FAQs

What are the deposit rates?

Sunrise Credit Union rates depend on the type of product you invest in and the duration of the investment.  Click here to view our current rates or here for information on our Wealth Management partners.

All deposits in any Manitoba Credit Union are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.  The Deposit Guarantee Corporation of Manitoba ensures that credit unions and caisses populaires operate under sound business practices and maintain quality assets, thereby minimizing the risk of loss. Legislation requires credit unions and caisses populaires to maintain minimum levels of capital and liquidity. The Deposit Guarantee Corporation of Manitoba maintains a fund to 100% guarantee deposits without limit. Credit unions and caisses populaires pay a quarterly assessment to maintain the fund at an acceptable level.

This fund is different than federally regulated banks that are covered up to a maximum of $100,000 through the Canada Deposit Insurance Corporation (CDIC).

Do you have a product that offers better interest than savings but is not locked in long term?

Sunrise Credit Union has a variety of accounts that offer competitive interest rates, including term deposits.  Term deposits are short-term with maturities ranging anywhere from a month to a few years. When you purchase a term deposit the money can only be withdrawn after the term has ended or by giving a predetermined number of days’ notice.
Term deposits are an extremely safe investment and are therefore very appealing to conservative, low-risk investors. By having the money tied up you'll generally get a higher rate with a term deposit compared with a demand deposit. Speak with your Member Service Representative to learn more.

Why do we have a hold on our ATM deposit?   

"Holding funds" means that when you make a deposit through the ATM, you may not be able to access the full amount of the funds from that deposit immediately.

The reason we have a hold funds policy is that a cheque is not the same as cash - it is a promise to pay by one party to another party. If the first party doesn't have sufficient funds in their account at another financial institution, or if the cheque is fraudulent, that other financial institution can refuse to pay the item and return it unpaid to us. A hold period allows sufficient time for us to verify that the promise to pay can be carried out, i.e. that funds will be available from the other financial institution to pay the item.

However, cheque cashing is essentially a credit decision - if we credit your account right away with the full amount of the cheque, we are granting you credit for that amount until we can verify that the promise to pay can be carried out. If the promise to pay is broken, we will need to recover the funds from you, as we would for any other loan given to you.

Because it is a credit decision, our hold funds policy is applied differently for each member. We will assess your credit in setting your deposit hold limits, by considering several factors including your credit history with us and with other financial institutions, the length of time you have banked with us, and the current status of your existing accounts with us. We will review and may adjust your deposit hold limits from time to time.

How long is the hold on for?

If you have not requested a reassessment of your credit, holds are in place for 5 days unless the deposit can be verified by our staff earlier.

What kind of account packages do you have?

Sunrise Credit Union has a variety of account packages. Determining the best account package for you depends on a number of factors like how often you use your MemberDirect card, how many cheques you write each month, if you pay bills online, etc.  There are even special accounts for seniors, youth under 19, students attending post-secondary and non-profits. Stop by your local branch or call your  Member Service Representative.  Your Member Service Representative can look at the history of your account and make a recommendation that can save you money and help you get the most out of your Credit Union membership.

What information do I need to have funds deposited or withdrawn externally from my account?

You will need the 5 digit transit number, the 3 digit institution number (879 is Manitoba Credit Unions), and your 12 digit account number.  This information is found on the bottom of your cheques or contact your branch for a copy of your information.

What is the interest rate on my account?

Your interest rate is available on your monthly statement.  Statements are available online through MemberDirect or contact your branch for information on your accounts.

What are the daily limits on e-Transfers?

E-Transfers are currently only available in CAD funds.
Sending maximum limits are:
Per transaction - $3,000
Per week - $10,000
Per month - $20,000

How do e-Transfers work?

INTERAC e-Transfers† are an easy, effective way to send money online!  All you need is a bank account set up for online banking, and an email address.
1.    Log into Sunrise Credit Union Internet Banking and navigate to the “Transfers” screen.
2.    Set up your sender profile and add your recipient and make sure to create a Security Question that only your recipient knows the answer to.
3.    Choose how to notify your recipient, the amount you wish to send and which account the funds will be transferred from. You can also choose to send a special message or memo to your recipient.
4.    Send! The funds are debited from your account immediately.
5.    Your recipient will receive notification that you have sent them an INTERAC e-Transfer, and will follow the links provided in the email or text message to deposit their funds.
6.    Once they have answered the security question correctly, they can deposit the funds immediately! No holds, no hassle!
7.    If your recipient’s Financial Institution does not subscribe to INTERAC’S e-Transfer service, it’s no problem! They can still receive their funds by following the link to INTERAC’s site, at which time you will be asked to create or log into your existing INTERAC account.
8.    Once logged in, INTERAC will proceed to deposit the transfer into your chequing or savings account (which usually takes 3-5 business days). For non-participating financial institution deposits, a $4.00 service fee will be deducted from the transfer amount.

Can I send an e-Transfer internationally?

At this time, e-Transfers are for use in Canada only.

What information do I need when sending a wire?

When sending a wire, the following information is required:
1.    Transfer amount
2.    Currency type
3.    Sender information: Financial Institution name, address, transit number, Your name, address & account number
4.    Beneficiary information:  The name, address, telephone number and transit number of the Financial Institution that will be receiving the wire as well as the name, address and account number or IBAN of the Beneficiary
5.    Other information may be required and your branch can help you with this

Do you offer credit cards?  What type?  How do I apply?

Yes, we offer MasterCards with a wide variety of options to suit your needs.  To apply, visit your branch or click here to apply for your credit card online.

How much money do I need for a down payment for a house?

A minimum of 5% of the purchase price of the home is required. When a home is purchased with a down payment between 5% and 20% of the purchase price, this is referred to as a “high ratio” mortgage. These mortgages were introduced through the National Housing Act in order to assist more Canadians in owning their own home. This privilege carries with it a premium (insurance coverage for lender). However, this cost can be added to the amount of the mortgage so it is not necessary to come up with the extra cash at the time of purchase. Sunrise Credit Union uses both Genworth and Canada Mortgage & Housing Corporation (CMHC) for insurance. Each insurance provider has unique benefits to you, the borrower, so please discuss the options with your Sunrise Credit Union Loan Officer.

What should you bring with you to apply for a mortgage or loan?

•    CRA issued Notice of Assessments from the past two years
•    2-3 of your most recent pay stubs
•    List of current assets
•    List of current liabilities
 
If you have a specific property that you are interested in purchasing, please also bring:
•    Annual property tax amount
•    Monthly heating costs
•    Age of home
•    Square footage of home
•    Garage size

Can I pay my mortgage off faster?

We are pleased to offer the Membership:
- 20% prepayment privilege once per year on closed variable rate mortgages. With this member privilege, you can double your payment monthly anytime you want over and above the 20%*
- 10% prepayment privilege on all fixed rate mortgages*
*Some conditions do apply

To start your mortgage application today, contact any one of our 14 branches.

How can I get preapproved for a mortgage?

The pre-approval process for a mortgage is relatively simple.  At the pre-approval appointment, you should bring your last 3 pay stubs, last 2 years of income tax or notice of assessment, personal information (full legal name, birthdate, social insurance number & current address as well as a list of assets and liabilities.  From there we look at your credit score, what size of payment you will be able to afford and requirements for down payment and closing costs.  After we have determined the amount that you are eligible for pre-approval, you can go out find the home of your dreams, put in an offer ‘subject to approved financing’ and go through the final steps of a complete approval.

Why do I have to have limits on my MemberCard use?

Card limits are a security feature to protect your funds in the event your MemberCard/PIN falls into the wrong hands.  While your MemberCard has several security features including Chip technology, these do not completely eliminate risk.  To mitigate the potential to be victimized by skimming or other types of card fraud, consumers can protect themselves by regularly changing their personal identification number (PIN) and reducing the use of swiping their magnetic stripes on their cards. Also, if a point-of-sale or ATM device appears to have been tampered with, the best advice is to avoid using it.

Did you know…..?

When you use your Sunrise Credit Union MEMBER CARD® Debit Card for an Interac† Direct Payment purchase, you’re protected with the following benefits:

Buyer Protection

This coverage offers protection on the purchase of most retail items – and that includes gifts!  For a full 120 days after the purchase, the item is protected if it’s stolen, dropped and broken or even consumed in a fire.  For example, if you’re wrapping that new camera and it suddenly falls and breaks on the floor, you’re protected!  Valid claims will be satisfied either by replacing the stolen or damaged item, or by a cash payment in an amount not to exceed the amount of the total purchase price.

Extended Warranty

The Program doubles the warranty period of a purchased item up to two years, as long as the manufacturer’s warranty is valid in Canada for five years or less. For example, when you purchase a DVD or Blu-ray player, the manufacturer would typically offer a one-year warranty. But if you use your Sunrise Credit Union MEMBER CARD® Debit Card for the purchase, the player would be protected under the terms of the original warranty for an additional one year period.

What if I want to purchase something over my MemberCard limit and Sunrise Credit Union is closed?

POS purchase is a maximum $1000 per day but if you are a new member or received a new card since Oct 2014 your maximum POS for the day is $1500.  ATM cash withdrawal per day is $300 but if you are a new member or received a new card since Oct 2014 your maximum will be $500 per day.

Can we use our MemberCards down in the states or internationally?

Your MemberCards will work in the states and internationally on ATM machines compatible with Cirrus, Maestro, AccuLink and Interac – just look for these symbols on the back of your card and watch for corresponding ones on the machines you are using when travelling.
In an effort to reduce any card fraud that may occur from international locations, it is always good practice to let Sunrise Credit Union know when you are leaving and where you are going.  Sunrise Credit Union is vigilant on reducing any possible fraud risk to our members and stays up to date on which regions of the world card fraud is taking place in.  When we learn that you are travelling to a region of the world where fraudulent transactions are taking place, we can take steps to mitigate your risk.  Contact your local branch here.

Does the Sunrise Credit Union have a smart phone App?

Sunrise Credit Union launched Sunrise Lite – its mobile banking app – during the summer of 2015.  Download the app here.

Why do I have to show ID to open an account when you know who I am?

Financial institutions in Canada are legislated by external government bodies to follow stringent rules on account opening.  This is a security feature for members as they can be certain that accounts are not being opened in their name by someone else.

What do I need to open a new account?

To open an account at Sunrise Credit Union, you need to provide your name, address, date of birth, SIN, occupation and two pieces of ID.   One form of ID needs to be a photo ID (for example driver’s license or passports). For students, school photo IDs will work.

This is just an organization account, we don’t have titles.  Why do you need minutes to open the account?

Financial institutions in Canada are legislated by external government bodies to follow stringent rules on account opening.  This is a security feature for members as they can be certain that accounts are not being opened in their name by someone else.

Why is your website so slow?

Numerous factors affect website speed including your service provider.  Try deleting your cookies and account history.

Why can’t I access my banking information on-line?

Please contact your branch and they will review your online banking information to solve any problems you may be having.

Can I set myself up for online banking?

You will need a Personal Access Code (PAC) to set up your online account with Sunrise Credit Union. To obtain your PAC, please contact your nearest Sunrise Credit Union branch.

What are the advantages of online banking? What things can I do online?

Online banking at Sunrise Credit Union is available 24/7.  You can see account balances, transaction history and statements, pay bills, set up scheduled payments, send and receive e-transfers, change account descriptions, order cheques, etc.

Why does Sunrise Credit Union require new identification for existing members?

Financial institutions in Canada are legislated by external government bodies to follow stringent rules on account opening.  This is a security feature for members so they can be certain that accounts are not being opened in their name by someone else.

Can I change the PIN on my MemberCard?

Yes, you can change your PIN at any credit union ATM or in person at your branch.

Why are we not able to make loan payments online when we can see it online?

At this point it is only our branch staff that can apply your extra payments towards interest and/or principal. Also, when an extra payment is made, the length of the loan may change. Please contact your branch to make additional or unscheduled loan payments.  

Where can I find a list of your service charges?

For services that you use outside of your package account, additional fees may apply. Please contact your local branch or click here to view a menu of Service Fee options.

Why am I being charged Service Charges?

Members who prefer ‘pay-as-you-go’ or a la carte options are charged a variety of Fees depending on the services they use each month. The most cost-effective method for day-to-day banking is to select a package account where you will pay one flat fee per month and have access to multiple transactions.  Please contact your branch and they will review your account to determine the best option for you.

Can I pay my employees through my Credit Union if they do not bank there?

Absolutely!  Sunrise Credit Union uses Customer Automated Funds Transfer (CAFT), a web-based solution that allows employers to initiate direct deposits as well as collect payment of funds efficiently and safely. CAFT is compatible with most accounting software and provides the option to enter data manually online.

The transfer of funds will take place automatically on a pre-determined date. The following automated transfers are commonly processed using CAFT:

•    Payroll
•    Accounts Payable Items
•    Loans/Mortgages
•    Accounts Receivables
•    Strata/Condo Fees
•    Donations/Pledges
•    Utility Bills
•    Business/Property Taxes

Choose Options to Fit Your Needs

CAFT offers important features including online help, audit trail and email notification as well as the following:

•    Reporting
•    Flexible user permissions
•    Transaction & file limits
•    Multiple payment frequency
•    Automatic due date advancement
•    History file viewing
•    Flexible search criteria
•    Training and support are available

And all of this is easy to set up! Contact your local Sunrise Credit Union branch today!

Can I set up my bills to come directly out of my account?

Yes, you can set up your bills to come directly out of your account through online banking.  In addition to this, you can also set up future payment dates so that the process becomes automatic. If you require help setting this up, contact your local Sunrise Credit Union branch today.

Which ATM’s can I use without getting a charge?

Sunrise Credit Union members pay no surcharge fees at thousands of credit union and other participating ATMs across Canada. It’s a network of ATMs that’s bigger than most banks and it’s all ding free!  Download the ATM locator app here.

How much do cheques cost?

Cheques can be printed in all of our branches.  Various quantities can be printed and prices are based on number of cheques.  Please contact your branch for complete details.

Can I pay the government with online banking?

Yes - To file or remit payments to the CRA, you must first add them as a Payee to the account(s) you wish the payment to come out of. Once added, you will have the option to File or Remit, View Payment/Filing History, and Delete your account. For every filing and remittance we will transmit your information to the Canada Revenue Agency on your behalf.

Do you still accept pennies?

Yes – pennies are still accepted as legal tender.  Most businesses in Canada have stopped using the penny when giving out change as the mint is no longer producing pennies and there is less in circulation.

Do you have an ATM?

Yes – at 13 locations – Baldur, Boissevain, Brandon, Cypress River, Deloraine, Hartney, Holland, Melita, Reston, Sandy Lake, Treherne, Virden and Waskada.

Are my funds covered if my online banking system gets hacked?

In the majority of cases, your funds are covered if your online banking system gets hacked.  

How secure is online banking?

In addition to several security features in place to protect the member and their banking information, Direct Alerts is another proactive measure that Sunrise Credit Union encourages its members to use.

When you register for Sunrise Credit Union Direct Alerts, you will be notified by text and/or email when important changes have been made to your Internet Banking information.  These alerts add additional protection to allow you to identify and report potential fraudulent activity as soon as it.

For more information on protecting yourself against fraud using Direct Alerts click here.

Where do I call if I can’t get on-line after Sunrise Credit Union is closed or on the weekend?

There is a technical support line that can be reached at 1-888-273-3488
Click on the Sunrise Credit Union MemberDirect Link on our website.  On the left hand side of the screen there is a Help Button.

What are your hours of operation?

9 a.m to 5 p.m. Monday through Friday.  Minto Branch Tuesday and Friday from 9 a.m. to 1 p.m. Visit here for more information.

How is the easiest way to transfer money to someone else’s account, that does not bank at the same institution as myself?

If you both bank in Canada, INTERAC e-Transfers are the easiest, quickest and inexpensive. Sending a Wire Transfer is another option.

Who can contribute to a Tax Free Savings?

You must be at least 18, have a social insurance number and be Canadian.  To learn more about Tax Free Savings Accounts click here.

How much can I contribute to my RRSP?

Information on RRSP Contribution limits is available on your Notice of Assessment from CRA.  CRA also has an online site and is available by calling 1-800-267-6999

Do you have special accounts for young members?

We do have special bank accounts for students and other young members. Some of these even offer bonus interest rates.  Please contact your closest branch for more information.

How do student lines of credit work?  Do I have to reapply every year?

Unlike a traditional student loan, where you borrow all the money up-front, the Sunrise Credit Union StudentLine is a revolving credit line designed specifically to assist students with financing their post-secondary education. Students can use all or just a portion of the funds in their credit line at any time—and can reuse it as soon as the borrowed funds have beenyou repay what you've borrowed. This makes it easier to manage your debt and can even help reduce your interest costs!

Some featured highlights of the Student Loan Program include:

•    A maximum of $15,000 available per year
•    Interest rate:  Sunrise Credit Union offers Students a highly competitive interest rate of Prime while they are attending school as well as for six (6) months following graduation. While attending school, the interest must be paid monthly
•    Easy to repay: can take up to ten (10) years to repay after graduation and can be repaid at any time without penalty

What are your interest rates on investments? Loans?

Your interest rate is available on your monthly statement.  Statements are available online through MemberDirect or contact your branch for information on your accounts.  To review current interest rates, click here.

What kind of investments do you offer?

At each of our 14 locations in Southern Manitoba, Sunrise Credit Union offers a full range of investments products like: RDSPs, Preferred Shares, RRSPs, TFSAs, Term Deposits/GICs, RRIFs, LIRAs and RESPs.  

At times however, personal circumstances require a more thorough analysis beyond the services, products and advice available within our branches. For those members seeking advice for more advanced strategic, succession or transition planning and investments, Sunrise has aligned with a team of industry professionals, each of which brings a unique set of skills to the table. Partnering with our wealth management team has been a huge success, providing Sunrise members access to financial planning and wealth management services. Together, we build on a foundation of trust with the goal of serving our members for generations to come. Visit any of our Financial Planning partners at 2800 Victoria Avenue in Brandon, MB or call direct at any of the numbers below.

Brugger Wealth Management, 204-571-5300
Pillar Wealth Management, 204-727-7746
Gray Asset Management, 204-571-3700

What is the difference between a Term/TFSA/RRSP/RRIF?

The main difference in these products is how and when the funds are taxed and how the information is reported to CRA.

Term Deposit / GICs

Term Deposits and Guaranteed Investment Certificates (GICs) are a safe way to save money because your initial investment (principal) is protected. And depending on the type of GIC you choose, you may earn a guaranteed rate of return for the term of your investment. All deposits and interest are 100% guaranteed without limit through the Deposit Guarantee Corporation of Manitoba and current interest rates can be found here.

Tax Free Savings Account (TFSA)

This is a flexible savings account that allows Canadians 18 and older to save for any purpose and withdrawals are tax free. Investment income, including capital gains and dividends earned in a TFSA is not taxed, even when withdrawn. Contributions to a TFSA are not deductible for income tax purposes, unlike contributions to RRSPs. In recognition of the fact that people are likely to have multiple savings objectives at various stages of their lives - e.g. vacation, wedding, car, home or cottage - the full amount of withdrawals may be re-contributed to a TFSA starting the following year, to ensure that there is no loss in a person’s total savings. TFSAs keep you in control for short AND long-term needs.

RRSP (Registered Retirement Savings Plan)

This is a savings account set up primarily for retirement savings. Contributions to a RRSP are generally tax deductible but withdrawals are taxed at your normal income tax rates. There are additional restrictions to how you can withdraw funds from this type of account. This government sponsored financial planning program allows Canadian residents to contribute 18% of their previous years earned income. If you have a company pension plan this may reduce your maximum annual contributions by what is called a "pension adjustment".

RRIF (Registered Retirement Income Fund)

When the time is right and you are ready to retire, you may wish to consider rolling your RRSP into a Registered Retirement Income Fund (RRIF) which will result in a regular income flow for you. While your RRIF withdrawals are taxable, the principal remains tax sheltered and you can continue to manage your investment as you choose.

How much am I able to contribute to my Tax Free Savings Account (TFSA)?

The amount you can contribute to a TFSA is based on your “TFSA Contribution Room” and it is recommended that you visit Canada Revenue Agency’s website to obtain the most up-to-date information

 

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