How to Resolve Concerns with Your Credit Union

Credit unions are member-owned financial institutions that have a reputation for providing exceptional member service. Credit unions continually strive to exceed members' expectations. As with any organization, however, mistakes and miscommunications can occasionally occur. These can range from minor errors to more serious mishaps. In most cases, your credit union will act quickly to resolve such problems. At other times, the matter may be more difficult to resolve or the credit union may dispute that a mistake has occurred.

If you find yourself in one of these situations, you will want to put matters right as quickly as possible. Here are the steps you can take to address your concerns.

Do I have a complaint?

Some complaints involve investment returns that do not meet investors’ hopes or expectations. Unfortunately, investments may not always turn out the way we want them to. Their values can fluctuate and cause you to lose money. This isn't necessarily anyone's fault. This is simply a reality of the investment markets, and it's the responsibility of both you and your adviser to ensure that the investments you choose are suitable for your risk tolerance and personal circumstances.

If your complaint does not concern investment returns, please follow the steps below.

Making Your Complaint

1. Decide what you want to achieve.
Before you officially complain, decide what you want to achieve. You may be seeking an explanation, a correction to an error, an apology or compensation for money you have lost. In more serious cases, you may fear that someone has broken the rules.

2. Addressing issues with your credit union
Going first to your credit union makes sense. Staff at the credit union will have all the records of what happened and are in the best position to put matters right.

3. Making your complaint

Step 1:
If you have a dedicated Member Service Representative who handles your account, talk to him or her. If not, ask directly for the Branch Manager.

• Clearly explain what your problem is. Have your Member Card and any statements or transaction slips related to your complaint handy for reference purposes.
• Make notes of your conversation, including the name of the person you spoke to and the time of your call. You may need to refer to these notes later if your concern is not handled satisfactorily at the branch level.
• The person you speak to may immediately agree that you have a valid concern, or he or she may be able to clear up a misunderstanding. If the credit union agrees to fix a problem, write a letter to the individual you spoke to confirming what you discussed and thanking them for their quick response. Send a copy of the letter to the Branch Manager.

Step 2:
If you are unhappy with the response you get, you can take the matter further. If the credit union has a formal process for handling concerns, ask for details about how it works.

• The next step is to voice your concern directly to your credit union's CEO or General Manager. For urgent situations, simply call. For long-term or more complex issues, it is better to write a letter explaining the issue and how you would like the issue to be rectified.
• Send a copy of the letter to the credit union's Chair of the Board.
• Keep notes of all your conversations.

Step 3:
If your complaint to the CEO/General Manager of your credit union does not solve your problem, you can contact Dorothy Watson at Credit Union Central of Ontario who may be able to mediate with the credit union on your behalf. Ms. Watson fills the role of ombudsperson for Ontario credit unions and can be reached via e-mail at dwatson@cuco.on.ca or by phone at 1-800-661-6813, ext. 525.

Since each credit union in Ontario operates as an independent organization, Credit Union Central of Ontario does not have the power to reverse credit union decisions. However, Credit Union Central of Ontario is able to look at the situation from the perspective of both sides and draw on the examples of other credit unions that have successfully resolved similar problems. Ms. Watson or her designate will facilitate solutions wherever possible.

Step 4:
If your concern hasn't been resolved within a reasonable period of time, you can contact the Financial Services Commission of Ontario (FSCO) for assistance. FSCO has a mandate to deal with member complaints under the Credit Union/Caisses Populaires Act. You can call FSCO's Ombudsperson for Credit Unions and Caisses Populaires at 1-800-668-0128. However, FSCO prefers to receive written complaints clearly outlining the problems. FSCO's mailing address is:

Financial Services Commission of Ontario
5160 Yonge St., 4th Floor
Box 85
North York, ON
M2N 6L9

Affiliate Organizations

If your concern regards service provided by an organization affiliated with your credit union, you can complain directly to the affiliate for faster problem resolution.

Credential Asset Management
1. Call 1-888-686-4555 or e-mail clientrelations@credential.com and describe your concern.
2. If you're not satisfied with the result, you can contact the Ombudsperson for Banking Services and Investments. The Ombudsperson can perform an independent investigation and provide recommendations. The recommendations of the Ombudsperson are not binding on the financial services provider. However, if the provider does not follow the Ombudsperson's recommendations, the Ombudsperson must make this information public, identifying the firm. There is no charge to customers for the service. The Financial Services OmbudsNetwork can be reached by calling 1-866-538-3766. The Web site address is www.cfson-crcsf.ca.

Concentra Financial
1. You can contact Concentra Financial by e-mail at servicecentre@concentrafinancial.ca or by phone at 1-800-788-6311.
2. If your issue is not resolved, you can contact the Financial Services OmbudsNetwork (contact information above.)

CUMIS Insurance
If you have a problem with the CUMIS Group, you can call 1-800-263-9120 or e-mail customer.service@cumis.com.

Tips for Effective Complaints -- Getting Results

When you first contact your credit union with a problem, you can do so on the telephone. But remember to take notes of your conversation, to whom you spoke, and the date and time of the call so you have a record of your initial efforts to resolve the issue.

Even if a single call is all it takes to fix the issue, it's always a good idea to follow up the phone conversation with a letter confirming what you have agreed to and thanking the contact person for his or her action. Copy the letter to the branch manager.

If the initial phone call doesn't produce results, you will need to put your concerns in writing. Your letter needs to clearly explain what the issue is and how you expect the credit union to fix things. Always keep and file a copy of each letter.

• It's best to type the letter or write it in dark ink. This will make for better quality photocopies.
• Write "Complaint" at the top of your letter so that the person receiving it knows immediately what it is about.
• Include any account numbers, product details or transaction numbers.
• Keep the tone of your letter polite and strightforward.
• Explain the problem in the order that the events occurred.
• Enclose copies of any relevant documents, such as account statements, trade confirmations and any letters you've written or received about the issue. Never send the originals of any documents in case they get lost.
• Clearly state your expectations for a resolution. For example, "I would like the interest to be credited retroactively to the date on which the error occurred."

Thank you for bringing your concerns forward. If we don't know what's broken, we can't fix it. If you've encountered a problem, it’s possible that other members have too; we all benefit from satisfactory problem resolution.