Support your community and get rewarded

Frequently Asked Questions

Get answers to all your questions about our Refer a Friend program.

• How do I make sure my referral is counted?

  To ensure the referral qualifies for the bonus, you must complete and submit the referral form above before your account opening appointment.

  • If you received a printed form at a community event or fundraiser, please bring it with you to your appointment, and you can input those details into the form with the PenFinancial advisor.

  • Ensure you complete the steps, including depositing a minimum $50 qualifying deposit within 30 days of the community event.

  • Referral forms submitted after your account has already been opened will not qualify for the bonus.

• How do I get my $100 bonus?

  To receive your $100 bonus, just follow these steps:

  1. Open a qualifying chequing or savings account within 30 days of the event. Don't forget to fill out the referral form above!

  2. Fulfill your $10 Membership Share and deposit at least $50 into your new account within 30 days of the event.

  3. Keep the $50 deposit in your account until the bonus is paid.

• Who qualifies as a referral?

  A Community referral can be anyone who:

  • Received a Community Referral Card at an event.
    
    

  • Lives in Ontario.

  • Is opening a PenFinancial account for the first time, or;

  • Was a Member but closed their account more than 5 years ago.

  Referrals must be individual people – businesses, corporations, or organizations do not qualify.

• Are there age restrictions?

  No, the referred individual joining PenFinancial can be any age.

• My entire family has been referred. Do we each need to fill out our own referral form?

  Yes. Members of the same household must fill out their own referral form above despite being from the same family. This is still the case if the account opening meeting is all together.

• What if my child under 12 has been referred but doesn’t have an email address?

  No problem! The referral form still needs to be filled out for children under 12, but a parent or guardian can complete it on their behalf and use your email address to submit the form.

• Can I refer my friends and family?

  Absolutely! We have a Referral Program for our own Members to refer their friends and family.

• Terms and Conditions

  PenFinancial Credit Union Community Referral Program – Terms and Conditions

  By participating in this Community Program, Participants and Community Organizations agree to be bound by these Terms and Conditions.

  1. Community Referral Submission Requirement
  

  Participants must complete and submit the online Community Referral form (penfinancial.com/community-referral) prior to commencing their initial account opening appointment.

  If the Participant has a hardcopy Community Referral card, it must be proactively presented at the time of account opening.

  Referral forms submitted after the initial account opening appointment has occurred will not qualify for the Community Referral bonus.

  2. Eligibility and Incentive

  Promotion Period: This offer is valid from April 1, 2026, to December 31, 2026, and may be extended at PenFinancial’s sole discretion.

  Under this Program:

  • The Participant will receive a $100 cash bonus.

  • The associated Community Organization and/or Non-Profit will receive a $100 donation on behalf of PenFinancial Credit Union.

    • A total of all donations will be combined into a single contribution mailed or presented in-person to the organization by a PenFinancial representative within 90-days of the community event.

  Both incentives are subject to all Program requirements being met.

  To qualify, the Participant must:

  • Be a new Member to PenFinancial, defined as someone who has never previously been a Member, or whose prior membership was closed at least five (5) years ago;

  • Open a qualifying chequing or savings account within thirty (30) days of the applicable community event date;

  • Hold a $10 Membership Share, which is fulfilled at the time of becoming a Member;

  • Make a minimum one-time qualifying deposit of at least $50 into their new account within thirty (30) days of account opening. The $50 deposit cannot be applied toward the $10 Membership Share.

  The Participant will be charged a fee of $20 if they close their qualifying chequing or savings account within ninety (90) days of account opening. Applicable fees can be found on PenFinancial’s website.

  Participants must be residents of Ontario. There is no minimum age requirement for Participants.

  Entities other than individuals, including but not limited to corporations, partnerships, or limited liability partnerships, are not eligible as Participants.

  3. Payment of Community Referral Bonus

  The $100 Participant bonus will be deposited into the Participant’s qualifying PenFinancial account, and the $100 community organization contribution will be issued to the designated organization, after a minimum of 30 days of confirmation that all Program requirements and eligibility criteria have been met by participants.

  If a Participant fails to meet eligibility criteria, no incentives will be paid to either party.

  4. Membership Approval

  Becoming a Member of PenFinancial is subject to approval and is not guaranteed. As part of the account opening process, applicants are subject to standard membership eligibility criteria, including a credit bureau check.

  PenFinancial reserves the right to decline any membership application at its sole discretion.

  5. Qualifying Account Openings

  Only one Community Referral incentive may be paid per new Member.

  Participants may only designate one organization per referral submission.

  Duplicate submissions or the opening of multiple accounts by the same Participant will not result in additional incentives.

  Joint account openings are eligible; however, only one Participant bonus and one Organization contribution will be issued per new Member.

  PenFinancial reserves the right to limit the number of Community Referral incentives per event or per Community Organization at its sole discretion.

  6. Combination with Other Offers

  This Community Program may be combined with other promotional offers unless the terms of those offers specify otherwise.

  Unless otherwise stated, all existing terms and conditions for PenFinancial products and services remain unchanged and continue to apply.

  7. Good Faith Use

  PenFinancial reserves the right, at its sole discretion, to deny or reverse Community Referral incentives where it believes the Program is being used fraudulently, abusively, or not in good faith.

  PenFinancial may disqualify any Participant or Community Organization from the Program at any time, for any reason.

  8. Privacy

  By participating in the Community Program, Participants consent to the collection, use, and disclosure of their personal information for the purposes of administering the Program, in accordance with applicable laws and PenFinancial’s Privacy Policy.

  9. Tax Implications

  Participant bonuses may be considered taxable income. It is the Participant’s responsibility to report any income to the Canada Revenue Agency (CRA) if required.

  10. Program Modification or Termination

  PenFinancial reserves the right to modify, suspend, or terminate the Community Referral Program or these Terms and Conditions at any time, for any reason, without prior notice.

  11. Miscellaneous

  This Community Program is intended for promotional purposes only and does not constitute financial, legal, or tax advice.

  PenFinancial is not responsible for any loss or damage arising from participation in the Program, including direct, indirect, or consequential losses.