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The Waterloo Banking Project held a “Build Your Financial Future” panel event on September 24th, 2014 on the University of Waterloo campus. This event included an informative question and answer discussion with questions from those attending as well as time for any additional questions that attendees had towards the end of the event.

Our panelists were Waterloo Banking Project’s executives Ryan Chen-Wing, Ghufran Siddiqui and Maureen Jones from the Student Success Office at uWaterloo. The topics covered included personal finance, budgeting, and OSAP (Ontario Student Assistance Program). Feedback from attendees of the event was positive and some of them asked for more sessions like this. If you are interested in another educational event about Personal finance make sure you register and come to Waterloo Banking Project’s Student Finance Launchpad happening on Nov. 3-6. Please follow this link to the Facebook event page for more details: https://www.facebook.com/events/459447247529399/

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Finance Launchpad Event Fall 2014

The Waterloo Banking Project is hosting a Finance Launchpad Event! Come out if you want to learn more about personal finance in general, budgeting, saving and more! There are two sessions: Day 1 is on Monday and Tuesday and Day 2 is on Wednesday and Thursday. In order for your chance to win a PRIZE, you must attend a day one session and a day two session! These sessions are completely FREE.

Sessions run from Nov. 3-6.

Day 1 – Monday & Tuesday will cover the following topics:
– Intro to planning your finances
– Goal setting
– Budgeting

Mon. Nov 2nd will be in QNC 2501 from 4 – 5 pm
Tues. Nov 3rd will be in QNC 1506 from 4 – 5 pm

Day 2 – Wednesday and Thursday will cover the following topics:
– Borrowing
– Income & Taxes
– Investing
– Finances after graduation

Wed. Nov. 5th will be in HH227 from 4 – 5 pm.
Thurs. Nov. 6th will be in EV-350 from 4 – 5 pm.

The link to register for the workshops is below:
http://waterloobanking.com/2014/10/27/launchpad-event-registration-form/

A link to the Facebook event: https://www.facebook.com/events/459447247529399/

 

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Fall 2014 Waterloo Banking Project staff

Apply to become a part of Canada’s first student-run banking organization and earn valuable experience helping fellow students. Join the ReLeaf Financial staff for the Winter and/or Spring 2015 terms as we continue to build and begin the launch of student-focused financial services.

Our social enterprise startup requires a broad range of talents and perspectives. We are seeking applicants who are enthusiastic, diligent, resourceful, and good communicators.
Read more »

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Apply to become a part of Canada’s first student-run banking organization and earn valuable experience helping fellow students. Join the ReLeaf Financial staff for the Spring and/or Fall 2014 term as we continue to build and begin the launch of student-focused financial services.

Our social enterprise startup requires a broad range of talents and perspectives. We are seeking applicants who are enthusiastic, diligent, resourceful, and good communicators.
Read more »

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What is a credit union and why should you use one?

Banks and credit unions seem very similar on the surface. Both are financial institutions that offer chequing and savings accounts, loans, mortgages, internet banking, and Certificate of Deposits. However, beneath the surface, credit unions have a different structure and offer many benefits that banks do not offer. Credit unions offer each of their customers ownership of the organization, the right to vote, as well as significant savings on banking activities.

Clientele
The main difference that sets credit unions apart from banks is that customers of a credit union own the institution. When a person opens an account at a credit union, they’re actually buying a share of the company. An account at a credit union is called a share. This makes any member a part owner. On the other hand, when you make a deposit at a bank, you are only a customer of the bank. When you deposit money, you’re essentially loaning money to the bank. The bank rewards you with interest for that deposit, with rates depending on the type of account and the bank. As a customer, you don’t have voting rights or influence in the operations of the bank unless you purchase shares of the bank.

Governance
Another difference that sets credit unions apart from banks is that there is no paid board of directors who make decisions based on corporate interest. Members of a credit union are allowed to run for the board of directors as well as cast a vote in elections. Members can elect for someone who represents their interests (on the board of directors) and therefore can have more influence over decisions that credit unions make. On the contrary, banks are governed by a paid board of directors. This board consists of elected individuals who are not from the community that the credit union is located in, and don’t necessarily use the bank’s services. Only stockholders of the bank have the ability to vote for the board, and votes are based on the amount of stocks owned.

Profit Motive
The end objective of a bank is to maximize financial return to its shareholders.They earn profits by charging account-holders interest and fees on financial products such as loans and mortgages. Customers of the bank will not receive any of these earnings unless they are stockholders so this leads to competing interests between customers and shareholders of a bank. In contrast, credit unions do not exist to maximize profit. That is, profit is not what drives the credit union. The typical mission or purpose of a Canadian credit union is to provide the products and services to it’s members to improve their financial well-being. The profit that credit unions make is paid back to members in the form of dividends, higher saving rates and lower loan rates.

In conclusion, more and more people are losing confidence in banks because of their corporate greed. A national survey conducted by FirstOntario in November 2011, polled over 2500 Canadians on their banking practices, preferences, and satisfaction. Nearly 42 percent of those surveyed indicated they are either ‘unsatisfied completely’ or only ‘somewhat satisfied’ with their current financial institution. If you’re still not convinced that credit unions are for you, Business Insider has a great infographic on display which can help you determine which financial institution will meet your needs best.

 

 

 

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Apply to become a part of Canada’s first student-run banking organization and earn valuable experience helping fellow students. Join the ReLeaf Financial staff for the Spring and/or Fall 2014 term as we continue to build and begin the launch of student-focused financial services.

Our social enterprise startup requires a broad range of talents and perspectives. We are seeking applicants who are enthusiastic, diligent, resourceful, and good communicators.
Read more »

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Students in their fifth year of study who are in a co-op program are now eligible for the 30% off tuition grant that the Liberal government of Ontario brought into effect in 2012. This was announced January 16th at the University of Waterloo. Kitchener Centre MPP John Milloy and Brad Duguid, the Minister of Training, Colleges and Universities made the announcement on Monday.

Student groups in Waterloo and in other regions were credited by Duguid for advocating the extension of the grant to fifth-year co-op students. Last year, 230,000 students took advantage of the grant first brought into place in 2012. This extension of the grant will help about 5,000 co-op students, many of them at the University of Waterloo. This change will help make university more affordable for post-secondary students. The grant will provide students with a tuition rebate up to $1730.

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Welcoming our new Winter 2014 staff

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We are thrilled to welcome fourteen new staff for the Winter 2014 term! We would like to formally introduce Tyrone, Malcolm, Shovon, Aniket, Ghufran, Catherine, Hasan, Ashley, Melissa, Eunice, Angela, Elva, Nicholas and Navbir. After a rigorous hiring process, these bright individuals were handpicked from both the University of Waterloo and Laurier. We are excited to have all the skills and qualities our new staff members will bring forth to ensure the success of ReLeaf Financial.

If you see any of these faces around campus, don’t hesitate to approach them to find out more
about ReLeaf Financial. If you are looking to gain experience by joining our team, keep your eyes open for position openings for Spring 2014 towards the end of this term. ReLeaf financial is always on the hunt for enthusiastic, hardworking individuals to join our cause.

If you are interested in learning more about ReLeaf Financial, check out our About page, or find us on Facebook and Twitter @ReLeafFinancial.

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ReLeaf Financial is still accepting applications for volunteer student staff for the Development and Fundraising department for the Winter 2014 term. As a member of the development team, you’ll generate investment leads, procure funds by providing presentations about the organization to potential investors, work on grant applications and build your professional network.

Read more »

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Winter 2014 application reminder

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Welcome back students! We hope that you had a relaxing break and a happy New Year!

Remember that applications for the Winter 2014 term are due this Friday January 10th at 11:59 p.m.

Apply to be a part of launching the first student-run financial services in Canada. A position at ReLeaf Financial is an excellent opportunity to gain valuable experience and help your fellow students. Check out the Apply Now to learn more about the positions.

If you are interested in applying fill out the Application Form and send your resume with a filename that includes your name to hr@waterloobanking.com with the subject line “[Your Full Name] | ReLeaf Financial Application”.

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  • ~ Build Your Financial Future 2014 form

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