What’s new about the program in 2018?
  • Increased Product Bundle payments to $50, $100 and $200
  • Added Payroll Deposit and Personal Members with a Business Relationship to the line up of qualifying products
  • Restructured qualifying products to make it easier for members to meet the minimum
  • Removed minimum balance requirement from Registered Products and Line of Credit qualifying products
What is a Product Bundle?
Product Bundles ares made up of four or more qualifying products and rewards members with annual cash payments.

What do you mean by “Personal Member with a Business Relationship”?
Members who do their personal banking with us and are also a signor on select types of business accounts will now be rewarded with a product towards their Product Bundle.

What if you have multiple products within one bundle? (For example, three chequing accounts)
Members will be credited with one qualifying product.

How much will members be rewarded for Product Bundles?
4 - 6= $50
7 - 8 = $100
9 or more = $200

Why isn’t ICBC included as an insurance product?
For privacy reasons, we do not have access to their system to confirm active ICBC policies.

How are the percentages of Rebate on Loan Interest, Bonus on Deposit Interest and Dividend on Equity Shares determined?
Percentages are determined annually by the Board of Directors and are based on the credit union’s earnings from the previous calendar year.

When are payments calculated?
Payment amounts for Rebate on Loan Interest, Bonus on Deposit Interest, and Dividend on Equity Shares are calculated at year end and are based on the calendar year January 1 - December 31. Product Bundle payments are tallied on December 31.

When are payments made?
Payments are typically made by March 31 each year. 

Why members may not have received a payment?
Here are a few reasons why you may not have received a payment:
  • Member is not in good standing (delinquencies)
  • Member is not a resident of Canada
  • Business members do not qualify for Product Bundles payment
  • Although a member may have an active term deposit, the term may not have earned interest that year. For example, an 18 month term deposit with a contract date of November 14, 2016 and a maturity date of May 14, 2018 will not earn the interest until the maturity date.
    The Bonus on Interest payment would not be paid until the first quarter of 2019.

If members have several loans/term deposits will there be a lump sum payment?
Members will see multiple deposit transactions into their account when you have more than one loan or term deposit.

If you have a term deposit within a registered plan does that count as two Product Bundles?
No, the registered ‘plan’ is not the qualifying product, it is the registered ‘product’ (term deposit). If you have a $10,000 registered term, $5,000 registered term, $1,000 TFSA,  these would all fall under the Registered Product and count towards a Product Bundle.


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