Click on the link below to read the letter regarding the Alterna AGM and PCS
Click on this link to read the PCS 2016 Success Report - PCS 2016 Success Report
Congratulations to Cynthia McCormack. She is the winner of the PCS Canada 150 member appreciation draw for March. Cynthia will get $75.00 deposited to her account and she has designated the other $75.00 be donated to the St Johns Anglican Church's One Roof Community Centre.
As of February 1st 2017 PCS is no longer offering Travelers Cheques, due to the lack of demand for this product.
Congratulations to Kerry La Doucier Rennick. She is the Janaury winner of the PCS Canada 150 draw. She has won $75.00 for herself and a donation of $75.00 to the Lakefield Animal Welfare Society.
It's Official! As of March 1st 2016, our new name is Peterborough Community Savings, a division of Alterna Savings and Credit Union Limited. the same great people are here to serve our members. In the coming months we will be introducing more and better products and services to help meet your financial needs.
TORONTO, ON – (November 5, 2015) – Two Ontario credit unions, Alterna Savings and Credit Union Limited (Alterna) and Peterborough Community Credit Union Limited (PCCU), have announced they are joining together for the benefit of their members under the federated operating model.
For PCCU, joining with Alterna will mean expanded access to branches and ATM’s, greater investment in technology and infrastructure, cost-savings and efficiencies as well as a broader spectrum of products and services available for PCCU’s member-owners. For Alterna, the benefits include an increase in scale, the ability to spread costs over a larger base and access for members to personalized service in the new geography of Peterborough.This will be accomplished while maintaining their respective brands, personalities, and local community involvement through a federated operating structure.
On the outside, it will be business as usual for PCCU members, and overall appearances won’t significantly change. On the inside, PCCU will leverage Alterna resources and processes in IT, marketing, risk management, and other services. No job losses are expected as a result of this partnership and in future additional job opportunities are expected in Peterborough as PCCU continues to expand and grow.Following the merger, Beth Bruesch will become President of the PCCU brand.
A Letter of Intent has been signed and once due diligence has been completed and the transaction details finalized, members of PCCU will be asked to vote on the proposed partnership merger.
“Alterna Savings is a perfect fit,” said Beth Bruesch, Chief Executive Officer of PCCU. “Their values align well with ours and this will greatly benefit our current PCCU members by allowing us to bring them new products and services, as well as community programs and member education while keeping us local. I am confident this is the best move for the benefit of our members and staff, and the long term growth of our credit union.”
“We couldn’t be more excited about this win-win situation for everyone involved,” said Rob Paterson, President and CEO of Alterna Savings.“We look forward to joining together with PCCU and helping to continue their tradition of caring for members and doing business in a socially responsible way, where every member matters.”
Why is Peterborough Community Credit Union joining forces with another credit union?
There are many reasons for pursuing partnerships with other credit unions. The primary reason for this proposed collaboration with Alterna Savings & Credit Union, however, is YOU - our members. A larger credit union will provide expanded geographical access to branches and ATMs, greater investment in technology and infrastructure, and more and better products and services.The Ontario credit union industry is adapting in order to succeed in the face of mounting costs and exceedingly tighter competition. We wanted to have a strong choice in our partner to ensure that we position Peterborough Community Credit Union (PCCU) not only for future success, but for future growth. It’s also important for us to maintain a leadership position in the provincial credit union movement in order to strengthen the power of the cooperative financial sector and its impact on communities and socially responsible business practicesWhen will the partnership be complete?
PCCU and Alterna Savings and Credit Union are both conducting a due diligence process. We don’t have all the details yet, but will provide updates as we’re able to share information.
What does a “federated operating structure” mean?
By utilizing a federated operating structure, PCCU and Alterna Savings and Credit Union will continue to operate as their own separate brands while taking advantage of synergies and efficiencies between organizations as well as cost-savings. On the outside, it will be business as usual for our members, and overall appearances won’t significantly change. On the inside, we’ll conduct business through our back office support areas as one company, sharing IT, marketing, risk management, and other services that keep our financial cooperative running.
Is the credit union in financial difficulty? PCCU is financially sound. Escalating costs and low interest rates have compressed margins, reducing income, making long term sustainability a challenge for PCCU. Your Board of Directors wants to ensure that PCCU remains sound and also has opportunties for continued growth.
Will there be any loss of jobs? We do not anticipate any job lossses as a result of this partnership. In future, we expect there will be more job opportunties in Peterborough as our credit union continues to expand and grow.
Will this partnership make the credit union more like a big, impersonal bank?
Both PCCU and Alterna Savings and Credit Union are committed to maintaining our high level of service to help our member-owners meet their financial goals.We look forward to continuing the tradition of caring for our members and doing business in a socially responsible way. Under the federated model, the PCCU brand is preserved, which allows for the continued local and personal connection of members to our financial cooperative. Even as we grow to provide better, more efficient service, we will remain true to our roots and values as a responsive cooperative organization, where every member matters.
How will our communities be affected?
With a greater asset base, PCCU will have more resources to invest in the kinds of local initiatives that exemplify the credit union vision. We will continue to strengthen our communities through our Grants and Sponsorship programs.
Will there be more service charge free ATMs? Yes. In addtion to the PCCU ATM, Alterna Savings has 64 ATMs which will bring addtional access for our members accross Ontario. And,don't forget about the Exchange Network of ATMs providing coast to coast access to your money at no charge, which continues to expand all accross Canada.
Who will be the CEO of this new, larger organization?
Once everything is finalized, Rob Paterson of Alterna Savings and Credit Union will remain in the role of CEO, and Beth Bruesch will be President of the PCCU brand.
What happens next?
The partnership has been approved by the Board of Directors, and a Letter of Intent has been signed. Once the transaction details are finalized, and due diligence has been completed, members of Peterborough Community Credit Union Ltd. will be asked to vote on the proposed partnership. Date and details are to be determined. Updates will be provided as we have more information to share.
New Online Loan Application
Members now have easy, convenient, secure access from the PCCU website to apply online for a loan. Just click on the red loan application button and get started.
Send and Receive Funds Across Canada with E-Transfer
Members using online banking now have access to E transfer service to be able to send and receive money via e mail to and from your account at PCCU. You can send funds to anyone in Canada who has an e-mail address and an account at a financial institution that offers E transfer service. The cost to send an E transfer is $1.50 and there is no charge to receive one. The maximum amount you can send in one day is $3,000. The maximum anyone can send in one month is $10,000. These limits are set by Interac and cannot be changed. You will need to set your friends and family up as recipients on your E transfer page of the online banking site. You set up a password that only you and the recipient know. Once you confirm the information and initiate an E transfer your recipient will get a notification email from Interac within 30 to 40 minutes. This email will have a link to the Interac page which will give them a choice of financial institutions to select from. Once they choose a credit union or bank they will be directed back to their own online banking system at that financial institution where they login in and are able to accept or reject the deposit, but they must enter the password to authenticate and finalize the transaction. Funds will then be credited to the account. If someone sends you an E transfer, you will get the notification email from Interac and click on the link and follow the same procedure to accept your deposit. There is a separate selection menu for credit unions on the Interac site and you must first choose the Province(Ontario) and then select Peterborough Community CU from the list to proceed. You must be signed up for online banking to use this service. Call us to sign up for online banking at 705-748-4481. We will need your signature on the set up form, but we get it all ready for you in advance of your office visit. Once you are signed up, you can access all of your account information from your computer at home or through your mobile device.
Low Rates on Home Equity Loans
Home equity loans start as low as 5%. Contact Karen or Hilary at 705-748-4481 for more information.
Currency Exchange Service
Members can now order all of the major country currencies and many minor currencies for when you travel. Orders are received in two to three days and there is no service charge as long as members order at least $250.00 Canadian value of their foreign currency. We make it fast, convenient and easy to get the funds you need in whatever denominations you request.