Member/Owner Information
As a
financial co-operative, Rocky Credit Union is owned and controlled by the
people we serve, our members.
As a member
of Rocky Credit Union, you are entitled to exclusive benefits, such as member
participation, a 100% deposit guarantee, and Profit Sharing.
Participate in your credit union
The
operations of Rocky Credit Union are governed by our Board of Directors, which
consists of seven volunteers from our membership. Directors meet 10 times per year to formulate and monitor policies and ensure objectives are met. They
are the representative voice of our members.
In the
credit union system, all members are considered equals — one member has one
vote. This applies to elections to the board of directors, which are held
annually with voting in-branch, and general meetings of the membership.
All members
are welcome to attend our Annual General Meeting, held in early February. At
the annual meeting, you have the opportunity to ratify credit union by-laws and
review the previous year's financial statements.
Our annual
report and financial statements are available to all members, as well as
un-audited quarterly financial statements. To receive a copy of these
documents, inquire at our Information Desk.
Membership
In order to
conduct financial business with Rocky Credit Union, you must be a member.
Personal and business memberships require a minimum purchase of 5 Common
Shares at a value of $1 per share. Youth (under age 18) memberships are
available with the purchase of 5 Common Shares.
In addition
to access to Rocky Credit Union's financial products and services, your
purchase of Common Shares are an investment and provide the opportunity for
Profit Sharing.
Common Share Investment
Members may
choose to invest more in Common Shares or RRSP Shares as part of their
investment portfolio. Each member may hold up to a maximum of $25,000 in
non-registered Common Shares or RRSP Shares ($100 minimum). All
shares are eligible to earn dividends; historically Rocky Credit Union Common
Share dividends have been higher than the current 5-year term deposit rate.
You may
even be able to use an investment loan to maximize the potential of Common
Shares. For details on loan rates and terms, meet with your Account Officer.
As a member,
you maintain ownership of all funds in your Common Share accounts. Your annual
December statement will show all Common Share activity. Account history for
RRSP Shares is also available on your semi-annual statement in June, as well as
through on-line banking.
Common
Shares are assured by the net worth of Rocky Credit Union, but are not
guaranteed by the Credit Union Deposit Guarantee Corporation.
Managing Common Shares
Control of
funds in Common Share accounts is retained by the Board of Directors, as
governed by the by-laws of Rocky Credit Union. This ensures stability in
equity, which is the foundation or long-term security of your financial
institution.
Upon
written application from a member, the Board of Directors may approve the
redemption of non-registered Common Shares in the following instances:
- the
death of a shareholder
- the
winding up of a business proprietorship, partnership or limited corporation
- when the
shareholder has moved from the trading area and has ceased to do business with
the credit union
- shareholders who have ceased to actively participate in Rocky Credit Union, but
continue to reside in the trading area (subject to a one-year waiting period)
- shareholders who are under the age of eighteen years
- shareholdings where the shares have accumulated in reference to a trust account
for a minor where the trust account is being liquidated
- shareholdings where the shares have accumulated to a balance over and above the
cap set by the Board of Directors
- shareholder has reached the age of 60 (subject to retention of 5 shares)
You can always contact us by e-mail at
info@rockycu.com or by phone at 403.845.2861.
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