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Notice of Special Resolution

 As a member of Compensation Employees Credit Union (the “Credit Union”), your participation is requested in a vote on a Special Resolution to approve proposed new and revised Rules for the Credit Union. Pursuant to the Credit Union Incorporation Act and the current Rules, this is your official notice of a special resolution. Members will be asked to vote on the Special Resolution at the Annual General Meeting of the Credit Union on April 18, 2023.

The Board of Directors of the Credit Union is focused on the modernization and continuous improvement of the Credit Union. For this reason, the Board is recommending changes to our Rules that are intended to benefit all members. The Rules of the Credit Union set out how the Credit Union is to be governed. Rules can only be amended with the approval of the Credit Union’s members and the consent of the BC Superintendent of Financial Institutions. The changes being proposed to the Rules are set out in the proposed Special Resolution and explanatory materials, which can be viewed at www.cecu.ca or obtained from our local branch. We encourage all members to read the suggested changes before you cast your vote.

The proposed changes will simplify and modernize the Credit Union’s share structure by removing references to non-equity shares. The available voting methods in connection with special resolutions will be expanded in order to give a greater number of members the opportunity to vote on important matters relating to the Credit Union. The proposed changes also allow for Board, committee and general meetings of the Credit Union to be held by electronic means. This will allow for a greater number of members to attend meetings of the Credit Union. The changes also reduce the quorum for general meetings of the Credit Union to recognize the small size of the Credit Union. A number of housekeeping changes are proposed in order to clarify and modernize the language of the Rules, including the use of general neutral terminology as is consistent with the Credit Union’s inclusivity initiatives.

The proposed changes will be discussed in greater detail at our Annual General Meeting on April 18, 2023.  If any member has any questions in advance of the meeting, you are encouraged to contact your local branch office for clarification.

To: All Members 

Subject: Changes to CECU Account Names 

Effective December 31, 2021, we will be retiring the name “Regular Shares” and will be renaming our demand account “Regular Savings.” 

Your account will continue to function the way that you are used to. Your account number, online banking, ATM cards, pay roll deductions and direct deposits, and eligibility for patronage allocations (formerly, dividends) will not be impacted. Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation. 

The name change to “savings” is meant to better describe the demand account that you use regularly and to make things clearer for you and for our regulators. You will see the name change reflected on your year-end statement. 

 Why make the change? 

Rest assured, CECU members will continue to hold membership equity shares as owners of the credit union. 

However, another type of a share in a credit union is called a “non-equity share”. Non-equity shares are quite similar to deposits and, although they had historical relevance, they have now become antiquated. To our knowledge, CECU has never issued non-equity shares. We think that referring to our demand accounts as “shares” could give rise to confusing them with “non-equity shares” and we determined it would be prudent to change the name of the demand accounts to bring our terminology in line with our practice. 

Even though there is no record of any “non-equity shares” ever being issued by CECU, the CECU Board of Directors has decided to redeem any validly issued non-equity shares outstanding at a rate of $1.00 per share. If applicable, the redemption price will be recorded as a re-allocation of existing funds in your account from a share investment to a deposit in the newly named “Regular Savings” accounts (which will have no impact – positive or negative - on your account balance). We felt this step was prudent given the remote possibility that any valid non-equity shares had in fact been issued and were still outstanding.  

If you have any questions about this change, please don’t hesitate to reach out to us. 

Regards,  

CECU Management and Board 

CECU Remains Open with limited access

At this time we continue to prioritize the health and safety of our members, staff and community.

WorkSafe employees are asked to complete a safe return-to-work form and request a drop in visit. All other members can contact our office to arrange their visit. 

 

Pandemic Response Plan 

The COVID-19 virus is a significant item in the news. The risk is still ranked as low for the general population in Canada, but as we have seen this has and could continue to change rapidly.

That said, our plan is to continue to support our members, and the greater WorkSafe BC community, as much as possible. At this moment, our branch remains open. We are being mindful of keeping our staff as safe as possible, and have encouraged staff to work from home where possible. As a result there may be slightly longer response times than you are used to. We are also asking our members to do their part and are limiting branch traffic to one at a time in order to maintain an appropriate social distance.

Accessing your account information

Accessing your funds and information has not changed.

If you would like to be set up for online banking, interact e-transfer, or to receive an ATM card for your account, please reach out to our office and we will gladly make those available to you

You can still contact us by phone at 604-276-3079 or by e-mail info@cecu.ca
 

Payroll Deduction

At this time, payroll deductions will continue as directed.

If you need to make changes to these deductions, the same nine day lead time will apply.

(Cut-off for changes remains the Tuesday before the following week’s pay)

Credit/Financial Assistance
Should you or your family be negatively impacted financially as a result of the COVID-19 situation, please contact us at the above information. CECU is ready to help our members navigate through this challenging time. Please advise us of your situation and we will do our utmost to accommodate accordingly. 

Our Promise to our Members
To help encourage good hygiene practices, hand sanitizing products are located at all work stations. Hands can transmit infectious material (for example saliva or other body fluids that may contain viruses) to the mouth, nose or eyes, where there is a direct route of entry into the body. We encourage you to use the hand sanitizer when you visit.

During a pandemic, thorough workplace cleaning measures are required to minimize the transmission of virus through non-porous (i.e doorknobs, sinks) and porous surfaces (i.e. curtains, chairs, cubical walls) as some viruses can live up to two days on surfaces.
 
We have cleaned and/or disinfected our desks, workstations. And continue to do so on a regular basis.
 
Employee Protection
Employee protection involves providing a safe and healthy work environment for all our employees prior to, during and after a pandemic. We have ensured:

• Providing basic hygiene products and training to employees
• Establishing workplace cleaning guidelines.

Hand washing is an important way to reduce transmission of infectious diseases. Running water and non-abrasive hand soap must be used for at least 30 seconds when washing. It is important to dry hands either mechanically or with disposable toweling after washing.
 
Communication Strategy
Communication is an important element of a pandemic response plan. It is critical to effectively communicate before, during and after an epidemic or pandemic. Our Communication Plan includes:

• Awareness – our employees are aware of the hazards associated with the virus (including symptoms) and procedures to isolate and report cases in order to reduce exposures.
• Reporting – we commit to reporting to the local health department if dealing with a potentially infected individual. We adhere to recommendations of the local health department.

We will keep you informed of any service disruptions and will update this webpage accordingly.

 
Novel Coronavirus (2019-nCoV)
Coronavirus is a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome and Severe Acute Respiratory Syndrome. A novel coronavirus is a new strain that has not been previously identified in humans. Coronaviruses are zoonotic, meaning they are transmitted between animals and humans.
 
Symptoms
Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.
 
Transmission
Non-seasonal influenza is spread through close contact with live, infected animals.
 
Diagnoses
Coronavirus infections are diagnosed by a health care provider based on symptoms and are confirmed through laboratory tests.
 
Prevention

• Wash your hands frequently with soap and water or use an alcohol-based hand rub if your hands are not visibly dirty.
• Practice food safety. Avoid consumption of raw or undercooked animal products.
• Ensure you are familiar with the symptoms.
• If you develop a fever accompanied with cough and muscle pain, immediately seek a health care professional’s advice.
• Be aware and follow the recommended actions from your local physician or health provider.
• If you are quarantined by health authorities, inform your work site supervisor or appropriate personnel or family member.
• It is normal to feel sad, stressed, confused, scared or angry during a crisis. Talking to people you trust can help.

For up to date information we follow:

• World Health Organization (WHO)
• Public Health Agency of Canada
• Government Travel Advisories

CECU is building a data base better communicate with members on important issues & to prepare for an e-statement option in the future. Please contact the credit union and let us know if you want to be included and provide your email address. All information will be kept confidential.

Thursday, October 25th is International Credit Union Day. This day is celebrated by credit union members throughout the world to commemorate the founding of the first credit union over 150 years ago. Credit Unions have been operating in Canada since 1901.

CECU members have access to one of the largest surcharge-free ATM Networks in Canada.  This means surcharge-free deposits, withdrawals, transfers, PIN changes and more at thousands of ATMs coast to coast.  These surcharge-free ATMs are even located in select Mac’s milk, Couche Tard and Circle K convenience stores. 

Just look for THE EXCHANGE® Network logo  on the ATM, or download our free ATM Locator App for smart phones and tablets by clicking the link below and a surcharge-free ATM will always be at your finger tips!  Use an Exchange Network ATM and say goodbye to ATM surcharge fees!

DOWNLOAD YOUR FREE APP BY CLICKING HERE!!!

Every year the Credit Union is a key organizer of the Cops for Cancer Richmond Dinner & Fundraiser. 

Cops for Cancer Tour de Coast is a team of law enforcement and emergency services personnel, who embark on a 900 kilometer bike ride through different communities in the GVR over a 9 day period. Their goal is to raise funds and awareness supporting pediatric research and programs that support the families. The 2018 Cops for Cancer Tour de Coast kicks off on September 19th and ends on September 27th.

To welcome and support the Cops for Cancer Tour de Coast on the last night of their tour, we invite the community to our Cops for Cancer Tour de Coast Fundraiser on Wednesday, September 26th. The evening will feature dinner with great food, entertainment, silent & live auctions and more. We expect that there could be up to 400 people attending this event, including the entire Tour de Coast team.

12th Annual Cops for Cancer Richmond Dinner and Fundraiser

Wednesday, September 26th, 2018
Riverside Banquet Hall – Grand Ballroom
Corner of River Rd & Burdette, Richmond
$60 per person

For Tickets, Contact the credit union 604-276-3079
Website: www.c4crichmond.com  

Raffle Supporting Cops for Cancer

Tickets: $10 each
To purchase contact info@c4crichmond.com

1st PRIZE: AIRFARE for TWO
Airfare for 2 to any Westjet Destination donated by Westjet Value C$2,000+

2nd PRIZE: GOLF GETAWAY FOR TWO. 
2 nights stay at the Pemberton Valley Lodge & 2 rounds of golf for 2 donated by the Pemberton Valley Lodge Total value C$1,500

All proceeds to Canadian Cancer Society’s Cops for Cancer – Tour de Coast

Prize Draw: September 26th at 9:00pm during Richmond Community Fundraiser@ Riverside Banquet Hall, Richmond BC

More at www.c4crichmond.com

Now offering US Currency Exchange.

In response to the member survey we did late last year, the CECU has begun offering US currency exchange to our members. Currency exchange soft launched this month with US dollars and is already gaining in popularity and momentum. In the words of one member ‘It’s a great rate, and I don’t even have to go anywhere”

This is just one more way that the CECU is responding to the needs of our members, for current rates feel free to contact our offices during regular business hours.