COVID-19 FAQ

For the safety and health of our members and staff, we will only offer essential services during our hours of operation until further notice. We ask that you hold off on non-essential services until the situation improves or contact us first if your situation is urgent.

Our Online, Mobile and Telephone banking are available 24/7 for all your financial needs.

Credit Unions have always been there to help members through challenging times and this commitment will continue throughout this crisis and beyond.

 

Credit Unions of PEI continue to remain committed to our members during these times and have outlined some helpful information.


Personal Banking 
Clients
We’re here to help with the new Credit Union Emergency Personal Loan. Give us a call to get started today.
What is the Credit Union Emergency Personal Loan (CUEPL)?

The Credit Union Emergency Personal Loan (CUEPL) is a new loan program designed specifically to support members who have been adversely affected by COVID-19. Eligible members will receive loans up to $5,000 to help cover expenses when you need it most, right now.

 

The CUEPL is available now until June 30, 2020.

The Credit Union Emergency Personal Loan details are as follows: Who can apply for the CUEPL? How do I apply?

• CUEPL is a fixed rate term loan, available in amounts up to $5,000 to help eligible members pay for expenses when they need help the most.

• CUEPL has a special low fixed interest rate of 5.99%.

• No Payments are required until January 2021.

• You can repay the loan over up to 24 months, starting anytime between now and January 2021.

• The CUEPL cannot be used to pay any existing credit product at a credit union. If you’re struggling to make your payments for any loan or mortgage you have with the credit union, please call us to discuss our deferral programs.

• A credit application will be required to qualify for the CUEPL. CUEPL is available on approved credit.

 

 

• Existing members as of April 1, 2020 who can demonstrate they have been adversely impacted by COVID-19.

• Is in good standing with the credit union.

 

 

Call your credit union to start the CUEPL application process before June 30, 2020.

When do I start repaying the Loan?

You may start repaying the loan in part or in full at any time without penalty. You will have the option to delay the start of your payments until January 2021 at the latest. No payments will be required until you choose to begin repayment, or January 2021, which ever happens first. Remember, the sooner you begin your loan repayment, the less interest you will be charged overall for the loan.

 

 

CEBA application is now available from your Credit Union.

Click here to learn more.

Ready to get started? Give us a call, we're ready to help.
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Business Banking 
Clients
Introducing the Credit Union Emergency Business Loan to help your business get through COVID-19. Give us a call to get started today.

The Credit Union Emergency Business Loan (CUEBL) is a new loan program designed specifically to support businesses who have been adversely affected by COVID-19, but do not qualify for any of the COVID-19 related Federal or Provincial credit programs.

Eligible businesses will receive loans up to $20,000 to cover short term operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.

What is the Credit Union Emergency Business Loan (CUEBL)?
The Credit Union Emergency Business Loan details are as follows:
Who can apply for the CUEBL? How do I apply?

• CUEBL is a variable rate term loan, available in amounts up to $20,000 to help eligible businesses pay for operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.

• The special interest rate is a variable rate, set at Prime + 1.50% until December 31, 2021 to help minimize costs and keep more money in your business.

• Payments will be interest only until December 31, 2021 and automatically debited from your Operating Account.

• After December 31, 2021, any outstanding balance on the loan will be converted into a regular business loan with the option of a 24 or 36 month repayment term at the normal interest rate at that time.

• The CUEBL cannot be used to pay any existing credit facilities at a credit union. If you’re struggling to make your payments for any credit facilities you have with the credit union, please call us to discuss our deferral programs.

• A credit application will be required to qualify for the CUEBL. CUEBL is available on approved credit.

 

 

• Existing business members as of April 1, 2020 who can demonstrate their business has been adversely impacted by COVID-19.
• Is in good standing with the credit union.
• Is not eligible for any Provincial or Federal loan program. You can see a complete list of all the government relief programs here.

 

 

Call your credit union to start the CUEBL application process.

When do I start repaying the Loan?

You may start repaying the loan in part or in full at any time without penalty. No principal repayments are required until December 31, 2021. Monthly interest only payments are required each month and will be debited automatically from your Operating Account. Any unpaid balance after December 31, 2021 will be converted into a 24 or 36 month term loan at the current market interest rate.

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Canadian Emergency Business Account.
 What is the Canada Emergency Business Account?

• Up to $40,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19.

• 25% (up to $10,000) of the loan proceeds is eligible for complete forgiveness if loan is repaid on or before December 31, 2022.

• If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with a fixed interest rate of 5% per annum.

 

 

How does the CEBA loan work?

• The loan will be funded as a term loan (up to $40,000), 0% interest and no payments until December 31, 2022.

• No interest will apply until January 1, 2023.

• Beginning January 1, 2023, interest accrues on the balance of the term loan at a fixed rate of 5% per annum, payable monthly on the last day of the month.

• If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven.  For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.

• If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

 

 

Access the Online Application Here

Prince Edward Island Fish Emergency Loan
Supporting Island Fisheries with the Prince Edward Island Fish Emergency Loan.

The Government of PEI recently announced that it will be providing targeted financial support to fisheries and aquaculture operators on the Island who have been negatively impacted by COVID-19. Eligible and qualifying businesses will receive up to $25,000 in loans for financial support to make it through the season.

What is the Prince Edward Island Fish Emergency Loan (PEIFEL)?
The Prince Edward Island Fish Emergency Loan details are as follows:

• PEIFEL is a term loan up to $25,000  to help eligible businesses in the fisheries and aquaculture sector to assist their business through the season

• The PEIFEL will have a 4.00% interest rate over 5 years

• The principal payments will be deferred for the first 18 months

• The Department of Fisheries and Communities will pay interest on behalf of the borrower for the first 18 months

Do I Qualify and How Do I Apply?

Normal lending qualifications will apply to the PEIFEL your application will be reviewed by a commercial lending specialist once you complete the Online form below and you will be contacted within two business days on the next steps.

Please read the following terms and conditions carefully.

 

PURPOSE: Working Capital Loan pursuant to the Fisheries Assistance Loan Program, (FALP), to assist Fishers that have been negatively impacted by COVID-19.

 

TERM: The Loan has a term of five (5) years from the date of first disbursement. Interest payments on loans through this program will be made on behalf of the borrower from the Department of Fisheries and Communities for a period of 18 months from the 1st disbursement. Principal deferrals to match the same 18-month period will be applied If any portion of the Loan remains outstanding at maturity, the Loan, and any unpaid accrued interest, shall be immediately due and payable in full;

 

INTEREST RATE: Fixed at a rate of 4% for a term of 60 months. Interest is calculated daily, commencing on first disbursement; and paid monthly.

 

REPAYMENT: During the time period from approval through the first 18 months after 1st disbursement:

 

a) Interest shall accrue at the aforesaid rate of four (4%) per annum and be paid for on your behalf by the Department of Fisheries and Communities directly to the credit union;

 

b) Principal payments shall be deferred for the same 18-month period after 1st disbursement;

 

and

 

Commencing 19 months after the date of first disbursement, the Loan balance shall be repaid in equal monthly blended principal and interest installments. The balance of the said principal sum and interest thereon shall be due and payable 60 months after the date of first disbursement.

 

OAC: The Loan is granted to eligible Fishers on approved credit only.

Terms & Conditions
Online Application Form
Apply now for the PEI FIsh Emergency Loan Program.
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Government Relief
Information

Many Atlantic Canadians, including businesses, have been heavily impacted by the economic implications of COVID-19.

 

Numerous federal and provincial support programs have been announced in the past few weeks, but with so much information online, it can be hard to keep track of which programs are available and the eligibility requirements.

 

Canadian Credit Union Association (CCUA) has compiled a list of both federal and provincial resources to help you navigate the COVID-19 outbreak.

Branch 
Information
We're still open for business, it just looks a little different

The health and safety of our people, members and visitors is our top priority. For everyone’s safety, we kindly ask that you avoid visiting branches at this time. We would be pleased to connect with you by email, phone or video conference. Thank you for your understanding and cooperation.

 

We are also taking additional precautions to keep our branches clean including implementing deeper cleaning procedures and are in the process of providing additional hand sanitizers.

 

Branches will be limiting the number of members allowed into the branch to two to five (2-5) members at a time. To ensure social distancing practices are being met, tape will be placed on the floor at the 2-meter distance required. This is in accordance with the provincial order limiting no more than five people to gather in one location.

 

We are actively monitoring the situation and continue to explore measures to ensure the safety and well-being of our members and staff. We will adjust operations as required based on guidance from public health authorities and do our best to keep you informed.

 

Consolidated Credit Union

Consolidated Main Office: 902-436-9218
Consolidated Drive Thru: 902-888-5537

 

Evangeline Central Credit Union

O'Leary Phone Number: 902-859-2266
Evangeline Phone Number: 902-854-2595
Tyne Valley Phone Number: 902-831-2900


Malpeque Bay Credit Union
Main Office: 902-836-3030

Morell Credit Union
Main Phone Number: 902-961-2735

 

Provincial Credit Union
Stella Maris Phone Number: 902-963-2543
Charlottetown/Provincial Phone Number: 902-892-4107
Montague Phone Number: 902-838-3636
Stratford Phone Number: 902-569-6900
Provincial Credit Union is also available via email info2@provincialcu.com .


Souris Credit Union

Main Phone Number: 902-687-2721

 

Tignish Credit Union
Tignish Main Phone Number: 902-882-2303

Business Line: 902-882-4185
Alberton:902-853-4112

Branch contact information
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Frequently
Asked Questions
What are PEI Credit Union doing to keep members and staff safe? I have an appointment scheduled. What should I do? How do I do my banking if I don’t want to leave my home or my branch has been closed? Where can I download the mobile App?

The health and safety of our people, members and visitors is our top priority. For everyone’s safety, we kindly ask that you avoid visiting branches at this time. We would be pleased to connect with you by email, phone or video conference. Thank you for your understanding and cooperation.

 

We are also taking additional precautions to keep our branches clean including implementing deeper cleaning procedures and are in the process of providing additional hand sanitizers.

 

Branches will be limiting the number of members allowed into the branch to two to five (2-5) members at a time. To ensure social distancing practices are being met, tape will be placed on the floor at the 2-meter distance required. This is in accordance with the provincial order limiting no more than five people to gather in one location.

 

We are actively monitoring the situation and continue to explore measures to ensure the safety and well-being of our members and staff. We will adjust operations as required based on guidance from public health authorities and do our best to keep you informed.

 

 

A member of our team will reach out prior to your appointment to conduct an interview via phone to ensure as much of the process can happen without direct person to person contact. Should it be determined you require an appointment one will be booked, and we will be maintaining social distancing protocol.

 

Our staff will be following a stringent ID process to ensure you are protected. They will be asking you questions to verify your identity and ensuring your contact information is up to date when you book an appointment to ensure we have the best way to contact you

 

 

Members have the option to conduct their daily banking with access online and mobile banking available 24/7. We have Teleservice telephone banking available 24/7, and you can speak to a local staff member during our new business hours listed on each credit union website.

• Online banking

• Telephone Banking

   o Toll-free in North America at 1-800-963-4848

   o Outside of North America at 1-902-493-4800

 

▪ Account Inquiries – from main menu, press #1

• Deposit account balances (#1)

• Deposit activity (#2)

• Look for a specific amount (#3)

• Specific cheque number inquiry (#4)

• Loan/mortgage balance (#5)

• Mastercard credit card balance (#6)

▪ Perform Financial Transactions – from main menu, press #2

• Transfer from deposit account to deposit account (#1)

• Transfer to loan/mortgage from account (#2)

• Bill payments (#3)

 

 

 

• Apple App Store for iOs devices

• Android Play store for Android

 

 

A notice will be posted on our website and on each branch door. You can also visit our social media channels for the latest information regarding closures.

 

Click to visit our Facebook page to stay current with the most up to date information.

 

 

 

How will I know if my branch has been temporarily closed? What should I do if I am experiencing financial difficulties as a result of COVID-19?

To support our members, we are offering a payment relief program. This program is tailored to meet the individual needs of our personal and business members who have been financially impacted by COVID-19. The program includes:

o Deferral of payments on residential mortgages for up to six-months.

o Deferral of payments for personal term loans for up to six-months.

o Business members may be eligible for a deferral on their line of credit, loan and mortgage payments for up to six-months.

 

• If you are not out of work or have had a substantial income interruption as a direct result of COVID-19, please reach out to your Credit Union.

I can’t get through to the Credit Union when I call/ The wait time when calling the Credit Union is taking longer than normal.

Due to an increase in COVID-19 related questions, you may experience longer than normal wait times when calling our Member Advice Centre. We want you to know that we are making extra staff available and are working hard to support you and the communities we serve through this difficult time.

 

Due to higher than normal call volumes, you may wish to leave a message. Your call will be returned before the end of the day. Please ensure that you do not leave any sensitive information in your message, your name and telephone number is sufficient.

 

 

I’m a senior and worried about access to my Canada Pension Plan and Old Age Security payments. What should I do?

We will continue to support you and help you access your funds. Here is how we are helping our senior members.

 

For your safety, we recommend conducting your daily banking from home if at all possible.

 

Please contact a member of our team by phone, they will walk you through using our online and telephone banking services. Our team can also assist you with your banking needs including balance inquiries, transfers, bill payments and more.

 

Due to higher than normal call volumes, you may wish to leave a message. But rest assured, your call will be returned before the end of the day.

 

Please call your local Credit Union.

 

Our ATMs are available for 24/7 to conduct your daily banking including deposits, withdrawals, bill payments and viewing account balances.

 

 

I have questions about travel I booked using my PEI Credit Union (Collabria) Credit Card?

Please contact Desjardins Financial Security Life Assurance Company directly to learn how they can help.

 

 

PEI Credit Union remains committed to protecting our members from fraud. We will never send emails or call members asking for confidential information such as your login information, password, PIN, access code, account number or credit card numbers or expiry dates.

 

It is important that you:

Do not respond to unsolicited emails, text messages, websites or pop-up windows that request personal or confidential information.

 

Do not open attachments or click hyperlinks in emails or text messages sent to you by someone you don’t know or recognize or seem out of character for how they normally communicate.

Do not share personal information via these channels.

Remeber, Lock'N;Block is available to help protect you from fraud:

Lock’N’Block allows you to lock and unlock your debit card from being used or block specific transactions from taking place. This can be done through online banking or the mobile app.

 

 

How do I protect myself from fraud?

The Government of Canada recently announced that it will be providing the Canada Emergency Business Account to support Canadian businesses that have been adversely affected by COVID-19. Eligible businesses will receive a $40,000 line of credit loan for immediate financial support to cover short term operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.

 

Click here to learn more about the Canada Emergency Business Account.

What is the Canada Emergency Business Account?
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We're here to help you get through the tough times.

Credit Unions have always been there to help members through challenging times and this commitment will continue throughout this crisis and beyond.

© 2019 PEI Credit Unions. All Rights Reserved