Credit Unions | Privacy

» Our Commitment to Privacy
» Our Principles of Privacy
» Why Do We Collect Your Information
» What Information Do We Collect
» Your Consent
» Questions

Credit Unions in Canada have a long history of respecting the rights of their member/owners. As co-operative financial institutions, credit unions are committed to implementing policies and procedures that maintain and protect these rights.

This section provides an explanation on how your credit union protects the privacy of individual member information, indicates contractual obligation for information sharing with the co-operative financial services partners and other related organizations; and outlines the Principles of the Credit Union Code for the Protection of Personal Information.

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Your Credit Union Board of Directors has adopted the following Credit Union Principles of Privacy, established Policies and Procedures, and appointed a Privacy Officer. Through these actions, what has been our accepted practice becomes our documented commitment to you, the member.

1. Accountability
The Credit Union is responsible for personal information under its control, and shall designate a Privacy Officer who is accountable for the Credit Union’s compliance with the principles.

2. Identifying Purposes
The purposes for which personal information is collected shall be identified by the Credit Union at or before the time the information is collected.

3. Consent
Depending on the nature and sensitivity of your personal information, your consent to the collection, use or disclosure of personal information can be implied¹, expressed² or explicit³.

4. Limiting Collection
The collection of personal information shall be limited to that which is necessary for the purpose identified by the Credit Union. Information shall be collected by fair and lawful means.

5. Limiting Use, Disclosure, and Retention
If you have provided explicit limited consent, your personal information shall not be used or disclosed for purposes other than those for which it was collected or as required by law. We shall retain your information as long as necessary to fulfill identified purposes.

6. Accuracy
Personal information shall be as accurate, complete, and up-to-date as is necessary for the purposes for which it is to be used.

7. Safeguards
Personal information shall be protected by security safeguards appropriate to the sensitivity of the information.

8. Openness
The Credit Union shall make readily available to members specific, understandable information about its policies and practices relating to the management of personal information.

9. Individual Access
Upon request, a member shall be informed of the existence, use and shall be given access to that information. A member is entitled to question the accuracy and completeness of the information and have it amended as appropriate.

10. Compliance
A member shall be able to question compliance with the above principles to the Privacy Officer accountable for the Credit Union’s compliance. The Credit Union shall have policies and procedures to receive, and respond to the member’s questions and concerns.

¹ Implied consent occurs when the Credit Union can reasonably conclude that you have given consent by deciding not to withdraw or limit your consent or when you decide not to take action.

² Expressed consent is a verbal consent provided by the member to any Credit Union representative.

³Explicit consent occurs when the Credit Union obtains written consent from a member at the time of an account opening or application for a new product or service.

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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 interest of the Credit Union and its members;

To meet legal and regulatory requirements.

For lending products, we may contact other lenders or a credit bureau to determine your credit history. When you apply for a lending product, we will ask for your consent to perform a credit check and make any other necessary contacts to process your application.

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Birth Date
This helps us to identify you and determine eligibility for products, which may be age-specific.

Social Insurance Number (SIN)
Your SIN is required as part of the reporting requirements for certain products that must be reported to government. For example, the Income Tax Act requires that we report any products that earn investment income.

Financial Information
We collect your financial information in order to provide you with the best possible service. When choosing an investment product or determining eligibility for a lending product, a complete picture of your financial situation ensures we are helping you choose the best product for you.

Your Credit Union also provides you financial services in conjunction with other partners. These partners include: Co-operative Trust Company of Canada, Co-operators Insurance, Credential® Asset Management, Credit Union Central of Prince Edward Island, Credit Union Electronic Transactions Services (CUETS), Credit Union Members Insurance Society (CUMIS®), 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.

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Subject to legal and contractual requirements, you can limit your consent to our collection, use or disclosure of information about you, or withdraw your consent to our further collection, use or disclosure of information at any time by giving us reasonable notice.

Your Credit Union is committed to protecting the privacy of member’s personal information. In accordance with this commitment, we may ask for your consent the next time you apply for a product or service at the Credit Union. This ensures that you are fully aware of what information is being collected and how it is being used.

If you wish to limit or withdraw your consent at any time, simply contact the Privacy Officer at your local Credit Union. We will be most pleased to explain your options, address any questions or concerns and record your preference for future reference.

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If you have any questions or comments relative to our Privacy Policy, please contact the Privacy Officer at your local Credit Union.

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