All Articles  / Jun 01, 2020

Share Newsletter: Summer 2020

Share newsletter helps you stay current with the latest news and information from your credit union community. Here’s what you’ll find in this edition:

  1. Caring For One Another
  2. Mutual Aid in Action
  3. Check up on Your Investments
  4. Business Owners, we’re here for you
  5. Online AGM a Success!
 

Caring For One Another

This is the year interrupted. From losing a loved one to financial upheaval, from fear of illness to boredom, the impact of COVID-19 is different for everyone. Whatever your personal experience of the pandemic, it’s a burden, which no one should carry alone. This summer edition of Kindred’s Share Newsletter is focussed on our response to the crisis, framed around the inspiration provided by our members and communities. 

Kindred is seeing significant financial need within our membership in this time of crisis. We’re putting mutual aid into faithful practice by walking alongside our members, doing what we can to offer support through this challenging time and to live out our purpose to inspire peaceful, just, and prosperous communities. From temporary financial relief to the new Crisis Care GIC and the annual offering of Church Builder GICs, we’re working to find ways to help members, churches, and
our communities. 

Whether watching a video message or joining an online chat, the internet is a good way to stay connected with loved ones and the world right now, and there are some wonderful things happening out there! If you’re able, take a look at Kindred’s Twitter and Facebook feeds to learn more about our efforts to have an impact, as well as the amazing things our community partners and so many others are doing within our communities to prove that we are #StrongerTogether.  

Weekly emails have been our main method of communication with members since the crisis began in mid-March. We’re also posting regular updates at BankingWithPurpose.ca/COVID-19-update. If you have not yet joined our email list, we encourage you to sign up for email updates!

We want to send our thanks to members who have reached out to express appreciation for Kindred’s response to the COVID-19 crisis. We appreciate your feedback; your kind words sustain us. 

We hope you continue to stay safe and well, while managing the restrictions in place during this unusual time. Blessings to you and your loved ones. 

Note that all information in this newsletter was accurate at time of posting. Details can change at any time. Please call us or check kindredcu.com for the latest updates.


 

Mutual Aid in Action

We are committed to continuing to create products that live out our purpose and support our community partners, as well as our members and businesses. 

What else can we do for you? The best person to help us answer this question is you, our member. As change continues around us, you may find that you need to adapt some aspects of your life, including your banking needs. We want to be able to provide solutions for you.
So, if you have an idea of how Kindred can serve you and others, please be sure to let us know.

Crisis Care GIC

Kindred’s 1-year Crisis Care GIC is a win-win-win in a time when so many have lost so much. You earn an interest rate of 1.50% and Kindred allocates 0.25% to a pool of funds that we will donate to organizations serving the most vulnerable. In anticipation of our members’ interest and support for this product, Kindred has made an initial donation of $15,000. 

The Crisis Care GIC will be available for a limited time. To support your community through this investment, call your local branch and speak with a member of our Investment team.

Church Builder GIC

In this time of isolation, many churches noticed a substantial drop in weekly cash flow once the collection plates were put away and services moved online. 

Kindred’s Church Builder GIC offers an easy way to contribute to the churches and church-based organizations that matter to you. You invest in a GIC that earns a competitive interest rate and in return, Kindred donates an additional 0.25% interest to the church of your choice. If you’re interested in investing, please speak with a member of our Investment team before June 30. 


 

Check up on Your investments

Your Financial Planner or Investment Specialist would love to hear from you. They’d be happy to discuss your current needs and provide a complimentary financial check-up to recommend ways to save money and ensure your future financial well-being. We’re here to help! Call your local branch to arrange a telephone meeting. 

You can also find helpful information about your investments in this uncertain environment on our COVID-19 Update page. Simply visit the Additional Information section and select “Questions about your investments?”

Need a bit of breathing room? We’ve got you covered!

Overdraft Protection serves as a back-up plan, covering your chequing account so that even if your balance falls below zero, transactions will not be rejected. It’s a hassle-free way to ensure your finances are in check, every day. 

Kindred’s Overdraft Protection options include: Overdraft Line of Credit; Personal or Business Line of Credit; and Coverdraft Transfer. Contact
your local branch
or visit kindredcu.com/Banking/OverdraftProtection to learn more.


We’re still here to serve you

We’ve adapted the ways we can serve you to protect members and staff. That means we’re keeping our distance while using new and improved methods to care for your financial needs! Here’s a summary of Kindred’s current service options. 

This information may change at any time; please call your local branch or visit kindredcu.com for the latest updates.

Branch Service

In-person service – Monday to Friday, 10 a.m. to 3 p.m. We ask that you only visit a branch for urgent or essential reasons.

Phone or email service – Monday to Friday, 9 a.m. to 5 p.m.

Please call us before visiting a branch so we can determine how best to help you with your banking needs. From loan applications to GIC renewals to financial planning, we can do more remotely through phone, email, and conferencing tools than you might think! 

Making a Deposit is Easy

  • Sign up for direct deposit so you don’t need to bother with depositing a cheque at all. 
  • Paper cheques can be deposited via Remote Deposit Capture in the Kindred App. Cheque deposits are also easy through a Kindred ATM, or one of the thousands of ATMs on THE EXCHANGE® Network across Canada.
  • You can use a branch Drop Box to deliver deposits, documents and more! Deposits made between 9 a.m. and 4 p.m. will be processed the same business day. Deposits made after 4 p.m. will be processed at the start of the following business day.

Alternate Ways to Bank

If you’re not yet set up with one of our banking alternatives, it’s important to do so. This will ensure you’re able to continue banking with us, even if you’re not able to visit us in person or in the event of a branch closure. You can access your accounts in many ways:

  • Online banking can be found at kindredcu.com. Tips can be found online at kindredcu.com/OnlineBankingSetup.
  • Phone banking can be accessed by calling 1.844.320.5380.
  • If you’re not sure how to start or you need to obtain your login details, please call Member Support at 1.855.772.5808.

Call your branch or our Member Support team at 1.855.772.5808 to check balances, order cheques, transfer between accounts, renew a GIC, or ask questions about your accounts.

Kindred Credit Cards 

Kindred’s credit card provider, Collabria, has implemented several financial support programs for cardholders. A number of these are outlined on our COVID-19 Update page. Collabria has also introduced a temporary interest rate reduction to 10.9% for personal and commercial cardholders who qualify for their COVID-19 payment deferral program. Cardholder eligibility and the qualifying period will be assessed on a case-by-case basis.

Cardholders who need assistance can visit the Collabria MyCardInfo site for details or call the Collabria Contact Centre at 1.855.341.4643 to find a solution that meets their needs. Collabria’s Frequently Asked Questions (FAQs) include answers to topics of immediate concern, as well as more general information. 

Do you need a contactless payment method for your purchases? Our suite of credit cards offers some helpful choices. Learn more at kindredcu.com or call your branch.



 

Business Owners, we’re here for you.

Supporting our Businesses 

Kindred’s heart for mutual aid and walking with members through challenging times beats as strong as ever through the adversity of the COVID-19 pandemic. We’re connecting with business members each day to provide solutions to each unique circumstance. Two of the supports available to business members are highlighted below.

Financial Relief

Temporary financial relief measures for business include loan or mortgage payment deferrals. Contact your Account Manager to see if your business qualifies.

CEBA

The Canada Emergency Business Account (CEBA) is a government-guaranteed loan of up to $40,000, which is interest-free until December 31, 2022. Businesses and non-profits that have been affected by COVID-19 may apply for this loan to help them cover non-deferrable operating costs.

All details about this business loan can be found on kindredcu.com and applications can be made through Online Banking. 

If you’re in need of support for your business, please speak with your Account Manager.


 

Online AGM a Success!

We’re please to report that Kindred’s first ever completely online Annual General Meeting (AGM) was a success. Held April 14 using a ‘Zoom’ online conference platform due to the federal and provincial government restrictions on public gatherings, our 56th AGM allowed Kindred to comply with our General By-Law for our annual meeting without compromising the health of our members, staff members, and the communities we live and work in.

After consultation with our regulator, the Financial Services Regulatory Authority of Ontario, we received approval by our Board of Directors at their meeting on March 26, 2020 to hold this alternative form of meeting.

Beginning March 27, we began communicating this change of AGM format with as many members as possible on a reasonable efforts basis.  Invitations were sent by email to all members signed up to receive emails. Invitation were also shared on kindredcu.com, in-branch posters, and on member statements. 

As part of the invitation, the following were provided for members to review in advance of the meeting:

  • 2019 Annual Report and Financial Statements
  • 2019 AGM meeting minutes
  • 2020 AGM motions
  • ‘How to’ document for using Zoom

Our credit union depends on member participation. We were so happy to ‘see’ 291 attendees comprised of staff, members, Board of Directors, Council of Members, and special guests – 31% increase over our 2019 AGM.

Here are some highlights for those who were unable to join us.

Ian Thomas, Chief Executive Officer opened the meeting, recognizing that the COVID-19 outbreak is disrupting people’s lives and incomes in a very real and immediate way. He reassured members that Kindred is committed to supporting you during this time and will continue to offer solutions for financial relief and conducting banking in alternate ways. He then introduced this year’s theme “Looking Beyond the Numbers”. The annual report features some great stories that demonstrate how Kindred is guided by our purpose, seeking to create impact in everything we do.  We’re making a difference and our impacts are felt all around us. Ian shared a few of these examples towards the end of our meeting.

Our Board Chair, Susan Taves, led us through the meeting. Our theme “Looking Beyond the Numbers” was evident throughout the presentations.

John Klassen, our Chief, Finance and Compliance, presented the Financial Report, and the Board slate was ratified. All new and renewing directors, as well as the updated Council of Members, are listed at kindredcu.com/Governance.

Registration for this meeting was mandatory. This allowed us to verify membership, attendance, and voting for the meeting. 

The meeting presented four motions using Zoom’s polling feature. At appropriate times throughout the meeting, attendees were asked to ‘raise their hands’ in the Zoom participant’s window to make a motion or second and then we sent the poll out to all attendees electronically. Vote results were then shared with attendees on screen – all of which passed with 98% or greater ‘in favour’.

Thank you to everyone who sent encouraging comments about this year’s meeting. The shift in plans happened in a very short time frame and we appreciate the understanding and support we received from everyone. Thanks also to Kindred members for engaging in the governance of your credit union—we’re here to serve you and we deeply appreciate your commitment, which is demonstrated by your participation in our meeting.

As Ian closed the meeting, he noted that “We’re committed to moving forward during this challenging time with thoughtful consideration towards our members, communities, and staff. Our goal is to thrive, not just survive. We remain committed to our values, our members, and our communities. Although we don’t know how this situation (COVID-19) will develop in the coming days and weeks, you can rest assured that we’ll communicate with you frequently and transparently and continue to serve you to the best of our ability. Thank you for your trust, loyalty, and continued support for your community.”

We invite you to join us at our next AGM in April 2021 and make your voice heard as a valued member and owner of our credit union.


Fraud Awareness in Time of Crisis

Cybercriminals have been using the uncertainty surrounding the COVID-19 pandemic to launch phishing attacks and various other scams. Since the pandemic emerged, it’s estimated that 50% of the coronavirus-themed domain registrations are likely from malicious actors. That means there are a lot of websites out there that can harm your computer or be used to steal your identity or your money.

Please use only trusted sources to gain information, such as mainstream media, government, and public health authorities’ websites. Pay attention to emails, texts, or even calls you’re receiving that are related to COVID-19, and never click on links.

When you call Kindred, we’ll ask you some security questions; however, neither Kindred nor any other reputable organization will ever ask you for your online passwords. Do not give your passwords, PIN numbers, or other security credentials to anyone!

Take a look at the anti-fraud information found at kindredcu.com to learn more about the most common scams, as well as strategies for protecting your identity and avoiding becoming a victim of fraud.


What’s happening In your community…

Just as we publicized our Leamington Grand Opening in the last issue of Share, we had to postpone. We hope to celebrate with you at a later date!

In support of #GivingTuesdayNow, Kindred was pleased to support community food security initiatives such as Give30.ca, making donations to The Food Bank of Waterloo Region and Cambridge Self-Help Foodbank. It’s an example of how we’re able to share in ways that reflects our values.

Kindred’s blog explores how we connect values and faith with finances to inspire peaceful, just, and prosperous communities. Check out BankingWithPurpose.ca, for some new community-focused articles, investing discussions, and past issues of Share newsletter. 

The X Page Storytelling Workshops have moved online! The New Quarterly is publishing one woman’s story each day: you can find these “Stories in Transit” on Facebook and Twitter @thenewquarterly.

Read about the role that Kindred plays in helping newcomers navigate a new financial system on our blog at BankingWithPurpose.ca. MCC Ontario explores related issues in their latest UNDERCURRENTS podcast, Refugees and Piano Lessons. Listen on your favourite podcast app.

Follow #StrongerTogetherWR stories; you’ll find a selection of inspirational posts on Kindred’s Twitter feed.


Securities and securities related financial planning services are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc., Member of the Canadian Investor Protection Fund. Mutual funds and securities related financial planning services are offered through Qtrade Asset Management Inc., Member MFDA.

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