Update: Debit Card & Credit Card Issues

Update: Debit Card & Credit Card Issues

Please be advised that there is currently an issue at some merchant locations as a result of a software update on their point-of-sale devices.  Unfortunately, this is resulting in cards issued in 2019 (debit & credit) being declined at locations including Costco, Lowes, Superstore and certain Gas Pumps.  Fixes are in the process of being deployed by these merchants.

Update February 19, 2020

It has been reported that PIN entries at gas pumps that accept payment cards could be rejecting for no apparent reason. We understand from Mastercard that these errors are random and are not limited to Christian Credit Union debit card or credit card products. This error is being experienced across multiple card issuers in Canada. They are presently investigating, identifying the source and resolution to this problem.

If you experience an issue with your debit card or credit card you could: 

  • Try the tap function of  your MEMBER CARD® debit card for transactions under $100.
  • Try the tap function of your Christian Credit Union credit card for transactions under $150.
  • Go into the gas station kiosk/convenience store and “pre-authorize” or pay in advance for your gas.

We recommend members have cash on hand as a back-up until this issue is resolved.  Christian Credit Union debit cards can still be used as normal for ATM withdrawals. Use the Ding Free® app to find your nearest free-to-use ATM. 

Ding Free®

We appreciate your understanding and apologize for any inconvenience this may cause.

Boost High Interest Savings - for Business

Boost High Interest Savings - for Business

After reviewing the Boost High Interest Savings account for business, we have decided to change our offering from a single rate to the following tiered system, effective March 2, 2020:

Tier Balances New Rate
$0 - $100,000 0.75%
$100,001 - $250,000 0.85%
$250,001 - $1,000,000 1.00%
over $1,000,001 1.20%

This change will ensure that the product is competitive for our members and sustainable for Christian Credit Union.

Important Notice: Debit Card & Credit Card Issues

Important Notice: Debit Card & Credit Card Issues

Our members may be impacted by an issue causing their debit and or credit cards to be declined at some Point of Sale (POS) terminals.  This is not a credit union debit card issue.  This problem is impacting financial institutions that have issued new debit cards supporting the Interac Mandated changes of Combined Data Authentication (CDA).  Member transactions with these CDA cards will be declined when the member is required to use the PIN (Contactless impacted when spend limit exceeded or cumulative spend exceeded) at some POS terminals.  However, the member will be able to process transactions using Contactless (no PIN and insert) and the CDA debit cards continue to work at all ATMs.

For Christian Credit Union members this means any MemberCards that we ordered through the banking system or were auto-renewed in 2019.  MemberCards issued in branch are not affected.

This issue was first brought forward (December 17th) by one credit union and, at the time, it appeared to be an isolated situation. CCUA staff escalated the problem to Interac to investigate.

Everlink provided to Interac a sample of test cards to assist with the investigation. Interac concluded that this was not card related as all CDA cards issued by credit unions had been certified using Interac’s third-party agent.

On December 31st CCUA staff identified that several more credit unions have been impacted by this issue and the problem has continued to spread.

Interac has now confirmed that this is a hardware terminal issue at some merchant locations.   The vendor, Verifone, has been able to replicate the error and identify the bug causing the declines.  We are anticipating further updates from Interac on the resolution to this issue and will update credit unions when received.

This is not only impacting credit unions, as several banks have identified the same issue, and it also appears to impact credit cards at the same terminals.

To date the impacted Merchants/Acquirers so far identified are: 

Canada: Global Payments (Loblaw Brand merchants), Moneris (Costco, La Senza, Victoria Secret/Pink, Bath and Body Works, Esso, Petro Canada) and other small merchants

USA: NYCE network (Walmart, Costco, Shell, McDonalds and other merchants) 

Interac has now issued a customer alert on its newsroom. 

 Read Alert

We appreciate your understanding and apologize for any inconvenience this may cause.
Investment Disclosure Statement

Investment Disclosure Statement

This disclosure of Interest Information, and fees and charges applies to all Term Deposit, Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF) and Tax Free Savings Account (TFSA) deposits held with Christian Credit Union.  Fees and charges are subject to change, with advance notice.

All deposits are eligible for bonus interest as declared by the Credit Union Board of Directors (the “Board”) from time to time. Bonus interest is not guaranteed and is in the sole discretion of the Board.

All deposits are 100% guaranteed by Credit Union Deposit Guarantee Corporation.

Disclosure of Interest Information*

Variable Rate Deposits

  • Interest is calculated on a monthly basis as a percentage of the daily closing balance.

Redeemable Deposits

  • Interest is guaranteed for the term of the deposit.
  • Interest is calculated on an annual basis as a percentage of the daily closing balance.
  • Interest is paid at maturity or at time of redemption.

Fixed- Term Deposits (Non-Redeemable prior to maturity)

  • Interest is guaranteed for the term of the deposit.
  • Interest is calculated on an annual basis as a percentage of the deposit amount.
  • Interest is paid annually (or more frequently, in accordance with the specified interest payment frequency on the deposit) and at maturity of the deposit.

Deposit Renewals*

  • If the deposit is not redeemed on the maturity date, the deposit will renew for an additional term of the same duration at the interest rate in effect at the date of renewal.  The investment disclosure as outlined in this form shall apply to all renewals.

Please contact your banking advisor for investment options.

Disclosure of Fees and Charges

Cancellation of Fixed- Term Deposits*

  • Within 30 days of purchase or renewal, a deposit may be cancelled, with no interest.

Transfer Out Fee**

  • $50 per disbursement

Pension Legislated Special Withdrawal Request**

  • $50 transaction charge
  • When redemption is made prior to maturity, no interest will be paid from anniversary date or last renewal date.

Early Withdrawal of Redeemable Deposit*

  • Deposit is non-redeemable for the first 90 days of purchase. 
  • When redemption is within 30 days of the last renewal date, no interest will be paid.  Otherwise, interest will be calculated and paid for the period held at issue rate.

Pre-approved Redemptions of a Non-Redeemable Deposit prior to Maturity*

  • $100 transaction charge
  • When redemption is made prior to maturity, no interest will be paid from anniversary date or last renewal date.
  • Requests for redemption must be made in writing detailing reasons for the request (e.g. hardship such as loss of employment, etc.)

Unscheduled Payments from Non-Redeemable RRIF Deposits prior to Maturity**

  • $25 transaction charge.
  • Minimum withdrawal of $1,000.

Other Fees*

  • $35 per hour, with a minimum charge of $35 to research historical information and calculations.
  • Statements are issued on an annual basis; a $5 fee shall apply for any requests to produce duplicate statement or a statement outside the regularly scheduled dates.
  • Tax slips and official receipts are issued on an annual basis; a fee of $10 shall apply for any requests to produce duplicate copies outside the regular scheduled dates.

* Applicable to registered and non-registered investments. **Applicable to registered investments.