Energy CU External Regulatory Maintenance Fee

2020 has been an extraordinary year, we hope that you & your family are staying safe, happy & healthy. This year saw lots of us learning to use technology in ways we never thought we could. Some of our members can now proudly say that they will be sending a Happy Birthday Interac e-Transfer® instead of a cheque to the grandkids this year! Thanks for going out on a limb & trying something new!

This year we were able to introduce upgrades & new products & services. We strove to make sure you were able to reach us & do all your banking in the ways that you felt most comfortable. Extended Hours meant that you could reach us by phone to 8am-8pm Monday to Friday.

We’ve always rewarded loyalty for members who did all their banking with us & used us as their full-service provider. We’re adding a new account package for those Essential Account Package members looking to avoid the Annual Membership Fee & “pay as you go” style account. You will soon be able to choose our new Option Account Package, a small $8/month will fee give you options & more value for your hard earned money.

In 2021, we will be faced with some extraordinary increases in our costs. You may have thought it was due to COVID-19 & yes our expenses have increased due to additional safety protocols for sure, but we decided that this was the cost of doing business. These other costs include increased Insurance Premiums due to added Regulatory expectations & reporting, digital banking upgrade costs to make sure that we are competitive & relevant with today’s banking technology & remote banking needs & the costs of conforming to strict Anti-Money Laundering protocols & regulations.

How can we still provide outstanding service to our members & keep our proverbial door open? What are the big guys doing? A monthly fee for everyone (unless you were willing to sacrifice earning interest by having a minimum balance earning very little in an account) Yep, you gave up potential interest for “no fees”. Seems a bit sneaky right? We hate fees. You hate fees. We all hate fees! But the most fair and equitable way we could think of was the External Regulatory Maintenance (ERM) Fee.  In early 2021, a one-time fee of $9.85 will be applied for all Energy CU members. We want you to have a fair deal & know exactly where your money is going. Make sure you are comparing apples to apples when you look at our fees. This ERM Fee will help us make sure that each member is paying their share for the products & services they enjoy. If you feel that you could get even more value please don’t hesitate to reach out & we can show you all the ways we can make your membership in the Energy CU as value packed as possible.

Thank you for your trust in us. All the best for 2021.

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