Main Branch ATM Update

Our ATMs at the Vernon Main Branch location at 3108 33 Avenue are now envelope-less! Once you have finished entering your deposit, you can insert all of your cheques and/or cash at once then review and confirm and you are done.

Going envelope-less has the added benefit of saving paper and trees!

Stop by and check them out, our ATM vestibule at Main Branch is open from 6am to 10pm daily.

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Canada Emergency Student Benefit (CESB) Available

Apply today!

To help post-secondary students and recent graduates who will experience financial hardship over the summer due to COVID-19, the Government of Canada is launching the Canada Emergency Student Benefit through the Canada Revenue Agency (CRA) on Friday, May 15.

What is the Canada Emergency Student Benefit (CESB)?

The CESB will provide income support to post-secondary students who lost work opportunities due to COVID-19 and are not receiving the Canada Emergency Response Benefit (CERB) or Employment Insurance (EI). Eligible students will receive $1,250 per month from May through August 2020, or $2,000 per month for students with dependents and those with permanent disabilities.

Who is eligible?

Students are eligible to apply for the CESB if they:

  • are enrolled in a post-secondary education program leading to a degree, diploma, or certificate;
  • ended their studies or graduated no earlier than December 2019;
  • are high-school graduates who have applied for and will be joining post-secondary programs in the coming months; and
  • are Canadian students studying abroad who meet one of the above criteria.

How to apply and register for direct deposit?

VantageOne is working with the Canada Revenue Agency (CRA) to help members receive benefit payments faster and securely through direct deposit into your VantageOne account.

If you don’t have a VantageOne account, you can open one here.

To register for direct deposit through the CRA, you can sign up now through VantageOne Online or banking following these 2 steps:

  1.  Complete the online form to register for CRA direct deposit.
  2. Apply for the CESB benefit

Questions?

For questions regarding the federal government’s eligibility and application process for the CESB program, please refer to the Government of Canada’s CESB Page

 

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Board of Directors Election Results

Thank you to those members who voted in our 2020 Board of Directors election. The election closed on April 24, 2020 and the following individuals were elected for a three (3) year term:

  • Wilf Mulder
  • Juliette Cunningham

Ballot CountCandidate                              Number of Votes     Percent of Votes                 
Wilf Mulder (incumbent)              140                               41.18%
Juliette Cunningham                     117                              34.41%
Akbal Mund (incumbent)               83                               24.41%
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CEBA Application Now Open!

The following information is about the original CEBA program. For the expanded program that includes businesses with a 2019 payroll below $20,000 –  CEBA 3.0 program please click here.

CEBA Program

VantageOne Credit Union is committed to supporting our business members through this difficult time. We are pleased to announce that we are now accepting applications for the federal government’s Canada Emergency Business Account (CEBA).

The Canada Emergency Business Account program is designed to help cover operating costs for businesses, during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus.

About the program:

  • The program provides $40,000 in loans that are interest-free up until December 31, 2022. The loan will remain interest-free until December 31, 2022.
  • No minimum monthly principal payments are required until December 31, 2022.
  • Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
  • If the loan is not repaid by December 31, 2022, the remaining balance will be converted to a three-year term loan at 5 percent interest.

Program eligibility:

  • Must have an existing, active business account at VantageOne Credit Union prior to March 1, 2020. VantageOneCredit Union must be your primary financial institution.
  • Business account must be in good standing and not in arrears on existing borrowing products as of March 1, 2020.
  • Must be a Canadian operating business in operation before March 1, 2020.
  • Must have a federal tax registration.
  • Must have a 15-digit Canada Revenue Agency Business Number (BN), as reported at the top of your 2019 T4 summary of Remuneration Paid (T4SUM).
  • Total employment income paid in the 2019 calendar year must be between $20,000 and $1,500,000, as reported in Box 14 of your 2019 T4SUM.
  • You must not have applied for CEBA at another financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government.
  • Must not be a union, charitable, religious or fraternal organization. If it is an entity owned by such an organization, it must be a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services.
  • Any person applying for the CEBA loan on behalf of an organization must have the authority to attest on behalf of that organization and bind the organization to the terms of the CEBA loan agreement.
  • The Borrower must also agree to participate in post-funding surveys conducted by the Government of Canada or any of its agents.

​​​​​My business requires the consent of more than one signatory to commit to an action. Can I still apply?

  • Yes, please ensure that only the authorized signer of your VantageOne business account applies. We cannot accept multiple applications from the same business account.
  • Two to sign accounts will require a director’s resolution.

If I have multiple businesses, can I enroll each business in the CEBA program?  

  • Yes. Each business entity that you have may enroll for the CEBA, however, each business must individually meet the eligibility criteria and operate as a separate active business. Holding companies are not eligible. 

​​​​How can my business use these funds?

  • Per requirements of the program, as set out by the federal government, funds from the loan must be used to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, property tax and regularly scheduled debt service.​


    Preparing to apply

    We are now accepting applications. You can get ready by:

    1.) Review the criteria above to determine if your business is eligible.

    You can also review the Government of Canada’s CEBA site at https://ceba-cuec.ca/ for more details.

           2.) Locate the documents you will require to apply:

  • Your Canada Revenue Agency Business Number (BN) (15 digits) as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
  • The employment income reported in Box 14 of your 2019 T4SUM
  • A copy of your 2019 T4 Summary of Remuneration Paid may be requested. You can contact the Canada Revenue Agency to have them re-issue your 2019 statement if needed.

How to apply (Desktop Computer Only)

We are accepting applications through Business Online Banking.

  1. Login to Business Online Banking
  2. Click on account services (left side navigation)
  3. Click on Apply for the Canada Emergency Business Account
  4. Complete the Form and SubmitWhat to expect after submitting an application:
    The entire process from application to processing to funding can take between 5 to 10 business days. Qualifying applications will be required to electronically sign loan documentation and attestation
APPLY NOW

 

The Commercial Services Team
1.250.545.9251 or 1.877.545.1957
info@vantageone.net
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News Release – Peachland Time to Travel Contest Winners

VantageOne Credit Union is excited to announce the winners of our Peachland branch’s “Time to Travel Contest”. This contest was exclusive to our Peachland branch to reward and thank our loyal members and to welcome new members. The contest started on November 1st and concluded with our prize draw on April 15th. In light of the COVID-19 pandemic, our winners were awarded cash instead of the travel gift cards.

Congratulations to the lucky winners!

First Prize ($1,500 cash) – Patricia Dunn

Second Prize ($800 cash) – Ainsley Bender

Third Prize (travel luggage approx value $700) – Myra Brackstone 

VantageOne Credit Union and our Peachland branch would like to thank our members and the community of Peachland for your continued support.

“It was great to see how successful the contest was and to watch it spread through Peachland by word-of-mouth and referral, we could really feel the support of the community”, says Erin Chadwick, Account Manager at the Peachland branch. “We are proud to volunteer and donate to many great causes in this community, and to see support come back to us with people choosing to invest locally with VantageOne, really meant a lot!”

We would also like to take this opportunity to remind members, we are here for you, and we know you need our advice and support now more than ever.

“During this difficult time we have been working hard to accommodate our members and still offer them all the help they need with the great service they are used to,” says Lenka Anderson, Member Services Manager a the Peachland branch, “We are here to help you with everything from opening accounts to guiding you through online banking or any ATM help you may need. Please do not hesitate to call us with any questions you may have.”

 

About VantageOne Credit Union

As a community-based credit union, we are owned by our members and operated by people who live here and are deeply invested in our communities. Our history as a credit union reaches all the way back to 1944 when we opened our first branch in Vernon. Since that time, we’re proud to have become a vital part of the local business economy. We offer services through six branch locations through the Okanagan in communities including Peachland, Armstrong, Edgewood and Vernon.

We offer Consumer & Commercial Banking Services, Wealth Management and Leasing Solutions.

News Release – View Now

Media Contact  l  Kirsten Regel, Vice President of Marketing l   kregel@vantageone.net

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Canada Emergency Business Account (CEBA) Update

Dear Commercial Members,

The VantageOne Credit Union Commercial Services Team wants to assure you that we will continue to support our member businesses and organizations during these financially uncertain times. If you’re facing financial challenges as a result of COVID-19 or the economic downturn, we’re here to help. Below is some further information about the Canada Emergency Business Account (CEBA).

What is the current status of this program at VantageOne?
VantageOne will be able to offer this program and we are actively working with our partners and the federal government to launch the CEBA program to our members as soon as possible.

Why has it taken this long?
The government is working through a process to get hundreds of financial institutions set up across Canada. We assure you that this is a top priority for our team and we have all available resources focused and working to get ready to launch this program as soon as it is made available to us. We are on the official list, in the queue and hopeful our turn will be within the next week.

How will I know the program has launched?
You will receive an email from us once the application goes live. Updates will also be posted on our website homepage, in our online COVID-19 Resource Centre and social media (Facebook, Twitter, Instagram and LinkedIn) when it is available and will include more information on how to apply.

Preparing to apply
We will be ready to accept applications soon. You can get ready by:

1.) Review the criteria to determine if your business is eligible. Click Here

  • You can also review the Government of Canada’s CEBA site at https://ceba-cuec.ca/ for more details.

2.) Locate the documents you will require to apply:

  • Your Canada Revenue Agency Business Number (BN) (15 digits) as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
  • The employment income reported in Box 14 of your 2019 T4SUM
  • A copy of your 2019 T4 Summary of Remuneration Paid may be requested. You can contact the Canada Revenue Agency to have them re-issue your 2019 statement if needed.

Please do not hesitate to reach out to the Commercial Services Team with any questions or concerns you may have. We appreciate your business and hope that we can work to address issues so you can focus on the well-being of yourself, your family, staff and company.

Sincerely,

The Commercial Services Team
1.250.545.9251 or 1.877.545.1957
info@vantageone.net

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Collabria Cardholder Support

Meeting the Needs of Cardholders in Challenging Times

Collabria Financial, VantageOne’s provider of credit card services, has introduced new financial relief measures to help qualified credit cardholders affected by COVID-19. You can read the most recent updates from Collabria here.

These supports include:

*New – Reduced interest rate
Effective April 13, 2020, the interest rate has been reduced to 10.9% for up to six months when cardholders contact Collabria and request financial relief due to COVID-19.

Minimum payment deferral
Deferral of ‘minimum due’ payments and the promotional interest rate bundle can be approved for up to three months at a time for cardholders affected by COVID-19. Cardholders can call in after three months to extend to six months, if needed.

Increased ‘contactless’ transaction limits
Limits have been increased to $250 for all cardholders across all merchant (grocery, convenience stores and pharmacies) categories, wherever these merchants have enabled acceptance of higher contactless transactions.

Balance transfers
Members can consider consolidating higher interest rate loans and credit card balances.

  1. Low Rate Product Acquisition Program – 3.9% balance transfer for six months on new accounts. Applies to new Centra, Classic and Student accounts until April 30, 2020.
  2. 5.9% balance transfers for a period of six months for all existing and new cardholders with business and personal accounts, beginning May 1 until July 31, 2020.

Fraudulent activities

Unfortunately, reports of scams and fraudulent activities continue. Members should be vigilant. Know that Collabria Financial will never send emails asking for confidential information such as passwords, PINs or credit card numbers.

Contact us

If you are experiencing financial hardship due to the impacts of COVID-19, please call Collabria’s contact centre at 1-855-341-4643. The Collabria team will work with you to discuss how they may be able to help.

Using MyCardInfo

Like others, Collabria’s contact centres are receiving an unprecedented volume of calls from cardholders needing our assistance. One way to avoid longer wait times on the phone is to use MyCardInfo, an online credit card management tool for everyday activities. Visit www.collabriacreditcards.ca and select VantageOne Credit Union.

Everyday activities include:

  • Activating a credit card
  • Requesting a credit limit increase
  • Viewing current balance and available credit
  • Viewing an account online via eStatement
  • Viewing card transaction history and pending transaction(s)
  • Making one-time payments and setting up AutoPay
  • Signing up for (paperless) eStatements
  • Tracking, managing and redeeming rewards
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Canada Revenue Agency Direct Deposit Enrollment

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Manage your Canada Revenue Agency Direct Deposit Information with VantageOne Credit Union!

VantageOne can help you sign up for direct deposit or update your direct deposit information with the Canada Revenue Agency (CRA). We encourage you to use direct deposit to avoid any delays and receive your payments faster!

You can receive these CRA payments through direct deposit:
‐ Income tax refund
‐ Canada child benefit
‐ Goods and services tax/harmonized sales tax (GST/HST) credit
‐ Canada workers benefit
‐ Related provincial and territorial payments
‐ The new Canada Emergency Response Benefit

To sign up for direct deposit or update your personal details, login to your VantageOne Online
Banking on a desktop computer (the form can ONLY be completed using a desktop computer).

Steps:
1.) Log into online banking
2.) From the left navigation menu, go to “Account Services”
3.) Select Setup CRA Direct Deposit
4.) Follow the steps as indicated to complete

It is important to note:
– This implementation only collects data to be submitted to CRA.
– Members must check to see their enrollment on the CRA website (it may take a minimum 1-2 business days).
– If an individual has never filed a tax return with the CRA, they are not eligible to sign up for the CRA direct deposit service through their financial institution.
– The CRA has confirmed that the Canada Emergency Response Benefit only supports SIN-based payouts and are not applicable to loans currently being provided for small businesses with a Business Number. Small businesses with a Business Number will be able to update their Direct Deposit information through their My Business Account portal on the CRA page.

Further Information

CRA Direct Deposit Q&As

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Support Local – Peachland Gift Card Program

VantageOne Credit Union is proud to partner with The Peachland Chamber of Commerce to support local Peachland businesses.

Through the website (This Special Event Has ended) you can purchase a gift card from a local business to help them get through these unprecedented times due to the COVID-19 pandemic. VantageOne Credit Union is covering the admin and processing fees of this program to ensure that all local businesses get 100% of the profits.

Show you love and support for a local business by purchasing a gift card for them.

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Branch Hour Reduction – COVID-19

Important Notice – Temporary Closure of Main Branch Teller Line & Reduction of Hours

 

Update June 1, 2020

Effective Monday June 1, 2020 our Vernon North Branch hours have been extended to:

Monday to Friday 10:00am to 4:00pm and Saturday 10:00am to 2:00pm.

All other branch hours remain the same, view our branch hours here.

 

March 30, 2020

In order to do our part in helping to flatten the curve of the COVID-19 impact, effective Monday, March 30, we are implementing a reduction in branch hours. These measures have been taken in order to protect our members, staff and communities.

Effective Monday, March 30, 2020:
Teller Services including deposits and cash services at our Main Branch location will be closed.

  • Commercial Services & Consumer Account Managers will be available by telephone for their regular services from Monday to Friday, 10:00am – 2:00pm.
  • Safety Deposit Boxes will be accessible during those hours.
  • Our Night Deposit Services and ATM are available 24/7.

We are encouraging our members to utilize our remote banking solutions and call our Solutions Centre BEFORE you visit a branch. Contact Us.

Please note the following adjusted hours for each branch:

  • Vernon North – *NEW – Now Open on Monday
    Monday to Saturday – 10:00am – 2:00pm
  • Okanagan Landing – Monday to Friday – 10:00am – 2:00pm
  • Armstrong – Tuesday to Saturday – 10:00am – 2:00pm
  • Peachland – Monday to Friday – 10:00am – 2:00pm
  • Vernon Main Branch – No Teller, Cash or Deposit-taking services.
    (Consumer Account Managers and Commercial Services staff will be available for their regular services by telephone or in-person from 10:00am – 2:00pm Monday to Friday.)
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