Member Updates

WFCU Credit Union announced the declaration and payment of a dividend of 4.29% on the Series 7 Investment Shares for a total of $307,989 paid. Dividends were paid to shareholders in the form of additional shares on Saturday, September 30, 2023 based on their holdings as of the anniversary date.

By investing in WFCU’s Investment Shares, members provide an increased capital base for the credit union’s future growth. A strong capital base ensures that WFCU continues to expand and offer competitively priced products and services to meet all members’ financial needs. Investment Shares also enable members to earn a premium rate of return on their investment.

For more information and to participate in a proven successful Investment Share product, call us at 1-888-767-9535 so that we can notify you when opportunities become available.

As of September 14, 2023, the repayment deadline for eligible CEBA loan holders to qualify for partial loan forgiveness was extended to January 18, 2024. Additionally, CEBA loan holders that submit a refinancing loan application to the financial institution that provided their CEBA loan by January 18, 2024 but require a grace period in order to finalize the payout of their CEBA loan can still qualify for partial loan forgiveness if the outstanding principal of their CEBA loan, other than the amount of potential debt forgiveness, plus any applicable interest, is repaid by March 28, 2024. 

For additional information please visit Canada Emergency Business Account (CEBA) (

Beginning on October 3, 2023, WFCU is implementing enhanced procedures related to the handling of cash and cheque transactions, in support of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulatory requirements. These procedures support the government’s efforts to strengthen financial transaction reporting in defence of money laundering and terrorist financing activities, while contributing to improved security for WFCU members.

Members will now see cash and cheque deposits posted separately within their accounts and reflected accordingly on their monthly statements. Additionally, for all cash deposits, details of the individual making the deposit will be required and recorded unless already noted on the account. If you have questions regarding these enhanced procedures, please visit your local branch or call our Member Contact Centre at 519-974-3100 or toll-free at 1-866-500-WFCU (9328).

WFCU Credit Union held its 39th Annual General Meeting at Crowne Plaza in Kitchener on Monday, September 18th, 2023 and continued the meeting at the St. Clair College Centre for the Arts in Windsor on Wednesday, September 20th, 2023.

Mr. Gillis, Chair WFCU Board of Directors thanked the members of WFCU Credit Union for continuing to put their trust in WFCU as their Financial Institution of choice. He explained that this continued support has allowed WFCU to continue expansion across Southern Ontario as WFCU Credit Union closed on the asset purchase of Health Care Credit Union, expanding our presence in London, Ontario, and opened our newest branch location in Chatham. WFCU Credit Union also supported the opening of our Kitchener branch and celebrated the grand opening of our Cambridge branch, bolstering the presence of our ECU – A Division of WFCU Credit Union brand across the Waterloo region.

“We take pride in the legacy we have built in Windsor-Essex and are committed to extending this impact across our newer communities in the Waterloo Region, as well as in London and Chatham,” shared Mr. Gillis. “As part of WFCU’s ongoing leadership in the credit union sector, we will continue to seek out environmental, social and governance best practices and evolve our operations for the pursuit of excellence in corporate citizenship,” said Marty Gillis, Chair of WFCU Credit Union Board of Directors.

On behalf of the Nominating Committee, Bob Nesbitt, Nominating Committee Chair, WFCU Credit Union Board of Directors, declared by acclamation, to a three-year term on the WFCU Credit Union Board of Directors. Returning directors Vic Neufeld and Dr. Patti France.

Eddie Francis, President & CEO reported on the credit union’s financial position, the financials exemplified WFCU’s financial resiliency in a time when the economic landscape lacked clarity or consistent direction. The fiscal and operational results of the past year surpassed expectations, and highlighted the credit union’s strategic focus on market development and long-term sustainability. WFCU Credit Union once again generated robust profitability, with net income after taxes of almost $18 million. This strong level of earnings was accomplished while simultaneously paying a record amount of interest on member deposits. Interest on member deposits totaled $93.8 million for the year, representing a 114% increase over the prior year and surpassing the growth in interest and investment income.

Approximately 375 team members across Southwestern Ontario responsibly managed total credit union assets of $4.8 billion as of May 31st, 2023, representing a 10.8% increase in asset size year-over-year. At $4.8 billion total assets WFCU is the 6th largest credit union in Ontario, and among the top 25 credit unions in the country, in a playing field of over 200 Canadian credit unions. The credit union achieved notable financial outcomes in fiscal 2023 while remaining methodical in its pursuit of strategic initiatives in areas such as real estate, automotive finance, and highly secured commercial lending. This is evidenced by the 37% increase in interest and investment income over fiscal 2022, and in the credit union’s ability to generate resounding profits and maintain healthy levels of both liquidity and capitalization.

“It is not an overstatement to say that the credit union stood on very firm financial ground as of the fiscal 2023 year-end, and that it’s financial position continues to allow for execution of its mandate to invest in its members, its team, and in the growing list of communities that it serves,” stated Mr. Francis.

As part of the Annual General Meeting, President & CEO Eddie Francis delivered a clear road map, positioning the credit union and its diversified income streams for more growth. Mr. Francis also confirmed that WFCU maintains the significant capital reserves required to support such growth. The Membership also approved a number of amendments to the WFCU Credit Union Bylaws, encompassing all regulatory and legislative requirements in order to ensure WFCU Credit Union remains compliant and up to date.

This was the second year of the new Strategic Plan – Momentum: Timeless Vales, Next Generation Results, designed to create a better way forward for WFCU Credit Union and its members, staff and community.

In February 2023, the Boards of Directors, through the Joint Partnership Committee of WFCU Credit Union, Northern Credit Union, and Copperfin Credit Union, engaged in exploratory discussions to determine the potential of a three-partner merger. A defined framework, including key milestones and timelines, helped assess the potential benefits, risks, and overall alignment between the three organizations. After thorough analysis and deliberation, we have decided not to proceed with a three-partner merger between WFCU, Northern, and Copperfin.

WFCU continues to evaluate potential partnership opportunities that will enhance the member experience and support the growth of the Credit Union.Please direct any questions to

Across a number of financial institutions, we have been made aware of bad actors attempting to acquire members’ banking information through a text message scam. Members of the public have received a text message that contains unrequested One-Time-Passcode information. While these messages do not contain links, they may include a “Reply if opt-out is desired” option. With this, fraudsters are attempting to identify people and collect their phone numbers by getting them to reply to these text messages.

If you receive an unprompted One-Time-Passcode authentication message from an unknown source, it is important to take the following steps:

  1. Do not respond to the One-Time-Passcode message or share any personal information.
  2. Contact your financial institutions, such as banks or credit card companies, to alert them of suspicious activity and to check if any unauthorized transactions have been made.
  3. Consider blocking the number that has sent the One-Time-Passcode or reporting them to your mobile service provider.
  4. Be cautious of unsolicited emails, phone calls or text messages asking for personal or financial information.
  5. Keep a close eye on your bank statements and credit reports for any unusual activity.

If you suspect that you have been a victim of financial fraud, you should also report it to the relevant authorities, such as the police and the financial institution involved. Taking quick action can help prevent further damage and protect your financial security!

WFCU Credit Union has paid an annual dividend on Investment Shares Series 1 – 5 and Series 8 (1st tranche). Details of your Investment Shares and the dividends paid appear on your regular statement along with all your other accounts. Details can also be viewed electronically through your Online Banking account.

As of April 1, 2023, ECU – A Division of WFCU Credit Union’s service partner, Concentra Financial, has issued a revised Declaration of Trust applicable to all RRSP, RRIF, and TFSA account holders. The change was required to meet legislative requirements and will not affect the day-to-day operation of accounts. Members with these registered accounts are encouraged to review the revised forms, available HERE.

November 1, 2022​ –  Online Banking Update

Some of our Members may have experienced unauthorized access to their online banking. Preying on weak passwords, bad actors were able to access these accounts likely using sophisticated automated robo-like password generators.

A limited number of accounts were affected.

ECU immediately took steps to proactively reset all online banking access for those Members with weak passwords.

We are confident that the exposures have been identified and protective action has been taken. We are proactively contacting those Members that may have been impacted and we will support and stand by them.

If a Member is a victim of fraud because of this issue, we will return 100 percent of the money lost from the affected account(s).

Although we regret the inconvenience and frustration ECU’s actions have caused some of our Members, these fraud safety protocols have saved our Members and Community from experiencing significant and harmful losses.

In addition to the steps that ECU – A Division of WFCU Credit Union has taken, Members must:

  • Adhere to industry standard complex password rules including, at a minimum: 10-30 characters and contain at least one(1) uppercase letter, one(1) lowercase letter, one(1) number and one(1) special character (*-/?@#$%^&).
  • Monitor their accounts for signs of unusual activity and ensure they sign up for security alerts on their online banking account.

Members who notice suspicious activity should contact ECU – A Division of WFCU Credit Union.

We take this matter seriously and will be reaching out individually to Members who may have been impacted.

We have also been recently advised by some Members that they are experiencing problems with the password reset process. Our team is working on this issue and will reach out with an update shortly.

We understand this may have also resulted in frustration and inconveniences with paying bills and other banking transactions. However, please note that ECU – A Division of WFCU Credit Union is here to support members through this process by assisting members in avoiding late payments or similar. Please email directly, where we will start the process to help any Members who have been affected.

PLEASE READ – Action may be required on your account.

Approximately two years ago, ECU – A Division of WFCU Credit Union communicated the importance of our members following strong password/PAC guidelines for their online banking access: 10-30 characters and contain at least 1 uppercase letter, 1 lowercase letter, 1 number and 1 special character (*-/?@#$%^&). This was suggested for our members’ protection.

It has come to our attention that many of our members continue to use easy-to-recognize simple passwords/PACs for their online banking, which are highly susceptible to fraud.

WFCU systems are designed with the protection of our members in mind. As a result, WFCU systems now require all members with weak passwords/PACs to update to stronger passwords/PACs.

If you are a WFCU Credit Union or an ECU Member and are currently locked out of your account, your password/PAC was likely flagged by WFCU as weak, indicating that your online bank account could be easily susceptible to fraud.

For your protection, your online banking will be unavailable until you update your PAC. All members can still conduct banking transactions via our network of retail locations, ATMs and Point-of-Sale. AFTs will still be processed as per usual.

If this affects you, our Member Contact Centre is available to help reset your PAC and regain access to your account by calling 1-888-767-9535 Monday to Wednesday: 8:00 a.m. – 6:00 p.m., Thursday and Friday: 8:00 a.m. – 6:30 p.m., Saturday: 9:00 a.m. – 3:00 p.m.

Due to the above, we are experiencing longer than usual wait times, and we appreciate your patience. Please note that this change only affects a small number of our members and is being done for their protection.

ECU – A Division of WFCU Credit Union is here to support our members through this process.

For questions about Member Updates: