TORONTO– Ontario's financial services regulator, FSRA, has issued a warning that a business using the name of Sunray Federal Credit Union (aka Sunray Credit Union) is not a registered credit union in Ontario.
The regulator said it is cautioning consumers to be careful if contacted by Sunray Federal Credit Union or anyone claiming to be representing this business.
“There are potential risks. Your deposits are not covered by deposit insurance if made with anyone not registered as a credit union or caisses populaire in Ontario,” the FSRA stated.
Extensive Website
The regulator said the company is operating a website at sunrayfederal.com “where the entity appears to be soliciting business.” The website is extensive and includes text stating it is Ontario’s largest credit union with “more than 100 branches and nearly 380,000 owners.”
The site also lists a physical address.
“In addition, Sunray Federal Credit Union allegedly approached individuals and asked them to transfer money to Sunray to invest in real estate,” the FSRA reported.
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