What is the Annual Membership Fee?
The Annual Membership Fee is charged once per calendar year on all Essential Package Accounts. An Essential Package Account is a pay as you go account that is not based on a predetermined participation value. In part and as in the past, the annual fee supports the costs associated with maintaining the account. Although the fee has remained unchanged since 2020, due to rising operational costs, the fee for 2024 will be increased to $55.00 ($4.58/month). The fee will be charged January 29, 2024.
But…We want to save you Money!
The Credit Union offers several account packages that reward full-service members for their loyalty with free products and services. Infinite and Preferred Package Accounts enjoy free transactions such as ATM and POS, bill payments, e-transfers draft cheques and preferred rates. These accounts are also exempt from the Annual Membership Fee. More information can be found on our website:
Preferred: https://theenergycu.com/everyday-banking/chequing-and-packages/banking-package-preferred/
Infinite: https://theenergycu.com/everyday-banking/chequing-and-packages/banking-package-infinite/
Choice: https://theenergycu.com/everyday-banking/chequing-and-packages/banking-package-choice/
Option: https://theenergycu.com/everyday-banking/chequing-and-packages/banking-package-option/
Or by calling our call centre at 416-238-5606 ext 0 or Toll-Free 1-888-942-2522 between the hours of 8:30 am to 4:30 pm Monday to Friday.
What are my next steps?
There are a couple of choices available to you. You can contact the Credit Union prior to January 29, 2024 and we will review our account packages with you to find the best fit. We understand that life gets busy, if you are unable to contact us by January 29, 2024 to change your account package, we will be happy to reimburse you the annual fee increase if your account package is upgraded to Infinite or Preferred prior to February 29, 2024.
Or you may choose to remain with your current account. As in the past, it is your responsibility to ensure that you will have sufficient funds available to cover your Annual Membership Fee on January 29, 2024. If you do not have sufficient funds available, you will have until February 29, 2024 to deposit the funds. If the funds are not available on February 29, 2024, it will be presumed that you wish to withdraw your membership from the Energy Credit Union and the account may be closed.
We value all our members regardless of account package. The Credit Union has been built on member loyalty and people helping people. The more you do with the Credit Union, the more you get back. We currently have over 3400 Full-Service Members and we hope that you will consider doing more with us but, we certainly understand if you just want to leave your account as is and continue to pay the annual fee.
We appreciate your time in reading this important message. Please contact our office at 416-238-5606 ext 0 and one of our representatives will be more than happy to answer any further questions or concerns you may have.
