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Credit Union Central of Saskatchewan
Credit Union Central of Saskatchewan

Sandhills Insurance

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Town of Leader

News    

Bill Payments over $10,000.00 on MemberDirect Online Service
If you make a bill payment on MemberDirect online service for more than $10,000.00 please contact the branch at 306-628-3687 and let them know that the payment has been made. This ensures that the payment will be processed in a timely manner.

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Congratulations to our 2017 Leader Composite Graduates

Sandhills Credit Union board and staff wish you all the best in your future endeavors.

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Benefits of the Graduate Account

The Graduate Account is for students aged 19-25 enrolled in a recognized post-secondary education program.
Take advantage of:

  • no service charges
  • interest calculated daily
  • ATM access/Direct Payment with CU MemberCard
  • free ATM transaction (excluding transactions on Interac and Cirrus networks)
  • one free order of basic cheques
  • revolving line of credit up to $500 (credit approval required)
  • free MemberDirect online banking access

Benefits of the Graduate Account:

  • Receive post-secondary assistance with a student loan (upon approved credit).
  • After completing your schooling you have up to 12 months grace period to start repayment.
  • Direct Payment available at thousands of retail outlets across Canada.
  • Account access and interest earned on your money all at the same time.
  • A line of credit provides overdraft protection.

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There’s more to mortgage costs than just the interest rate

Your home will likely be the largest single purchase you make in your lifetime, so it’s important to consider all of the costs and conditions of a mortgage — not just the interest rate.

Mortgage brokers offer interest rates that are often — but not always — lower than the rates offered by conventional financial institutions. However, the lowest advertised interest rate may not be the best overall deal for you. There are other costs and conditions to consider before you commit to a mortgage. These include:

  • What additional fees are involved in a brokered mortgage that may affect your mortgage closing costs or your future sale costs?
  • In selecting the mortgage company and the type of mortgage for you, is the broker looking after your specific mortgage needs or the size of his or her commission?
  • What conditions does the brokered mortgage contract impose for such items as prepayment privileges?
  • Does the brokered mortgage contract include any other restrictions? Do you have the flexibility to refinance the mortgage before its term expires if you need additional funds to build a garage, rec room or other home improvements?
  • If you can refinance, what are the fees and penalties?
  • If you’re dealing with a credit union or a bank, is the mortgage officer paid a commission based on the type or size of your mortgage?
  • Does your broker or financial institution offer pre-approved mortgages? If so, what are the additional fees?

There’s a lot to consider when shopping for a mortgage that’s right for you. We can help you focus on your best interests, developing a mortgage with the terms and flexibility that meet your needs. Talk to us first — you’ll be happy that you did.

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A short dictionary of mortgage terms

Amortization: Total number of years needed to repay the mortgage loan. (Typically between 15 and 25 years.)

Convertible: Fixed-term mortgages (typically six- or 12-month terms) that you can convert to longer terms without paying a penalty.

Variable: A mortgage rate that fluctuates with the financial institution's lending rates. Variable rate mortgages are reviewed annually to ensure payments are sufficient to pay off the mortgage in the remaining amortization period.

Fixed: An interest rate that’s locked in for the term of the mortgage (usually six months to seven years).

Open: A mortgage on which you can pre-pay any amount without penalty.

Closed: A mortgage with limited prepayment options, beyond which a financial penalty is charged (often 90 days’ interest).

Penalties: Usually charged when payments to a closed mortgage exceed the amount allowed in the mortgage agreement.

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Fixed-rate or variable: Which works best for you?

We can help you make an informed decision.

If you’re in the market for a mortgage, you may be wondering whether a variable- or fixed-rate mortgage is right for you.

With a fixed-rate mortgage, the interest rate is set for a pre-determined term. The benefit of this type of mortgage is the peace of mind it provides, since you know what you’ll be paying for the term you’ve selected.

Variable-rate mortgages feature payments that are fixed for a specific term, although interest rates may fluctuate from month to month based on market conditions. If interest rates go down, more of your monthly payment goes toward reducing the principal; if rates go up, a larger portion of your payment goes toward covering the interest.

If you’re comfortable with the possibility of interest rates edging upward, you may want to consider a variable-rate mortgage,
particularly because variable-rate mortgages feature lower interest rates. Variable-rate mortgages also offer the advantage of prepayment at any time without penalty.

If you’re not comfortable with the idea of rising interest rates, you may want to opt for a fixed-rate mortgage, which will mean that you’ll pay a slightly higher rate, but you won’t have to worry about it changing over the term.

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Recent phishing scams underscore the importance of remaining vigilant

You can never be too safe when it comes to combating phishing scams.
Learn how to protect yourself.

Email phishing scams are nothing new; fraudsters have been trying to trick unsuspecting victims into clicking on links that install malware on their computers for years now.

However, the volume of phishing attacks continues to increase year after year. In fact, the Anti-Phishing Working Group (APWG), a global anti-cybercrime organization, recently reported more than 1.2 million different phishing attacks in 2016 alone. That’s up 65% from 2015.

What's more, despite increased consumer education about the dangers of phishing, the tactic continues to fool many users. Even tech industry giants Google and Facebook were recently victimized by phishing attacks, proving no matter how tech-savvy you may be it's important to remain vigilant.

Think twice about any email or text message that asks you to submit personal or financial information. Hover your cursor
over a link to confirm the web address matches the supposed sender before clicking on anything. Finally, err on the side of caution when you receive unsolicited emails.

The RCMP has a wealth of good advice on protecting yourself from phishing scams.
Learn more at http://www.rcmp-grc.gc.ca/scams-fraudes/phishing-eng.htm

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Minimizing the risk of theft

Always...

  • Sign credit cards upon receipt.
  • Cancel cards no longer in use.
  • Report stolen debit or credit cards immediately.
  • Shred pre-approved credit card applications, bills or statements when no longer in use.
  • Key in your pin number privately at point of sale terminals and ATM machines.
  • Be careful about your SIN - remember it is your identity.

Check your statement every month. Report any unknown transactions immediately.

Never...

  • Loan your debit or credit cards to anyone.
  • Leave bank receipts behind.
  • Keep a written record of your PIN numbers or passwords.
  • Provide personal information over the phone or internet unless you initiate the contact.
  • Engage in mail or telephone solicitations disguised as promotions or surveys offering prizes that require personal information.

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Another strong year for Saskatchewan credit unions

Credit unions balance the need for growth with the well-being of members and communities.

Saskatchewan credit unions continued to contribute to the strength of the provincial economy in 2016. Combined system assets grew 3.8% to $21.6 billion and the province’s 46 credit unions returned over $7.6 million to their members in the form of patronage equity, contributions and dividends.

“Credit unions continue to prove they are financially stable and important contributors to the Saskatchewan economy,” says Keith Nixon, CEO of SaskCentral.

In 2016 credit unions were the single largest provider of financial services to small and medium-sized businesses. The Canadian Federation of Independent Business ranked credit unions first in serving small businesses in 2016.

“Credit unions are locally-focused, and are guided by the needs of their members and by internationally recognized co-operative principles,” says Nixon. “As such, they continually balance the need for growth with the well-being of members and communities.”

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2016 Sandhills Credit Union Financial Statements

Adobe Reader is required to view these statements in PDF format.
Download it for free by visiting Adobe at this link.

Independent Auditors' Report and Consolidated Financial Statements December 31, 2016 ( PDF)

 

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