​COVID-19 ​Member Update​ A Message from the President & CEO

Update - Monday March 30, 2020​

I would like to extend my gratitude to our members for your patience and understanding during these unprecedented recent days as we’ve adapted our business model to continue serving you as safely as possible. As the COVID-19 pandemic has unfolded, Tandia has responded with proactive measures to help ensure the health and safety of our members, employees and communities, while continuing to provide essential financial services in a socially responsible way. 

We pledge to keep abreast of additional government and public health recommendations and keep you informed on a regular basis on how we will continue to deliver the essential financial services you need.

Over the last few days, Tandia increased our precautionary measures to further reduce the risk to members and employees by reducing our branch hours and suspending cash services in our branches. In that short time, our members have been very supportive and cooperative and have transitioned to self-serve options for everyday banking transactions like ATMs, online banking and our mobile app, or personal telephone service through our Member Solutions Centre instead of visiting a branch. For that I would like to extend my gratitude. I must also state that I couldn’t be more proud or appreciative of our employees at every location who continue to serve and proactively reach out to members safely by telephone and secure email.

COVID-19 Financial Relief Options including Mortgage Payment Postponements.

Tandia has a proud history of stepping up to help members experiencing financial hardship due to no fault of their own and these extraordinary circumstances are no exception. COVID-19 is not only a risk to our physical health, but potentially our financial well-being as well. We are committed to supporting members impacted directly by COVID-19 with our Financial Relief program that includes options for members to defer lending payments including mortgage payments for up to six months.

We encourage members impacted or concerned about their financial situation as a result of COVID-19 to reach out to us directly to discuss what options are available and each request will be assessed on a case-by-case basis.

To reach a member of our team:

​Call our Member Solutions Centre

1.800.598.2891

​Email Us Securely

Contact us

Book a Telephone Appointment

​Meet with us

AGM Update

Prior to the COVID-19 outbreak, we had begun communicating details of our Annual General Meeting, originally planned to take place at the Burlington Convention Centre. Thanks to technology, the support of the Board of Directors and the efforts of our Annual Meeting Planning Team, we have been able to transition the format from a public gathering to an exclusively online audio webcast event. Members, staff and presenters will all be able to participate via audio webcast from the comfort and safety of their homes on Tuesday April 7 starting at 7 pm.

Members who have already registered to attend will be contacted about this change. If you have not yet registered and wish to participate, register below.

A complete summary of our AGM including the audio webcast registration link is available on our Annual Meeting website page.

Financially Strong

As a member at this extraordinary time, you can have peace of mind knowing that Tandia Financial Credit Union remains in a strong financial position. We are well capitalized which acts as a buffer during times of financial stress. Our liquidity also remains very strong, as measured by both our regulators and internationally recognized standards. We have access to liquidity as required through Government programs, including borrowing facilities and our Contingency Funding Pool, which will provide us with sufficient resources to continue to meet our member needs. 

Our capital ratio at December 31, 2019 was 6.09%, which is well above Tandia’s internal policy requirements and also exceeds the Ontario regulatory requirement. Our members should also take comfort in the fact that insurable deposits are covered by the Deposit Insurance Corporation of Ontario. Insurable non-registered Canadian dollar deposits are covered up to $250,000. Insurable deposits in registered accounts have unlimited coverage. For further information on deposit insurance, please visit DICO’s website at www.dico.com.

Our revenue will be impacted by lower interest rates, however we are actively managing our interest rate exposure and implementing financial strategies to minimize this impact. Our Prime lending rate has gone back to similar levels seen from 2009 through to 2017, during which time Tandia remained profitable and growing. 

Tandia Financial Credit Union’s year-end financial statements for 2019 are now available on our website and will provide more details about our financial position to give you peace of mind that your money is safe with us.

Be Cautious and Alert

The risk of scams and fraud is ever-present and fraudsters always shamefully take advantage of any opportunity, including the COVID-19 pandemic to take advantage of people in a vulnerable state. You can help protect yourself by being continuously mindful of phishing scams, protecting and limiting the sharing of your personal information, and taking protective measures online such as having an up-to-date operating system and anti-malware software. For more information on how to protect yourself, visit  The Canadian Anti-Fraud Centre website .

Stay safe and well,

Richard Davies,
President & CEO