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ProfitShares Program

Your 'Summer of Smiles' Could Be Worth Thousands!

Synergy's Summer of Smiles is back! Embrace the convenience of modern banking with Synergy Credit Union this June. Whether you’re new to our digital banking platform or an existing user keeping active with Money Manager tools, exciting rewards could await you.

Smile-Worthy Weekly Draws! The summer fun begins on June 1, 2024, with two weekly draws to brighten your days:

  1. New digital banking users get a chance to win $1,000 every week*.
    Not using Synergy’s digital banking yet? Contact us to get started!
  2. Active Money Manager users can also win $1,000 weekly*.

Plus, participants eligible for both the new digital banking member draw and active Money Manager draw, who have not yet won between June 1-27, 2024, will automatically be entered into the Grand Prize Draw for $3,000*!


*Please note, each member is eligible to win one draw during the contest period. Winners will be excluded from subsequent draws within the same period. Refer to the contest rules below for full details.

SYNERGY’S SUMMER OF SMILES GOES DIGITAL MEMBER CASH GIVEAWAY CONTEST

OFFICIAL CONTEST RULES

  1. Contest Period

"Synergy’s Summer of Smiles Goes Digital Member Cash Giveaway" Contest (the “Contest”) runs from 12:00:01 am Mountain Time ("MT") on June 1, 2024, to 11:59:59 pm MT on June 27, 2024 (the "Contest Period").


  1. Eligibility

By participating in the Contest, each Member agrees to abide by and be bound by these Official Rules and all decisions of Synergy Credit Union Ltd. (the "Sponsor''), which shall be final and binding, without the right of appeal, in all matters relating to this Contest and the awarding of the prizes, including without limitation eligibility and/or disqualification of Members.


  1. How to Enter

NO PURCHASE IS NECESSARY.

To participate in the Contest, you must be a Synergy Credit Union member in good standing (defined below) and meet the eligibility requirements for the specific category of the draw. Members are only allowed to win one draw during the contest period and winners will be automatically excluded from any future draws in the contest period.

  1. New Digital Banking Member Draw (15 chances to win $1,000): To be eligible for this draw, you must:
    1. be a Synergy member in good standing (defined below)
    2. onboarded onto Synergy’s digital banking between June 1st to June 27th, 2024
    3. have a MemberShare with Synergy Credit Union
    4. not be a commercial, business & AG, non-profit, and/or charity member, as these accounts are excluded from this draw.
  1. Active Money Manager Member Draw (15 chances to win $1,000): To be eligible for this draw, you must:
    1. be a Synergy member in good standing (defined below)
    2. logged into Synergy’s digital banking and reviewed one or more of the ‘Money Manager’ tools between June 1st to June 27th, 2024. A Synergy representative will confirm the member did so during that time and which tool was reviewed.
    3. have a MemberShare with Synergy Credit Union
    4. not be a commercial, business, AG, non-profit, and charity members and/or member accounts are excluded from this draw.

  1. Grand Prize Draw (1 chance to win $3,000): To be eligible for this draw, you must:
    1. be a Synergy member in good standing (defined below)
    2. qualify for either the new digital banking member draw or active money manager member draw between June 1st to June 27th, 2024
    3. have a MemberShare with Synergy Credit Union
    4. not be a commercial, business, AG, non-profit, and charity members and/or member accounts are excluded from this draw.

To claim the prize, the winners must:

  1. Be a Member “in good standing”, the applicable Member and/or Member account may not be in default of any terms or conditions of the membership, account, lending or card holder agreements, and accounts in question must not have been cancelled, closed, or otherwise have had any membership privileges suspended.
  2. Have or open a Synergy Credit Union chequing or savings account to deposit the funds.
  3. Correctly answer the skill testing question, (21 + 20) + (4 X 10) via follow up call or email by a Synergy Credit Union representative.

The following Members and Member accounts are not eligible for any of the contest draws:

  1. Estate accounts, Registered Education Savings Plans, Registered Disability Savings Plans, and all trust accounts (including personal trust accounts, family trust, minor trust business trust accounts, professional trust accounts (e.g., legal, or real estate agent accounts), etc.).
  2. Any individual who is or was an officer, director, employee, agent, or representative of Sponsor, between December 1, 2023, and the Contest Close Date, or any person who is a member of the immediate family and resides with such an individual. For the purposes of these Official Rules, "immediate family'' shall mean a parent, grandparent, child, grandchild, sibling, or spouse (whether common law or otherwise).
  3. Any legal entity that is owned wholly or in part by any individual described in paragraph (b) above.
  4. Any Member who is a legal resident of the Province of Quebec at the time of Entry or as of the Contest Close Date.

  1. Draw Dates

The winning names will be drawn every Friday during the Contest Period. If the draw date is on a weekend or holiday, the winner will be drawn on the next business day. Winners will be posted on our Synergy Credit Union website and social media.

Draw Dates: June 7, June 14, June 21, June 28

Funds will be deposited into the Member’s agreed upon Synergy Credit Union chequing or saving account as soon as the skill testing question has been successfully answered.

If a Synergy representative is unable to reach the Member via Member provided contact information within 20 business days of winning draw, then the Member will forfeit the opportunity to answer the skill testing question and a redraw will occur.


  1. Consent

Draw winners agree to the following:

  1. Grant permission for Synergy Credit Union to publish the winner’s name and/or photograph as it sees fit without remuneration for Synergy’s website, digital banking application, social media accounts, print materials, advertising, in branch use or posters.
  2. In giving this consent, I release Synergy Credit Union, their nominees, and designees from all liability for any violation of any personal or proprietary right I may have in connection with such sale, reproduction, or use. I certify that I am of legal age and consent and have the legal authority to execute this consent and release. I approve of the foregoing and waive any rights in the premises.
  3. I understand that this consent is in addition to, and not in substitution for, any other consent, express or implied, which I have given Synergy Credit Union to collect, use and disclose my personal information. This consent may be withdrawn by contacting Synergy Credit Union using the information above.
  4. If I withdraw consent, I acknowledge that existing publications will not be withdrawn from circulation.

 

Personal information held by Synergy Credit Union will be retained and destroyed in accordance with Synergy Credit Union’s retention of records policies and privacy legislation.

Unlock Your Share of Success with Synergy's ProfitShares Program

As a Synergy Credit Union member, you’re not just a customer; you’re an owner with distinct privileges. Our ProfitShares program rewards you with rate bonuses on deposits, rate rebates on loans, and dividends on your ProfitShares account. Last year, over $6.5 million flowed back to our members*.

*Allocations in June go to your ProfitShares account, and any October cash paydowns based on thresholds reached by personal and business members are deposited directly into your account pack.


ProfitShares FAQ

Each year, members have the opportunity to earn ProfitShares rewards, also known as profit sharing. These rewards are deposited into your ProfitShares account. Here's how it works:

Basis of ProfitShares Rewards: ProfitShares rewards are calculated based on several factors, including:

  • The interest paid on your qualifying loans.
  • The interest we've paid you on your non-registered savings and term deposits.
  • The dividends you earn on your ProfitShares balance.

Eligibility: While most products qualify for ProfitShares, some, mainly due to government regulations, do not. However, these non-qualifying products often offer attractive upfront rates to compensate.

Automatic Allocation: Members are automatically enrolled to receive ProfitShares on eligible products, unless they choose to opt out.

Annual Allocation by Your Board of Directors: Your democratically-elected Board of Directors makes the annual decision on how much ProfitShares will be allocated into your ProfitShares account. This allocation essentially represents a rate bonus or discount for your financial activity with Synergy.

ProfitShares Cash Payout: When your ProfitShares account balance reaches a specified amount each year, you'll be eligible for a ProfitShares cash payout. This payout is equivalent to the amount exceeding that balance and will be directly deposited into your account later in the year.

Thresholds: Personal members: $10,000, Business/Organization members: $30,000

Allocation of Profits: Every year, up to 20% of Synergy’s pre-tax profits are allocated to our members’ ProfitShares accounts. This is our way of sharing the success with you.

Benefits for Borrowers: For example, if a member has a $325,000 residential Super Mortgage at 3.25%, they would have paid $10,562 in interest per year. With a 2% allocation rate, they would receive a payment of $211 ($10,562 x 0.02) into their ProfitShares account.

Benefits for Savers: Similarly, if a member has a $100,000 term deposit at 1.00%, they would earn $1,000 in interest per year. With a 7% allocation rate, they would receive a payment of $70 ($1,000 x 0.07) into their ProfitShares account.

Share Dividend: Members who have $4,000 in their ProfitShares account on December 31st would receive a 1% dividend of $40 ($4,000 x 0.01) paid into their ProfitShares account.

At Synergy Credit Union, unlike other financial institutions, our shareholders are you, our member-owners. This means when we profit, so do you through ProfitShares. Here's how it benefits you:

Ownership Advantage: When you join Synergy, you become both a member and an owner. The advantage? When our profits increase, so does your share. ProfitShares is our way of showing appreciation for trusting us with your financial needs.

Earning ProfitShares: Your ProfitShares are determined by the interest you pay on your qualifying loans and mortgages and the interest we pay you on your non-registered savings and term deposits. Plus, you'll earn a competitive dividend on your ProfitShares investment – the current balance in your ProfitShares account.

Transparency in Allocation: Each year, your democratically-elected Synergy Board of Directors decides how much to allocate and distribute for ProfitShares. These allocations are then added to your ProfitShares account.

Thresholds and Accelerated Growth: For personal members, anything over $10,000 and for business/organization members, over $30,000, will be deposited into your account. If you're not at these limits yet, you can reach them faster by exploring additional qualifying products and services.

We're here to help you understand your ProfitShares and explore how to earn even more. Contact our Member Contact Centre via phone at 1-866-825-3301, email webmail@synergycu.ca, or through Live Chat.

Maximize Your ProfitShares: Each year, our Profit Sharing program shares profits with our members through annual allocations. This allocation is typically done in June, and you can view your ProfitShares account balance on your June statement.

Cash Paydowns: In October, we also offer ProfitShares threshold paydowns. Any amount exceeding the threshold* will be deposited directly into your account pack (primary chequing or savings account). These October paydowns can be viewed on your October statement.

Easy Access to Your Balance: If you qualify for ProfitShares, you can easily monitor your balance on your monthly or annual statements. For detailed information, reach out to us for your balance. Plus, if you're eligible for a ProfitShares cash payout, this transaction will be clearly indicated on your annual statement.

Account Thresholds: Personal members: $10,000, Business/Organization members: $30,000.

We're here to help you understand your ProfitShares and explore how to earn even more. Contact our Member Contact Centre via phone at 1-866-825-3301, email webmail@synergycu.ca, or through Live Chat.

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