Statement
of Purpose

Statement of Purpose




Community Savings collects, uses, and discloses your personal information for the following purposes:


  • to provide and administer your accounts and loans and other financial products and services that you request, including:

    • giving you account statements so you can verify your balances, transactions, and other information;

    • providing regular updates to credit reporting agencies; and

    • providing information to third party suppliers of products and services, such as cheque printers, card manufacturers, and data service providers

  • to protect you or the Credit Union or other persons from fraud and error, such as identity theft; to identify you and make sure your records are kept separate from others; to verify information collected from you with the credit reporting agencies and others, and to verify information provided by third parties

  • to collect debts owed to the Credit Union; to enforce an agreement between you and the Credit Union; to insure or otherwise protect security held by the Credit Union, and to realize on security held by the Credit Union

  • to comply with the law and regulatory requirements, including sending you information about member general meetings and elections of directors, collecting and disclosing information in accordance with criminal and money laundering laws and regulations, and providing you with the cost of credit disclosure statements

  • to manage or transfer assets or liabilities of the Credit Union, such as in the case of acquisitions and mergers, loan syndications, loans securitizations, and sales of mortgages

  • to understand your needs and to determine the suitability of products and services for you; to determine your eligibility for other products and services

  • to provide you with information about Credit Union products and services and special promotions; to enable Credit Union affiliates and other carefully selected organizations to send you information about products and services; to analyze your information for marketing purposes, including developing and enhancing products and services for our members, ensuring a high standard of service, and conducting surveys

  • to send you financial information, the Credit Union newsletter, and information about Credit Union activities and events.


The Credit Union may disclose your information:


  • to suppliers of products and services to you or the Credit Union, including data service providers, cheque printers, card manufacturers, affiliates of the Credit Union, provincial or national central credit unions, and trade associations in connection with providing and administering your accounts and loans and other financial products and services you request

  • to participants in the payment and clearing systems in connection with providing you with products and services and to other financial institutions that you request pay cheques drawn on the Credit Union

  • to credit reporting agencies and to other financial institutions to update your credit information and maintain the integrity of the credit reporting system

  • to lawyers, notaries public, appraisers, accountants, and other professionals and consultants in connection with processing and administering products and services provided to you

  • to market research firms for purposes of analysis and conducting surveys

  • to our affiliates and other carefully selected organizations for the purpose of enabling them to give you information about products and services that may be of interest to you

  • to bailiffs, collection agencies, lawyers, and others when collecting a debt owed to the Credit Union, enforcing an agreement between you and the Credit Union, insuring or otherwise protecting the Credit Union’s interest in security held by the Credit Union, or realizing on security held by the Credit Union

  • to other organizations in connection with a merger or a sale of some or all of the Credit Union’s assets

  • as required or authorized by law.


If you have a joint account with the Credit Union, your personal information, including information in connection with products and services provided to you individually under the same number as the joint account, may be disclosed to all joint tenants of the joint account.