CONTACT CENTRE
Our truly local representatives are here to serve you:
1-866-866-6641
CONTACT CENTRE
Our truly local representatives are here to serve you:
1-866-866-6641
Open an account, deposit $50, and enjoy $100 as a thank you for joining through a friend!
You’ve been referred to PenFinancial’s Truly Local Banking, where community comes first. Open an account, make a $50 deposit, and you’ll get $100 as a bonus!
Complete and submit the form below or download the referral form to get started.
To open your new PenFinancial account, you’ll need to book an appointment in advance or by contacting your nearest branch.
Once your account is open and your $50 deposit is made, a $100 bonus will be added to your account when we process the referral, just for joining through a friend!
To quality for your $100 bonus, tell us who referred you before you open your PenFinancial account.
Complete the form with your own info so we can get in touch, and be sure to provide the name and information of the Member who referred you.
Already submitted the form but still need to book your appointment? You can book online or give us a call at 1-866-866-6641.
The truth is, we do a lot of the things the big banks do. We just do them with a different set of values.
PenFinancial Credit Union has been helping Niagara grow for over 60 years. With 20,000 Members, and a rich history, our roots are firmly planted and our future is strong. As a values-driven co-operative we believe the prosperity of our Members and our community go hand in hand, and we’re on a mission to improve lives and strengthen communities.
Unlimited banking with premium benefits.
Banking with even more privileges you’ve earned.
Get answers to all your questions about our Refer a Friend program.
To ensure the referral qualifies for the bonus, you must complete and submit the official referral form before your account opening appointment.
If you received a printed form from a friend or family member, please bring it with you to your appointment.
Referral forms submitted after your account has already been opened will not qualify for the bonus.
To receive your $100 bonus, just follow these steps:
Open a qualifying chequing or savings account within 30 days of submitting your the referral form.
Deposit at least $50 into your new account within 14 days of opening.
Keep the $50 deposit in your account until the bonus is paid.
Fulfill your $10 Membership Share when you open your account.
A referral can be anyone who:
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.
Only one referral can be credited per new Member. As the person being referred, you’ll decide who receives the referral bonus by listing their name on the referral form you submit.
The referring Member (existing Member) must be 18 years or older.
The referred individual (new Member joining PenFinancial) can be any age.
Yes. Members of the same household must fill out their own referral form despite being from the same family. This is still the case if the account opening meeting is all together.
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.
PenFinancial Credit Union Member Referral Program – Terms and Conditions
The PenFinancial Credit Union Member Referral Program (“Program”) provides a cash bonus to existing Members (“Referrer”) who refer new Members (“Referee”) to open a chequing or savings account at PenFinancial. The Referee may also be eligible for the cash bonus depending on the program being offered. By participating in this Program, the Referrer and the Referee agree to be bound by these Terms and Conditions:
1. Definitions“Member” means a person who is a member of PenFinancial Credit Union, pursuant to the articles and the by-laws of the credit union governing membership;
“Membership Share” means an interest in the equity of PenFinancial Credit Union; and
“PenFinancial” is a Member-owned corporation, operating as PenFinancial Credit Union, incorporated as a credit union under the Credit Unions and Caisses Populaires Act, 2020, S.O. 2020, c. 36, Sched. 7 (the “Act”), or a predecessor of the Act.
The Referee must complete and submit the official referral form prior to commencing their initial account opening appointment. If Referee has a hardcopy referral handout, it must proactively be brought to account opening appointment
Referral forms submitted after the initial account opening appointment has occurred will not qualify for the cash bonus.
Promotion Period: This offer is valid from August 5, 2025, to December 31, 2025. The offer may be extended at PenFinancial's sole discretion.
Both the Referrer and the Referee will receive a $100 cash bonus (the “Referral Bonus”), deposited into their respective PenFinancial accounts, provided all Program requirements are met.
To qualify, the Referee 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 filling out the form.
PenFinancial Members are required to hold a $10 Membership Share, which is fulfilled by the Member at the time of becoming a Member and opening an account.
Make a minimum one-time qualifying deposit of at least $50 into their new account within 14 days of account opening. The minimum $50 deposit must remain in the new account until the Referral Bonus is paid. The qualifying deposit cannot be applied toward the $10 Membership Share.
The Referee will be charged a fee of $20 if they close their qualifying chequing or savings account within 90 days of opening the qualifying chequing or savings account. The PenFinancial fees can be found here.
The Referrer must be at least 18 years of age at the time of the referral form submission. There is no age restriction for the Referee.
The Referrer and the Referee must be a resident of Ontario.
Entities other than individuals, including but not limited to, corporations, partnerships, or limited liability partnerships, are not eligible for the Program.
Referral bonuses will be deposited into qualifying Members’ accounts within thirty (30) days of confirmation that all Program requirements and eligibility criteria have been met. If the Referrer or Referee does not have an active chequing or savings account, in good standing, at PenFinancial at the time of the Referral Bonus issuance, they will not be eligible to receive the Referral Bonus.
If a Referrer or Referee fails to meet the eligibility criteria, both the Referrer and the Referee will be ineligible for the Referral Bonus.
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 membership applications at its sole discretion.
Only one Referral Bonus per new Member will be paid per referral.
Referring Members can make multiple referrals and earn multiple Referral Bonuses, however each referral must be to a new and unique Member.
Duplicate referrals or the opening of multiple accounts by the same Referee will not result in additional bonuses.
Joint account openings are eligible, but only one Referee bonus will be issued per new Member.
PenFinancial reserves the right to limit the number of referrals per Member, at its sole discretion.
This program may be combined with other promotional offers, except where the terms of those promotions specify otherwise.
Unless otherwise stated in the Terms and Conditions, all existing terms and conditions for PenFinancial products, services, and offers remain unchanged and continue to apply throughout and after the Program.
PenFinancial reserves the right to deny or reverse referral bonuses where it believes, in its sole discretion, that the Program is being used fraudulently, abusively, or not in the spirit of good faith. This includes cases where the Program requirements are not genuinely met.
PenFinancial may revoke the Program for any Member or applicant suspected of manipulating, misusing, or engaging in fraudulent or suspicious activity related to the Program.
PenFinancial reserves the right to disqualify any Member or applicant from the Program at any time, for any reason.
9.1. By participating in the Program, both the Referrer and Referee consent to the collection, use, and disclosure of their personal information for the purpose of administering the Program, in accordance with applicable laws and PenFinancial’s Privacy Policy.
Referral bonuses may be considered taxable income. It is the responsibility of the recipient to report any income to Canada Revenue Agency (CRA) if required.
The Referrer and/or the Referee are solely responsible for any tax consequences associated with the receipt of the Referral Bonus.
PenFinancial employees are only eligible for the Referral Program where a prior personal relationship exists between the employee and the Referee.
Referral bonuses received by PenFinancial employees will be subject to standard payroll deductions.
Referrals are only eligible if the referral form is submitted before initial account opening meetings are booked.
PenFinancial reserves the right to modify or cancel these Terms and Conditions at any time, and for any reason, without prior notice.
This Program is intended for promotional purposes only and does not constitute financial or legal advice or an opinion related to the acquisition, suitability or use of any PenFinancial product or account.
PenFinancial is not responsible for any loss or damage related to this Program, including direct, indirect, or consequential losses.
