Community News

Tuesday, May 22, 2012

Manitoba credit unions enter anniversary year on a strong note

As Manitoba’s 41 credit unions celebrate the 75th anniversary of co-operative financial institutions in the province in 2012, they do so on the back of yet another highly successful year. In 2011, Manitoba credit unions continued to grow in size and reach, showing healthy growth over 2010 in assets (up 10.5 per cent), loans (up 9.35 per cent) and deposits (up 10.68 per cent). The number of memberships and branches also increased.
The result of that growth is that credit unions’ market share in the province (as measured by their share of all comparable bank and credit union assets) now stands at 41.7 per cent.
“The results of 2011 are the latest chapter in the success story of the credit union system as we celebrate, in 2012, the 75th anniversary of financial co-operatives in Manitoba and the United Nations International Year of Co-operatives,” said Credit Union Central of Manitoba CEO Garth Manness.
“All co-operatives including credit unions are guided by a common set of guiding principles. Not only are those principles unique in the marketplace, they drive the success of credit unions,” Manness added. “With the co-operative model as their underpinning, the member-owner comes first — and Manitoba credit unions’ 2011 performance is the result of that commitment to member service.”

Credit unions: Manitoba-based and putting Manitoba first

A big part of the reason why credit unions have grown and prospered in Manitoba over the past 75 years is their commitment to community. As co-operatives, credit unions are directed by their members. That means decisions made by credit unions are made with the best interests of the members and the communities they serve in mind.
“Nearly one in two Manitobans is a member and every single one of those members has a voice in deciding the direction of their financial institution,” said Credit Union Central of Manitoba CEO Garth Manness. “And they all share in the profits of their credit union, either directly through patronage allocations or indirectly through better rates and lower fees.”
In fact, in 2011 Manitoba credit unions returned over $19 million to members in the form of surplus shares, cash and dividends. They also gave over $3 million in sponsorships and charitable donations to organizations and events in Manitoba communities. Credit unions also awarded nearly $150,000 in scholarships to Manitoba students in 2011.

The Top 5 phishing tales

Phishing remains one of the most popular ways for fraudsters to scam people out of their hard-earned money. Here are the top five things to watch out for so you don’t get hooked by a phishing scam:  

1)The Phishing Pop-up This is where a pop-up appears that is from a company you have open in another tab in your browser. For example, a pop-up box opens that looks like it’s from PayPal, and it asks you, “for verification purposes,” to enter your password and credit card information.  

2)The Badly Written Email Always read emails carefully. Reputable companies will not issue communications riddled with spelling and grammatical errors.  

3)The Hidden Address Many phishing scams will include a link that directs you somewhere other than where it appears to be going. Before clicking on a link, hover your cursor over it to insure what appears matches what is in the link. If you’re still unsure, don’t click on it. Contact the company directly.

4)The Threatening Legal Message Always consider the source. From a customer service perspective, no reputable company would ever send a customer a threatening email.

5)The Email Request Remember: financial institutions and online retailers do not send emails asking for personal information.

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