Becoming a Member
Revelstoke Credit Union, formed in 1953, is an independent, locally owned, democratically run financial institution and part of a dynamic credit union network.
The Credit Union Advantage
Many financial institutions are branches of a large corporate head office, with little concern for personal service and individual customers. Credit unions are part of a strong financial system that holds more than $40 billion in assets. Yet credit unions have local interests at heart and put personal service first. Credit union members have the best of both worlds, big and small.
Credit unions have been serving Canadians since 1900. They began as an alternative to the commercially centered, largely inaccessible banking system, and today they occupy a significant place in the Canadian financial services industry.
Steady growth through the century has put credit unions among the ranks of the nation's premier financial institutions. More than 9 million Canadians - about one third of the population - belong to one of the country's credit unions. This alternative obviously appeals to Canadians.
Credit unions are local financial institutions. It is not surprising that they are strong supporters of community development. Local credit unions draw their membership and assets from the community in which they operate and put their financial resources to work in the community. The board of directors is composed of community residents. Decisions are not made in a far-off head office, but in the community and therefore reflect local concerns.
You are not merely a customer at a credit union. You are a member. And membership means so much more. It means sharing a common bond with your fellow credit union members. The emphasis is on sharing. You are a shareholder. Every member owns at least five shares in the credit union. You are also an owner and have an equal say in the overall direction of the credit union.
Your credit union offers all the services Canadians expect from a financial institution. Chequing and savings accounts, term deposits, loans, registered savings plans, RRIFs, mortgages, lines of credit, ATMs, investment options, financial planning etc. They are all available at your credit union.
To many Canadians, financial service means impersonal service. This is not the case at credit unions. Credit unions pride themselves on offering personal, friendly service at its very best. Personal service is the foundation of credit union success. And research shows that consumers recognize this. Isn't that what you would expect? After all, credit union users are members and owners of their financial institution. That counts for more.
The fundamental operating principle of credit unions is democratic ownership; one member - one vote, regardless of the amount of shareholding or deposits; the right to serve on the board of directors and credit union committees. You have a voice in your credit union and equal access to all the services it offers. Participation is encouraged, and the staff is ready to listen to what you have to say.
Credit unions offer the financial services their members want and need. Many times this means coming up with a new service or improving an existing service to better fit member needs. Credit unions were the first Canadian financial institutions to offer consumer loans, automated teller machines, electronic payment cards, and daily interest savings accounts. Because members wanted more advantageous mortgage arrangements, credit unions developed weekly/biweekly payments and a variety of other mortgage options. And when members wanted help in financial management and long-term financial planning, credit unions developed a financial planning service. Service in response to members needs is the credit union way.
Safety of Deposits
On November 27, 2008, the Provincial legislature passed amendments to the Financial Institutions Act to provide unlimited deposit insurance protection on all deposits in British Columbia's credit unions, through the Credit Union Deposit Insurance Corporation (CUDIC). All money on deposit and money invested in non-equity shares of a BC credit union is 100% guaranteed, including foreign currencies and accrued interest, regardless of the length of the term to maturity.
Deposit insurance applies automatically. It is not necessary to apply for deposit insurance.
The Financial Institutions Commission (FICOM) is responsible for administering CUDIC and for administering the regulation of financial institutions operating in the province.
What Does This Mean for You?
This means that deposits in Revelstoke Credit Union are covered by the unlimited deposit insurance and you can rest assured that your deposits are fully protected. You benefit from security, safety and peace of mind.
For more information on CUDIC and a list of Frequently Asked Questions, please visit the CUDIC website.
Credit Unions are financial co-operatives and are part of the country's flourishing co-operative movement. The philosophy and corporate structure they share with other co-operatives puts people first.
At other financial institutions the only direct involvement you have is across a desk or over a counter. At the credit union you can play an instrumental role in its operations. The core of any successful credit union is composed of a group of dedicated volunteers. Every credit union has a board of directors that sets policies and ensures that the day-to-day operations are handled in accordance with credit union bylaws and appropriate government legislation. Directors are elected by members at the annual general meeting. At the credit union, you can choose simply to enjoy excellent service or you
can get more directly involved.
Credit unions are staffed by well-trained and highly qualified professionals. All personnel receive ongoing training so as to offer the most up-to-date information on financial services products. Moreover, managers and staff are from the community and bring their knowledge of the area to meeting local needs.