COVID-19 INFORMATION

Communication from Sydney Credit Union re Covid-19

Your Credit Union is Here to Serve You
The spread of Coronavirus (COVID-19) in our region, across the country and around the world is undoubtedly causing concern for you, your family and your community.  I want you to know that at Sydney Credit Union, the well-being of our members, staff and community is our priority.  

Bank When, Where and How You Want
Members have several convenient ways to access their banking services when, where and how they want:
•Online through MemberDirect (https://www.sydneycreditunion.com)
•Through your Smartphone using our mobile app (Download the iOS app here ; Download the Android app here)
•Telephone banking (1-800-963-4848)
•In-branch
•Call our Reception (902-562-5593, 902-539-1684 or 902-564-6478)

If you aren’t set up for online banking, call Reception for help with that.  

What if I don’t have a computer or smartphone?
Telephone banking is an easy and convenient option.  You can check account balances, pay bills and transfer money.  If you haven’t used it before, call Reception for help with that.

How will I get cash or make deposits?
You can withdraw/deposit money through our ATM or get cash back when doing your grocery shopping.

Keeping You Safe: In-Branch Banking
Sydney Credit Union is taking extra steps to keep you and our employees safe at your branch.  We are deep cleaning the branch(es) daily including sanitizing door handles, ATMs, and reception areas.  Hand sanitizers are also available for member and employee use.

Protect Yourself from Fraud
Unfortunately, scammers will try to take advantage of situations like this.  Please remember that we will never send you unsolicited emails asking for personal identification such as passwords, PINs, social insurance number, credit card or account information.  Sydney Credit Union wants you to know that we take the safety and security of your information seriously.  If you ever receive an email that appears to be from someone at our branch, please call us at 902-562-5593 or send us an email to sydney@sydneycreditunion.com to confirm whether the email is legitimate before responding. 

COVID-19: Official Source
Health Canada Website
https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/prevention-risks.html

Click one of the following for more information:

- Request Form for Financial Relief

- Temporary Branch Closure

- Reduced Hours of Operation







As you probably already know, we’ve implemented several changes to our in-branch services in response to the ongoing COVID-19 situation.  While in-branch services have changed, rest assured, we’ll be with you every step of the way to ensure you can complete your financial needs through our other service channels.

Our staff is available from 9:00 am - 5:00 pm to address questions and complete transactions over the phone.  Please reach out to us at 902-562-5593 for this support.

If you are not currently signed up for online or telephone banking, please call our office at 902-562-5593 or submit a form here.

Channels Available

Telephone Banking:
Our telephone banking services enables you to complete transactions such as checking account balances, paying bills, transferring funds and making payments which can easily be done through our Telephone Banking service.  

To access telephone banking, call 1-800-963-4848.

Online Banking:
You can check your account balances, pay bills, send e-transfers conveniently through our desktop or mobile version of online banking.  

Mobile Banking:
Download our mobile app to check account balance, pay bills, send e-transfers and deposit cheques.

We offer a full range of online banking options to allow you to complete what you need from the comfort and safety of your home.  We realize this channel may be new to some of our members, so we’ve captured an overview of the options and some How To Videos below.

How to Videos

Depositing Cheques:
You can deposit cheques quickly and securely from your phone using our Mobile App. 

Deposit Anywhere How To Video:
View Now

Sending and Receiving Money:
You can easily send and receive money with our lineup of Interac® e-transfer features including Autodeposit and Request Money.

Autodeposit How to Video:
View Now

Request Money How to Video:
View Now





The Government of Canada recently announced that it will be providing the Canada Emergency Business Account to support Canadian businesses that have been adversely affected by COVID-19. Eligible businesses will receive a $40,000 loan for immediate financial support to cover short term operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.

What is the CEBA Program

- Up to $40,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19.

- 25% (up to $10,000) of the loan proceeds is eligible for complete forgiveness if loan is repaid on or before December 31, 2022.

- If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with a fixed interest rate of 5% per annum.

How does the CEBA loan work?

- The loan will be funded as a term loan (up to $40,000), 0% interest and no payments until December 31, 2022.

- No interest will apply until January 1, 2023.

- Beginning January 1, 2023, interest accrues on the balance of the term loan at a fixed rate of 5% per annum, payable monthly on the last day of the month.

- If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven.  For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.

- If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

What’s the eligibility criteria?
As set out by the Government of Canada, your business is eligible if it:

- Is a Canadian operating business in operation as of March 1, 2020

- Has a banking or borrowing relationship with the credit union as at March 1, 2020, and the credit union is your primary financial institution;

- Has a business chequing/operating account with the credit union, which was opened on or before March 1, 2020 and is in good standing;

- Does not have any loans with the credit union in arrears by 90 days or more as at March 1, 2020;

- Has a Canada Revenue Agency Business Number, and has filed tax return(s) with Canada Revenue Agency for 2019 and/or 2018;

- Has not previously received CEBA through the credit union or any other financial institution;

- Is not a non-profit organization, charity, union, or a fraternal benefit society, unless your organization earns revenue from regularly supplying property, goods and/or services; and

- Intends to continue operating or to resume operations.

- Has payroll of between $20,000 and $1,500,000 for the 2019 calendar year

CEBA criteria has now been expanded to include the following;
-
Has eligible non-deferrable expenses in the 2020 calendar year between $40,000 and $1,500,000.

- Total employment income paid to employees in 2019 was Cdn $20,000 or less or if the Borrower declares no employment income was paid in 2019. 
                               

Where do I upload the expense documents required as part of the application?

- You may upload the documents as part of your initial application process. If you need to upload them separately, visit the CEBA Document Upload website and click the Get Started button.

- The site also has pages for Frequently Asked Questions and a downloadable Instruction Guide, which you may wish to visit prior to clicking the Get Started link above.


Please note: If you cannot locate your T4SUM contact Revenue Canada to have them re-issue your 2019 statement.

If you have further questions, please connect with your Commercial Lending Representative directly.

Note: Please be advised that by clicking on the link below you will be taken to an external site.

Online Application – Apply Now

https://ceba.concentra.ca/?institutionNumber=83928

Our commitment to you and the communities we serve drives every decision we make at Sydney Credit Union, no matter the issue at hand.  For more information on our response to COVID-19 go to our website at https://www.sydneycreditunion.com 
 

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