 
YNCU currently serves approximately 43,000 members, and operates 18 branches across Southwestern Ontario (Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Windsor, LaSalle, Guelph, Woodstock, and London) with over $1 billion in assets under administration.
 
For further information, please contact:

Kate Neff
VP, Marketing and Corporate Communications
Your Neighbourhood Credit Union
38 Executive Place
Kitchener ON
519.804.9195
kneff@yncu.com

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YNCU receives two national marketing awards Expand/Collapse

Kitchener, ON June 4, 2015 – Your Neighbourhood Credit Union (YNCU) was recognized with two national awards at this year’s MACU marketing conference in Kelowna, British Columbia (www.macu.ca).

Credit union marketers from across Canada met last week for the annual conference. MACU recognizes credit unions for achievement in creative and results-oriented marketing through the Achievement in Marketing Excellence Awards.  YNCU was honoured to receive the highest award under the Digital marketing category for its member newsletter, and a silver award in the Social and Viral category for a promotion to increase awareness of our Facebook presence.

“Like all businesses, YNCU was required to explain our obligations under the terms of CASL (Canadian Anti-Spam Legislation) and gain explicit agreement from our members to continue communicating with them via electronic channels. We chose a plain language approach that explained our duties and member rights, and it really resonated; within 24 hours half of members had read the message, and we saw the highest click-through rate ever. We connected with what matters,” explained Kate Neff, VP, Marketing and Corporate Communications.  Kerry Hadad, CEO of YNCU, is also pleased with the results. “Our team was featured in Market Smarts magazine in November as a case study for our social and digital media strategy. These awards serve to underline both our hard work in these areas and our forward thinking way of doing business. We’re all celebrating these wins.”

About Your Neighbourhood Credit Union

Your Neighbourhood Credit Union (YNCU) is a full-service financial organization offering retail, business and agricultural banking, investment and insurance products.  Based in Kitchener, YNCU branches have proudly served communities throughout south-western Ontario since the 1940s.  With 42,000 members, 18 branches and more than $1 billion in assets under administration, YNCU remains committed to offering co-operative banking within the communities it serves.  YNCU is a founding member of the Credit Unions of Ontario group, sponsoring the provincial awareness campaign to share co-operative banking with Ontarians http://cooperativebanking.ca/

Follow us on Twitter @YourNCU and Facebook www.facebook.com/YourNCU

2014 Patronage Dividends Paid Expand/Collapse

December 2, 2014 – The Board of Directors of Your Neighbourhood Credit Union is proud to continue their practice of sharing the wealth with members. At the first meeting of the new fiscal year, the Board declared that a patronage dividend of $180,000 be paid to eligible members.  With this payment, YNCU has returned $2,080,500 in profits to Members since 2005, just for doing business with us!

Dividends were paid directly to member accounts on December 2, 2014. The amount paid to individual eligible Members ranged from $2 to $200, based on the amount of business done with YNCU. This practice of capping the dividend payment ensures the dividend is shared by more members.

Credit Unions first in customer service for 10th year in a row Expand/Collapse

For the 10th consecutive year, Canadians ranked credit unions first overall in Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Ipsos® 2014 Best Banking Awards. Credit Unions also took sole honours in: Customer Service Excellence; Values my Business; and Branch Service Excellence. Credit unions tied for first among all financial institutions for Financial Planning and Advice; Automated Telephone Banking Excellence; and Live Agent Telephone Banking Excellence.

More information:  Credit Union Central of Canada press release, August 28, 2014

CN (London) Credit Union votes to join YNCU Expand/Collapse

JUNE 18, 2014 - The Board of Directors of CN (London) Credit Union are thrilled to announce that their membership voted unanimously to join Your Neighbourhood Credit Union (YNCU), based in Kitchener. Members voted in favour of joining YNCU and becoming open bond (serving the whole community as well as current and former employees of CN Rail, VIA Rail, and AllStream Canada, and their families).
 
C N (London) Credit Union Board Chair Chris Martin, along with Cindy Gelinas, General Manager and the entire staff and Board of Directors are very happy with the result. “We look forward to the additional financial services and branches that will be available to our members as part of the Your Neighbourhood  family,” Martin said following the vote. Gelinas shared the sentiment; “Everyone is excited that our credit union will be growing and will be part of such a community-minded organization like Your Neighbourhood Credit Union. We want to be the first choice for our members’ banking, and cannot wait to welcome the whole community to bank with us!”

Kerry Hadad, YNCU’s Chief Executive Officer, shared the optimism about the future in London; “This is a great day for all of us. CN Credit Union has been an important part of the lives of their members for generations, and we want to help grow what they have built. London is an evolving community, and we look forward to being part of that growth and change. It’s an honour that CN members chose us to be part of their future.”

C N (London) Credit Union serves over 1275  members including current and former employees of CN Rail, VIA Rail, AllStream Canada and their families, and operates one branch in London; they hold approximately $8.3 million in assets. YNCU currently serves approximately 38,000 members, and operates 17 branches across Southwestern Ontario (Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Windsor, LaSalle, Guelph, Woodstock, and London) with over $940 million in assets.

The agreement is anticipated to close on September 30, 2014 and will operate under the name of Your Neighbourhood Credit Union.

CN (London) Credit Union and Your Neighbourhood Credit Union announce merger Expand/Collapse

APRIL 4, 2014 - The Boards of Directors of CN (London) Credit Union (CNCU) and Your Neighbourhood Credit Union (YNCU) today announced that they have agreed to join together in a merger to offer better services to their members. 

CNCU serves over 1275  members including current and former employees of CN Rail, VIA Rail, AllStream Canada and their families, and operates one branch in London; they hold approximately $8.3 million in assets. YNCU currently serves approximately 37,000 members, and operates 17 branches across Southwestern Ontario (Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Windsor, LaSalle, Guelph, Woodstock, and London) with over $900 million in assets.
 
This merger will mean CNCU will become an open bond credit union, welcoming all members of the community to bank with them. 

“What a great opportunity this is for our members to join with a partner who shares our values and approach to doing business,” said CNCU Manager, Cindy Gelinas. “We’ve seen the way Your Neighbourhood Credit Union operates and we know we’ve found the right fit for our staff and our membership. We’re not just joining something bigger, but something we can help to make better. What a great step forward in a long and loyal history for CN Credit Union.”

Your Neighbourhood Credit Union’s Chief Executive Officer Kerry Hadad said, “It is an honour knowing that the Board and management of this fine organization looked into the future and saw us as their partner in delivering co-operative banking.  We look forward to learning from them and growing with them. This agreement cements our dedication to providing friendly, professional services to members in London and beyond.”

Subject to the normal conditions of due diligence, regulatory and membership approval, the agreement is anticipated to close on October 1, 2014 and will operate under the name of Your Neighbourhood Credit Union. The CNCU branch will remain in its current location.

2012-13 archive Expand/Collapse

2013 Patronage Dividend Paid

November 18, 2013 – Again this year, the Board of Directors of Your Neighbourhood Credit Union declared that a patronage dividend of $180,000 be paid to eligible members.  With this payement, YNCU has returned $1,900,500 in profits to Members since 2005, just for doing business with us!

Dividends were paid directly to member accounts on November 16, 2013. The amount paid to individual eligible Members ranged from $2 to $200, based on the amount of business done with YNCU. 

BOOMERANG CREDIT UNION and YOUR NEIGHBOURHOOD CREDIT UNION APPROVE MERGER


October 24th 2013 - On Wednesday October 23rd 2013, a unanimous vote by the members of Boomerang Credit Union was the final step in moving forward with their partnership with Your Neighbourhood Credit Union.

“Boomerang Credit Union’s priority is serving our members. Our partnership with Your Neighbourhood Credit Union will enable us to provide our members with meaningful product and service enhancements and provide greater opportunities for growth and development for our staff,” says Boomerang Credit Union CEO Lew Figol.

Your Neighbourhood Credit Union’s Chief Executive Officer Kerry Hadad said, “This is a great partnership between two like-minded organizations. Coming together now makes sense for an increasingly mobile membership, and strengthens our ability to serve members across southwestern Ontario. The people at Boomerang have demonstrated creativity and the utmost member focus, and that makes this agreement such a good thing. We’ll both be better.”

In 2010, Boomerang changed from London Civic Employees' Credit Union to a community bond and rebranded to Boomerang; they serve 3,700 members from their downtown London branch and hold $50 million in assets. Your Neighbourhood Credit Union currently serves approximately 32,000 members, and operates 16 branches in Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Guelph, Windsor and LaSalle, with $850 million in assets.

The London branch will operate under the name of Your Neighbourhood Credit Union. The merger will close on December 1, 2013.

BOOMERANG CREDIT UNION and YOUR NEIGHBOURHOOD CREDIT UNION ANNOUNCE MERGER


AUGUST 1, 2013 - The Boards of Directors of Boomerang Credit Union and Your Neighbourhood Credit Union today announced that they have agreed to pursue a merger of the two financial institutions. 

“Boomerang Credit Union’s priority is serving our members. Our partnership with Your Neighbourhood Credit Union will enable us to provide our members with meaningful product and service enhancements and provide greater opportunities for growth and development for our staff,” says Boomerang Credit Union CEO Lew Figol.

Your Neighbourhood Credit Union’s Chief Executive Officer Kerry Hadad said, “This is a great partnership between two like-minded organizations. Coming together now makes sense for an increasingly mobile membership, and strengthens our ability to serve members across southwestern Ontario. The people at Boomerang have demonstrated creativity and the utmost member focus, and that makes this agreement such a good thing. We’ll both be better.”

In 2010, Boomerang rebranded and changed from serving only London civic employees to a community bond; they serve 3,700 members from their downtown London branch and hold $50 million in assets. Your Neighbourhood currently serves approximately 32,000 members, and operates 16 branches in Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Guelph, Windsor and LaSalle, with $800 million in assets.

Following approval by Boomerang’s membership, the London branch will operate under the name of Your Neighbourhood Credit Union. Subject to the normal conditions of due diligence, regulatory and membership approval, the merger is anticipated to close on January 1, 2014.

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.

Dividends were paid directly to member accounts on November 27, 2012. Dividends ranged from $2 to $200 to eligible members, based on the amount of business done with YNCU.

YNCU donates $1000 to Cobblestone Elementary School's new playground!

Deb Skoretz, vice-principal of Cobblestone Elementary School in Paris, and teacher Mrs. Levac are presented a $1,000 for the new school playground by Linda Kitchen-Clark, Branch Manager (Paris) and Kirby Kangaroo.
Your Neighbourhood Credit Union presented a $1,000 cheque to Cobblestone Elementary School to assist with their new playground expenses on Thursday.  The students of Cobblestone Elementary School now have a place to play thanks to the efforts of their home and school association, and numerous other donors.  The Home and School Association became determined to create a new playground when the last playground available to students was removed due to safety concerns.
Your Neighbourhood Credit Union also partnered with the students of Cobblestone Elementary to raise funds for their Smart Start Reading Program.  A total of $503.65 in pennies was collected from students and Your Neighbourhood Credit Union awarded prizes on October 4 to the top three students who collected the most money.  Source: Paris Star

YNCU a Reader's Choice Nominee!

Congratulations again to the Charlotte Street, Fairview and Paris branches for their nomination in the Best Bank/Trust company category for the Brant News Readers Choice Awards!  We are very proud of this recognition.  Thank you to our Members and to the branch staff!

International Credit Union Day - October 18th!

October 12, 2012: Credit Unions have celebrated International Credit Union Day on the third Thursday of October since 1948. The day reflects upon the credit union movement’s history and promotes its achievements. It is a day to recognize the dedication of those working in the credit union industry, appreciate current members and invite eligible consumers to join.  Each of our locations will celebrate in their own way.

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.

 

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