Privacy Code
Protecting your personal information
Your Credit Union has formally adopted the Credit Union Code for the Protection of Personal Information and its related policies and procedures. The high standard of credit union privacy protection recognizes your right to control the collection, use and disclosure of all your personal information.
We urge all members to take the time to review the Code – contact us and we’ll provide you with a complete copy.
Here is a summary of the ten principles of the Credit Union Code for the Protection of Personal Information.
- Accountability: We have designated a Privacy Officer who is accountable for our compliance with the principles of the Code…
- Identifying Purposes: Before or at the time we ask you for personal information, we will identify the purpose for which it is collected…
- Consent: We require your knowledge and consent for the collection, use, or disclosure of personal information…
- Limiting Collection: The collection of personal information is limited to only the purposes we’ve identified to you…
- Limiting Use, Disclosure, and Retention: We will only use or disclose your personal information with your consent (or as required by law). We will only retain your information as long as necessary to fulfill identified purposes…
- Accuracy: We will keep your information accurate, complete, and up-to-date…
- Safeguards: We will protect your personal information with appropriate security safeguards…
- Openness: We will make specific, understandable information readily available to you about our personal information policies and practices…
- Individual Access: When you request it, we will give you access to the existence, use and disclosure of your information. You are entitled to question its accuracy and completeness…
- Challenging Compliance: You are entitled to question our Privacy Officer on our compliance with these principles.
Take the time to know your rights, and how your information is protected by the Credit Union Code for the Protection of Personal Information!
Your Personal Information
We hold personal information about members to help us meet and maintain the highest standards of financial service. This information can include your name, address, Social Insurance Number, age, use of accounts and credit history, employment records, personal references, as well as the relationship of others linked to you in account services. We obtain this information from you directly, and from the product and service arrangements you have made with or through us. Information is also obtained with your permission from credit bureaus, other financial institutions and from the personal references you provide us.
Co-operative Financial Services Partners
Your credit union also provides services in conjunction with financial services partners that include the Co-operative Financial Services Group of companies. These companies include: Johnson Insurance, Concentra, Credit Union Members Insurance Society (CUMIS), CU Financial Management, Ethical Funds Inc., League Data, League Savings & Mortgage, MemberCare Financial Services, or other similar organizations that support credit union goals and values and provide useful and valuable products and services to our members.
In accordance with regulatory requirements, your credit union may be required to collect, use or disclose information with other Co-operative Financial Services Partners in providing a service.
Your personal information may also be shared with these partners so that they may promote their services to you.
We only collect what we absolutely need
Because of the importance placed on member's confidentiality, the credit union will only collect, use or disclose information that we absolutely need. The credit union will ask for information for the following purposes:
- To understand your financial servicing needs;
- To determine the suitability and eligibility for member products and services;
- To evaluate your credit standing and to share or exchange reports and information with credit reporting agencies;
- To detect and prevent fraud, and to help safeguard the financial interests of the credit union and its members;
- To meet legal and regulatory requirements;
- For the promotion of products and services by your credit union and/or partner companies.
We ask you for your SIN to comply with tax reporting requirements. For example, when you open a deposit account, we ask for your SIN as any interest earned must be reported. There are other purposes for which we may ask you for your SIN. For example, if you are applying for a loan or overdraft protection, we may ask for your SIN to ensure an accurate match between your personal information and your credit bureau report.
Personal Information Consent
We need your consent. You can provide us with your express consent in a variety of ways (depending upon the sensitivity of the information) - in writing, electronically, or verbally in some instances. We will obtain your express consent in writing when you become a credit union member-owner or when you apply for a new credit union service offering.
If, for whatever reason, you do not provide us with your written consent, or do not withdraw your consent, we will assume that we have your implied consent for the continuing use of your personal information for purposes described within this brochure, including disclosure to the Co-operative Financial Group of Companies.
You can withdraw your consent at any time, subject to legal or contractual obligations. For example, your credit union is required by law to provide a record of your interest earning information to the Canada Customs and Revenue Agency, therefore this information could not be limited. However, you must understand that if you make this choice, we may not be able to provide you with the product or service that you desire.
