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New banking
system coming
During the weekend of October 23 -
25 Sandhills Credit Union will be
converting its current banking
system to a new banking system called
eroWorks. This means changes in
hardware and software over the next five
months.
You may notice the absence of some of
our staff during this time. These
employees are likely on training, training
other staff or working on the data clean up
necessary for conversion.
Many other Saskatchewan credit unions
have already installed eroWorks. We have
the benefit of these other credit union’s
experiences. Please bear with us as we get
ready for this large undertaking.
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Online Banking Reminder
Online banking is a valuable and
convenient service to members and
can enhance the overall member
experience. However, there are
some risks that can come along
with using this form of banking.
Common ways that fraudsters try to
compromise the on-line banking
system:
- Infect your computer with viruses
for the purpose of obtaining
password information and
account numbers.
- Phishing attacks which is a way
to trick the member into
disclosing information.
- Compromising a wireless
network.
Here are a few tips to help out:
- Choose unique passwords and
change them frequently.
- Have an up-to-date anti-virus
program installed and working.
- Be sure to log-off and disconnect
after each session on the
internet.
If you require any further
information please come in the
branch and ask our staff.
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Ensure your home computer is secure before venturing online
MemberDirect internet banking is just one of many ways we strive to making banking easier and more accessible for our members. With convenient, 24-hour access to your accounts from the comfort of your own home, MemberDirect is understandably popular among members.
While MemberDirect is a tremendous tool for members and uses industry-leading methods to keep your transactions and financial information secure. But to make that work, it’s essential that you do your part by ensuring your home computer is secure before using any online banking tool.
Think of your computer as the digital equivalent of your wallet. You wouldn’t leave your wallet lying around where someone might grab it and you shouldn’t leave your computer open to attack from criminals looking for vulnerability to exploit.
There are several things you can do to ensure your computer is secure. To begin with, check your anti-virus software and make sure it’s up to date. It’s also a good idea to set up a firewall if at all possible.
Once that’s taken care of, check the version number of your Internet browser and make sure it’s not out of date. If it is, upgrade to the latest version of a browser that offers 128-bit Secure Socket Layer (SSL) encryption (examples include Internet Explorer, Firefox, Opera and Safari).
Some more tips:
- Install any security updates issued for your computer’s operating system.
- Always use the logout button when you’re done banking on MemberDirect.
- Empty your browser’s cache after each online banking session.
If you have more questions about securing your computer before using MemberDirect, please give us a call.
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How are mortgage rates set?
After several years of historically low interest rates, experts are predicting a moderate increase in rates over the coming months. If you’re in the market for a mortgage or considering renewing your mortgage, you may be interested to know how the Bank of Canada rate affects mortgage rates.
Whenever the U.S. Federal Reserve or Bank of Canada rates change, we hear from more members than usual about our deposit and mortgage rates. While lending rates may coincide with central bank rates, the reality is that most mortgage rates — particularly locked-in longer-term ones — are dictated primarily by rates in the bond markets, not the central banks’ rates.
Mortgage rates often drop or increase without movement at the central banks. In fact, mortgage rates often lead the way, up or down, for the central bank rates. In that sense, mortgage rates provide a more sensitive indicator of where interest rates are headed generally.
Bond rates also generally dictate longer-term GIC rates. To ensure that we offer the best value to members on both sides of equation, we do our best to offer competitive GIC rates and charge competitive mortgage rates. The spread, or difference between the two rates, is used to recover operating expenses.
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A short dictionary of mortgage terms
Convertible: Fixed-term mortgages (typically six- or 12-month terms) which can be converted to longer terms without penalty charges.
Variable: A mortgage rate that fluctuates with the financial institution's lending rates. Variable rate mortgages are reviewed annually to ensure payments are sufficient to retire the mortgage in the remaining amortization period.
Amortization: Total number of years needed to repay the mortgage loan. (Typically between 15 and 25 years).
Fixed: An interest rate which is locked in for the term of the mortgage (usually six months to seven years).
Open: A mortgage on which you can pre-pay any amount without penalty.
Closed: A mortgage with limited pre-payment options, beyond which a financial penalty is levied (often 90 days’ interest).
Penalties: Usually levied when payments to a closed mortgage exceed the amounts allowed under the mortgage agreement.
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Despite challenging year, credit unions continue to grow
Amidst a global recession, a cooler provincial economy and an extremely competitive financial services industry, Saskatchewan’s credit unions continued on a path of strong and steady growth in 2009. Across the province, credit unions posted significant gains in deposits, loan and assets over the course of the year. Saskatchewan credit union’s now hold nearly $13.5 billion in assets.
The province’s 64 credit unions continue to be the financial institution of choice for urban and rural people, and for the medium to small-sized businesses that are the backbone of our provincial economy. In 2009, they returned $2.6 million to members in patronage refunds and dividends. They also contributed over $7.8 million to their communities through charitable donations and sponsorships.
Credit unions maintain a strong physical presence in the province and are a major contributor to the Saskatchewan economy. They employ more than 3,500 people, serving 497,700 members in 310 outlets across the province.
At the national level, credit unions are also enjoying success in 2009. The combined system assets of affiliated credit unions and caisses populaire across Canada now equals $121.9 billion, an increase of 7.1% for 2009. The total number of Canadian credit union and caisse populaire memberships now exceeds five million.
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Exercise your democratic rights as a member
There are many reasons to be a credit union member, and we’d like to think that our competitive rates, leading edge technology and commitment to friendly, personal service are part of what convinced you to become a member. But one of the other big advantages of being a credit union member is that you have a say in the direction of your financial institution.
Like all co-operatives, credit unions adhere to the seven international co-operative principles, the second of which is Democratic Member Control. That principle stipulates that co-operatives are “democratic organizations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership.”
Democratic control and the accountability that accompanies it ensure that your credit union puts the best interests of all members first. It’s why your credit union — and all credit unions — remains committed to the communities we serve.
We encourage you to exercise your democratic rights by taking an active role in your credit union. Attend our annual general meeting, vote for the board of directors and consider running for the board yourself. Getting involved is a great way to learn more about the way decisions are made by your credit union — and a chance to have your voice heard.
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Congratulations to the Leader Composite School 2010 Graduates
All the best in your future endeavours.
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Benefits of the Graduate Account
The Graduate account is for students aged 19-25 enrolled in a recognized post-secondary education program.
Take advantage of:
- No service charges
- Interest calculated daily
- MemberDirect internet banking
- One free order of basic cheques
- Free ATM access( excludes INTERAC & CIRRUS)
- Monthly statement with imaged cheques
- Revolving line of credit up to $500.00 (credit approval required)
- ATM access/Direct Payment with Credit Union Membercard
Come in and see us for all your account needs.
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2009 Sandhills Credit Union Financial Statements
Adobe Reader is required to view these statements
in PDF format.
Download
it for free by visiting Adobe at this link.
Consolidated Financial Statements
December 31, 2009 ( PDF // 1.1 MB)
For the complete Sandhills Credit Union 2009 Annual Report, call or visit Sandhills Credit Union.
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