COVID-19

Frequently Asked Questions

• I don’t want to come into a branch, what other ways can I bank?

  We recommend, where possible, for Members to utilize the services available through PenFinancial online banking and our mobile app, including:

  • Check account balances, make transfers and review transaction history
  • Send money with Interac e-Transfer
  • Make bill payments and deposit cheques

  Additionally, the Ding Free ATM network is available 24/7 to complete your everyday banking.

• What added precautions are PenFinancial taking to stop the spread of COVID-19?

  Our goal is to remain available to service Members. To facilitate that safely, we have added extra precautions inside our operations, including:

  • Branch hours have been adjusted to allow our team time for additional cleaning duties and appropriate rest
  • Huggins and Bunting branches have been temporarily closed out of concern for the ability to socially distance as recommended in their limited working space
  • Branch visitors are asked to self screen about travel, potential illness and exposure prior to entering the branch
  • Plexiglass screens have been installed at operational teller wickets to further protect our staff
  • Additional measures have been added in daily cleaning and sanitizing, with increased frequency and extra attention to high touch areas such as teller stations, telephones, door handles and ATMs
  • All employees are required to stay home should they feel sick, and to self-isolate for the recommended 14 days if they return from travel outside of Canada
  • All in-person Member events have been postponed until Public Health deems it appropriate to gather again
  • We have suspended all in-person training, community room programming, and have adjusted plans for all unnecessary group meetings or corporate travel

• Can I come into a branch to do banking?

  The majority of our branches remain open to Members for essential banking services. We ask Members to refrain from visiting our branches for counter service unless absolutely necessary. If you are feeling unwell, have had contact with a confirmed or presumed case of COVID-19, or have travelled in the last 14 days, we respectfully ask that you DO NOT visit our branches.

   

  Anyone who absolutely must attend a branch to conduct business, we ask to kindly follow guidelines outlined on the Niagara Region Public Health website, including wearing a mask or face covering, hand-washing and social distancing while waiting or being served.

• I’m in self-isolation but need to do banking, what should I do?

  We’re happy to serve you over the phone or by video conference. Appointments can be made online at penfinancial.com or by calling your branch. Almost all essential transactions during this pandemic are able to be facilitated remotely with e-signature endorsement. We will do our best to serve you remotely and will handle unique needs on a case by case basis to ensure your banking requirements are met.

• What if I need to see an advisor?

  Advisors will be available by appointment only and will be facilitated by phone or video conference. Appointments can be made online at penfinancial.com or by calling your branch.

• I am facing financial difficulties because of COVID-19, can PenFi help me?

  With closures and cancellations, COVID-19 is likely to have a financial impact on many in our community. We want to remind you that as always, PenFinancial Credit Union is dedicated to working with members to provide flexible solutions on a case-by-case basis for managing through hardships caused by these circumstances. Please reach out to your advisor or your local branch as soon as possible so we can discuss your situation and how we can support you through these uncertain times. You can additionally find some advice for weathering the storm, and a budgeting tool we have created, on the Truly Local Advice Blog.

• I’m a PenFi Mastercard holder, what programs and relief are available?

  To support cardholders impacted by the current pandemic, PenFinancial’s MasterCard provider has launched supports to minimize burdens. Possible support includes minimum payment deferral, interest rate reductions to 10.9%, emergency credit limit increases, and an increase in contactless payment limits to $250. More details can be found at https://www.collabriafinancial.ca/about-us/

   

  Collabria’s Travel Insurance provider, Desjardins Financial Security Life Assurance Company (DFS), is advising PenFinancial Mastercard holders to take note of the recent Government of Canada Travel Global Travel Advisory with regards to travel until further notice. Cardholders are advised to refer to the DFS website where Frequently Asked Questions (FAQs) relating to the evolving situation and card insurance coverage are continuously updated.

• Is my money safe with PenFinancial?

  Your money is safe at PenFinancial and we continue to be committed to the Niagara region, and to our Members. Canada’s credit unions are widely recognized for our stability, safety and soundness. You can learn more about how your deposits are protected on the PenFinancial Deposit Insurance page, or the Financial Services Regulatory Authority of Ontario (FSRA) website.

• Where is the best place to get updates about PenFI’s response to COVID-19?

  We’re doing our best to keep information on all channels as up to dates as possible, including updating our hours of service. However, in this unprecedented time where things are changing rapidly your best source for information is this page penfinancial.com/COVID-19 and our social media channels on Facebook, Twitter and Instagram.

• How can I set up my Canada Revenue Agency (CRA) payments?

  The most convenient way to receive payments and benefits from the Canada Revenue Agency (CRA) is through Direct Deposit.  Now, you can set up your deposits right through your PenFinancial online banking.

• Is the Canada Emergency Business Account (CEBA) available for PenFinancial Business Members?

  Businesses play a massive role in our local economy and PenFinancial is doing everything we can to facilitate and ensure that our business members can continue to operate during these difficult times. Get Updates on the Program Status >

  The Canada Emergency Business Account will provide a $40,000 loan:

  • at 0% interest until December 31, 2022
  • requires no minimum monthly principal payments until December 31, 2022
  • principal repayments can be made at any time
  • $10,000 loan forgiveness is available provided the outstanding balance is fully paid on or before December 31, 2022.

  Please refer to https://ceba-cuec.ca/ for more information about the program including eligibility requirements.

  We anticipate funding to occur 4 – 6 business days following your completion of the Credit Agreement.  Timelines may be delayed depending on the volume of applications received.

  Please know that PenFinancial is committed to ensuring that all businesses that qualify for the CEBA program receive an opportunity to participate.  We are anticipating a high volume of applications in a short period of time.  Our response times may be delayed during this period.  In order to expedite the process for all parties, please refer to our website and links to Government websites prior to calling or emailing our office with any questions.  Thank you in advance for your patience.