PUBLISHER’S NOTE

Publisher, Etobicoke Lakeshore Press etobicokelakeshorepress@gmail.com www.EtobicokeLakeshorePress.com @etobicokelakeshorepress

Welcome to February’s “Support Local” edition.

One positive takeaway from this pandemic, in my opinion, is our appreciation for the importance of supporting local. Obviously, the downside has been the inability to just that, given the various restrictions we’ve had to endure - some far more than others.

As Ontario begins to lifts some of its COVID restrictions and we start to open up again, please consider doing more to support your local business community. The big guys don’t need it as much as the little guys. In fact, the big guys are having trouble stocking shelves, while the little guys likely source their products locally and have the inventory in stock that you may otherwise struggle to find elsewhere.

Another point to consider is that Omicron has made many, myself included, fearful of crowds. You know where you won’t find a bunch of people in the same place at the same time?

You guessed it. Your local businesses.

Support Small. Support Local.

Ok...enough preaching from me.

Before I bid you adieu, on behalf of my wife and our boys I’d like to wish everyone a happy Family Day and, as always, thank you for reading!

Roger Tumminieri

The perfect gift, or rainy day activity

When you belong to a credit union, you’re always more than just another customer.

Like most credit unions, Moya Financial puts the financial well-being of their members ahead of corporate profits. They’re not in business to make money for shareholders. Rather, they’re a financial co-operative, one whose members have a voice on the issues that impact their financial lives, and the success of their community.

Customer care is an important aspect of credit union membership. Thanks to the combination of smaller customer bases and a bigger local focus, credit unions are better equipped to form strong, meaningful bonds with their members, providing a more personalized level of service and support that’s tailored to individual needs and concerns.

This customer-first focus also makes credit unions an appealing and welcoming place to overcome professional financial hurdles or recover from personal economic distress. Whether it’s no fees, competitive rates, easier access to credit, and flexible repayment plans, credit unions can typically do more than larger financial institutions to help solve problems for members.

Here’s a closer look at some of the different ways credit unions can help members recover from financial difficulties.

Compared to other financial institutions, a key credit union differentiator is the absence of fees for many services. Where fees do exist, they are typically far lower than those charged for the same services at big banks. The result: more money in your account at the end of each month, and regular savings that add up to meaningful sums over time.

Credit unions tend to be far more flexible than bigger banks when it comes to helping customers who are experiencing hard times, whether it’s through a willingness to offer penalty-free skipped payment opportunities, or extensions to monthly payment dates. Instead of further penalizing members who miss payments or struggle to maintain a balance by charging additional fees, a credit union is likely to seek a solution that suits the individual in need.

If you’re saving or investing money, you can expect to earn higher rates of interest at a credit union, because the institution’s overall profits don’t go towards paying shareholders. Instead, members reap the dual rewards of better returns on their investments and annual dividends, helping their savings grow more quickly.

Driven by their focus on putting people first, credit unions tend to take a broader, more generous view of loan applicants than most larger financial institutions. Credit unions are also often more willing to lend smaller sums that may be meaningful to the recipient, but not necessarily big enough for other banks to bother with.

By looking at a loan applicant’s individual situation, credit unions can often provide a more welcoming environment for borrowers who may struggle to meet the impersonal, unforgiving standards of other lenders.

Finally, not all borrowers need huge loans to pay for massive projects. Some just need small sums to help them through tough times, tackle smallscale jobs, or achieve personal goals. Whatever the need, they’re likely to find a friendly and willing lender at their local credit union.

This article is not intended to provide financial or financial planning advice, please call or email Moya Financial and they will be more than happy to chat with you!

MOYA FINANCIAL 747 Brown’s Line, Toronto, ON M8W 3V7 Call: 416.255.1742 Email: main@moyafinancial.ca