Benefits of Becoming a Member Owner
Membership is the most distinctive feature of the credit union system. It involves sharing, being a part of a community, and enjoying such shareholder privileges as:
being able to seek election to the credit union’s board of directors,
sharing in distribution of earnings (see Profit Share below for details), and
having a voice in setting the credit union’s direction at the local level.
Find out more about the Credit Union Advantage.
Most members over 18 years of age hold a minimum of $25 in Pincher Creek Credit Union common shares. Members under the age of 18 or still enrolled in the secondary school program hold a minimum of $5 in common shares.
VOTING: Members holding basic common shares are entitled to vote and participate in the organization as well as use all of the services offered by the credit union. A minor may vote on any matter being dealt with by the special or general meeting except those matters related to the expenditure of money.
PROFIT SHARE Since 1994, Pincher Creek Credit Union has proudly paid members over $1.3 million in dividends and patronage refunds. For the 2014 fiscal year, Pincher Creek Credit Union members received over $70,000 (3.65%) in patronage refunds and a dividend of close to $18,000 (2.00%) on the balance of eligible common shares as of December 1, 2014. The total amount received by members for the 2014 fiscal year was over $88,000!
DEPOSIT INSURANCE Common Shares represent equity in the Credit Union, and as such are not guaranteed by the Credit Union Deposit Guarantee Corporation.
WITHDRAWALS AND TRANSFERS Common Shares withdrawal or transfers are restricted by the procedures, policies and bylaws of the Credit Union.