STATEMENTS and e-STATEMENTS
There are a few changes that members will see starting with their September month-end statement. These changes apply to members who receive paper statements as well with members who access their e-Statements through online banking.
Types of statements members will receive.
- Starting with September month-end, statements will be created based on who owns the account. This is to ensure information is kept private.
- Main member on an account. Members who previously were the main or first named member on an account will continue to receive the type of statement they previously indicated as the preferred method – either a paper statement or an e-Statement.
- Members with jointly held products will receive an e-Statement. Members who previously were the joint or second named person on a membership and previously received a paper statement will now only receive an e-Statement going forward. Examples of jointly held products include chequing packages, savings accounts, term deposits and mortgages.
Registered Savings Plans (RRSPs), Tax Free Savings Accounts (TFSA), and RRIFs.
- There is a change in who will receive account information with RRSPs, TFSAs and RRIFs. Members who own and therefore whose name is on the RRSP, TFSA or RRIF contract will be the only members who will see these products on their statement.
Accessing previous e-Statements.
- There are some changes to how members can access statements prior to September, 2020.
- e-Statements access by the main member. The main or first named person on a membership will be able to view prior monthly e-Statements in online banking under ‘My Accounts’, then ‘View e-Statements’.
- e-Statements access by the member with jointly held products. Previous e-Statements are not available to members who are not the main member on the account however banking history is available in online and mobile banking for all account signers.
- Paper statements. If you require a copy of an old statement, please call the Member Service Centre or visit a branch who can help.
Number of statements members will receive.
- Each member will receive one statement with all the products they hold. Business accounts will receive a separate business statement.
Design and Layout: Understanding Your New Statement
As part of the banking system conversion, statements have a different look and layout.
A guide for understanding the changes as you review this month's statement Download the PDF >
- Each member’s account number appears at the top of the statement or e-Statement. This is the new account number assigned to members as part of the banking system conversion.
Every product has its own number.
- You will notice that every product – chequing, savings, loan, etc. – has its own unique number. These numbers are for reference only and therefore not required for any banking. The numbers are not needed for use at ATMs or for ordering cheques.
Product Name vs Product Nickname.
- If a product has been renamed, then the nickname of the product will display on the statement. If a product has not been renamed, then it will display as the default product name along with the member’s name.
- Every lending product – including mortgages, personal loans and Lines of Credit (LOC) – will now appear as a ‘Loan’ on the month-end statement. There are no separate headings for the different loans.
A tip for finding your Line of Credit: there is a line under ‘Details of Loan’ that says ‘Credit Limit’. This line item only applies to an LOC, and not to mortgages or personal loans.
WHAT'S NOT CHANGING
- Paper statements and e-Statements will continue to be sent on a monthly schedule at each month end.
Please Note: Due to the banking system conversion, members will receive two statements for September only:
- Sept 1 to Sept 18 (prior to conversion)
- Sept 19 to Sept 30 (post conversion)
NO LONGER WANT A PRINTED STATEMENT?
Members who use online banking have the option of receiving statements electronically, called e-Statements, instead of receiving paper statements. You are able to download them, keep an electronic copy or print them at home.
To sign up for e-Statements, please contact your branch or the Member Service Centre at 1-855-220-2580
Moving Forward Together
Our Banking System Conversion is now completed.