2-Step Verification – Making Your Online Login More Secure

 

We have made our online banking more secure by improving the way you log-in to your account. With the implementation of a 2-step verification process, we have added an extra layer of protection to ensure you are the only person who can access your online banking. Enrollment will be open to Members starting in late January 2022.

What is 2-step verification?

2-step verification is an enhanced security measure to your online login process which adds an extra layer of security to your account.

After you enter your password, a one-time use verification code will be sent by text message or email to the registered mobile phone number or email address associated with your online banking profile. The code must be entered during your login attempt to access your online account.

What do you need to do?

Members will be required to enroll in 2-step verification as early as late January 2022. When enrollment opens you will need to do the following:

• Log-in to your online banking account
• Complete the Enable 2-Step Verification enrollment questions
• Enter your email address or mobile phone number to receive your verification code
• Enter the verification code sent to you by text or email to complete the registration

What will change?

Once your mobile phone number and email address have been verified and your online profile has been updated you will no longer need to answer your security questions when you login to the UCU online or mobile banking platforms.

You will only be asked to enter a verification code when confirmation of your identity is needed, such as when you log in online from an unfamiliar device or log in from a new location.

Year-End Financial Checklist

 As 2021 comes to a close it is a time to reflect on the year that passed and make plans for the year ahead. While you may be preparing for the festive holiday season it is important to stay on top of your finances. So take some time to review your overall financial situation and make plans that will set you up for financial success in 2022.

Use this simple checklist to prepare your finances for the New Year.

Review Your General Finances

Take a closer look at your general finances to make sure they are in line with your financial goals.

• Emergency Fund – do you have a well-funded plan with enough cash on hand to cover your expenses for up to 6 months if you lose your job?
• Insurance Coverage – do you have adequate insurance protection against unexpected events?
• Estate Planning – do you have a retirement plan and an updated will?
• Debt Plan – have you created a schedule to pay off your debts and are you on track with your payments?
• Credit Report – have you checked your credit score/standing this year?

Rebalance Portfolio

The year-end is a good time to review your investment portfolio to make sure your asset allocation – the mix of volatile and stable funds – is in line with your financial goals.  Based on tax planning and other strategies – you may want to adjust the holdings in your portfolio. A UCU Wealth Strategies investment specialist could help you navigate the uncertainty and provide clear advice to keep your investment portfolio on track.

Maximize your Investment Accounts

• RRSP - Know your RRSP contribution limits and maximize your RRSP contribution by taking advantage of unused limits from previous tax years - which are carried forward to this current year. You have until March 1, 2022, to contribute to your RRSP in order to generate a tax credit for this 2021 year.
• RRIF - If you are retiring soon or about to turn 71 then you are required to convert your RRSP into a RRIF (Registered Retirement Income Fund).
• RESP - The contribution deadline for RESPs is December 31. If your beneficiary is under 17, your contributions will qualify you for the Canada Education Savings Grant – which is grant money the Government adds to your RESP contributions.
• TFSA - Withdraw any planned funds before the end of the year –and the amount of your withdrawal will be added back to your contribution room on January 1 of the New Year. 

Budget and Automatic Savings

Review your monthly budget – income, expenses and savings – and see if you can trim some expenses to create more savings. If you don’t have a budget, now would be a good time to create one – it will help you stay on track to achieve your financial goals.

To boost your savings – consider opening a high-interest savings account like ucublu, or an investment account like a TFSA.  Set up automatic contributions directing part of your income to your savings or investment account and watch your savings grow.

For more information about investment options please visit the UCU Wealth Strategies website

Tips for Managing your Holiday Spending

The holiday season is in high gear with eagerly anticipated family celebrations just around the corner. While this year’s holiday season is marked by a return to normality, the joy of Christmas gift buying is also putting some pressure on many to overspend. You can sidestep the pressure and enjoy this holiday season without the added financial stress by prioritizing budget planning.

Before you begin your holiday shopping consider these tips to manage your holiday spending.

Create a realistic budget

The simplest and most efficient way to keep your holiday spending under control is to create a budget. Start by determining the total amount you can afford to spend - then set a hard spending limit to ensure you stay on track. There are many tools available to help you generate a budget. You can use a spreadsheet, or go high-tech and use one of the many budgeting apps available on your phone.

Look at all your holiday expenses

Gift buying is a major expense during the holiday season but it is not the only expense you need to keep track of. Take into account all of your holiday spending needs when creating your budget - such as the cost of decorations, food and even travel expenses. Having an overview of your total expenditure will help you stay on track and keep your spending within your budget.

Set a per-person spending limit

To keep your spending under control set a per-person spending limit for everyone on your list. If your budget is tight consider talking to your family members to set spending limits for each person. Also, pooling your money with others to buy a larger group gift may be an alternative cost-effective option this holiday season.

Shop with a list

To keep impulse buying at bay make a separate list for each holiday spending category and carry each list with you when you shop. Take the time to research gift prices and shop at stores with the lowest prices. A detailed shopping list will keep your shopping organized and on budget.

Buy with a UCU Collabria Rewards Credit Card

Shopping with a credit card gives you more security from potential fraud than using a debit card or paying with cash. And if you have a UCU Collabria Rewards Credit Card you can start earning reward points on everyday purchases – turning each dollar spent into a reward point. UCU Collabria Centra Gold Mastercard is a great credit card option offering both a low rate and reward points. You can learn more about UCU Collabria credit cards here.

Track your holiday spending

When you start your holiday shopping don’t forget to keep track of all your expenses. Tracking your spending is the best way to ensure you stick to your budget. Each time you make a purchase subtract the amount from your holiday budget total. This running calculation will let you know if your spending is within your budget  – making it easier to make adjustments between your budget categories if needed.

Plan for next year’s holiday spending

Set a plan for next year’s holiday spending to ensure you stay on track and not become overwhelmed by the high cost of the holidays. Build better year-round spending habits by setting aside monthly savings earmarked specifically for holiday spending. Consider opening a ucublu higher interest savings account where you can earn more interest while saving for next year’s holidays.

More information about ucublu can be found on our website.

 

 

Why You Need a U.S. Dollar Account

 

If you are a frequent traveller to the U.S., get paid or pay your bills in U.S. Dollars, make purchases in U.S. dollars, or are looking to invest in a U.S. dollar registered investment account, then opening a UCU U.S. Dollar Account may be a good choice to optimize foreign transactions.

With a U.S. Dollar Account, you can keep U.S. currency in your account without converting it to Canadian dollars. You can also wait for a favourable currency exchange rate to convert the U.S. dollars into Canadian dollars – taking advantage of the best possible rates.

UCU U.S. Dollar Savings and Chequing Accounts

We offer our Members a U.S. Dollar Savings and a U.S Dollar Chequing Account – each account providing almost the same benefits as our Canadian Dollar accounts.

• U.S. Dollar Savings Account – A daily interest-bearing account with no monthly fees.
• U.S Dollar Chequing Account – A chequing account with no exchange fees and per-transaction fee

Advantages of a U.S. Dollar Account

There are many advantages to keeping a U.S. Dollar Account with UCU.  With the U.S. Dollar Account you can do the following:

• Earn interest on U.S. dollars
• Deposit U.S. dollar cheques
• Have easy access to U.S. funds whenever you need it
• No monthly fees
• No currency conversion fees
• Eligible for UCU U.S. Dollar Term Deposits
• Eligible to invest in U.S. Dollar registered investment accounts 

Limitations of a U.S. Dollar Account

The advantages of a U.S. Dollar Account are great but there are some limitations. With a U.S. Dollar Account you can’t do the following:

• Currently, UCU does not offer U.S. dollar debit cards - you can withdraw U.S. currency from your local Branch or pay by cheques from your UCU U.S. Dollar Chequing Account
• You can’t send U.S. Dollars via e-Transfers
• U.S. Dollar Accounts are not insured with FSRA

U.S. Dollar UCU Collabria Credit Card

Consider getting a U.S. Dollar credit card like the one offered by UCU Collabria MasterCard – it will save you money on exchange and transaction fees.

More information about UCU Collabria U.S. Dollar credit card, including how to apply, can be found on our website.

Opening a U.S. Dollar Account is Quick and Easy

To open a U.S. Dollar Account please visit your local Branch and speak with a UCU Member Service Representative or call the UCU Call Centre for more information.

UCU Call Centre - A Closer Look

 

From helping you navigate the digital banking landscape to troubleshooting online transactions to protecting your personal banking information – our UCU Call Centre is your resource hub when you need help with your accounts.

High Level of Member Service

When the pandemic forced a change in our regular in-person UCU Branch service, we maintained our high level of Member service by immediately pivoting to meet the changing needs of our Members.

While UCU Branches remained open during the lockdown - with reduced hours of operation – we continued to provide the specialized customer care our Members rely on, through the expanded services of our UCU Call Centre.

Our Telephone Services Officers continue to be on hand to provide our Members with the full suite of UCU banking services available through our branch network.   Your questions will be answered by a trained Telephone Services Officer – for added convenience and eliminating the need to visit your local Branch for help.

Experienced Telephone Services Officers

For over 20 years, the UCU Call Centre has been helping Members manage their accounts by providing personalized service over the phone or by email.

Our Call Centre employees have an in-depth knowledge of UCU products and services. Each Telephone Services Officers has gained valuable experience as an in-branch Member Services Representative (MSR) for years before taking on the responsibilities of the Call Centre. Our newest Telephone Services Officer has over three years of experience as an MSR while our most senior Telephone Services Officer has over 25 years of experience working at UCU.

Calls Answered Quickly and Efficiently

Think of the Call Centre as a remote UCU Branch that you can access by phone.

Our knowledgeable staff is trained to answer your calls quickly and efficiently. With over 90% of Member questions answered and an average call time of 3:25, our Telephone Services Officers provide the personalized information you need to better manage your account activity.

If a Telephone Services Officer is unable to answer your question during the call – they will investigate your concern offline and contact you with the solution.

Multilingual Staff                

UCU Call Centre is staffed with both English and Ukrainian-speaking Telephone Services Officers who are prepared to answer your questions in the language of your choice.

UCU Call Centre Services

Our Telephone Services Officers are trained to provide quick up-to-date information for the following banking and account security services:

• Online Member applications
• Wire and e-Transfer transfers
• Electronic fund transfers
• Pay a bill
• Make a transfer between accounts
• Online password request or password reset
• Bank account transaction inquiry
• Suspicious activity on your account
• Lost or stolen debit card
• Branch hours and locations

Call Centre Contact Information

• Telephone: 416.922.4407
• Toll-Free: 1.800.461.0777
• Email: ucucentre@ukrainiancu.com

Hours of Operation

• Monday to Friday: 8am – 7pm
• Saturday: 8am -1 pm
• Sunday: Closed

You can find more information about the UCU Call Centre by visiting our website.

How to Keep Your UCU Accounts Secure Online

 More and more of our Members are using UCU Online Banking and the UCU APP for everyday banking transactions – this is not surprising considering that online banking is an efficient and convenient alternative to in-person branch banking.

Having access to your accounts 24/7 gives you the freedom to move your money or pay your bills with just a few clicks of your keyboard or taps on your phone – from anywhere, at any time.

UCU Digital Banking is Safe and Secure

UCU Online and Mobile Banking are safe and secure. We take account security very seriously and use the most up-to-date security measures such as encryption, firewalls and authentication to protect our Members’ financial information.

Be an Alert Consumer

You can improve your online banking security and protect your accounts by being an alert consumer. While UCU secures your financial information on the back-end of the online banking system, you can take additional steps to safeguard your accounts on the front-end. By working in partnership with UCU and following a few simpe steps, you can help protect your accounts.

Follow These 8 Steps to Protect Your Financial Information Online

You can protect your personal and financial information by taking these simple steps to safeguard your accounts.

Create Unique Passwords - The best way to protect your account information is by choosing strong passwords that are difficult to guess. The strongest passwords include a combination of numbers, upper/lower case letters and symbols, and are at least 10 characters long.

Enable UCU Alerts – To help stay on top of your account activity, enable UCU Alerts. UCU will send you email or text message notifications only on the security alerts you select.  Read more about UCU Alerts here. [link to UCU Alerts article]

Protect Your Computer – Keep up-to-date with the latest updates on your operating system and web browser and install the updates when they become available.

Keep Antivirus Software Current – Install and update antivirus software that will safeguard your computer and mobile devices such as Sophos, Bitdefender or Avast. The antivirus software will detect and remove malicious malware.

Avoid Public Wi-Fi when Banking – Public Wi-Fi networks are not generally encrypted and are not considered secure. Instead, use only secure Wi-Fi networks for your banking transactions, such as the password-protected Wi-Fi network in your home.

Log Out When Done: Make sure to log out of your account when you are done, and close the tab or browser window on your computer.  On your phone, log out of the app, and close the app.

Don’t Use Public Computers for Banking – Computers at libraries, airports and hotels are not considered safe devices for online banking – they are likely infected with malicious malware. Never store your passwords in the web browser of a public computer.

Protect Your Personal Information From Phishing Scams – Fraudsters send fake emails or texts – known as phishing scams – claiming to be from legitimate organizations such as UCU. They will ask for your personal information to steal your identity and enter your bank account. Don’t click on the link of a suspicious email or text and never respond to unsolicited requests for your confidential information.

Remember, UCU, other financial institutions and government agencies will never ask for your social insurance number, PIN or other banking information.

 

Report Suspicious Account Activity Immediately

If you notice suspicious activity on your accounts, contact the UCU Call Centre at 1.800.461.0777 or 416.922.4407 or email ucucentre@ukrainiancu.com.

 

 

Activate UCU Alerts to Better Protect your Accounts

 Manage your finances better with UCU Alerts and get real-time updates on your account activity. UCU Alerts are also an excellent way to spot suspicious activity on your accounts - adding another layer of security to prevent fraud.

Avoid unnecessary fees and protect your credit score. UCU Alerts makes it easy to monitor your account balances, deposits, withdrawals and payments – so you can pay your bills with confidence knowing the appropriate funds will be in your account.

Receive the Alerts You Choose to Activate

UCU Alerts are customizable. Stay on top of your account activities and select as many or as few alerts as you need to better manage your finances and account security. You can also choose how to receive your alerts – by email, text message or both.

4 Alerts Every UCU Member Should Activate

To keep your account secure – we recommend you activate at least the following 4 UCU security alerts:

• Personal Access Code (PAC) Changed
• Online Login
• New Payee Added
• Interac e-Transfer Recipient Added

Which Alerts to Choose

Learn about the different alerts that are available through our mobile app and online banking.

Security Alerts

By setting the following alerts, you could avoid security breaches on your accounts.

• Personal Access Code (PAC) Changed – This alert notifies you if somebody has tried to change your password or your profile. If you did not change the password, this alert could signal that your account may have been compromised.
• Online Login - Alerts you when your account has been accessed on a computer or mobile device. If you did not login into your account, then this notification can signal an unauthorized user has accessed your account.
• New Payee Added – You will be alerted when a new payee is added to your bill payment feature. If you did not add a payee, it could indicate that your profile may have been compromised.
• Online Banking Account Locked Out – Notifies you when your account has been locked out after too many failed login attempts or an incorrect answer to a security question.
• Interac Online Payment Authorized – Alerts you when an Interac online payment has been authorized. If you did not initiate the payment, it could signal that your account may be compromised.    

Balance and Activity Alerts

By setting the following alerts, you will receive real-time updates on your account activity to better manage your finances.

My Balance – Receive this alert to keep track of account activity and balance.

Low Balance - This alert notifies you when your bank account balance drops to a predetermined amount. It can remind you to maintain a sufficient balance to avoid overdraft or NSF fees. This alert can also help you spot suspicious activity.

Deposit - An alert that you've received a direct deposit can remind you that you have funds available to pay bills that are due.

Withdrawal - Alerts are usually set for a withdrawal threshold dollar amount. You will get a notification if a larger withdrawal transaction occurs – which could indicate suspicious activity on your account.

Interac e-Transfer Recipient Added - You will be alerted when a new Interac e-Transfer recipient is added. If you did not add the recipient, it could indicate that your profile may have been compromised.

How to Set Up your Personalized UCU Alerts

Set up your Alerts through your UCU online banking profile or on your UCU mobile app.

• Go to the Messages and Alerts menu and select Manage Alerts.
• You can choose to add as many alerts as you need. In addition, you can always add and remove alerts to better manage your accounts if needed.
• You can also select where you'd like to receive your alerts - by email or text message.

Contact Call Centre

Call the UCU Call Centre at 1.800.461.0777 or 416.922.4407 or email us at ucucentre@ukrainiancu.com for help in setting up your UCU Alerts – or to report any suspicious activity on your accounts.

 

We congratulate UCU Board of Directors Chair, Slawko Borys, on his appointment to the Ukrainian Canadian Congress (UCC) Advisory Council.

He will join other nationally recognized and respected Canadians who have demonstrated outstanding leadership and made significant contributions to the Ukrainian Canadian community.

Members of the UCC Advisory Council use their expertise to provide strategic guidance to shape policy directives that represent the social, economic and political interests of the Ukrainian Canadian community.

Read more about Slawko Boris on our UCU website and the UCC website.

UCU Website Member Opinions

 Dear Members,

We are planning to revamp our website to make it a more helpful and useful tool for all members. 

As part of our preparation, we are seeking the honest input of members who have accessed our website at any time during the COVID-19 pandemic. We want to know how you think our website user experience could be improved.

We are looking for member help in two ways.

Firstly, please email us with any ideas you might have to improve the site, including what you would add, amend or delete, with a short explanation behind your suggested change.

Secondly, we are inviting members who would be willing to be interviewed to speak with an independent third party confidentially. This will be a more in-depth conversation regarding their user experience with our website.

So, if you have been a recent user of our website, please take a minute to let us know how you would like to see it improved.

If you are available to participate in a short interview or focus group to help us identify ways to give UCU members the best website experience possible, kindly let us know.

Please send all replies or questions you may have to website@ukrainiancu.com on or before Wednesday, September 22, 2021.

Your anticipated help is much appreciated!

 Best regards,

Ukrainian Credit Union Limited

P.S. If you have already responded to the previous email request sent on July 30, we thank you.  If you volunteered to be interviewed, we will be contacting you shortly.

Become a UCU Member and Open a Savings or Chequing Account Online

You no longer need to visit a local branch to open an account. With UCU, you can now become a Member and open a Savings or Chequing Account using your computer – at anytime from anywhere.

Enjoy the same benefits of traditional UCU accounts – along with the security that your eligible deposits will be insured by the Financial Services Regulatory Authority of Ontario (FSRA).

Quick and Secure

Opening a UCU savings and chequing account online is quick, convenient and secure - it takes less than 5 minutes to complete the application process.

Before you Start

✔  You must be a current or future Ontario resident, or employed in Ontario

✔  You must be at least 18 years of age

✔  Have your Social Insurance Number handy

✔  Be prepared to deposit $150 into a UCU Membership Equity Account 

7 Step Application Process

You can open an individual or joint UCU Savings and/or Chequing Account in less than 5 minutes.  We’ve simplified the application process to make it easier for you to open an account. Here is a rundown of our 7 step application process.

Welcome – This page will determine your eligibility to apply online. If you are an Ontario resident (or work in Ontario) and are over 18 years of age you can continue with the application.

Accounts – Select the account you want to open – Savings, Chequing or both. You also have the option to add overdraft protection to your Chequing account.

Personal – Provide your name, date of birth, social insurance number and contact information. Your social insurance number is needed to issue income tax slips.

Employment –State your employment status, employer name & contact information, occupation and income. If you are a student, retired or unemployed, you are also eligible to apply online.

Compliance – These questions are required to determine adherence to government legislation. You must disclose if you are a tax resident of a jurisdiction other than Canada – and if you, or a family member, are a politically exposed foreign or domestic person.

Finalize – Review your application – you will have an opportunity to edit the information you provided before you submit your application. Read & accept our Terms and Financial Service Agreement.  

First Deposit – You will receive a separate email with instructions on how to make your first deposit to activate your membership. Deposit $150 into the UCU Membership Equity Account from another existing bank account using Interac e-Transfer or online money transfer – parents, family members or friends can use these options to make the first deposit on behalf of children. Or download the UCU mobile app, and use ‘Deposit Anywhere’ to deposit a cheque issued to you.

Debit Card

After your application has been approved, you will be provided a debit card from any branch for your new account(s).

Call Centre Help

Our UCU Call Centre can help with any questions you may have at any stage of the application process. Call 1.800.461.077 for more information.

Become a Member

If you are ready to become a UCU Member and use our great services, you can start your application process any time by visiting the UCU Signup Page.

 

In Addition to Apple Pay, UCU Collabria Credit Cards can now be added to Google Pay and Samsung Pay

 

If you carry a smartphone with you then you are also carrying a mobile wallet.  A mobile wallet is a fast, convenient and more secure way to pay with your credit card using your smartphone.

UCU Collabria Credit Cards have been available for use with Apple Pay for some time – and now - you can add your UCU Collabria Credit Card to Google Pay and Samsung Pay as well.

So leave your bulky physical cards at home and use the mobile wallet app on your phone to pay for purchases using your UCU Collabria Credit Cards on your Apple, Google or Samsung devices.

What is a Mobile Wallet?

A mobile wallet is a digital version of a traditional physical wallet. It is an app on your smartphone and smartwatch that digitally stores your credit card information. Once the payment card information is added to your mobile wallet - you can use your smartphone or smartwatch to pay for purchases made in-store, through mobile apps, or on e-commerce websites.

How to add a card to your Mobile Wallet?

You can easily add your payment card to a smartphone’s mobile wallet. Each large smartphone brand has its own mobile wallet which comes as a built-in feature on its phone. Apple phones have Apple Pay, Samsung phones have Samsung Pay and Google phones have Google Pay.

Open the mobile wallet app on your phone and add your credit card information. It’s that easy.  You can add as many cards as you want but only one card can be the default payment option.

You can find more information about adding your UCU Collabria Credit Card to Apple Pay here.

You can find more information about adding your UCU Collabria Credit Card to Google Pay here.

You can find more information about adding your UCU Collabria Credit Card to Samsung Pay here.

How does a Mobile Wallet work?

Mobile wallets use tokenization – a technology that assigns a different virtual account number, or token, to your card with each transaction. Your actual credit card number and sensitive information are not shared with a merchant or sent over the internet.

Mobile wallets use NFC – Near Field Communication –to transmit data. The merchant’s credit card reader must be equipped with NFC technology to use your mobile wallet.

Is a Mobile Wallet safe to use?

Payments made using a mobile wallet have enhanced security features.

Tokens -Your credit card information is not stored on your smartphone or smartwatch. Instead, each card is assigned a virtual card number that’s only associated with the digital wallet on your device. This means your actual credit card information is never given to merchants or websites where you shop—adding another layer of security to the transaction.

Authentication – Depending on your phone type and set up – you can unlock your phone and authorize payments using your fingerprint, passcode or even your iris scan. This higher security threshold is not available on a physical credit card. The enhanced authentication makes it more difficult for thieves to steal your personal information.

Connection – NFC connection is safer than a Wi-Fi connection. NFC has a range of a few centimeters while Wi-Fi has a range of more than 45 metres. NFC makes it more difficult for a thief to eavesdrop and intercept the transaction data.

What are the Benefits of Using a Mobile Wallet?

Convenience - No need to fumble for your credit card, just pull out your phone and open the mobile wallet app to pay for your purchase.

Rewards – Earn the same credit card rewards as you do with your physical credit card.

Contactless Payment – Just hover your phone over the payment terminal to complete your transaction. No-touch transaction means you avoid contact with money and the payment terminal keypad which will keep your hands cleaner.

Safer Shopping – Make simple and safe payments – more secure than your physical credit card.

More information about UCU Collabria Credit Cards can be found on our website.

Member Opinions on our Website

 Dear Members,

We are planning to revamp our website to make it a more helpful and useful tool for all members. 

 

As part of our preparation, we are seeking the honest input of members who have accessed our website at any time during the COVID-19 pandemic. We want to know how you think our website user experience could be improved.

 

We are looking for member help in two ways.

 

Firstly, please email us with any ideas you might have to improve the site, including  what you would add, amend or delete, with a short explanation behind your suggested change.

 

Secondly, we are inviting members who would be willing to be interviewed to speak with an independent third party confidentially. This will be a more in-depth conversation regarding their user experience with our website.

 

So, if you have been a recent user of our website, please take a minute to let us know how you would like to see it improved.

 

If you are available to participate in a short interview or focus group to help us identify ways to give UCU members the best website experience possible, kindly let us know.

 

Please send all replies or questions you may have to website@ukrainiancu.com on or before Wednesday, September 22^tnd 2021.

 

Your anticipated help is much appreciated!

 

Best regards,

Ukrainian Credit Union Limited

UCU Student Lines of Credit

 

University is expensive and the cost of post-secondary education keeps going up - increasing exponentially year after year. Students not only have to worry about paying for tuition – they also have to budget for textbooks, transportation, and in many cases, housing and food. And the cost is even higher for students working towards their graduate or professional degrees.

UCU Student Lines of Credit  

UCU Student Line of Credit is a flexible, low-cost option to help you pay for expenses related to post-secondary education. You can borrow just the amount your need, when you need it, making interest-only monthly payments up to one year after leaving school.

How do Student Lines of Credit Work?

Qualifying UCU Student Members will be given access to a preset amount of money - with the option to borrow as little as needed, or up to the full amount of the Line of Credit.  While enrolled in school, the student will make interest-only monthly payments. Repayment of the principal borrowed will start one year after leaving school.

For Example

If your Student Line of Credit is $10,000 and you only borrow $4000 to pay for expenses - you will be left with $6000 in remaining credit to use if needed.

While enrolled in school, you will make interest-only monthly payments calculated on the $4000 borrowed – not on the total $10,000 Student Line of Credit.

One year after you leave school your total monthly payments will be calculated on the $4000 borrowed plus interest. 

How Much Can You Borrow

Once you are approved for a Student Line of Credit your limit is determined by your program of study. Undergraduate students can borrow as much as $40,000 while students enrolled in medical or dental school can borrow upwards of $275,000.

The maximum credit limit will be made available in equal installments for each year of study. For example, a $40,000 credit line for an undergraduate degree will be made available in $10,000 increments in each of the 4 years of study.

A full list of UCU Student Credit Line limits can be found here.

Competitive Interest Rates Based on your Program

The interest rate for medical and dental school students - UCU Prime Rate  

The interest rate for all other professional and graduate programs - UCU Prime Rate + 1%

The interest rate for undergraduate programs – UCU Prime Rate + 2%

Line of Credit Repayment Grace Period

UCU offers a 12 month grace period on the repayment of the amount borrowed – the grace period is 6 months if the student withdrawals from a program of study early. While you are enrolled in school, you will make interest-only monthly payments.

Manageable Repayment Schedule

After the 12-month grace period, you will start making monthly payments of the principal money borrowed plus interest. UCU offers the option of keeping the original Line of Credit agreement or converting the amount owed into a blended payment personal loan. A UCU loan expert with help you determine which repayment option is best for you.

How to apply for a Student Line of Credit

If you are a UCU Member and enrolled in a post-secondary institution, you can apply for a UCU Student Line of Credit. You will need to provide proof of enrollment and a statement of tuition and residence fees. In some cases, you might need someone to co-sign your agreement – this person consents to make your monthly payments in case you are unable.  The co-signer – who is usually a parent – must provide proof of employment.

Talk to a UCU Loan Expert

Book an appointment at your local UCU Branch to talk with one of our loan experts. Come in with your co-signer and bringing all necessary documents with you to your meeting. Our loan experts will work with you to come up with a Line of Credit agreement that will help you pay for your post-secondary education expenses.

More information about UCU Student Lines of Credit can be found on our website.

 

UCU Credit Cards – Helping Students Build Good Credit

Congratulations! You turned 18 - and you are about to start your new journey as a university or college student. Your area of study will set the stage for your career - and the financial choices you make during school will lay the foundation for your financial future. Make the right choices early on and enjoy the many benefits for years to come.

Building a good credit history is one of the most important things you can you for yourself and your financial future. A good credit score can help you get approved for a mortgage, car loan and credit cards – it will also help you when applying for certain jobs, a new apartment, car insurance, utilities and even cell phone plans.

The sooner you start building your credit, the more time you have to build a great credit score.

Here are some tips to get you started.

Learn How Credit Scores are Calculated

Your credit history can reveal a lot about you to a potential financial lender, landlord or employer. A good credit score will help you get a loan with better interest rates and a bad credit score can hinder your chances of being approved for a loan.

Here is how your credit score is calculated.

Payment History - 35%. Your payment history is just like it sounds – it’s your history of repaying your debts. This includes the number of times you made on-time monthly payments - and it also lists your late or missed payments.

Takeaway – strive to make your payments in full each month or at least make the minimum payment and avoid late or missed payments.

Used Credit vs. Available Credit - 30%. This is the amount you owe compared to the credit you have available. Also known as the credit utilization ratio – it is the amount you are currently borrowing divided by your credit limit. As your credit utilization increases, your credit score can go down. Lenders view high credit utilization as a risk for defaulting on a loan because a significant portion of your monthly income is going towards paying your debts.

Takeaway – keep your credit utilization below 30% to prevent your credit score from going down. For example – if your credit limit is $1000 then your monthly purchases should be typically below $300.

Credit History - 15%. This is how long you have credit – including how long your oldest and most recent accounts have been open.

Takeaway – a long credit history signals to creditors that you can responsibly handle your credit accounts over time.

Public Records - 10%. This is a list of bankruptcies or collection issues related to you not paying your monthly balances.

Takeaway – Strive to have this section empty as any recorded issue may have a significant negative impact on your credit score.

Inquiries - 10%. Anytime your credit file is accessed for any reason, the request for information is logged on your file as an inquiry. Too many inquiries for your credit information can lower your overall credit score. 

Takeaway – Limit the number of times you apply for a credit card or other credit.

Get a Credit Card

If you are enrolled in a post-secondary institution and have a source of income then getting a credit card is a great place to start if you want to build good credit.

UCU Credit Cards offers students a Mastercard with a relatively low credit limit - making it easier for you not to overspend. A lower credit limit will also make your monthly payments manageable.

The UCU Collabria Cash Back Mastercard offers cash back for certain purchases making it an attractive first credit card for students.

More information about UCU Credit Cards can be found on our website.

Use Your Credit Card Responsibly

The key to building good credit with a credit card is to use your card wisely. Avoid spending near the upper credit limit on your card to keep your credit utilization ratio low. And try to use your card for purchases you can pay for right away – this will reduce the chance of you getting into debt.

Pay off Your Balance Every Month

If you can, pay off the entire balance of your monthly statement – this will help you maintain a solid payment history. Pay at least the minimum amount each month on time to avoid late or missed payments that will negatively impact your credit rating.

Make Regular Payment on Your Other Loans

Make regular payments on a student line of credit or student loan. The repayments of these loans show up on your credit report history and contribute to your overall credit rating. A late or missed payment can result in a lower credit rating,

Don’t Apply for Too Many Credit Cards at Once

Applying for several credit cards at once can lower your credit score since new credit inquiries make up 10% of your score.  

Check Your Credit Score

Monitor your credit score to check for any errors that could damage your credit rating. There are two main credit bureaus in Canada: Equifax and Transunion. Contact one to request your credit report.

For more information visit your local UCU Branch and speak with one of our loan experts.

UCU Mortgage Primer for First Time Home Buyers

You’ve heard it before – buying a home is the single largest, long-term purchase you will likely make in your lifetime. So if you are thinking about buying a home - it is important to learn as much as you can about the mortgage process before you start your home buying journey. Knowing what to do and what to avoid - will better position you to get the best mortgage tailored to your specific financial situation.

Here are some tips to help you get the best mortgage package for your new home:

Know Your Credit Score

Your credit score will determine whether or not you qualify for a mortgage. A bad credit score may signal you are less likely to qualify for a mortgage while a high score may unlock better interest rates for your mortgage.

There are two main credit bureaus in Canada: Equifax and Transunion. Contact one to request your credit report.

Get Pre-Approved

Apply for a mortgage pre-approval first - before you start your home search. With a mortgage pre-approval in hand, you will know to the top end of your price range – which will allow you to make an informed home purchase that will fit within your budget.

UCU mortgage pre-approval is quick and easy – just call your local UCU Branch and speak to a mortgage specialist who will provide you with expert advice.

Aim for a 20% Down Payment

A down payment is the amount of money you pay upfront when you buy a home – it is calculated as a percentage of the purchase price. Your mortgage will be based on the remaining amount of the purchase price.

You could put down as little as 5% of the purchase price and as much as you could afford on the high end. But keep in mind that a down payment of less than 20% means you will have to buy a high ratio mortgage insurance premium which will increase your monthly payments.

Don’t Forget Closing Costs

On average you will need up to 2.5% of your home purchase price to cover closing costs. This includes the cost of land transfer taxes, PST, home inspection fees, legal fees, appraisal fees, property tax, property insurance, fire insurance, utility hook-ups and possible mortgage insurance.

The closing costs are in addition to the home purchase price – so put aside some money to cover the fees.

Interest Rate Options

You have two choices when it comes to how interest rates are calculated on your mortgage: fixed-rate or variable rate.

A fixed-rate mortgage – the interest rate of the mortgage will remain the same until the mortgage comes up for renewal - even if the interest rates change during your mortgage term.

A variable mortgage - the interest rate of the mortgage will fluctuate throughout the term. The prime interest rate is determined by the Bank of Canada and the variable mortgage rate is set by each financial institution’s prime rate.

Mortgage Payment Schedules

You chose a payment plan that suits your financial needs which could include setting up automatic payments from your account. UCU offers several payment plan options from paying once a month, twice a month, every two weeks, or even once a week. You have the flexibility to choose a rapid pay-down option to pay off your mortgage sooner.

Mortgage Pay Back Period

The typical amortization period for a mortgage is 25 years – but you can choose a shorter amortization or a longer one of up to 30 years.

Longer mortgage re-payment plans mean smaller monthly payments but you will end up paying more interest during the length of your mortgage. Shorter mortgage re-payment plans mean larger monthly payments but you will end up paying less interest during the length of your mortgage.

Mortgage Terms

A mortgage term is a period in which you are locked into a selected mortgage rate. Mortgage terms vary from a 6-month term up to a 5-year term. Once the term expires you will have to renegotiate the terms of your mortgage – you can keep your current term or select a different mortgage term option.

 Mortgage Types

There are two mortgage types to choose from: open mortgage or closed mortgage.

Open Mortgage – Allows you to increase your mortgage payments – by either paying more in each installment or by making a lump sum payment. You can pay off your mortgage sooner without penalty but your interest rate will be higher.

Closed Mortgage – Offers lower interest rates and you are limited by how much extra you can pay towards your mortgage each year.

UCU Mortgage Specialists

Our UCU mortgage specialists provide customized solutions and advice – to serve you and all our Members with the highest quality mortgage service available including mortgage pre-approval.

More information about mortgages and mortgage rates can be found on the UCU website.

Home Office – the New Must-Have Renovation

Over a year ago the COVID-19 pandemic forced the shutdown of our economy changing the way we work and learn. Many families had to juggle working from home with remote learning for their children - creating a need for a separate home office space that can provide a quiet place to work and a professional backdrop for Zoom calls.

Work from Home is Here to Stay

Many indicators point to the work from home trend to continue beyond the pandemic – becoming a viable work choice option.  

A recent survey by Statistics Canada found that a third of Canadians were working from home during the pandemic - up dramatically from 4% in 2016.

Stats Can also project that 60% of Canadians with university degrees will have jobs with the technological capabilities to work from home – making a home office a necessity.

Home Office Adds Value to Your Home

Having a well-designed, purpose-built home office is important to provide a flexible work option for you or a remote learning space for your child. And it could also add value to your home.

As more people opt to work from home it’s no surprise that a home office is quickly becoming an important feature for many of today’s home buyers.

Finance Any Home Improvement Project with a UCU Home Renovation Loan 

Looking to add a home office, remodel your kitchen or update your bathroom? Do you need to replace a refrigerator or repair a leaky roof? Before you reach for your credit card to pay for your home improvement project, consider a UCU Home Renovation Loan instead.

Use a UCU Home Renovation Loan to finance any home improvement purchases you would make using your credit card.

• Apply for a UCU Renovation Loan to help:
• Apply for a UCU Renovation Loan to help:
• Build a home office
• Renovate your kitchen
• Update your bathroom
• Refresh your house with a new coat of paint
• Repair your roof
• Replace your dishwasher, refrigerator, or stove
• Replace your windows
• Repave your driveway
• Any other home improvement project

UCU Home Renovation Loan Advantages

There are many advantages to financing your home improvement projects with a UCU Home Renovation Loan, including:

Lower Interest Rates

UCU Home Renovation Loans typically have lower interest rates than credit cards. If you plan to carry a credit card balance to pay for your purchase, then you will pay less in interest if you opt for a UCU Home Renovation Loan instead.

That could mean a lower overall cost to your home improvement project.

Pre-Approved Loans up to $30,000

UCU has made applying for a Home Renovation Loan quick and easy with no upfront application fees.

Just visit your local UCU Branch and provide some basic financial information, including proof of employment.  A UCU Loan Specialist will then conduct a credit check to determine your credit score. A better credit score means lower interest payments on your UCU Home Renovation Loan.

With pre-approved loans up to $30,000, you can borrow a lot more money for your home improvement project than you could with a credit card.

Fixed Monthly Payments

UCU Home Renovation Loans come with affordable monthly payment options that will suit your budget.

You will have up to five years to repay your loan, with your choice of weekly, bi-weekly, semi-monthly, or monthly payment schedules.

You can even set up an automated payment plan from your UCU Chequing Account for a more convenient repayment solution.

Improved Credit Score

Running up your credit card with expensive purchases could hurt your credit rating. If you repeatedly use up your available credit on a single credit card, that could lower your credit score. You could be viewed by creditors as not using your credit responsibly.

Taking out a UCU Home Renovation Loan for your home improvement project could free up your available credit on your credit card and preserve, or even improve your credit score.

Personal Loan Insurance Premium Protection

You can purchase personal loan protection insurance for your UCU Home Renovation Loan. Life, disability and critical illness insurance can help protect you from an unforeseen event, by paying the outstanding balance of your loan in the event of illness or death, or by making your regular loan payments in the event of a disability. Conditions apply and the cost of the premiums will be added to your loan repayment schedule.

More information about UCU Home Renovation Loans can be found on the UCU website.

Visit your local UCU Branch to apply.