Tips for Managing your Holiday Spending

 

With the holiday season gearing up and eagerly anticipated family celebrations just around the corner, it's easy for expenses related to Christmas gift buying, entertainment, and travel to get out of hand. Before you begin your Christmas shopping, consider these valuable tips to manage your holiday spending wisely.

Create a realistic budget

The simplest and most efficient way to keep your holiday spending under control is to create a budget. Determine the total amount you can afford to spend and set a hard spending limit to stay on track. Utilize budgeting tools such as spreadsheets or budgeting apps to help you manage your finances effectively.

Consider all holiday expenses

Gift buying is a major expense, but don't forget to factor in other costs such as decorations, food, and travel expenses when creating your budget. Having an overview of your total holiday expenditure will help you stay on track and within your budget.

Set a per-person spending limit

To keep your spending within budget, establish a per-person spending limit for everyone on your list. If your budget is tight, discuss setting spending limits with your family members. Alternatively, consider pooling money with others to buy larger group gifts as a cost-effective option.

Shop with a list

Create a separate list for each holiday spending category and carry these lists when you shop. Take the time to research gift prices and shop at stores with the best deals. A detailed shopping list will keep your shopping organized and within budget.

Use a credit card that earns rewards points on selected purchases

Pay for purchases with a credit card for added security, purchase protection and extended warranty on eligible purchases. With a UCU Collabria Cashback Mastercard®, you can earn reward points on everyday purchases, maximizing your spending benefits.

Track your holiday spending

Keep a record of all your expenses to ensure you adhere to your budget. Subtract each purchase from your holiday budget total, allowing you to make necessary adjustments between budget categories if needed.

Plan for next year’s holiday spending

Prepare for next year's holiday season by building better year-round spending habits. Set aside monthly savings specifically for holiday spending and consider opening a ucublu High Interest Virtual Savings Account to earn more interest while saving for future holidays.

 

 

How to Avoid Holiday Scams

When shopping online this holiday season, and at every other time of the year, be on the lookout for scams.

Fraudsters are using increasingly sophisticated tactics such as sending requests from fake charities, various online shopping scams and deceptive communications about shipping problems on your purchase orders.

Protect both your money and your personal information with these tips to stay scam-free throughout the year.

Practice Good Cybersecurity Habits

• Avoid Suspicious Links: Don’t immediately click on suspicious links or attachments sent in emails, texts, on websites, or on social media. Verify the source is legitimate before you click.
• Protect Personal Information: Don’t disclose personal information such as your name, bank account number and password in an unsolicited request. Contact the sender directly to verify the authenticity of the request.

Know the Sellers

• Verify Website Legitimacy: Before making any purchases, verify the legitimacy and security of the website by checking the URL. Look for 'https' in the web address; if it's missing, refrain from entering any personal information.
• Research Merchants: If you’re buying from a new company, do your research and read reviews to ensure the company is credible.
• Evaluate Sellers: When using platforms like online marketplaces or auction websites, confirm the legitimacy of the sellers by checking their feedback ratings.

Be Careful How You Pay

• Use Credit Cards: Opt for credit cards for online shopping and regularly review your statements. If you notice any suspicious transactions, contact your credit card company immediately to dispute the charge.

Monitor Deliveries

• Track Your Orders: Get the tracking numbers for items purchased online so you can monitor the delivery process closely.

Secure Your Finances: Keep Your UCU Accounts Safe Online

 

In today's digital age, online banking has become an integral part of our lives. More and more of our Members are using UCU Online banking and the UCU app to conduct their everyday banking transactions. It is a secure, efficient and convenient alternative to in-person branch banking.

Having access to your accounts 24/7 gives you the freedom to manage your accounts from anywhere around the world, at any time. Whether you need to transfer funds, pay bills, or simply check your balance, UCU Online Banking and the UCU app provide a seamless experience.

UCU Digital Banking is Safe and Secure

At UCU, your security is our top priority. We understand the importance of safeguarding your financial information, and that’s why we implement the latest security measures. When you use UCU Online and Mobile Banking, you can be confident that your data is protected by cutting-edge encryption, advanced firewalls, and multi-factor authentication.

Be an Alert Consumer

While we are committed to providing a secure online banking environment, your active participation is essential in safeguarding your accounts.

Follow These Steps to Protect Your Financial Information Online

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

Protect Your Devices, Systems and Data

• Protect your computer – Stay up-to-date with the latest operating system and web browser updates. Install them as soon as they become available.
• 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 12 characters long.
• 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. 

Protect Your Connections

• Avoid public Wi-Fi when banking – Public Wi-Fi networks are generally not encrypted and are not considered secure. Only use secure Wi-Fi networks, such as the password-protected networks in your home for banking transactions.
• Don’t use public computers for banking – Computers in public places like libraries, airports and hotels are not safe for online banking. Never store your passwords in the web browser of a public computer.
• Log out when done: Always log out of your account and close the tab or browser window on your computer.  On your phone, log out of the app and close it.

Protect Your Money and Personal Information

• Enable Two-Step Verification - Enable 2 Step Verification for an additional layer of security. This involves receiving a verification code on your phone or email that you need to enter after logging in with your password.
• Enable UCU Alerts – Stay informed about your account activity by enabling UCU Alerts. UCU will send you email or text message notifications only on the security alerts you select.
• Beware of 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.

Reminder

• UCU, other financial institutions and government agencies will never ask for your social insurance number, PIN or other banking information. Never give out that information if solicited.

Report Suspicious Account Activity Immediately

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

Webinar Series - The Cost of Pursuing an Education in Canada

If you missed our latest Welcome Ukraine webinar series - The Cost of Pursuing an Education in Canada, you can watch the full webinar on our YouTube channel.

https://www.youtube.com/watch?v=oQk_axFNu-E

During this webinar, you will gain insights into the different levels of education, the costs associated with pursuing your education, and the many approaches available to fund your education.

Серія вебінарів UCU Welcome Ukraine - UCU Welcome Ukraine Webinar Series

 Запрошуємо вас на безкоштовний та інформативний вебінар у четвер, 7-го вересня 2023 року, о 19:00.

 Фінансові аспекти отримання освіти в Канаді 

Дізнайтеся про освітню систему Канади. Під час цього вебінару ми окреслимо різні рівні освіти, вартість отримання освіти та способи покриття цих витрат.

На цьому вебінарі ви дізнаєтесь про:

• Систему освіти в Канаді
• Отримання початкової та середньої освіти
• Отримання вищої освіти
• Способи покриття витрат на вищу освіту в Канаді

1. Державне фінансування освіти
2. Доступна допомога студентам
3. Освітні податкові відрахування та кредити
4. Позики
5. Заощадження та дотримання бюджета

Для участі в цьому вебінарі, будь ласка, заповніть реєстраційну форму, перейшовши за посиланням нижче.

 https://events.teams.microsoft.com/event/ca8713a4-33ad-4fc4-ae01-e00f50d89672@b53ba5b2-e8c2-4a7b-9034-9fed5c4c1436

Скористайтеся тим самим посиланням, щоб приєднатися до вебінару 7 вересня 2023 року о 19:00.

You are invited to this free and informative webinar on Thursday, September 7, 2023 at 7:00 pm EDT

The Cost of Pursuing an Education in Canada

Learn about Canada’s education system. During this webinar, you will gain insights into the different levels of education, the costs associated with pursuing your education, and the many approaches available to fund your education.

In this webinar, you will learn about:

• Canada’s education system
• Elementary and high school education
• Post-secondary education
• How to fund your post-secondary education

1. Government funding
2. Student Aid
3. Tax deductions and credits
4. Loans
5. Savings and budgeting

To participate, please fill out the webinar registration form by clicking the link below:

https://events.teams.microsoft.com/event/ca8713a4-33ad-4fc4-ae01-e00f50d89672@b53ba5b2-e8c2-4a7b-9034-9fed5c4c1436

 Use the same link to join the webinar on September 7, 2023 at 7:00 pm EDT

 

Are You Taking Advantage of All We Have to Offer?

At UCU, we take pride in understanding the needs and desires of our valued Members. Our commitment to serving you better drives us to continuously innovate and introduce new products and services that aim to simplify your banking experience while fostering the growth of your savings.

Here is a look back at our latest rollout of innovative banking products and services.

Great Deposit Special Rates

Your hard-earned money deserves the best returns, and we recognize the importance of rewarding our members for their loyalty. That’s why we continually introduce new deposit special rates for you to grow your savings.

Whether you are saving for a dream vacation, a down payment on a home, or simply building an emergency fund, these special rates are designed to maximize the growth potential of your deposits.

See our latest rates here.

Convenient Online Appointment Booking

In today's fast-paced world, time is of the essence, and we appreciate the value of your time. To streamline your banking experience and provide personalized attention, we have introduced an online appointment booking system.

Now, you can schedule a one-on-one meeting with our financial experts at your convenience. Whether you need assistance with financial planning, loan applications, or advice on optimizing your investments, this system ensures that a dedicated professional will be ready to assist you when you need it most.

Book your appointment here.

Expanded Contact Centre Hours

We understand that life doesn't always adhere to a strict schedule. To ensure that you have access to help whenever you need it, we have expanded our Contact Centre hours to better serve you.

Whether you have questions about your account, need help with online banking, or require support with any other banking matter, our knowledgeable and friendly customer service team is now available for extended hours.

See our Contact Centre hours, phone numbers and email here.

Chatbot

Here at UCU, we are committed to embracing the latest technological advancements. That’s why we introduced Chatbot to enhance our member interactions and address their questions promptly.

Available through UCU's website and mobile app, the chatbot is a knowledgeable virtual assistant that can provide real-time support, answer frequently asked questions, and guide you through various banking processes. From checking your account balance to setting up automatic payments, the chatbot is designed to make banking simpler and more efficient, available 24/7 at your convenience.

To use Chatbot, click on the Start Chat button on our website located at the bottom right corner of your screen.

Interactive Teller Machine

With the aim of blending convenience with personalized service, we have introduced new Interactive Teller Machines (ITMs) at select branches. These innovative machines allow you to conduct various banking transactions with the help of a live teller through video conferencing.

Need to deposit a check, withdraw cash, or make a loan payment? The ITMs offer the convenience of automated services while maintaining the human touch you expect from your credit union. It's like having a Member Service Representative at your service.

Visit our website to find the ITM location near you.

Welcome Ukraine Webinar Series

We've successfully kicked off our UCU Welcome Ukraine Webinar Series with four informative sessions tailored for our new members from Ukraine. This comprehensive series delves into a variety of subjects, all aimed at providing valuable insights and guidance to help recently arrived Ukrainians establish themselves in Canada.

Stay updated on upcoming webinar announcements by connecting with us on our social media platforms: Facebook and Instagram @ucuykc.

Catch up on past webinars by visiting our YouTube channel.

More to Come

At UCU, your financial goals are our shared goals, and we are dedicated to creating an environment that enables you to achieve them. We are working on transformative solutions to better serve your needs. Together, we will continue to build a brighter, more prosperous future.

Серія вебінарів UCU Welcome Ukraine - UCU Welcome Ukraine Webinar Series

Запрошуємо вас на безкоштовний та інформативний вебінар у четвер, 10 серпня 2023 року, о 19:00.

Шляхи отримання статусу постійного мешканця Канади для власників віз CUAET

Під час цього вебінару ви отримаєте своєчасну та важливу інформацію про умови візи CUAET та про те, що вам потрібно знати, щоб отримати статус постійного резидента Канади.

На цьому вебінарі ви дізнаєтесь:

• 80-річна допомога UCU українським іммігрантам
• Візові правила програми CUAET
• Що необхідно зробити ще до закінчення терміну дії вашої візи
• Що робити, якщо ви в’їхали в Канаду по Foil-less візі
• Подання заяви на постійне проживання в Канаді
• Подання заяви на отримання громадянства Канади

Для участі в цьому вебінарі, будь ласка, заповніть реєстраційну форму, перейшовши за посиланням нижче.

 https://events.teams.microsoft.com/event/c1e30887-971f-454d-b26d-c2f04d0a6db9@b53ba5b2-e8c2-4a7b-9034-9fed5c4c1436

Використовуйте те саме посилання, щоб приєднатися до вебінару 10 серпня 2023 року о 19:00. 

You are invited to this free and informative webinar on Thursday, August 10, 2023 at 7:00 pm EDT

Permanent Canadian Resident Pathway for CUAET Visa Holders

Learn about Canada’s new pathway to permanent resident status for CUAET visa holders. During this webinar, we will outline the conditions of the CUAET visa and talk about what you need to know to obtain permanent Canadian resident status.

In this webinar, you will learn:

• UCU’s 80-year history of helping Ukrainian immigrants
• CUAET visa rules
• What to do before your visa expires
• Foil-less visa for family members
• How to apply for Canadian permanent residency
• How to apply for Canadian citizenship

To participate, please fill out the webinar registration form by clicking the link below:

https://events.teams.microsoft.com/event/c1e30887-971f-454d-b26d-c2f04d0a6db9@b53ba5b2-e8c2-4a7b-9034-9fed5c4c1436

 Use the same link to join the webinar on August 10, 2023 at 7:00 pm EDT

 

 We’re making banking with us better and easier.

Introducing the CardWise Mobile app and Online platform that lets you manage your UCU Collabria Mastercard© with security and ease. The CardWise mobile app and CardWise online web portal work seamlessly together to ensure your credit card information is ready whenever you are.

Stay in charge of your charges

Download the app from your mobile device app store or go to cardwiseonline.ca and register your UCU Collabria Mastercard©.

Tap into all the knowledge you need

• With the CardWise app you can:
• With the CardWise app you can:
• View your recent transactions
• View your current balance
• View your monthly statements
• Make payments on your monthly balance
• View and redeem your rewards points

Be on the frontline of fraud protection

With the CardWise app you can:

• Report a lost or stolen card - immediately stop service and order a new card right in the app
• Set your controls and alerts – to protect your card from fraud
• Notify Collabria about your travel plans – to use your card uninterrupted in new locations

Track your spending patterns

• View and analyze your spending trends
• Block merchants – choose who can charge you

For more information visit our website. 

UCU No-Fee Credit Card – Helping Students Age 18-24 Build Good Credit

 

You are about to start a new journey as a university or college student with exciting prospects ahead. Your area of study will set the stage for your career and the financial choices you make as a student will lay the foundation for your financial future. Make the right choices early on and enjoy the many benefits for years to come.

Build a Good Credit Score

Building a good credit history is one of the most important things you can do 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 mobile phone plans.

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

Here are some tips to get you started.

Get a Credit Card

If you are enrolled in a post-secondary institution and you want to build a good credit rating, using a credit card responsibly is a great way to start.

Students may apply for a No-Fee Mastercard from UCU which has a relatively low credit limit and no annual fee. 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.

Apply for a UCU Collabria Cash Back Mastercard® online.

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. It includes the number of times you made on-time monthly payments and a list of 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.

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 Payments on Your Other Loans

Make regular payments on a student line of credit or student loan. Loan repayments 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 or make an appointment online to speak with one of our loan experts.

 

UCU Student Line of Credit

Attending university or college is already expensive and the cost of post-secondary education is expected to increase year after year, outpacing inflation. As a student, you have a lot of responsibilities, including planning to pay for your education. Along with your studies, you also need to budget for things like tuition, books, transportation, and in many cases housing and food. For those pursuing graduate or professional degrees, the cost may be significantly higher.

If you need help managing your expenses related to post-secondary education, we can provide some assistance with our UCU Student Line of Credit.

What is a UCU Student Line of Credit?  

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

How Does a Student Line of Credit Work?

Qualifying UCU student members will have access to a line of credit with a preset credit limit. Once approved, you will have the option to borrow as little as you need, or up to the full amount of your preset credit limit. While enrolled in school, you will make interest-only monthly payments on your loan. Repayment of the principal amount borrowed will start one year after you graduate.

For example, if your UCU Student Line of Credit is $10,000 and you borrow $4000 to pay for expenses - you will be left with $6000 in 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 of your student line of credit. One year after you graduate your total monthly payments will be calculated on the $4000 borrowed plus interest. 

How Much Can You Borrow?

If you are approved for a UCU Student Line of Credit, your preset limit will be 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 you withdraw from school 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 on 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 will 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 who 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 online to talk with one of our loan experts. Come in with your co-signer and bring 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 Youth Unlimited Account – Much More Than a Savings Account

The UCU Youth Unlimited Account is more than just a bank account – it will help you learn about the importance of saving, the benefits of earning compound interest and the many lessons of financial literacy.

Available for Canadian citizens or permanent residents up to the age of 24, who attend school full time, this account will provide all the banking services you will need to develop lifelong healthy financial habits.

UCU Youth Unlimited Account Benefits

Account Features

UCU automatically adds new benefits to the Youth Unlimited Account at three distinct age points.

Common Account Benefits: 

• Free deposits and withdrawals
• No monthly maintenance fees
• No minimum balance required
• Preferred interest on the first $1,000 

Age 11 - Benefits Added:

• Free UCU Youth Unlimited Debit Card
• Free deposits and withdrawals at UCU & The EXCHANGE Network ATMs
• 3 Free ATM withdrawals at any bank 

Age 16 - Benefits Added:

• Free personalized cheques
• Free unlimited chequing
• Free bill payments

Age 18 - Benefits Added:

• UCU Mastercard (upon approval)
• Student Line of Credit (upon approval)
• Opportunities to apply for UCU scholarships

Convenient Banking

• Three ways to bank - visit a branch, use the nearest UCU or Exchange Network ATM or use UCU Online banking
• Sign up for ucublu, our online-only bank account
• Download the UCU APP and use a phone or tablet to conduct banking transactions 

Financial Literacy

With a UCU Youth Unlimited Account, you will gain a better understanding of finances. You will watch your money grow with the benefit of compound interest, learn to use a debit card responsibly and get a head start on better money management.

Develop a Relationship With UCU

The Youth Account will provide a springboard for you to develop a personal relationship with UCU branch staff. This will demystify the banking experience and give you access to products and services targeted for students such as UCU Student Lines of Credit which is available to eligible post-secondary students to help cover the cost of education and living expenses. Read more about UCU Student Lines of Credit and how you could benefit.

Eligible for UCU Scholarships

Every year, UCU offers a selection of scholarships for post-secondary students geared towards a specific area of study. To be eligible, you must be a member of UCU for at least two years.  

Read more about the UCU Scholarships program and how it could help you.

To open a Youth Unlimited Account please visit your nearest UCU Branch.