Roblin Outside Summer 04

Document Sample
Roblin Outside Summer 04 Powered By Docstoc
advantage      S U M M E R                 •   2 0 0 4                                                      We welcome your feedback
                                                                                                              and story ideas for the
                                                                                                           Member Advantage newsletter.
                                                                                                               Send or bring them to:

Keeping College                                                                                                 ROBLIN BRANCH
                                                                                                           Box 1023, 266 Main Street W.
                                                                                                                Roblin MB R0L 1P0

Within Reach
                                                                                                          Phone 937-2156 • Fax 937-2417
                                                                                                         Monday – Thursday 9 am – 4:30 pm
                                                                                                              Friday 9 am – 5:30 pm
                                                                                                            Closed Saturday & Sunday
A message from MemberCARE® Financial Services                                                                      GENERAL MANAGER
                                                                                                                    Dale Scott

Between everyday expenses, mortgage and car payments, child care                                                  INGLIS BRANCH
bills and trying to save for retirement, do you ever wonder where                                               116 Main Street N.
you’ll get the money to send your child to college or university?                                                Inglis MB R0J 0X0
                                                                                                          Phone 564-2401 • Fax 564-2691
Post-secondary education is expensive, and costs are expected to keep rising. By the                     Monday – Thursday 9 am – 4:30 pm
year 2015, the average costs at a Canadian university are projected to be over $67,000                        Friday 9 am – 5:30 pm
for four years of tuition and expenses.                                                                         Closed 12 – 1 pm
No matter how old your child is today, there are steps you can take to meet expected                        Closed Saturday & Sunday
                                                                                                                   BRANCH MANAGER
college costs. The sooner you start to save, the better off you’ll be when that first tuition
                                                                                                                    Randy Kuz
bill comes due. And if college days are
near, there are still some strategies that
will help — like last-minute saving,                                                                                THE BOARD
careful spending and wise borrowing.                                                                        Richard Dereniwski PRESIDENT
                                                                                                             Bert Marshall VICE-PRESIDENT
MemberCARE Financial Services, a                                                                                Jean Addis SECRETARY
personal financial planning, insur-                                                                               Donald Boguski
ance and investment service, also can                                                                            Ronald Yakimishyn
be of help. At no obligation or charge,                                                                            Sonia Thaczuk
Jackie Derhak — the MemberCARE                                                                                        Val Olson
                                                                                                                    Ron Landry
Financial Services Representative
                                                                                                                     Brad Robin
serving members of your credit union — can help you develop a personalized educa-
tion funding program that’s tailored to your lifestyle and other financial planning goals.
If you’re interested, Jackie can also help you sort through the variety of investment and                      MISSION STATEMENT
insurance products available through the MemberCARE Financial Services program                           ROBLIN CREDIT UNION LIMITED
— all of which complement traditional credit union products and services.                                  provides innovative financial
                                                                                                          products and services, fosters
For more information, contact the MemberCARE Financial                                                      a co-operative team effort,
Services Representative to make an appointment:                                                          promotes sustainable economic
                                                                                                          development and manages a
Toll-Free: 1 888 238 3941 or (204) 571 6066                                                              profitable business to share with
                                                                                                            members and community.
MemberCARE® Financial Services is a member company under Credential Financial
Inc., offering financial planning, life insurance and investments to members of credit
unions and their communities. MemberCARE® is a registered mark owned by Credit
Union Central of Canada and is used under licence.                                       Jackie Derhak
Manitoba credit unions                                                                               Manitoba Credit Unions

celebrate successful 2003                                                               472
                                                                                                        System Growth

                                                                                                              6.71    6.87

For Manitoba’s 57 credit                                                                               6.07

unions, 2003 was another
year of high growth and
strong member satisfaction.                                                            2002   2003     2002   2003    2002   2003    2002   2003

                                                                                      MEMBERSHIPS        LOANS        DEPOSITS         ASSETS
Collectively, the province’s credit unions experienced significant                     (thousands)     ($ billions)   ($ billions)   ($ billions)
increases in membership, assets, deposits and lending activity. Over-
all, the credit union system’s membership base grew by roughly 20,000
memberships, reaching 492,000 by the end of 2003. Assets grew by
$860 million in 2003, bringing the combined total to $8.26 billion —            99 per cent of consumer members
an 11 per cent increase over 2002. Deposits also increased by 11 per           in Manitoba are either ‘satisfied’ or
cent, closing the year at $7.68 billion. Lending activity was up by 10
per cent, reaching $6.71 billion. Perhaps the best news was the
                                                                             ‘very satisfied’ with their credit union
increase in net income, which came in at $61.4 million, an increase
of 28.5 per cent over the previous year and another record for                   Meanwhile, the results of a Canadian Federation of Independent
Manitoba’s credit unions.                                                   Business banking survey from October 2003 showed that 98 per cent
      The key to all of this success is the satisfaction of credit union    of small- and medium-sized business (SME) owners were ‘satisfied’
members. As in years past, Manitoba credit union members                    or ‘very satisfied’ with their credit unions.
continue to express high levels of satisfaction with their credit                Ninety-seven per cent of consumer members and 93 per cent of
unions. Nowhere is this more evident than among consumer mem-               SME members also said they would be ‘likely’ or ‘very likely’ to refer
bers. In research conducted for Credit Union Central of Manitoba in         others to their credit union.
January 2004, 99 per cent of consumer members said they were                     Results like these show that Manitoba’s credit unions are con-
either ‘satisfied’ or ‘very satisfied’ with their credit unions.            tinuing to meet, and often exceeding, the needs of their members.

     Buck the trend:
     Get travel insurance for
     your summer vacation
     According to a recent Ipsos-Reid study, nearly two-thirds of               With travel
     Canadians who traveled within Canada but outside of their home            insurance in
     province within the last three years didn’t purchase travel insur-      place, you’ll be
     ance. The study found that 65 per cent of Canadians traveled              able to relax
     without insurance, assuming — often mistakenly — that their               and rest easy
     provincial government or employee health plans would cover
     everything. All too often, unfortunately, that turns out not to be
     the case.                                                              of that travel insurance with you, along with the name and phone
         Expenses such as prescription drugs, air ambulance service,        number of the insurance provider. You may also want to leave a
     X-rays and other costly procedures may not be covered by your          copy of the details with a neighbour or close relative, just in case
     plan when you’re outside Manitoba — even if you’re still in            you lose your copy.
     Canada. Therefore, if you’re planning a summer vacation this                With travel insurance in place to cover any unforeseen ill-
     year, it’s probably a good idea to include purchasing travel           nesses, you’ll be able to relax, rest easy and enjoy your summer
     insurance as part of your trip. It’s also a good idea to carry proof   getaway.
Tips on applying for loans
Qualifying for a loan depends on a number of factors.
Knowing what they are not only makes applying for a loan much easier, it also
gives you an idea of whether you can expect your application to be accepted.
Net Worth This is the difference between         property tax (PIT). GDSR should not exceed
what you owe and what you own: your              27 per cent of your gross monthly income
assets (cash, car, house, cottage) minus your    before deductions.                                  Your Credit History This is a review of your
liabilities (loans, mortgage, credit cards and                                                       past payment record; financial institutions
                                                 2. Total Debt Service Ratio (TDSR) is the
unpaid bills).                                                                                       can obtain your credit rating from the Credit
                                                 same as the GDSR, except that all of your debt
Your Ability to Pay This is your salary and      payments — including utilities, credit card         Bureau.
other sources of income compared to your         balances and other loans — figure in the
monthly commitments. A loans officer will
                                                                                                     If you don’t think you qualify, or if
                                                 calculation. Divide your total monthly debt
look at your situation two ways:                 payments (including rent or PIT) by your
                                                                                                     you are having credit problems, come
1. Gross Debt Service Ratio (GDSR) is the        gross monthly income. The figure, your              in and talk to our manager or loans
portion of your gross monthly income that        TDSR, should not exceed 37 per cent of your         manager. Perhaps we can help you
goes toward monthly rent or mortgage and         monthly gross before deductions.                    find a solution.

Avoid potential headaches by
getting a pre-approved mortgage
The real estate market in Manitoba is hotter than                                             Therefore, if rates go up, you’re locked in at the lower
ever right now and, like many others, you may be                                              rate and, best of all, if rates go down you automati-
preparing to buy a new home this summer. Buying                                               cally get the lowest rate.
a home should be an exciting and rewarding expe-                                                   A pre-approved mortgage also gives you a clear
rience, not one to lose sleep over. With that in mind,                                        indication of how much you can afford and it speeds
one of the best things you can do to minimize the                                             up the process once you find a house you’d like to
frustration of buying a new house is to get a pre-                                            purchase. Getting a pre-approval is also an ideal time
approved mortgage.                                                                            to discuss several key aspects of your mortgage.
    With so many houses on the market selling within days — if not         You’ll be able to work out all of the important details like payment
hours — of being listed, a pre-approval can mean the difference            schedules (monthly, bi-weekly, etc.), the terms of the mortgage (open
between getting and losing a house. A quick visit to your credit           vs. closed, fixed rate vs. variable rate, etc.) and what your payments
union is all you need to do to be pre-approved. A relatively painless      will be. With those details ironed out, you’ll be free to focus your
process, getting a pre-approved mortgage won’t cost you anything,          energies on finding the home of your dreams.
and it will allow you to shop for a home without worrying about                 To get a pre-approved mortgage, visit your credit union and speak
fluctuations in interest rates. That’s because pre-approved mortgages      to a representative today.
lock in the interest rate for a set period (usually around 90 days).

    How are mortgage rates set?                                                Mortgage rates often drop or increase without movement
                                                                          at the central banks. In fact, mortgage rates often lead the way,
    Whenever the U.S. Federal Reserve or Bank of Canada rates             up or down, for the central bank rates. In that sense, mortgage
    come down, we hear from more members than usual about                 rates provide a more sensitive indicator of where interest rates
    our deposit and mortgage rates.                                       are headed generally.
        While lower lending rates may sometimes coincide with                  Bond rates also generally dictate longer-term GIC rates. To
    lower central bank rates, the reality is that most mortgage rates     ensure that we offer the best value to members on both sides of
    — particularly locked-in longer-term ones — are dictated              the equation, we do our best to offer competitive GIC rates and
    primarily by rates in the bond markets, not the central banks’        charge competitive mortgage rates. The spread, or difference
    rates as many people believe.                                         between the two rates, is used to recover operating expenses.
      What’s New at Roblin Credit Union

      Supporting Local Youth
                                                                     Each year, Roblin Credit Union is proud to support our
                                                                     local youth. RCU purchased the steers of Patrick Troxler
                                                                     of Roblin (pictured at left) and Autumn Jackson of
                                                                     Inglis. Dale Scott, General Manager, commends Patrick
                                                                     and Autumn along with all of the 4-H participants and
                                                                     encourages them to keep up the good work.

              Graham Stewart, of Inglis, is shown lending a hand to
              a Future 4-Her, Terinda Holopina. The future 4-Hers
              showed a lot of potential and we look forward to seeing
              them at next year’s show.

Co-operative spirit spreading nationwide
All across the country, Canadians continue to embrace the co-operative
spirit and make credit unions their financial institutions of choice.
As was the case provincially, the credit union system at the na-    in just the last five years, the system’s assets have increased by
tional level performed well in 2003, recording strong gains in      $22.2 billion or 45 per cent.
assets, loans, and deposits.
                                                                    Deposits were also up, increasing by 7.9 per cent to almost $65.4
According to statistics released by Credit Union Central of         billion, while total loans were reported at over $58.2
Canada, affiliated credit unions and caisse populaires across       billion, an increase of 10 per cent over 2002. Meanwhile, total
Canada reported system assets of $72.1 billion as of the end of     credit union membership stood at 4.65 million as of the end of
last year, an increase of 8.6 per cent over 2002. That means that   the year.

Shared By: