What's New at ECU

Education Credit Union Welcomes Ottawa Decision On ‘Banking’ Terminology

Kitchener, Ontario Feb. 28, 2018 – Education Credit Union welcomes the Federal Government’s decision on banking terminology for credit unions. This decision provides flexibility for Education Credit Union to continue using terms ‘bank’ and ‘banking’ in serving our members.

Along with other credit unions across Canada, last year Education Credit Union had requested the federal government to review Bank Act restrictions on the ‘banking’ terminology. We have always used terms like ‘bank’ and ‘banking’ while serving our members, all the while proudly disclosing that we are a credit union and not a bank.

Canadians use these terms in dealing with deposit-taking institutions like a bank or a credit union and we need to speak a language Canadians use and understand.

Quote: Gary Renouf, CEO

“We are happy with this decision by the Finance Minister. This decision helps clarify the ambiguity in the Bank Act concerning credit unions and banking terminology, and for that we would like to thank Minister Bill Morneau and the team at the Department of Finance.”

Education Credit Union would also like to acknowledge the advocacy efforts of MPs from all parties and the All Party Credit Union Caucus, a body formed last spring to facilitate communication between legislators and credit unions. In addition we like to all our members who contacted their local MP voicing their support.

Make the most out of your investments!

Every member has a different story; Different goals, dreams and financial situations. That is why at ECU, we have different investment options to help you get there, and the know-how to advise you on what the best option is for you.
  • For a limited time, our best conservative and short-term investment is the 18 Month Guaranteed Income Certificate (GIC) at 2.52%.
  • For the ultimate in flexibility, our cashable 1 year GIC is available with a rate as high as 1.20%.
  • Our 5 year escalator GIC grows in interest as your investment does.
1 year 1.35%
2 year 1.45%
3 year 1.80%
4 year 2.10%
5 year 2.30%
  • Our index-linked term deposit is the investment that gives you the rewards of a riskier investment and the security of a GIC available over a 3 or 5 year term. Receive 125% of the investment growth with a 5 year index-linked term deposit.
  • Visit the Wealth Management department to talk about different investment vehicles for your RRSP.
Take advantage of these great rates while they are available; contact us today. Deposits insured by the Deposit Insurance Corporation of Ontario*. 

Need more details? Bring in your current investment statements for a second look with an ECU professional. We can make sense of the terms of your current investments, and help you find even more solutions.
*For further information on deposit insurance, please ask for a brochure at the credit union or call DICO at 1-800-268-6653 or log on to the website at www.dico.com.

Want to know more about our Index-Linked Term Deposit?

Take advantage of our Index Linked Investment for your Registered Retirement Savings Plan or Tax Free Savings Account this year. What is an index linked term deposit? It is an investment that allows you to reap the rewards of a riskier investment (such as a mutual fund) but with the safety of a GIC. Your principal is guaranteed; therefore, you will only be risking the growth. Since the index linked investment is following the market, you have the opportunity for a higher growth than your typical GIC or savings account. It is the best of both worlds. 
Click here to see how ECU's Index Linked investment measures up. 

Wealth Management is here for you!

There is a common misconception that you need to be wealthy to meet with a wealth management advisor. In reality, our financial advisors are here to help you determine your financial goals, recommend the best investments for your financial situation, and help you manage your assets. The best part is you can meet with our Wealth Management Financial Advisors for free with no obligations. 
Contact our ECU Wealth Management department today to help you with your financial planning needs, including investments, estates, and retirement planning.

NEW MERITline™ and ECU Line rates!

It’s back! Take advantage of our Line of Credit rate specials available for a limited time. Whether you’re working on a special project, looking to consolidate debt or heading somewhere warm for the winter, our two rate specials are just what you need.
MERITline™ HELOC as low as 2.99% for the first 3 months.
ECU Line unsecure LOC as low as 4.99% for the first 3 months.

Become a Member with Benefits

Members who refer friends, family or coworkers will receive $25 for their referral! New members who are eligible* (see list below) will also receive $25 upon approval! There is NO LIMIT to how many members you refer. Spread the word, share the wealth!

*New Members will also receive $25 if they are approved for the following:

Member Referral Rewards not applicable to our cashable GIC.

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See what our members have to say...

"Hi: I just learned how to deposit a cheque by taking a picture of it with my phone. I can't believe how easy it was! I'm not a high tech person & I don't even have a data plan on my phone. It didn't cost anything to download the app that enabled me deposit my cheque via wi-fi! It's incredible! So easy! The app led me through the steps & the money was pretty much immediately in my ECU account! So much easier than driving to the branch to make a deposit."
Dawn, Kitchener
"I have used the e-transfer function a couple of times lately and found it to be very easy to do and quite user friendly. Always a pleasure to walk into the bank and see the smiles on all your faces which proves you like working there and appreciate the customers."
Jeff, Kitchener