OCCU has been going strong since 1939, providing retail and business banking members with the day-to-day banking services and financial know-how to live their best lives. While OCCU is one of the smallest credit unions in the province (56th out of 78 to be precise), we have the fourth highest capital (net worth) in Ontario. With exceptional retained earnings and an efficiency ratio (how much is spent to make a dollar) well below the system average, we show no signs of slowing down.
On October 17th 2019, staff hosted a soiree at the Credit Union to commemorate this special milestone. Mayor Dan Carter was in attendance along with past and current directors, employees, and most importantly, members. Those in attendance reminisced about the early days and had the opportunity to learn more about our history by perusing vintage memorabilia, old staff photos, newspaper clippings and advertisements. Some guests including Mayor Carter, General Manager John Remillard and long-time member John Dick got up to share some personal stories with the crowd about the impact the Credit Union has had on themselves and the community.
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Returning and Repaying CERB
The Canada Emergency Response Benefit (CERB) was created to give financial support to employed and self-employed Canadians who were directly affected by COVID-19.
If you received CERB but are later found ineligible, the payments you received are required to be returned or repayed.
If the payments are not returned or repayed by December 31, 2020 you will need to pay tax on the full CERB amount you received and will still be required to repay or return the full amount.
For more information on determining your eligibility and/or learning about returns or repayment, click here.
Bank Notes Removed from Legal Tender
In accordance with amendments to the Bank of Canada Act and the Currency Act approved by Parliament in 2018, the federal government recently decided to remove legal tender status from some older bank notes as of January 1, 2021. This change will affect the $1, $2, $25, $500 and $1,000 notes, which are no longer being produced. Essentially, this means that Canadians will no longer be able to use them in transactions.
Most Canadians will not be affected because the bank notes targeted by this announcement have not been produced in decades and are rarely used in transactions.
Importantly, these bank notes will not lose their value. Canadians can redeem them at face value or decide to keep them. Those who wish to redeem their bank notes can do so most easily at their financial institution. They can also send bank notes directly to the Bank of Canada.
The Bank of Canada supports this initiative, which helps ensure that the bank notes used by Canadians are current, in good condition, easy to use and difficult to counterfeit.
The government has indicated there are currently no plans to remove legal tender status from any other bank notes.
Exchange Network ATM Update
A change impacting a large number of surcharge-free ATMs at Macs, Couche-Tard, and Circle K Convenience Store locations across Canada has recently been made.
If your favourite location is no longer available, please use THE EXCHANGE ATM Finder App or visit TheExchangeNetwork to find another location.
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