Membership at Pincher Creek Credit Union
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:
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being able to seek election to the credit union's board of directors,
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sharing in distribution of earnings (see Profit Share below for details), and
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having a voice in setting the credit union's direction at the local level.
Common Shares
Most members over 18 years of age hold a minimum of $25.00 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 $5.00 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 Over the past 5 years, Pincher Creek Credit Union has paid a total of $220,900 in dividends and patronage refunds to our members. Dividends were declared for 2004 at a rate of 5.00% totaling $22,700: this represents approximately 22% of our net income after taxes.
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.