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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:

• “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.