Who owns a credit union?
The credit union is owned by its Members. Every Member, through their Membership Shareholdings, owns five shares of the organization, and has one vote on major decisions placed before the Membership.
How are credit unions different from the banks?
There are many differences between banks and credit unions. But the most important is that credit unions are democratically run. Credit unions' primary commitment is to serve their members' financial needs, whereas banks and trust companies exist to earn dividends for shareholders.
Can anyone join a credit union?
Anyone living or working in the Province of Ontario can become a Member of Meridian and join the ever increasing number of Ontario residents that put their trust, and their savings in credit unions and caisses populaires.
Do I have to pay a membership fee to join a credit union?
There is no fee to join a credit union. To become a Member (if you are over the age of 18) you are required to hold $25.00 in Membership Shares. This entitles you to use all the services of the credit union, and have full rights as an owner/shareholder. It is your money though, and should you ever decide to leave the credit union these Membership Shares are refunded to you.
The $25.00 represents the purchase of five shares at a price of $5.00 each.
Will my money be safe in a credit union?
Yes. In fact, Ontario credit unions are among Canada's soundest financial institutions. The Deposit Insurance Corporation of Ontario (DICO) insures Canadian currency deposits, including interest, to a maximum of $100,000 per Member. Deposits held in RSP, RIF, LIRA , LIF, RESP, and TFSA are fully insured with no maximum amount. Unique trust or joint accounts are insured separately from those in your own name, to a maximum of $100,000 per account.
How do credit unions operate?
Each credit union operates independently. Policies and procedures are set and monitored by a volunteer Board of elected Directors. The day-to-day operations are the responsibility of the general manager. The democratic structure of credit unions is what makes them unique. Each credit union member has one vote and an equal voice in the management and direction of the credit union.
How are credit unions regulated?
Credit unions in Ontario are regulated by the Financial Services Commission of Ontario, in accordance with the provincial government's Credit Unions and Caisses Populaires Act.
How do credit unions serve their communities?
Credit unions are community-based and community-focused. At Meridian, we play an integral role in local development by reinvesting deposits and profits in the community as personal and business loans, mortgages and dividends paid on Member shares. Meridian’s Good Neighbour Program makes significant contributions to community events and special projects.