SPECIAL MEASURES TO PROTECT MEMBERS
NEW SERVICES AVAILABLE FOR MEMBERS
BUSINESS CREDIT AVAILABILITY PROGRAM (BCAP)
As part of the federal government’s new $65 billion Business Credit Availability Program (BCAP), Northern Credit Union and Export Development Canada (EDC) are partnering to provide small-and medium-sized Canadian businesses with financing during the COVID-19 pandemic.
Access the credit you need to cover payroll and other operating costs during this global health crisis. The EDC BCAP Guarantee provides businesses with up to $6.25 million in credit to cover operational costs like payroll and rent.
If your business needs a new loan to cover operational costs during the COVID-19 pandemic, you may be eligible for the EDC BCAP Guarantee. Proceeds from the BCAP-supported loan cannot be used to repay or refinance existing debt (further restrictions apply to other non-operational costs). Export sales are not required to qualify for the program.
The program is for Northern Credit Union business members who have an existing relationship in good standing with Northern. The term loan amounts offered are based on your business revenues.
EDC will provide a guarantee to Northern Credit Union on 80% of the value of your loan. By sharing risk with EDC, we can help your company access the financing it needs. Note that the guarantee is to our institution, not your business, so you remain responsible for the full value of the loan.
Contact your Commercial Account Manager for additional information and to apply.
CANADA EMERGENCY WAGE SUBSIDY
Canada Emergency Wage Subsidy is a government program established to help employers keep and re-hire workers amidst the challenges posed by the COVID-19 pandemic, the CEWS will provide a 75 per cent wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020. The government announced the economic measure on April 27.
WHEN CAN I ACCESS THE CRA DIRECT DEPOSIT FOR BUSINESSES SERVICE THROUGH THIS FI?
We will soon be in a position to offer the CRA direct deposit for businesses enrollment effective June 8, 2020. Through this service, your business can simply and securely submit your direct deposit enrolment information to the CRA.
Please note: Applications for the CEWS benefit must be made directly through the CRA. Once you are approved for the CEWS benefit, registering for the CRA direct deposit for businesses service helps ensure your CEWS payment from CRA is quickly and securely deposited into your business payroll account.
WHY IS CRA USING FINANCIAL INSTITUTIONS' HELP WITH DIRECT DEPOSIT REGISTRATIONS?
The CRA requires employers to register for direct deposit in order to receive the benefit straight into their account. With only one-third of Canadian companies currently registered for CRA direct deposit, it would be unsustainable to issue cheques.
Signing up for direct deposit will enable employers whose applications are approved to receive their CEWS payments quickly and securely. Employers can sign up for direct deposit with Northern Credit Union even after applying for the CEWS. Employers which are already registered for direct deposit and have a My Business CRA account do not need to register again and only need to apply for CEWS beginning April 27.
REGIONAL RECOVERY AND RELIEF FUND
Starting Wednesday, entrepreneurs who can’t access other federal programs can apply through regional development agencies for interest-free loans of up to $40,000 that will be one-quarter forgivable if the business meets repayment terms, similar to CEBA. Larger loans will also be available for some businesses, but not necessarily forgivable. Grants will be available to not-for-profits.
The $962-million program, now known as the Regional Relief and Recovery Fund, was previously announced but Ottawa unveiled how it would allocate the money on Wednesday.
Western Economic Diversification Canada will receive the largest portion, at $304.2-million. Southern Ontario will get $252.4-million; Quebec, $211-million; Atlantic Canada, $110-million; Northern Ontario, $49.5-million; and Northern Canada, $34.3-million.
Ottawa is encouraging the agencies to use their regional expertise to disburse funds to sectors and businesses that need it most.
ONLINE CRA DIRECT DEPOSIT ENROLMENT
In light of the COVID-19 crisis and the introduction of the Canada Emergency Response Benefit, the Canada Revenue Agency (CRA) wants to make it easier for Canadians to sign up for its direct deposit service or change their existing account information by creating an enrolment process that can be accessed through their financial institutions.
Northern can now offer this enrolment service to you, giving you the ability to simply and securely transmit your direct deposit enrolment information to the CRA when you log onto Northern Online Banking. You will then be able to receive the following CRA payments through direct deposit:
- The new Canada Emergency Response Benefit
- Income tax refund
- Canada child benefitGoods and services tax/harmonized sales tax (GST/HST) credit
- Canada workers benefit and related provincial and territorial payments
With direct deposit, you can receive your tax refunds and benefit
payments faster and securely, directly in your account at Northern
With direct deposit, you can receive your tax refunds and benefit
payments faster and securely, directly in your account at Northern
Once you provide consent through Northern Credit Union, for your
banking information to be shared with the CRA, your direct deposit
information will be updated the following day. If you do not currently
use Northern Online Banking, please contact our True North Hub at
1-866-413-7071, it is easy and secure!
RETURN OR REPAY CANADA EMERGENCY RESPONSE BENEFIT (CERB)
You may want to return or be required to repay to the CERB to the
department (CRA or Service Canada) that issued you the CERB payment if
- return to work earlier than expected, including being paid retroactively
- applied for CERB but later realize you are not eligible
RETURN OR REPAY THE CERB TO THE CRA IF YOU:
- applied for and received the CERB from CRA and Service Canada for the same eligibility period
INFORMATION SLIP ISSUANCE
Since the CERB is taxable, you can expect to receive an information
slip indicating the total amounts of CERB payments you received in 2020.
However, if you repay all or a portion of the CERB payments you
received, regardless of the reason, your account will be adjusted
accordingly. You will not receive an information slip for the payment(s)
that have been returned prior to December 31, 2020.
We encourage you to repay your CERB before December 31, 2020.
HOW TO RETURN A CERB PAYMENT
IF YOU APPLIED FOR CERB THROUGH THE CANADA REVENUE AGENCY
- Sign in to your financial institutions online banking service for individuals
- Under “Add a payee” look for an option such as: CRA (revenue) – tax instalment
- Enter your 9 digit social insurance number as the CRA account number
IF YOU APPLIED FOR CERB THROUGH SERVICE CANADA **(EMPLOYMENT INSURANCE (EI) PAYMENT)
For anyone who became eligible for EI regular or sickness benefits on
March 15, 2020 or later, their Employment Insurance (EI) claim was
automatically processed as a CERB payment through Service Canada. Please note you are only to repay once, not to both organizations
If you choose to repay to Service Canada the process to return the payment is as follows:
- If you still have the original cheque you can return the cheque by mail to the address below.
PO Box 1122
Matane QC G4W 4S7
- If you do not have the cheque, or have deposited the cheque, you can pay your account using Online Banking:
Select "Employment and Social Development Canada" if available through your financial institution's website
Note: Payments cannot be made using the "My Payment" option available on the Canada Revenue Agency's website.
CANADA EMERGENCY BUSINESS ACCOUNT
The Government of Canada has announced a new CEBA loan in the amount of $60,000, which will launch on November 30,2020. CEBA has also been extended to June 30, 2021, making the program more accessible to businesses. The updated program will also allow businesses currently using a personal account to operate their business to apply.
For more details please visit the Government of Canada site for additional information.
COLLABRIA CREDIT CARDS FINANCIAL RELIEF PROGRAM - TEMPORARY INTEREST RATE REDUCTION
Effective April 13, 2020, Collabria is introducing the Temporary
Interest Rate Reduction option to their Payment Deferral program.
Reducing the interest rate on purchases and cash advances to 10.9% for
up to 6 months, this offer will be available to all qualified
cardholders, except those with Centra Gold who are already in a
low-interest rate product (note - Cardholders with Centra Gold will
continue to be eligible for their Payment Deferral program).
MINIMUM PAYMENT DEFERRALS & TEMPORARY INTEREST RATE REDUCTION SUMMARY
- All personal and commercial cardholders who have qualified for
Collabria’s Temporary COVID-19 Financial Relief Program payment deferral
could also qualify for a temporary interest rate reduction to 10.9% on
purchases and cash advances for up to 3 months. This offer may be
extended for up to an additional 3 months if the cardholder continues to
qualify for the Financial Relief Program (up to a total of 6 months).
Cardholder eligibility and qualifying period will be assessed on a case
by case basis.
- This applies to all cardholders, with the exception of Centra Gold
cardholders who are already in a low-interest rate product (note -
Cardholders with Centra Gold will continue to be eligible for a payment
deferral if they are experiencing financial hardship due to the COVID-19
Cardholders can call Collabria’s Contact Centre at 1-855-341-4643 to request Temporary Financial Relief support.
ACCESS TO RESOURCES
GENERAL MEMBER UPDATES
JUNE 29, 2020 UPDATE
CEO MESSAGE JUNE 2020: COVID-19 UPDATE
The COVID-19 pandemic has certainly changed how we do business today, and how we will do business tomorrow. As a result of this global crisis, we have been forced to question everything we do, from our processes and tools, to how we interact with each other. We have been focused on how to best protect and support our families, our coworkers, and our communities in the face of this unfolding situation.
To the Members of Northern Credit Union, I say thank you. As the severity of the pandemic began to unfold, you were patient and supportive as we reviewed our options to determine the best way to keep our members and our staff safe, while continuing to provide the service you have come to expect and rely on. Overall, I could not be more pleased with how our staff pulled together to continue to support you, and how you, our members, supported us.
As you know, some of our branch hours were reduced and a couple of
branches were temporarily closed to enable staff to focus on critical
support services, which many members suddenly needed. We reviewed and
increased the number of services that we offer digitally, and we
increased the number of staff working in our True North Hub so that
members were still able to talk to a “live body” within a reasonably
short time to get the help they needed.
Of course, in the past few months, we have been reminded of the
critical role of technology. Many of our staff were suddenly required to
work from home and members quickly needed to be able to perform their
banking remotely. Our vision – “Making a Difference in Peoples’ Lives”
had never rung more true. We had to work together to ensure that we were
making a positive difference in the lives of our members.
As we move into the second phase of the COVID-19 pandemic we are
taking a cautious approach to ensure that our staff and members remain
our top priority. Although businesses are starting to re-open, social
distancing protocols are still as important as ever and must be
followed. The simple yet effective processes that we have been following
must continue. Therefore, in an effort to lead by example, the branch
hours and resources we put in place to support you during the pandemic
will remain in place for the time being. We will continue to evaluate
the situation as it evolves and ensure that we are properly
communicating with you, our members.
Recognizing that many people within our communities needed some extra
help, on June 4, we launched our “True North Stronger” campaign.
Donations made to this fund will be matched by Northern, up to $20,000,
and will be administered through our partnership with United Way. We
truly believe that together we are stronger - when you give, we give.
Details related to how you can donate to this fund can be found on our
website at www.northerncu.com/TNSFund.
While these uncertain times are making all of us feel uneasy, now,
more than ever is the time to support and take care of each other. At
Northern, we are here for you, committed to supporting you, your
families and your communities. Thank you for entrusting us to do just
President & CEO
Northern Credit Union Limited
MARCH 20, 2020 UPDATE
We have made the decision to temporarily close the following
locations for in-branch member services, effective Monday March 23,
- Coniston –The Garson Branch, located nearby is available for in-branch services.
- Eganville – The Pembroke Branch, located nearby is available for in-branch services.
- Petawawa – The Pembroke Branch, located nearby is available for in-branch services.
- Second Line –The McNabb Branch, located nearby is available for in branch services.
Members are asked to utilize our self-service options or the True
North Hub at 1-866-413-7071. Staff will be reallocated to other areas of
our business to assist in member needs.
We appreciate your understanding and continued support as we adjust our business practices to support our staff and members.
BE AWARE OF SCAMS RELATED TO COVID-19.
COMMON TYPES OF COVID-19 SCAMS
- Unsolicited calls, e-mails and texts giving medical advice or requesting urgent action or payment.
- Fraudulent charities requesting money for victims, products or research.
- Door-to-door salespeople selling household decontamination services.
- Private companies offering fast COVID-19 tests for sale.
- Fraudulent websites about COVID-19 that prompt you to download malicious content.
- Only use trusted sources for COVID-19 related information:
- World Health Organization
- Public Health Agency
- Do not divulge any personal information such as date of birth,
social insurance numbers or account information to individuals you do
not recognize or have not contacted. Providing this information can be
used to commit identity theft.
- Ask a lot of questions, especially when the contact is unsolicited.
- Be very cautious / skeptical of any emails, text messages, or website addresses that contain spelling and grammar mistakes.
- Scammers/fraudsters will encourage you and, in some cases, force immediate action on an issue.
MARCH 19, 2020 UPDATE
Northern Credit Union is committed to support members through these
unprecedented times. Being a True North partner means we will continue
to work with all individual and small business members on a case by case
basis to offer flexible solutions. This support may include up to a 6
month deferral on mortgages and payment relief on other credit products.
We encourage members who are concerned about the impact of Coronavirus
to contact their local branch or the True North Hub at 1-866-413-7071.
At this time, branches remain open. However, a number of branches
will not be operating during extended hours such as evenings and
weekends until further notice. Click here to see your branches updated hours.
MARCH 17, 2020 UPDATE
At Northern Credit Union, the health and safety of our staff and members is our top priority. As the situation with COVID – 19 (Coro-navirus) continues to evolve and change, our goal as an organization is to continue to provide our members with the products and services they require while protecting your health and safety.
At Northern, we understand that our members financial needs continue, despite these unprecedented times, and we assure you that our top priority is to help make a difference.
HERE IS WHAT YOU CAN EXPECT
At this time, branches remain open. However, the following branches will not be operating during extended hours such as evenings and weekends until further notice:
(Operating hours will be Monday to Friday closing at 5 pm.)
- North Bay
- Sault Ste. Marie, McNabb
- Sault Ste. Marie, Second Line
- Sudbury, Long Lake Road
- Thunder Bay, Arthur Street
- Thunder Bay, Red River
Additional reduction in hours may occur, continue to check our website for complete and up to date information.
Our employees are available to support you, in person, online and over the telephone. We encourage all members who are feeling ill or have traveled to a high-risk area to avoid visiting our branch locations and use other forms of banking available to you.
We know many members will have questions. You may experience unusual wait times. We thank you in advance for your patience as we work to answer all our members’ questions.
In the event that we are required to close one or all our branches, a notice will be posted on the door and on our website. To find the closest branch please visit our branch locator or contact our True North Hub at 1-866-413-7071.
Northern offers members many self-serve options to serve you better. If you are unable to access the branch, you can still complete all your banking needs in the following ways:
MOBILE BANKING/ONLINE BANKING
With the Northern Credit Union Mobile App and Online Banking, you can:
- Check your account balances and account activity
- Pay bills
- Deposit cheques using Deposit Anywhere™Transfer money between accounts
- Manage scheduled payments and transfers
- Check the latest interest rates
- Send or receive an Interac® e-Transfer, or add an Interac e-Transfer recipient
- Find your closest branch or ATM
- Access True Business Online Banking functions (available to Authorized Signers only): view, approve, and reject transfers and bill payments.
Available 24/7, it’s the most convenient way to bring Northern Credit Union to you.
OPEN AN ACCOUNT OR APPLY FOR A LOAN ONLINE
Northern also offers members and non-members an easy and convenient way to open an account or apply for a loan online. Your financial future is waiting! Open multiple accounts and apply for a lending product all at the same time.
TRUE NORTH HUB
At Northern Credit Union, we’re always looking for ways to deliver a better banking experience. The True North Hub definitely fits the bill. The Hub dramatically improves access to your money along with the many Northern services you’ve come to rely on.
THE HUB PUTS YOU FRONT AND CENTRE
- Extended Hours: Now you can speak with us even after your branch closes
- Online Technical Support: Get all your tech-related queries answered with our on-demand, online technical support
- Phone transactions, account updates, ordering products — it’s all just a phone call away
- Best of all, you’re guaranteed to speak to a live, in-person Northern employee. Contact Us At: 1-866-413-7071
- Please note: Call wait times may increase, during these unprecedented times. We thank you for your patience as we work to serve every member.
THE HUB HOURS OF OPERATION
|Monday||8am - 6pm |
|Tuesday||8am - 6pm |
|Wednesday||8am - 7pm|
|Thursday||8am - 7pm|
|Friday||8am - 6pm|
|Saturday||8am - 4pm|
Here is some additional information specific to key areas of our business that you may be interested in: