WELCOME TO CREDIT UNION FAQ
Here Are The Most Frequently Asked Questions.
Quick and easy access to information to questions that you may have about credit unions. FAQs can be a valuable resource for users, as they can quickly find answers to their questions without having to spend time searching for information on their own.
FSRA stands for the Financial Services Regulatory Authority of Ontario. It is an independent regulatory agency in the province of Ontario, Canada, responsible for overseeing various financial sectors and protecting consumers. FSRA regulates and supervises the pension sector, mortgage brokers, credit unions, caisses populaires, loan and trust companies, insurance companies, and more. FSRA’s primary mandate is to promote a safe and stable financial system in Ontario and to protect consumers by enforcing regulations, promoting transparency, and educating the public on financial matters.
For detailed information on deposit insurance please visit the FSRA (Financial Services Regulatory Authority of Ontario) by clicking on this link: https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance.
You, the member, controls the Credit Union. Seven directors are elected by you to direct the affairs of the Credit Union, set policies, and report to the membership at our Annual General Meeting. Likewise, our audit committee consists of Directors selected from the Board.
Each person must purchase 25 shares at $5.00 per share, for a total of $125.00, and earns dividends. This is fully refundable if you should close your account after one year.
Just drop by the Credit Union and complete a new member application form and a payroll deduction card.
Your employer forwards your authorized deposits to the Credit Union for deposit to your account. Credit Union staff distribute your payroll deduction according to your instructions.
Free Online Banking allows any member with access to the Internet to perform a wide variety of transactions including checking account balances. For those members who do not have Internet access Account statements are sent out semi-annually or you may call the Credit Union whenever you wish to know your current balance at no cost.
