Banking System Upgrade – Current Status

Issues Being Resolved

Since our conversion last month, we now have most of the functionality working as normal. Minor adjustments are continuing to be made to improve your experience. We will keep you up to date on these changes.

If you have a sole proprietorship, your business accounts will appear with your personal accounts in one place. Log in using your personal online banking credentials to see your personal accounts and those of your sole proprietorship.

Account Display – What to Expect

For personal account holders, one debit card will log you in to all connected accounts (whether you are a joint account holder, a power of attorney holder, an in-trust representative, or are in any other legal relationship). Members no longer need to share debit cards for internet banking login purposes. All members are encouraged to use their own unique debit cards to log in to avoid unintentionally sharing information.

We’re upgrading our banking system behind the scenes to give you a smoother, more secure, more reliable experience going forward. This summary highlights changes that you will notice while working with BCU, so there are no surprises. The transition will impact the following services:

Online, mobile and telephone banking

We’ve completed an update to our online banking system. To ensure everything continues working smoothly, a few items need to be re‑entered in online banking.

• You will be prompted to update your Interac e‑Transfer profile the first time you are sending or receiving a transaction.
• You will also need to:
  • Re-register for Interac e-Transfer automatic deposits that you may have had set up;
  • Re‑enter your e‑Transfer contacts that you may have had;
  • Re-enter any scheduled e-Transfers that you may have had.

 Business members:

• Business accounts may need to re‑add Canada Revenue Agency (CRA) accounts.
• Sole proprietors should log in through their personal profile to view business accounts until further notice.

Account naming & account display changes

Account names will look a little different in statements, online and mobile banking as we standardize product labels. For example, the Link Savings Account will now be called HISA – High Interest Savings Account, and you will see other new account names, e.g. TFSA, FHSA, RRSP, RRIF. Accounts will also be organized in a more member-friendly way. You’ll see clearer, more detailed product descriptions and account names, but your accounts and balances are not changing.

Statements & eStatements layout changes

Statement layout and how information is grouped will look different, and you will notice a new format as you review your accounts. For joint accounts, the joint owner’s name will appear within the account section, not in the address block.

Service charges & fee presentation

Fees will be applied in two ways: some will be charged as they occur, at the time of the transaction, while others will be grouped and posted at the end of the month.

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Help

For assistance, please contact our Member Services at 1-877-228-5465, [email protected] or your Financial Services Officer.

We apologize for any inconvenience and appreciate your patience during this critical transition. We will post updates to our website as we complete this system conversion.

BCU Financial has partnered with KarlaRent.com to help you establish and grow your credit score.

KarlaRent allows tenants to use their on-time rental payments to build credit via the Rent Reporting platform! The Federal Government has approved Rent Reporting. Like a Mortgage, Rent Payments will start counting towards your Credit Score! The KarlaRent platform also includes live credit score monitoring and financial literacy resources.

Easy Steps to Enroll:

1. Sign up for KarlaRent via bcu.karlarent.com
2. Pay your rent on time through your BCU Financial account
3. KarlaRent reports your on-time payments to the credit bureaus
4. Monitor your credit score online or through an app

Not a BCU member yet?
Become a member of BCU by opening an account at the nearest branch or online via apply.bcufinancial.com

At this early stage, your valuable feedback about the process and platform is very important, so please be generous in sharing it! If you experience any difficulties or have anything to comment on, don’t hesitate to reach out to [email protected].

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About KarlaRent.com

KarlaRent is dedicated to improving renters’ financial health. Founded in 2022, KarlaRent proudly serves over 150,000 renters across Canada and beyond. Karla provides members with the tools for every step of the rental journey, helping renters build credit and financial wellness.

Disclaimer: Credit building does not happen overnight. Maintaining consistent and timely payments is important to see credit score improvement. BCU Financial reserves the right to change, extend or withdraw this offer at any time. 

Following an extensive partner evaluation process, Buduchnist Credit Union has entered into a long-term licensing agreement with ASAPP Financial Technology. The agreement will see BCU Financial implement and leverage the full ASAPP OXP® | Omnichannel Experience Platform: account and lending origination for retail and business accounts, customer relationship management, enterprise content management, and the ASAPP OXP Opportunity Engine™.

BCU Financial, headquartered in Toronto, with seven locations across Southern Ontario will use ASAPP’s omnichannel capabilities to deliver engaging member experiences through in-branch, online, and mobile channels.

Damian Snih, BCU Financial’s Chief Executive Officer, said: “We’re excited to be working with the ASAPP team to implement their Platform as we transform and grow BCU Financial for the benefit of our members.”

Since 1952, Buduchnist Credit Union has become one of Ontario’s largest ethnic credit unions and a pillar of the Ukrainian Canadian community. Supporting the growing Ukrainian Canadian community has enabled BCU Financial to grow to nearly 20,000 members and $1.2 Billion in assets under management.

“The ASAPP Financial Technology team is proud to have been selected to help BCU Financial continue to grow credit union membership and support members as they originate new accounts, loans, and engage with the BCU team whenever and from wherever they choose”, noted Tony Dunham, ASAPP Financial Technology, Chief Revenue and Marketing Officer.

With the ASAPP OXP | Omnichannel Experience Platform, BCU Financial will be better equipped to tackle digital transformation challenges including managing rising technology costs through fewer vendor relationships, increasingly complex compliance and security requirements, and member omnichannel needs.

“BCU Financial emphasized the need to select a technology partner that could deliver a complete platform to meet our members’ and staff needs”, Damian Snih added. “ASAPP Financial Technology’s proven history of maintaining a stable, highly secure, and industry compliant platform, which operates across the channels our members use was also critical in our decision-making process.”

About ASAPP Financial Technology

ASAPP Financial Technology provides Customer Experience Software that supports regulated financial institutions as they Originate, Onboard, Understand, and Grow their Customer Relationships. In Canada, the ASAPP OXP® | Omnichannel Experience Platform has help over 50 Canadian credit unions create sustainable competitive advantages to compete against direct-to-consumer fintech solutions. In the United States, the bank.io OXP™ | Omnichannel Experience Platform delivers Origination and Engagement feature sets that leverage our experience gained supporting Canadian financial institutions, while delivering a solution that adapts to the challenges and opportunities for the US credit union and community bank markets.