About Us
The Credit Union Corporate Purpose
Mission
Commitment
Vision Statement
About Us
The Energy Credit Union Limited hereinafter referred to as “The Energy Credit Union” or “TECU“.
Welcome to an exclusive financial institution that has been meeting our member’s financial needs from start to finish for over seven decades. We believe that our members deserve an opportunity to achieve well being and help our community prosper as a whole. You will see that we offer everything you may find at a major financial institution, but with unique benefits that ownership brings.
The Energy Credit Union serves active and retired employees of Toronto Hydro Corporation, Signals, Electrical, Communications (SEC) of the Toronto Transit Commission, Southlake Health, Gerdau, as well as individuals employed by any municipality as defined in the Municipal Act, 2001, individuals employed in any health care facility operating in the Province of Ontario and related persons or affiliated entities of the aforementioned.
In 1939, a group from Toronto Hydro determined that the dignity of the worker was undermined by the banks, which at that time would not lend money to a worker without a letter of recommendation from the employer. As such The Toronto Electrical Utilities Credit Union Limited was formed and became incorporated on March 18, 1941. On December 3rd, 2010 the Credit Union received official news that its application for a new corporate name change to The Energy Credit Union Limited was approved.
The Credit Union was founded on democratic principles, to provide savings and loan facilities for the members and their immediate families, and includes employees from all areas of our bond, management as well as union as well as the loyal members who retain their connection in retirement.
The Credit Union continues to prosper and grow, and now boasts a membership of over 3500 with assets in excess of $90 million.
The Energy Credit Union is part of your community and we share the same goals and dreams. Like a trustworthy neighbour, we work with you and are actively involved by sponsoring local groups, volunteering and supporting local causes to help our neighbourhood prosper. We believe that our members deserve an opportunity to achieve well being and that working together co-operatively, works for the good of all. Our concern for our community is just one of our Seven Core Principles. Trust, Loyalty and Compassion remain at the forefront of our day to day activities. We measure our success on improving our members’ financial status and strengthening the community as a whole by improving our members overall well being.
At The Energy Credit Union we know that care for the environment is a co-operative concern. That is why we strive to provide you with the tools you need to help you minimize your impact on the environment.
Save the planet with the The Energy Credit Union Bio-Incredible loans. Saving money and helping the environment is easy with TECU’s Bio-Incredible loans. Members can receive .25% off loan rates when the loan purpose is to improve the energy rating of your home. This can include new windows, appliances, heating systems or anything else that will help you reduce energy consumption in your home.
Be energy efficient with a The Energy Credit Union CMHC mortgage. Choose energy efficient options for a new home or current home improvement and receive up to a 10% CMHC premium refund.
Save the trees with paperless statements. Sign up for The Energy Credit Union’s e-statements where your statement along with images of any processed cheques arrive to you on-line.
To reduce the use of paper cheques and encourage environmentally friendly initiatives through electronic transactions, The Energy Credit Union continues to offer electronic funds transfers (EFT) free of transaction fees. Whether to pay for your car insurance or other bill payments or electronically deposit your paycheque or pension, choose The Energy Credit Union to help your wallet and the environment.
Market Conduct Code
The Energy Credit Union is a financial cooperative that is governed and financed differently than banks. At credit unions, members are shareholders. Being a member means sharing in the Credit Union’s success. As such, our primary motivation is providing quality products and services to our members. We are committed to ensuring that our members are completely satisfied with the level of services they receive.
The Credit Union’s Market Conduct Code (MCC) recognizes the best practice principles we pledge to follow for soliciting, promoting, advertising, marketing, selling, or distributing our products and or services. The Code demonstrates our commitment to the fair treatment of all members who use our services. We believe in fair sales practices, comprehensive access to banking services, transparency and openness, and a reasonable approach to settling complaints. Members are entitled to the best possible care of their financial interests. We respect all our provincial regulatory obligations, and continually practice absolute excellence in consumer protection. Our best practices can be summarized in five key principles:
Business Practices:
The core component of our governance and corporate culture is providing fair treatment to all of our members. We evaluate all products and services before implementation to ensure member’s needs and expectations, are balanced with operational risks.
Fair Treatment and Fair Sales Practices:
Treating members fairly and demonstrating fair sales practices at all times are integral parts of our business practices.
Access to Banking Services:
We ensure that all Credit Union members are granted access to fundamental financial services.
Transparency and Disclosure:
The Credit Union uses plain language descriptions of products and services in its communications to ensure people make informed decisions.
MANAGING & HANDLING COMPLAINTS /AVOIDING CONFLICTS:
We examine complaints and work to settle them fairly, and we track complaints to help ensure our practices continue to improve. Please click here for full details.
