NWCU News

Consider travel insurance for that summer road trip

2011-07-18T14:45:00.001-05:00

If you’re planning a road trip somewhere south of the border this summer, there are some things to keep in mind before loading up the car and heading out on the road. While it may not always be the first thing that crosses our minds, illnesses and accidents can happen quickly and, when out of the country, the expenses related to such unfortunate occurrences can pile up just as quickly.

Even something as simple as a minor fender-bender could lead to a brief hospital visit, which — without adequate travel insurance — could become quite expensive. Many Canadians travel to the U.S. under the mistaken assumption that their provincial government or employee health plans cover everything. All too often, unfortunately, that turns out not to be the case.

Expenses such as prescription drugs, air ambulance service, X-rays and other costly procedures may not be covered by your plan when you’re outside Manitoba — even if you’re still in Canada. Therefore, if you’re planning a summer vacation this year, it’s probably a good idea to include purchasing travel insurance as part of your trip. It’s also a good idea to carry proof of that travel insurance with you, along with the name and phone number of the insurance provider. You may also want to leave a copy of the details with a neighbour or close relative, just in case you lose your copy.

With travel insurance in place to cover any unforeseen illnesses, you’ll be able to relax, rest easy and enjoy your summer getaway.

Interac offers tips for shopping online

2011-07-18T14:44:00.000-05:00

Shopping online can be a quick, easy and fun way to avoid the rat race of malls and big box stores. But it also carries with it certain risks if not done safely. The Interac Association recently released several consumer tips to help create a safe, online shopping environment:

1. Connect securely: Before you begin your online shopping, make sure you have a secure, password-encrypted connection and the latest security software installed on your computer. Avoid making online purchases through an unsecured or borrowed Internet connection.

2. Follow your instincts: While there are many legitimate online merchants, trust your instincts and avoid making a purchase over the Internet if you have concerns about a specific website.

3. Check the URL: Always type a merchant's website URL directly into your browser instead of clicking on a third party link (such as a link embedded in an email advertisement), which may be a phishing attempt directing you to a fraudulent website. Reputable merchants offer secure browsing, indicated by an https link or SSL certificate.

4. Read the privacy policy: Once you've selected goods or services to buy online, always check the small print. What is the merchant's privacy policy? Will the merchant withhold any of your personal information? This should be addressed clearly on the website.

5. Save a record of the purchase: Print and file a copy of your receipt, as well as the merchant's terms and conditions, should you need to return the product or consult the warranty.

6. Examine your purchase: Once you receive your purchase, inspect it to ensure it is exactly what you purchased and did not incur damage during shipping.

Remember to pack your Member Card

2011-07-18T13:19:00.000-05:00

Your credit union Member Card is a terrific traveling companion. Because you can use your Member Card for Interac purchases throughout Canada and the United States — and for cash withdrawals on the CIRRUS worldwide network — you don’t need to carry as much cash with you when you travel.

However, keep in mind that whenever you travel it’s a good idea not to keep your identification, Member Card, credit cards, travelers’ cheques, cash, and other important personal documentation in the same place. That way, if your luggage goes missing, or you lose your wallet or purse, you aren’t left with nothing.

A reminder for CHOICE REWARDS cardholders

2010-08-23T15:10:00.000-05:00

CHOICE REWARDS cardholders are reminded not to disclose personal or financial information to anyone inquiring over the phone or the Internet.

CUETS Financial, the issuer of CHOICE REWARDS credit cards to credit union members, advised that several CHOICE REWARDS cardholders were recently contacted by email and told about a non-existent program called ‘Cash Points.’ The cardholders were asked to update their credit card account information to win 1,000 points. These emails are fraudulent. By clicking on the link within the email, cardholders were taken to a fake website where they were asked to enter their social insurance number, mother’s maiden name, credit card number and CVC number (the security code on the back of a credit card).

If you are a CHOICE REWARDS cardholder and you receive an email such as this, delete it immediately. Do not click on the link and do not send any of your personal information. As a cardholder, please remember that you will never be asked for personal information by phone or over the Internet.

For more information on how CUETS protects your information, please visit www.cuets.ca/privacy/index.html.

Avoid confusion regarding TFSA contributions

2010-08-23T15:09:00.000-05:00

With its introduction in 2009, the Tax-Free Savings Account (or TFSA) became an attractive new investment option for Canadians. But because TFSAs are so new to Canadians, many people have misinterpreted the rules regarding contribution limits and have unwittingly over contributed to their accounts.
The confusion stems from the fact that while the annual contribution limit is $5,000, TFSAs were described as offering “full flexibility to withdraw and re-contribute.”
According to the Globe and Mail, that led to thousands of people accidentally contributing too much to their TFSAs when, for example, they initially contributed $5,000, then withdrew $4,000 and later contributed another $4,000. In the eyes of the Canada Revenue Agency, that amounts to an overcontribution and is subject to a tax of 1 per cent of the highest excess TFSA amount in the month, for each month you are in an excess contribution position.
If you’ve reached the contribution limit and then withdraw funds, you must wait until the next year to re-contribute those funds without being subject to the 1 per cent tax.
If you would like to open a TFSA or have questions about your existing account, please contact the credit union. We’d be happy to help.

Ensure your home computer is secure before venturing online

2010-05-06T10:15:00.000-05:00

Internet banking through CU@Home is one of many ways we strive to making banking easier and more accessible for members. By providing convenient, 24-hour access to your accounts from the comfort of your own home, CU@Home is understandably popular among many members.
But it’s important to remember that while CU@Home is a tremendous tool for members, it’s essential that you ensure your home computer is secure before using Internet banking.
Think of your computer as the digital equivalent of your wallet. Just like you wouldn’t leave your wallet lying around in the open where someone might grab it, you shouldn’t leave your computer open to attack from criminals looking for vulnerability to exploit.
There are several things you can do to ensure your computer is secure. To begin with, check your anti-virus software and make sure it’s up to date. It’s also a good idea to set up a firewall if at all possible.
Once that’s taken care of, check the version number of your Internet browser and make sure it’s not out of date. If it is, upgrade to the latest version of a browser that offers 128-bit Secure Socket Layer (SSL) encryption (examples include Internet Explorer, Firefox, Opera and Safari).
Some more tips:
• Install any security updates that may be issued for your computer’s operating system.
• Always use the logout button when you’re done banking on CU@Home.
• Empty your browser’s cache after each session.
If you have more questions about securing your computer before using CU@Home, please contact the credit union.

Exercise your democratic rights as a member

2010-05-06T10:05:00.000-05:00

There are many reasons to be a credit union member, and we’d like to think that our competitive rates, leading edge technology and commitment to friendly, personal service are part of what convinced you to become a member. But one of the other big advantages of being a credit union member is that you have a say in the direction of your financial institution.
Like all co-operatives, credit unions adhere to the seven international co-operative principles, the second of which is Democratic Member Control. That principle stipulates that co-operatives are “democratic organizations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership.”
Democratic control and the accountability that accompanies it ensure that your credit union puts the best interests of all members first. It’s why your credit union — and all credit unions — remain committed to the communities they serve.
We would encourage you to exercise your democratic rights by taking an active role in your credit union. This could include attending the annual general meeting, voting for the board of directors and perhaps even consider running for the board yourself. Getting involved is a great way to learn more about the way decisions are made at the credit union — and a chance to have your voice heard.

Courtesy of CUCM

Despite challenging year, credit unions continue to grow

2010-05-06T08:55:00.000-05:00

Amidst a global recession, a cooler provincial economy and an extremely competitive financial services industry, Manitoba’s credit unions continued on a path of strong and steady growth in 2009. Across the province, credit unions posted significant gains in deposits, loans, assets and memberships over the course of the year. As a result, the Manitoba credit union system’s total assets are now nearly $16 billion and more than 566,000 Manitobans are credit union members.
The province’s 44 credit unions are also the number one providers of loans to small- and medium-sized enterprises and farmers in Manitoba, reflecting the member and community focus of credit unions.
Credit unions are also increasing their physical presence in the province. There are currently 23 more branches in Manitoba than there were 10 years ago, and in 68 of the 118 communities they serve, credit unions are the sole financial services provider in town.
At the national level, credit unions are also enjoying success in 2009. The combined system assets of the affiliated credit unions and caisses populaires across Canada now equals $121.9 billion, an increase of 7.1 per cent for 2009. Meanwhile, the total number of Canadian credit union and caisse populaire memberships now exceeds five million.

Courtesy CUCM

Use caution when selling online

2010-02-03T14:56:00.001-06:00

Due to the popularity of online sites such as eBay and Kijiji, more and more people are looking to the Internet when they want to sell things. And while selling online can be a terrific resource for entrepreneurs and even those just looking to get rid of a few used items, members should be aware of a scam that has been quite prevalent in recent months.
The scam typically begins with the fraudster agreeing to purchase the seller’s item over the Internet. The scam artist then sends the victim a cheque for more than the agreed upon purchase price, and asks that the seller to cash the cheque and return the excess. If the victim does deposit the cheque and return the excess funds, a few days later the original cheque will bounce and the victim will be out the difference — and possibly the item itself.
The best advice is to wait until the cheque has cleared before sending anything to the purchaser — merchandise or otherwise —and to keep in mind that if the cheque you receive is for too much, that’s probably a red flag that you’re being targeted by a scammer.

Card skimmers' prey shocked

2009-10-26T11:41:00.002-05:00

• Operation victimizes hundreds in the city
• Police expect investigation to take months

By: Aldo Santin and Geoff Kirbyson
Winnipeg Free Press
October 22, 2009

Matthew Rietze has lost his trust in Canada's banking system.

The Winnipeg man went to buy lunch on Wednesday but, after he swiped his debit card, instead of receiving an "approved" message, the card reader denied the transaction and instructed him to contact his branch.

When he visited his Royal Bank location, he was informed somebody in Edmonton had withdrawn $800 from his account Tuesday evening. Whoever it was attempted a second withdrawal Wednesday afternoon but failed because Rietze's card had since been deactivated.

"I feel very violated. It has consumed me ever since I got back to my office from the bank. I know the bank will straighten it out but it's destroyed my trust to have my money in the bank. It's very disheartening," he said, noting he has been told it could take one to 10 business days to reimburse his account.

It turns out Rietze is one of hundreds of Winnipeggers to be victimized by a card-skimming operation currently under investigation by the Winnipeg Police Service.

Reagan Saunders said she learned Tuesday that money was removed from her account during two separate ATM transactions in Montreal on Monday.

"I went to Tim Hortons (Tuesday) but my purchase was denied," Saunders said, adding when she contacted the Royal Bank they told her that individuals using a fake debit card removed almost $1,000 from her account on Monday.

"They asked me a lot of security questions and I assured them I had not been on Montreal," Saunders said. "They told me the money was taken out of a bank machine in two separate occasions by someone using a debit card that appeared to belong to me."

Tracy, who didn't want her last name used, had nearly $1,000 withdrawn this week from her chequing account at Crosstown Civic Credit Union. She said even though the charges have already been reversed, she's rethinking how and where she'll use her debit card in the future.

"I felt a bit violated. It's a really distant kind of theft. It's not like somebody robbed me on the street but they got into my private account. It made me think about safety a lot more," she said.

Police said that a preliminary investigation has found that debit-card machine pin pads at several businesses have been compromised, with the information used in fraudulent purchases in eastern Canada.

Police said the investigation is expected to take several months and financial institutions in the city are co-operating.

Peter Enns, CEO of Crosstown Civic, said clients could fall into one of two categories. Either they had money withdrawn from their account due to card-skimming or Crosstown Civic's systems showed they used their card at a retailer where skimming was found to have occurred, regardless of whether their account was compromised. In the latter case, clients were asked to come into a branch to be issued a new card.

Enns said the debit cards in question have a magnetic stripe on the back as Crosstown Civic hasn't yet moved to chip debit cards, which are supposed to be infinitely more secure than outdated "mag stripe" technology. Chip debit cards are in the process of being sent out by a number of financial institutions.

Saunders said Royal Bank refunded the entire stolen amount back into her account by Tuesday afternoon and advised her to get a new debit card.

Saunders said the bank would not say how many other Winnipeggers it knew had been victimized, but added she was told she could expect to be contacted by police.

Police are advising that anyone who believes that their debit-card information has been used in a fraudulent purchase should contact their financial institution.

Keep Member Card safety tips in mind when shopping

2009-08-06T11:38:00.001-05:00

As the holidays approach, many members will soon be using their Member Cards to make purchases at a wide variety of places. The convenience and ease of use of debit cards is one of the reasons they’re so popular. In fact, the Interac Association reports that during the busiest shopping days of the year, it’s not unheard of for Manitobans to make well over half a million debit transactions in a single day.

But with all those transactions taking place, the association encourages members to keep debit card safety in mind when using your Member Card.

While the Interac network is among the safest networks in the world, debit card fraud can occur if proper precautions aren’t taken. The credit union would like to suggest the following tips to keep your Member Card safe when shopping:

1) Use your hand or body to shield your PIN during every transaction;

2) Keep your debit card in sight when conducting transactions at the checkout;

3) Check you banking statements regularly and contact the credit union immediately if you detect any unusual activity;

4) Notify the credit union immediately if your Member Card is lost, stolen or retained by an ATM;

5) Avoid telling anyone else your PIN, including friends and family. Only you should know it; and

6) Use a unique PIN that can’t be easily guessed. Avoid numbers like your date of birth, telephone number or social insurance number.

Phishing scammers posing as the tax man

2009-08-06T11:30:00.000-05:00

It’s unfortunately quite common these days to receive e-mails purportedly from legitimate financial institutions requesting personal information for fraudulent purposes. These scams, typically referred to as “phishing” scams, use phony e-mails and websites to lure unsuspecting victims into handing over critical personal information, such as social insurance numbers, credit card information, bank account details and passport numbers.
Members should keep in mind that the credit union — and any legitimate financial institution — will never request personal information by e-mail. If you receive a questionable e-mail, the best advice is always to contact the institution directly to inquire about the validity of the request.
However, members may not be aware of a similar phishing scam currently making the rounds which involves fraudulent communications purportedly from the Canada Revenue Agency (CRA). As with other instances of phishing, the phony e-mail requests personal information. In this case, however, the request is made so that the taxpayer can supposedly receive a refund or benefit payment.
The CRA has advised that taxpayers should not respond to these fraudulent communications. The agency says it will not request personal information of any kind from a taxpayer by e-mail and that it will not divulge taxpayer information to another person unless formal authorization is provided by the taxpayer. The CRA also says it will not leave personal information on an answering machine.
If you have concerns about an e-mail you’ve received, you’re encouraged to visit the CRA website at http://www.cra-arc.gc.ca.

Rising bankruptcy levels underscore need for good money management

2009-08-06T11:28:00.000-05:00

Recent studies on the level of consumer bankruptcies in Canada have underscored the importance of good savings habits, avoiding unnecessary debt and overall sound money management.
Data released earlier this year by Equifax Canada revealed that Canadians across the country are filing for bankruptcy in increasing numbers. The study found that consumer bankruptcies in November 2008 increased nine per cent over the same period a year earlier. Meanwhile, a subsequent report released by BMO Capital Markets said that consumer bankruptcies in May 2009 were 33.3 per cent higher than a year earlier. The BMO report noted that consumer bankruptcies have been increasing since the end of 2005.
Bankruptcy is something no one wants to face. It carries with it a significant financial cost and also puts undue strain on relationships and families. Unfortunately, with a weakened economy and high personal debt levels, many Canadians find themselves in exactly that situation.
The key to avoiding bankruptcy is a proper understanding of what you’re getting into before signing on for more debt, as well as establishing consistent, reliable savings habits.
If you’re concerned about the level or type of debt you’ve assumed, or if you need advice on products that might make saving easier, stop by or call the credit union and speak to a member service representative. We have many products and services that may be quite useful to you, and we’d be happy to help.

Province’s credit unions maintain growth, service levels despite current climate

2009-05-04T11:12:00.001-05:00

Despite a downturn in the global economy that adversely affected many financial institutions around the world in 2008, Manitoba’s credit unions continue to grow and succeed, thanks to an ongoing commitment to exceptional member service and competitive rates.
Last year marked the ninth straight year of double-digit growth for the credit union system, with total assets increasing by 11.9 per cent to hit $14.4 billion by the end of the year. Meanwhile, the system’s combined loan portfolio grew by 14.7 per cent in 2008 (to $12.1 billion), while total deposits increased by 11.5 per cent to $13.4 billion.
Overall, credit union market share in Manitoba, at nearly 41 per cent, has never been higher. This is particularly true with small- and medium-sized businesses, with 51 per cent of owners belonging to a credit union and 94 per cent of those business members listing a credit union as their primary financial institution.
The continued growth of credit unions in difficult economic times is a tribute to the loyalty of credit union members. In turn, Manitoba credit unions repaid that loyalty by contributing over $3 million to a variety of community based groups, initiatives and charitable organizations in 2008, as well as by awarding $125,000 in scholarships to Manitoba students.
The strength of the provincial credit union system, which employs 3,300 Manitobans, remains a bright spot in today’s difficult economy.

Credit union success not limited to Manitoba

2009-05-04T11:11:00.001-05:00

The success of the credit union system isn’t limited to Manitoba. Across Canada, credit unions continue to thrive and attract new members.
According to Credit Union Central of Canada (CUCC), the national credit union system’s assets, savings/deposits and loans all recorded solid gains in 2008. Assets rose 8.7 per cent to reach $113.8 billion; over the past five years, the increase in assets was 45 per cent. Deposits and savings increased to $100.6 billion in the fourth quarter of 2008, and loans grew 7.2 per cent over year end 2007. Four of the 10 provincial credit union systems — including Manitoba — reported double-digit growth in each of the three main financial categories: assets, savings/deposits and loans.
The national system now includes 444 credit unions with more than 1,700 branches across the country. There are more than 5 million credit union members in Canada. The system also employs 24,000 Canadians.

Service, accessibility remain a constant for Manitoba credit unions

2009-05-04T11:07:00.000-05:00

While the Manitoba credit union system is always evolving, members may have noticed that the pace of change has accelerated in recent years. Indeed, thanks to a spate of credit union amalgamations in Manitoba over the past decade, the total number of credit unions in the province has decreased from 67 in 1999 to 48 today.
But what’s important for members to understand is that while the sheer number of credit unions may have decreased, access to credit union branches and services has never been easier or more convenient. For instance, there are 182 credit union branches in the province today, up from 161 in 1999. Credit unions now have a physical presence in 118 Manitoba cities, towns and villages, and in 67 of those communities a credit union is the only financial institution in place to serve consumers, businesses and producers.
On top of that, Manitoba’s credit unions are continuously striving to offer more ways for members to use technology to access their credit union, either through the network of more than 200 ATMs around the province or through the convenience of Internet and telephone banking.
That’s because Manitoba’s credit unions are committed to the Co-operative Principles and to meeting the needs of their members, both today and into the future.

Pay for it with your Credit Union MasterCard, pay it forward with your Choice Rewards points

2009-05-04T11:05:00.000-05:00

If you have a Credit Union MasterCard, chances are you’ve already heard of the Choice Rewards program, which allows you to collect points every time you use your Choice Rewards MasterCard for purchases.
The points you receive can then be redeemed for merchandise and travel rewards. Those features alone make the Choice Rewards program enticing, but did you know you can also redeem your Choice Rewards points for donations to two national charitable organizations?
By calling the Customer Contact Centre at 1-888-546-5487, you can use your points to make a charitable donation to either the Canadian Cancer Society or the United Way of Canada. A minimum donation of 2,500 points (the equivalent of a $25 donation) is required. Tax receipts will be issued by the charitable organization and will be sent to you directly on a bi-annual basis.
The Canadian Cancer Society is a national, community-based organization of volunteers, whose mission is the eradication of cancer and the enhancement of the quality of life of people living with cancer.
The United Way of Canada provides guidance and support to Canada’s 119 United Ways, which work locally to change living conditions for the better.
For more information on the Choice Rewards program and its charitable donations component, visit www.choicerewards.ca.

Operator card worth considering for boaters

2009-05-04T11:04:00.000-05:00

For many Manitobans, summer means spending time at some of Manitoba’s plentiful beaches and lakes. If you’re planning to get away to cottage country this summer and you think you might be operating a boat, you may want to consider obtaining a Pleasure Craft Operator Card (PCOC).
While not required this summer, Transport Canada has stated that as of September 15, 2009, all operators of pleasure craft fitted with a motor and used for recreational purposes will be required to comply with the Competency of Operators of Pleasure Craft Regulations, which entails possession of an operator card.
To obtain an operator card, you need to pass an accredited test. Transport Canada doesn’t offer boating safety courses or testing, but its website does include information on accredited course providers in most areas. You are not required to take a course before writing the test, but it is recommended. The courses generally cover a range of basic boating information, including safety equipment requirements, explanations of the buoy system, reviews of all pertinent regulations and how to respond in an emergency situation.
Once obtained, the operator card is good for life.
For more information, visit Transport Canada’s website at www.tc.gc.ca/marinesafety.

March is Fraud Prevention Month

2009-03-26T10:15:00.001-05:00

Credit Union Central of Canada is working with the Fraud Prevention Forum to raise awareness among consumers and businesses about the dangers of fraud by educating them on how to recognize it, report it and stop it.
More than 100 organizations are members of the Forum, which is chaired by the Competition Bureau. March is Fraud Protection Month and members have events planned to raise awareness of actions that people can take to prevent fraud.
Competition Bureau experts say that when there is a downturn in the economy, there is often an increase in fraudulent activity. It is warning people to be alert to deceptive notices about winning a lottery prize and false business directory listings.

Interac Association is reminding people to protect their PIN and keep their money safe.

Here are key safety tips for debit card holders:

1. Use your hand or body to shield your PIN during every transaction
conducted at an Automated Teller Machine (ATM) or at the checkout;

2. Keep your debit card in sight when conducting transactions at the
checkout;

3. Check your banking statements regularly and contact your financial
institution immediately if you detect any unusual activity, for
example purchases you did not make or missing charges;

4. Notify your financial institution immediately, if your debit card is
lost, stolen or retained by an ATM;

5. Memorize your PIN - only you should know it. If you suspect that
someone knows your PIN, even a friend or family member, change it
immediately;

6. Select a unique PIN. Never use obvious information, such as your
telephone number, date of birth, address or Social Insurance Number.
These numbers are often stored in the same place as your debit card
enabling criminals to easily guess your PIN.

For more information visit http://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/eng/h_00122.html

Courtesy of Credit Union Central of Canada.

Co-operative centennial reason to celebrate

2009-02-17T10:14:00.000-06:00

Along with access to highly competitive products and services, one of the benefits of being a credit union member is the say you have in the direction of the credit union. That’s because every credit union member is entitled to vote at the organization’s annual general meeting as part of the principle of Democratic Member Control, one of the Seven International Co-operative Principles.
Democratic member control is one of the reasons members can be assured that their credit union will work in the best interests of them and their community. It’s also one of the reasons why countless Canadians will celebrate the 100th anniversary of Canada’s co-operative movement in 2009.
The first national co-operative association, the Co-operative Union of Canada (CUC), was formed in Hamilton, Ontario on March 6, 1909. The organization was one of the forerunners of the modern Canadian Co-operative Association (CCA).
Today, there are roughly 8,800 co-operatives and credit unions across the country. Together they have more than 17 million memberships, over $275 billion in assets and employ more than 150,000 people.
Co-operatives of all shapes and sizes have helped members through good times and bad over the course of the past 100 years, and are stronger than ever as they move into the next 100.
Certainly, good reason to celebrate.

Tax credit may drive additional home renovations

2009-02-17T10:09:00.000-06:00

January’s federal budget introduced a temporary Home Renovation Tax Credit of 15 per cent (up to a maximum of $1,350) for eligible home renovations and alterations, including things like renovating a kitchen, building a deck, installing a new furnace or purchasing new windows.
The federal government explained that the purpose of the tax credit is to provide a temporary incentive for Canadians to undertake new renovation projects or accelerate planned future projects, with the overall goal of stimulating the Canadian economy and boosting the energy efficiency of Canada’s homes.
For homeowners who were already considering renovations, it would seem to make sense to take advantage of the 2009 tax credit. However, an increase in renovations will also mean an increased demand for contractors, which may lead to opportunists taking advantage of eager homeowners.
The Better Business Bureau (BBB) of Manitoba and Northwestern Ontario advises that home repair rip-offs are among the most common types of scams. The BBB warns that the contracting industry is “plagued with fly-by-night scam artists that show up on your doorstep offering to do house and yard work for exorbitant fees.”
According to the Bureau, home repair rip-off artists typically request that you pay fees up front before the work is completed, refuse to provide a written receipt and complete work poorly. Homeowners are advised to watch out for companies that knock on your door offering to do work, regularly over bill or that charge for services you have not requested.
The BBB suggests getting estimates from a minimum of three contractors who have permanent addresses in your area.

Security Tips: Other steps to protect your identity

2009-02-17T10:05:00.000-06:00

* Be suspicious of transactions you didn’t initiate
* Question the need to provide your Social Security number
* Reconcile all credit purchases with your monthly statement
* Review your credit statements, and close accounts you don’t use
* Get annual reports of your credit status from Equifax or TransUnion
* Photocopy the contents of your wallet and keep this information in a safe place
* Immediately sign all new credit cards
* Your mailbox is an invitation to thieves. Get a locking box, or retrieve your mail right after delivery
* Shred anything that contains your personal information
* When purchasing goods online, ensure the URL starts with “https://” (the “s” is for secure), and beware of using pop-up forms

Members advised to be wary of telephone scam

2009-02-17T10:00:00.000-06:00

A familiar telephone scam involving VISA and MasterCard credit cards has been occurring in increasing frequency in recent months and, as such, members are being advised to be vigilant with respect to confidential personal information.
In this scam, victims typically receive a phone call from a caller who identifies himself as an investigator with the fraud department of VISA or MasterCard. The caller states that the victim’s account has been flagged for unusual activity and then asks if the victim has recently made a purchase in a distant region for a specified amount.
When the victim replies that they have not, the caller states that VISA/MasterCard will credit the amount of the fraudulent purchase to the victim’s account and then asks for verification of the credit card number and the three-digit code on the back of the card. The caller may also ask for other confidential information, stating that the information is needed to credit the amount to the account.
Once the victim gives the caller the information, the caller assures them the money will be credited to their account and ends the call. The scam artist then uses the information to go on a spending spree with the victim’s credit card.
If you receive an unsolicited call from an individual claiming to be a representative of VISA or MasterCard, do not give them any personal information. Instead, call the credit card company directly and ask to speak to a representative.

Bank of Canada cuts lending rate to record low of 1%

2009-01-20T10:28:00.001-06:00

Last Updated: Tuesday, January 20, 2009 | 10:11 AM ET
CBC News

The Bank of Canada on Tuesday cut borrowing costs to a record low as it warned the economy will shrink this year.

In a further move to bolster the sagging economy, the bank reduced its key overnight rate by half a percentage point to one per cent. The bank has now trimmed 3.5 percentage points from the overnight rate since it started its latest cycle of cuts.

Tuesday's cut reduced borrowing costs below 1.12 per cent, which had been the lowest point set back in 1958.

More rate reductions may also be in the offing, as the Bank of Canada said more stimulus could be needed to boost the sagging economy.

"Major advanced economies, including Canada's, are now in recession and emerging-market economies are increasingly affected," the bank said.

"Canadian exports are down sharply, and domestic demand is shrinking as a result of declines in real income, household wealth, and consumer and business confidence."
Bank sees recovery in 2010

The Canadian economy is expected to contract by 1.2 per cent in 2009, but the bank sees a recovery in 2010, when the economy is projected to expand by 3.8 per cent.

Back in October, the bank projected growth of 0.6 per cent in 2009, and 3.4 per cent in 2010.

The bank will provide more details on its outlook for the economy on Thursday, when it releases its Monetary Policy Update.

The bank also signalled that inflation fears have abated. The so-called core inflation rate is expected to fall to 1.1 per cent in the fourth quarter of this year, while the overall inflation rate is expected to dip below zero for two quarters in 2009 because of lower energy prices.

"With inflation expectations well-anchored, total and core inflation should return to the two per cent target in the first half of 2011 as the economy returns to potential," the bank said.

The major Canadian banks quickly moved to reduce their prime rates to three per cent. That differed from some of the past moves by the Bank Canada, when the big banks either delayed lowering their prime rates or did not pass along the full cut. The banks cited the tight credit markets as the reason why they were not passing along the cuts to customer borrowing rates.

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Expect 'significant deficits' in short term: Harper

2009-01-16T16:20:00.001-06:00

Friday, January 16, 2009
The Canadian Press

Prime Minister Stephen Harper says the federal and provincial governments are looking at "very significant deficits in the short term."

Harper emerged from a day-long pre-budget meeting with provincial premiers in Ottawa to say the first ministers are in broad agreement on immediate measures to help the economy.

He said they were all in agreement that collaborative efforts are required because "we are in a very dangerous time for the world's economy."

The prime minister did not announce any specific funding commitments. The multibillion-dollar price tag will be disclosed in the Jan. 27 federal budget.

However, federal officials have signalled that the government is poised to run a deficit of up to $40 billion, most of it as a direct result of economic stimulus measures.

Labour mobility deal signed

Earlier Friday, Canada's first ministers finalized a labour mobility deal that will allow skilled Canadians to work in other provinces without having to recertify.

Premiers and territorial leaders, along with Harper, signed the amendment to the Agreement on Internal Trade during their pre-budget talks in Ottawa.

In short, the change means skilled workers such as nurses, plumbers or welders who have valid certification in one province can work in another part of the country without having to be reaccredited.

The revision "will provide that any worker certified for an occupation by a regulatory authority of one province or territory is to be recognized as qualified for that occupation by all other provinces and territories," said a news release from the first ministers.

The ministers are meeting in a bid to reach agreement on a massive economic stimulus package the federal government plans as the centre of its budget. It could include infrastructure spending, changes to the employment insurance program, money for job retraining and aid for struggling industries.

Satisfying the premiers is a crucial step in ensuring a favourable reaction to the budget, on which the fate of Harper's minority government rests.

Opposition leaders have said they are prepared to vote down the government and seek permission to form a coalition government if the budget is not in the best interests of Canadians.

Harper on Thursday told the National Post that middle-income Canadians can expect tax cuts, an idea dismissed by Newfoundland and Labrador Premier Danny Williams on Friday.

Williams said in the face of massive job losses, it's more important to improve the EI system in order to support the unemployed.

"Marginal tax cuts for people who have jobs will not have as big an impact as significant support for workers who have lost their jobs," said Williams.
Mayors meet with Baird

On Thursday, mayors from Canada's largest 22 cities met with Transport Minister John Baird, whom Harper placed in charge of federal infrastructure spending.

They issued a list of more than 1,000 infrastructure projects that could be launched shortly after the budget is issued, but said the money must flow immediately after the budget is passed.

"We don't want the recession to be over by the time we get infrastructure dollars spent," Ontario Premier Dalton McGuinty said Thursday afternoon.

The mayors also joked that they are willing to hang hundreds of posters around the country giving credit to federal and municipal governments for infrastructure spending.

Carl Zehr, the mayor of Kitchener, Ont., and the chair of the big city mayors caucus in the Federation of Canadian Municipalities, said the issue of taking political credit was raised during Thursday's meeting with Baird.

"If the federal government in providing these additional funds as a stimulus would like to make sure it gets credit for that, we're more than prepared to do that and put up hundreds — thousands! — of signs indicating where the money came from," Zehr said at a news conference.

A chorus of mayors around Zehr laughingly corrected him — "hundreds" — while alluding to the cost of such a communications campaign.