The Lucknow Sentinel, 1987-04-29, Page 3Ripley residents in favor
of Credit Union study
Ripley residents voted in favour of asking
the HEPCOE Credit Union to do a feasibility
study to determine whether their village
could support a credit union as an alter-
native financial centre in the village.
Eighty-six voted in favor with six opposed at
the public meeting Apr. 14.
A public meeting last month voted in
favor of looking into the possibility of luring
a credit union or trust company to the
village following ardent assurances by
Royal Bank officials that twinning the
Ripley branch with the Kincardine branch
of the Royal Bank would not result in a boss
of service or the closure of the bank in
Ripley.
Bob Thompson, chairman of the commit-
tee organized to conduct the search for an
alternative financial institution, told the
meeting the committee had looked into the
possiblity of Ripley starting its own credit
union and asked the LEAD (Local Employ-
ment Assistance and Development) cor-
poration for assistance.
They also asked Clinton Credit Union if it
was interested in locating in Ripley but they
declined saying they were not ready to ex-
pand at this time.
Services of HEPCOE outlined
The committee asked Carole Enright,
manager of the HEPCOE Credit Union in
Kincardine to attend the meeting to outline
the services available from HEPCOE, the
Hydro Electric Power Commission of On-
tario Employees credit union.
Ms. Enright told the meeting a $5
membership makes an individual eligible to
use any or all of the services provided by the
credit union. Policies are guided by an
elected board of directors and implemented
by management at the head office in
Toronto.
Deposits are insured to a maximum of
$60,000 and there are service charges of 30
cents a cheque and a 50 cent monthly mail-
ing charge.
Interest rates are fully competitive with
any bank or trust company and there are a
variety, of Personal loans available with free
life insurance, she said.
Once interest rates are established for a
particular type of loan, everyone approved
for that type of loan pays the same rate of
interest.
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Weekly mortgage payments and over-
draft protection with interest rates lower
than bank or credit card rates are also
available, said Ms. Enright.
Master Card credit has recently been
made available to HEPCOE members at an
interest rate of 18.3 per cent. Master Card
has no user fees and if the monthly balance
is paid within 22 days, there is no interest
charge, she said.
Business accounts are not yet available
but they will be introduced sometime this
year. In the meantime anyone operating a
small business could obtain a personal loan
or a personal line of credit. The limit on a
personal loan is a maximum of $75,000 and
the limit on a line of credit is a maximum of
$20,000 provided they qualify.
A seniors' plan which eliminates service
charges for seniors will also be im-
plemented this year, said Ms. Enright.
Residents want a manager in Ripley
In response to a question from the
meeting asking whether a HEPCOE Credit
Union in Ripley would be a full service or
parttime branch, Ms. Enright replied, "You
have indicated you want a manager in
Ripley and that's the way it would be ap-
poroached." Her remarks drew applause
from the crowd.
Part of the twinning process will see the
Ripley Royal Bank manager transferred to
Kincardine.
Answering another question, Ms. Enright
said personal loans can be approved by the
credit manager at the head office in Toronto
with a turn around time of 24 hours. Mor-
tgages can be approved by the manager to a
limit of $250,000 and personal loans to a limit
of $75,000.
If the credit union is in a profit position,
profit is directed to the members in some
fashion through lower interest rates on
loans or a rebate on loans, she said.
Ms. Enright told the meeting HEPCOE
would determine whether Ripley could sup-
port a credit union based on two factors, a
strong demand which was demonstrated by
the vote at the meeting and a feasibility
study to determine the interest ih the
community.
She advised the meeting to request
whether HEPCOE is interested in opening a
Turn to page 18
Lucknow Sentinel, Wednesday, April 29, 1987—Page 3
114th Anhual Service
LUCKNOW
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