Dear fellow members,
By the time we go to press, the Fort Erie Community Credit Union will have completed our first six months of fiscal 2009.¬† To say the least, this has been a very unusual year with the Canadian economy slowing down, lay offs in many types of businesses and high regional unemployment.¬†
The good news is that our credit union is riding the storm thanks to our great Management, Staff and Board.¬† In June we experienced an ‚ÄėOn Site Verification‚Äô review by the Deposit Insurance Corporation of Ontario (DICO). Although the final results have not been received, our exit meeting proved to me that our team ‚Äď Management, Staff and Board ‚Äď are on the right track; the inspectors were highly complimentary in their findings.
On a more personal note, like you, our family has taken a hit with our investments.¬† Along with many members, I am concerned that when we reach retirement age, will we be able to survive on just pensions alone? Like everyone else these days, we are looking to protect our investments and also save money on our day to day expenses.
Thanks to our credit union, Maggie and I saved almost $700 per year switching our car insurance on our two vehicles to CUMIS.¬† ¬†Check with any of our staff; they will provide you with the CUMIS contact numbers.
We are also investing in our credit union‚Äôs Index-Linked Term Deposits. Based on the S&P/TSX 60, you can invest in either 3 or 5 year terms and here‚Äôs the great news ‚Äď the principal amount is guaranteed, so you never lose your original investment.¬† Just to give a few examples, these are the most recent returns:
3-Year Terms:¬†¬† due June 2009 ‚Äď paid 12.298%; annual return 3.94%
due March 2009 ‚Äď paid 7.8891%; annual return 2.56%
due December 2008 ‚Äď paid 17.05%; annual return 5.39%
5 year Terms:¬†¬†¬† due March 2009 ‚Äď paid 23.1451%; annual return 4.25%
due December 2008 ‚Äď paid 50.00%; annual return 8.45%
due September 2008 ‚Äď paid 50.00%; annual return 8.45%
The stock market is at it‚Äôs lowest in many years and remember, you never lose your original investment. The June/July/August 2009 series ‚Äď 3 year and 5 year terms ‚Äď is available for sale until August 31.
Now that the good weather is finally here, here‚Äôs hoping that everyone has a safe and enjoyable summer.¬† Keep an eye out for our Community Shred Day in September and our 3rd Annual Breast Cancer BBQ & Bake Sale in October.
Barrie Golding ‚Äď President