Message from CEO, Glenn Stang
It saddens me to hear of incidents where our members have been victims of fraud, scams or financial abuse. Each year, many members are robbed of their hard-earned savings and become frustrated with their financial institution, which is often limited in its ability to help recover the stolen funds.
As members become busy planning and preparing for the holiday season, we too become busier investigating incidents of fraud, scams and financial abuse. This is due to thieves preying on the opportunity that someone is not 100 per cent focused or may be in a more giving state of mind.
The good news is my team is here to help.
I encourage all members to call your local branch or our Member Contact Centre and discuss any situation you may find yourself in. On some matters, we can assist you in validating the authenticity of the caller and their expectations. In other matters, we can direct you to the appropriate authorities for assistance.
I also encourage you to read the Competition Bureau’s Little Black Book of Scams. These stories and scenarios are repeated often with slight variations to make them seem new again. Share this link with family members and friends and open the dialogue so everyone can be educated and protected.
Remember, when something sounds too good to be true, it likely is. Financial institutions, CRA and the RCMP will never make threats over the phone and will never ask for payments in cash, cryptocurrency or in gift cards. In addition, when someone coaches you on what to say to prevent detection or avoid being questioned by your financial institution, that too is a key indicator that something is not right.
Give us a call at 1-866-825-3301 and we will assist you, so your savings are protected.
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Financial Support for Members
- Canadian Emergency Business Account (CEBA)
- Canadian Emergency Response Benefit (CERB)
- Business Credit Availability Program (BCAP)
- The Highly Affected Sectors Credit Availability Program (HASCAP)
New applicants can no longer apply for a $60,000 CEBA loan or the $20,000 expansion at their financial institution.
To learn more, visit the government of Canada’s Canada Emergency Business Account (CEBA).
How does it work?
The HASCAP deadline is December 31, 2021.
The Highly Affected Sectors Credit Availability Program (HASCAP) is available to Synergy Credit Union business members. The program is intended support to Canadian businesses facing economic hardship demonstrated in revenue decline as a result of the economic environment due to COVID-19.
If you are a qualifying Synergy Credit Union Business member, HASCAP provides you with access to a non-revolving government-guaranteed amortizing term loan between $25,000 up to a maximum amount of $1 million.
- 4% annual fixed interest rate with a repayment term of 10 years.
- No principal payments for 12 months from the date of loan advance.
Who can apply through Synergy?
- Existing Synergy Credit Union members where Synergy is your primary bank or primary lender;
- Canadian-based businesses;
- Your business must have been financially stable and viable prior to the current economic situation;
- You must have received payments either from the Canada Emergency Subsidy (CEWS) or the Canada Emergency Rent Subsidy (CERS) by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of the HASCAP Guarantee application;
- Businesses that are eligible for CERS/CEWS must have applied for these relief programs before they can apply for HASCAP;
- The program is intended to exclusively fund the operational cash flow needs of the business or any of its operating subsidiaries (i.e. payroll, rent, utilities, taxes, scheduled debt repayments and other fixed costs) including any costs incurred in retrofitting its operations to ensure its continued viability.
Contact your Synergy Representative today at 1-866-825-3301 to begin the application process.
More details from the federal government are available here.
Please note, the following are not eligible:
- Businesses whose revenue model is predicated on non-commercial sources such as direct government funding or private donations;
- Government organizations or bodies (other than an indigenous entity or body) as well as entities in which a government organization or body (other than indigenous entities or bands) owns equity interests;
- Non-profit organizations, registered charities, unions, or fraternal benefit societies or orders, or a Person in which any such organization owns equity interests [except if it is actively carrying on a business in Canada (including a related business in the case of a registered charity) that earns revenue primarily from the regular supply of property/goods or services and not from non-commercial sources such as direct government grant funding or private donations];
- Religious organizations, or a Person* in which any such organization owns equity interests;
- Fundraising vehicles for charities;
- A Person in which equity interests are held by any single current member of the Parliament of Canada or any single current member of the Senate of Canada other than a Person* whose equity interests are publicly traded;
- Entities that operate any form of sexually exploitive business or promote violence, incite hatred or discriminate on the basis of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability;
- Businesses that have been determined to have committed tax evasion.
- Other terms and conditions apply.
COVID-19: Frequently Asked Questions
- The minimum amount that must be withdrawn from RRIFs will be reduced by 25% for 2020. For example, if your 2020 minimum amount would have been $10,000, the reduced minimum amount will now be $7,500.
- The minimum amount for individuals receiving variable benefit payments under a defined contribution registered pension plan or pooled registered pension plan will also be reduced by 25% in 2020. Variable benefits are payments made to plan members from a defined contribution pension plan or pooled registered pension plan like a RRIF.
- Monday to Thursday: 9:00 am – 4:00 pm
- Friday: 9:00 am – 5:00 pm
- Saturday: 9:00 am - 3:00 pm (Lloydminster branch only. All other branches are closed on Saturday)
- Sunday: Closed
- Wearing a mask will be optional, but we respect and support teammates, members and visitors who continue to wear one.
- We will keep hand sanitizer available at our entrances, but it is not mandatory for members and visitors to use it.
- Plexiglass barriers will remain in place wherever they are installed. Teammates and members who are comfortable meeting in office spaces without a plexiglass is permitted.
- Physical distancing will not be enforced but I encourage everyone to continue the practice and establish physical boundaries you are comfortable with.
- The extra cleaning measures to reduce COVID spread will continue in our branches for the next few months.
- We will keep the children play areas and coffee stations closed for now, but washrooms will be open to the public again.
- Debit and credit tap: Using the tap function also allows you to avoid having to push buttons on the machine.
- Apple Pay, Google Pay or Samsung Pay: are all available and are as simple to use as tapping your phone on the point-of-sale machine (similar to the tap function on your debit card).
- INTERAC e-Transfer† transactions: Owe a friend or business some cash? Send a quick (and free in most cases) e-Transfer from your online banking account or mobile app.
- Online banking: Avoid heading out to pay bills by being set up on online banking. It is simple to navigate and will ensure your payments are completed in a quick and secure manner.