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Back in November Tania let you know we’ll be taking a fresh look at our website this year. Read her blog here.
It sounds like a simple project, but there’s more to it than refreshing graphics and adding a link to Facebook. We want to build a user friendly website and online banking portal that will be user-friendly and information rich. We’ll capitalize on the knowledge gained from our past websites and take advantage of new technology.
We're aiming to create an online experience that represents Libro's personalized approach to service and enables visitors to gain financial knowledge. Of course we’ll make it even easier to contact a Libro Coach because personal connections are still our priority.
To ensure the end product is of most value to you, we're hosting three town hall meetings in April where we'll show you concepts of new designs and online services we're currently working on. I'm inviting you to sign up to share your feedback as a user of our website and online banking. If you are interested please visit the sign up page for more information. Sign up closes Thursday, April 14, 2011 at 11:59 pm. We’ll provide food and give each participant an honorarium for your time and to thank you for your input.
Watch for the launch of the first phase of our new website at www.libro.ca this fall.
Jack
Posted on April 7, 2011 by Jack Smit
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Libro’s Board of Directors declared a 2010 Profit Sharing distribution to owners, totalling $0.95 per $1,000 in deposit and loan business conducted in the past year. There are finer details about eligibility and how the distributions are calculated, and you can read about those in the Owner Update newsletter.
It is Libro’s policy to share 50% of profit with owners. As a credit union, Libro is founded on the values of ownership, proactivity, mutual success and accountability. Returning a significant portion of profit to owners based on the business you hold with Libro reinforces both the ownership and the mutual success which are so fundamental to our organization.
When we earn your business, Libro is successful. Our only purpose is to contribute to the well-being of people, enterprises and communities. Besides returning profit to owners, Libro invests another 5% back into area communities, pays income tax, and invests the remainder into retained earnings – maintaining a sound capital base and purchasing the resources needed to enhance service delivery.
If you have questions about your own profit shares, or how to earn them, please speak to your Coach.
Jack
Posted on December 20, 2010 by Jack Smit
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Canada’s economy seems to have stabilized fairly well in the past several months, and continues to perform very well when compared with many other countries. Still, there is regular talk in the news about slow economic growth, and global factors that affect both the value of our currency and suggest competing pressures on interest rates.
Will they remain low? Will they go up? I don’t have a crystal ball – no one does. I do know that losing sleep over the rate you may or may not pay on your borrowings is not a good feeling.
Many of our owners who are borrowing at a variable rate that moves up or down with changes in the prime rate (currently at 3.00% as at November 15, 2010), wonder from time to time whether they should be considering converting their debt to a fixed rate of interest for a fixed period of time.
As usual, there isn’t a simple answer that works for everyone. There are some principles that can help you evaluate your own situation.
- Talk with your Libro Coach. They know you and your circumstances best. They are paid to give you objective information and advice, and to make recommendations that are in your best interest. That’s a perk of owning the place where you bank.
- Consider the size of your debt payments relative to your other obligations. You may be enjoying a low rate of interest today, but could you absorb higher interest costs IF rates rose substantially. If not, you may want to look at locking in a rate for a period of time. You won’t know in advance if that will cost or save you money, but you will reduce the stress of future unknown costs.
- Consider that over the long term, borrowing at a variable rate tends to be less expensive, which is the rationale for riding out rate fluctuations. Clearly there will be exceptions to this in the short term – but it’s not something you know until after the fact. If you are able to absorb rate fluctuations and changing interest expenses, then you may feel just fine about keeping the flexibility and current savings you enjoy with a variable rate.
I can’t tell you what do to. Libro Coaches can give you facts and they can talk you through different scenarios to help you decide what’s best for you. And remember the “sleep test”. If loan rates are causing you to lose sleep, you should seek advice – helping you find balance and peace of mind with your financial decisions is what we do best!
Jack
Posted on November 15, 2010 by Jack Smit
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At this time of year, Libro surveys owners to gauge satisfaction with the service you are receiving. How well are we meeting your needs? How can we improve?
We contract with an independent market research company to phone a random sample of our owners to ensure all feedback is confidential, and the results are collected independently.
The entire Libro team of staff in our branches, our contact centre and at our administration office takes this survey very seriously. We base our reputation on service excellence, and we are proud of our results. Libro has consistently achieved scores of 4.7 to 4.8 out of 5.
At the same time, we also need to hear about what we should be doing to better meet your needs so we continue earning your business, and your referrals, every day.
If you receive a call, please take the time to let us know how we’re doing. And of course every Libro owner is more than welcome to contact me, or another Libro staff member, at any time with your suggestions, concerns, and feedback.
libro.ca/contact/contactus.html
Jack
Posted on November 8, 2010 by Jack Smit
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As Canada has moved into high gear in recent months with the role out of chip technology on credit and debit cards, you have been asking when Libro will convert our debit cards.
I’m pleased to let you know the new LibroCard chip card is now available in all our branches. All you need to do is drop in at your convenience, and exchange your old MemberCard debit card for a new LibroCard chip card. Ask for your card, select a PIN (personal identification number), and you’ll be ready to go.
Merchants are moving quickly as well to ensure they are able to process your chip cards – rather than “swiping” the magnetic stripe. The chip is more secure, and that’s good news for everyone as we work to prevent fraud.
A few card safety tips to remember, even with your chip card:
- Keep your PIN confidential. Don’t write it down, especially not in a place near your card.
- Use online banking to check your account activity regularly. Contact us right away if you notice any unusual account activity. You are NOT liable for fraudulent activity in your account as long as you are operating your account and card properly (details about that are in our service agreement).
- Shield your hand when you key your PIN so no one can watch you.
- For more information, visit http://www.libro.ca/privacy/security.html
Jack
Posted on November 2, 2010 by Jack Smit
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The leaves are turning brilliant colours, and crops are being harvested across southwestern Ontario.
As we accept the passage of summer, and embrace the quicker pace and routine fall tends to bring to most of our lives, I thought I’d offer an advance reminder of a few things to remember financially at this time of year.
December 31 is a key date and deadline for many financial contributions and calculations – and it’s a date that can sneak up on us as we are busy living our lives.
Savings
Both Registered Education Savings Plans and Tax-Free Savings Accounts have an annual contribution deadline of December 31. Contact your Coach with questions about your outstanding contribution limits and investment decisions to make sure you’re taking full advantage of available government grants in your RESP, and tax sheltered growth in your investments.
Retirement
Registered Retirement Savings Plans (RRSP) have a longer contribution deadline extended until March 1, 2011. This is to allow you time to receive your current year taxable income information, and plan your RRSP contribution accordingly since it is deductible from current year income.
For those who celebrate your 71st birthday in 2010, remember your RRSP must be rolled into a Registered Retirement Income Fund (RRIF) by December 31st, and in this final year of your RRSP, your annual contribution deadline is also December 31, rather than March 1.
If you have money invested in a Locked-in Income Fund (LIF), some of the options you have for unlocking a portion of those funds will change after December 31 this year – you should talk with your Libro Coach about your specific situation.
Business & Farm
Many businesses have a December 31 fiscal year end. If you are self-employed and have questions or financial planning considerations you want to resolve prior to your year end, please contact your Libro Account Manager or Financial Planner for the advice you need.
Even though fall can feel hectic, it’s also a time of cocooning and a great time to enjoy local food from the harvest right here in southwestern Ontario! Butternut squash soup is one of my favourites this time of year.
Jack
Posted on October 25, 2010 by Jack Smit
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I’m incredibly proud to call myself a Canadian, and one of the most important reasons is because of the democracy we enjoy in our country. Credit unions like Libro are operated on democratic principles as well – every customer is an owner, and every owner has an equal vote and a voice to ensure a vibrant financial institution driven by the needs of its owners.
While it can be an easy role to become an arm-chair critic of politics, or apathetic about the impact of our single vote, I believe we all have a responsibility to get involved by voting in elections.
Everyone in Canada has a stake in the health of our communities. One way each of us can make a contribution to our communities is to ensure that when we have an opportunity to vote in a democratic process – whether at Libro, or municipally, provincially or federally – we take it.
Invest some time to understand the platforms of candidates, and ask questions. Make an informed choice and get out and vote when you have that right – as you do in the upcoming municipal elections taking place across Ontario on October 25th.
We’re lucky to live in a country where democracy is valued and lived daily, especially when we see turmoil in other parts of the world. Get out there and vote!
A special note to readers younger than age 18 – ask your parents about their thoughts on the election. Discuss it in school. Even though you are not yet able to vote, that day will come, and now is a great time to learn about democracy in Canada and in your local community.
Jack
Posted on October 18, 2010 by Jack Smit
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Libro Financial Group has a vision. We want to be southwestern Ontario’s preferred source for quality financial service. Our approach to providing personalized financial coaching and building relationships with each of our 54,128 owners means we work very hard at delivering a high quality banking experience every single time.
We also know our owners require convenient access. People are busy, and we need to be accessible when, where and how our owners prefer to deal with us. Libro offers anytime, anywhere access through our website and online banking. We deliver extended hours of telephone support through our Contact Centre – 8 to 8 on weekdays and 8 – 4 on Saturdays. Our network of 15 branches in southwestern Ontario is open during hours that meet the needs of each community – with longer hours offered during the week or on Saturdays. You can see our full list of branch hours here.
Still, when we survey owners each year, the one question where you report the most opportunity for improvement is in satisfaction with our branch hours. While we certainly need to use our resources wisely, we always want to use them to meet our owners’ needs most effectively. After all, you’re the owner.
Tell me how convenient you find Libro for your daily banking and financial coaching. How easily can you get the information and service you need? What about timeliness? What should we consider to better serve you?
Jack
Posted on October 12, 2010 by Jack Smit
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Libro Financial Group’s vision is to be southwestern Ontario’s preferred source for quality financial service. Our purpose is to contribute to the well-being of people, enterprises and communities.
Wealthier Me and our entire approach to financial coaching and delivering banking services are designed to improve the well-being of the people, the individuals and families, the enterprises, the small businesses and farm operations, we serve every day.
Community well-being is just as important to Libro and our owners. Without question, financially confident people and businesses improve a community’s health. At the same time, there are many not-for-profit agencies who do important work and who rely on local companies to support their mandate.
A couple of weeks ago, Libro announced our 2010 Community Builder grants. In 2010, Libro committed over $300,000 in grants, bringing our 5 year total to $1.9 million reinvested in the southwestern Ontario communities where our owners live, work and play. Libro has chosen to support projects that focus on building leadership skills in our youth – thereby investing in the long-term future of our communities.
Learn more about Libro’s Community Builder program by visiting: www.libro.ca/microsite/CI/BuilderGrant.html
Please take a moment to share your feedback about how Libro is meeting your needs as we work hard to fulfill our vision and purpose.
Jack
Posted on October 4, 2010 by Jack Smit
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I’m very excited to introduce you to this new website. I know you’ll find great information and inspiring stories about how Libro Coaches have helped families just like yours find their wealthier selves.
The big question is, what would a wealthier you look like?
You probably know the answer to that question, but need help getting there. This site is full of tips and tools to help you figure out how to reach your financial goals. When you need a hand, a Libro Coach is only a click away. We want to give you advice that’s custom fit, something no website can do, no matter how great it is.
The first thing to come to mind when you hear wealth is often investments, but I know it can mean different things for different people. Libro Coaches are trained to ask questions and listen because they need to know how you feel about money and what you want it to do for your family. Without this understanding, it’s impossible to provide appropriate advice. No matter your age or net worth, a Libro Coach is ready to work with you to reach your goals.
Enjoy the site, and be sure to tell your friends! If you have any suggestions, please let us know. We look forward to hearing from you.
Jack
Posted on September 24, 2010 by Jack Smit
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