Winding Down our Real Estate Division

After eight years and a lot of hard work by our people, we made the tough decision to wind down our realty subsidiary, VantageOne Realty. Our goal going into the business was to add value to our members by saving in real estate commissions as well as bring new revenue sources into our organization. We were successful in saving our members real estate commissions; however, couldn’t meet the revenue targets we required for the business. As a result, we made the difficult decision to wind down the business and focus on our core businesses — providing financial services to our members.

We wish to acknowledge our realty staff worked hard over the past 8 years. We saw a strong commitment by our real estate team to provide trusted personalized service to our members and clients. We thank all our VOR staff past and present for their efforts and we have worked with current staff to assist in their transition to other offices and directions.

In the highly competitive business word, the decision on what we do and don’t do is critical for our ongoing growth and prosperity. The choice to wind down VantageOne Realty was difficult; however, is the right decision so we can focus on core business growth into the future. VantageOne Realty will be winding down by the end of 2018 and we look forward to continuing to serve our valued members and clients in our core businesses of banking, investing, wealth management, loans, mortgages, leasing for both consumers and businesses.

Glenn Benischek
Chief Executive Officer

/by

Five ways to help keep your online access safe

To help you protect your personal information and accounts, follow these five important online safety tips:

  1. DO NOT click on any links and reply to messages requesting personal information. NEVER enter your login information or password on a link you click from any text or email. Rather, enter it directly at the website address you are familiar with.
  2. Change your passwords and login credentials regularly. We recommend changing these account security features every three months.
  3. Create passwords and PINs that are complex. Never use easily identified passwords, such as sequential numbers (i.e 1234567), your address, your date of birth or your phone number.
  4. Review your account activity regularly. If you see something unusual or suspicious, Contact us right away.
  5. Subscribe to VantageOne’s Mobile Banking alerts via text or email. You can choose to receive a text or email (or both) anytime your online account is accessed, your login password is changed and or there is other account activity. See the list of options and set up alerts through Online Banking – Alerts.

If you have any questions, please contact us.

/by

Featured Business: Smooth Effects

In 2018 after some hard work and training I opened up my very own franchise in Penticton, Smooth Effects Laser Hair Removal. Working with the top in the industry is always something I work for and believe in to give the absolute best service we can offer. I found my true passion!! And this job is the most gratifying and satisfying seeing all the results and life changes it has made.

We offer a full range of services from laser hair removal to teeth whitening! The Okanagan Valley will always be my home; I’m so in love with it. Penticton has welcomed me with open arms and I’m excited to share my new found love and expertise with all my present and future clients.

Feel free to contact me, Bethany Armstrong anytime at:
penticton@smootheffects.ca or 236-422-3230

www.smootheffects.ca

Facebook – @smootheffectspenticton

 

/by

Peachland Scarecrow Festival

September  30 – Octotber 31 is the Peachland Scarecrow Festival, wWalk around and see all the spooky creations!

Our Peachland Branch looks like they will have a fun Hula-ween!

/by

Membership Advantages: Video

, ,

What does your VantageOne membership get you? Kristine will tell you!

/by

Fraud Flags: Video

,

Have you or someone you know been a victim of fraud?

It can happen in an instant, and no one is immune.

Learn to quickly identify some of the common scams going around from VantageOne’s very own Financial Ability Liason Kristine L.

The first step to fraud protection is by educating yourself!

 

/by

Member Appreciation At Sunshine Festival

We want to say thank you.

As our way of saying thank you to you, we’re offering our members a small token to help pay for their lunch at this weekend’s Sunshine Festival.

How It Works:

The first 500 members that visit our Big Yellow VantageOne Tent in the center of the Sunshine Festival, will receive an envelope containing $5.

Members must come to the tent, and display one piece of valid Government Issued ID, and their VantageOne Member Card.

Limited to one per person, at the Sunshine Festival Only.

Not A Member?

That’s fine too, while this lunch offer is specifically for members only, come down and see us, we have an offer for you as well. The first 100 non-members will receive free member shares to join! Terms and conditions do apply.

Event Details
/by

For Richer or Poorer: Video

,

Getting Married?
Kristine explains why and your spouse should know about each others past financial history, the good and the bad.

 

/by

What you need to know about applying for a mortgage or re-mortgaging in 2018

New Mortgage Qualifying Stress Test Rules
You may have heard of recent changes in the mortgage lending market. The Office of the Superintendent of Financial Institutions or OSFI has set a new minimum qualifying rate, or “stress test,” for new mortgage applications. Previously these rules applied only to high ratio mortgages (less than 20% down) which required mortgage insurance through CMHC or another private insurance provider. These new rules now require all mortgages, regardless of the down payment amount to qualify not only for the applied rate, but also to qualify at the greater of the five-year published rate by the Bank of Canada (BOC) which is currently 5.14% or a full 2% above the borrower’s applied for mortgage rate, whichever is higher. These rules will apply to any new mortgage application, or a renewal application through a different federally regulated financial institution (Provincially regulated financial institutions are OFSI exempt; however in B.C. our regulators are the Financial Institutions Commission, known as FICOM) and does not apply to those that stay with their current provider.

Credit Unions Are Exempt From The New Rules
Unlike traditional financial institutions, Credit Unions are not regulated by OSFI as they are provincially legislated. Therefore credit unions are not subject to the new stress test rules. While some Credit Unions may voluntarily apply these rules many do not, some may choose to apply their own set of qualifying requirements therefore it’s best to check with your Account Manager or Mortgage Specialist. This can be a great option for those looking to switch from their current provider as they will not have to re-qualify under the new rules, although they will need to qualify under the new lenders current rules.

What does this mean for me?
To give you an example of the maximum amount that you may potentially qualify for, please see the illustrated example below:

Scenario 1
What a home buyer could qualify for under the new rules:

With a household income of $90,000, applying for a new mortgage under the new rules with a 20% down payment, 25 year amortization period and a contractual mortgage rate at or under 3.14%, a borrower with no other debt could qualify to purchase as high as $477,542 as they are forced to qualify not at 3.14%, but at the Bank of Canada 5 year rate of 5.14%.

Scenario 2
What a homebuyer could qualify for at a credit union that doesn’t voluntarily employ the OFSI stress test rules:

Again with a household income of $90,000, applying for a mortgage at your local credit union, with the same rate of 3.14%, 20% down payment, and 25 year amortization, a potential borrower with no other debt could qualify to purchase as high as $586,022. This means a potential increase of $108,480 or an increase of 22%.

Disclaimer: The above scenarios are simply an example of how the new OFSI rules affect qualifying ability and in no way reflect a guarantee of qualification or rate. Each borrower’s application is unique and must be administered through a company Account Manager or Mortgage Specialist. For more information or to book an appointment with a member of our lending team to see how much you could qualify for, please click here.

 

 

Sign up for our Newsletters!

/by

Important account closure information for your VantageOne Credit Union GLOBAL PAYMENT Mastercard® card account

As you may be aware, CUETS Financial provides certain financial services in connection with the GLOBAL PAYMENT Mastercard product. However, as of December 31, 2017 the relationship between VantageOne Credit Union and CUETS Financial came to an end. We have arranged to have the cards remain active until May 31, 2018 and on this date your GLOBAL PAYMENT Mastercard card account (your “GPC” account with CUETS) will be closed and you will no longer be able to make transactions on your card. Your member account directly with VantageOne Credit Union will not be affected.

Here’s how you can prepare for the upcoming GPC Account closure:

  • Rewards Program Points
    If you earn CHOICE REWARDS® points on your GPC Account, please be aware that you will stop earning points on May 31, 2018. Be sure to log-in to Choicerewards.ca to redeem any accumulated rewards points on your GPC Account by Sep 28, 2018. Sep 28, 2018, any unused points will no longer be available for redemption.
  • Cancel Pre-Authorized Payments
    If you have regularly recurring bill payments set up on your GPC Account—such as payments for magazine subscriptions, gym memberships, Internet or utility bills—please contact the merchant(s) directly before May 31, 2018 to arrange for an alternate payment method.

As a Credit Union Member, you are important to us. If you have any questions about the above change or how we can support you going forward, please call us at 1-888-339-8328. We also invite you to visit one of our branches to discuss other options that may be available to help meet your financial needs.

CUETS Financial is a division of The Toronto-Dominion Bank. All trade-marks are the property of their respective owners.  CUETS is a trade-mark of Canadian Credit Union Association, used under license.  ® CHOICE Rewards is a trademark of The Toronto-Dominion Bank.

/by