Personal chequing account
A personal chequing account (PCA) is a convenient way to pay bills by issuing your own personalized cheques. When opening an account, you will get a free cheque book consisting of 12 complimentary cheques. Your monthly statements outlining your debits and credits will be mailed out. The PCA bears no interest and the fee for issued cheques (members over 65 years of age are exempted) is much lower than in other financial institutions. Automatic transfer of funds from other accounts to PCA and personal lines of credit can be arranged. PCA accounts are also available in US currency.
Membership share accountThis is the account that enables membership in the credit union. The minimum deposit is $100 (10 shares). Dividends are paid on the minimum quarterly balance into the daily interest saving account.
Joint accountAn account that can be used by two or more persons. Dividends are paid quarterly on the minimum quarterly balance.
Trust accountA trust account may be opened by any member (a trustee) on behalf of another person (a trustor).
C-Y-S AccountA premium savings account for child, youth and student members up to 25 years of age. The account offers an expanding array of features and benefits through each age segment inclusive of savings, chequing, electronic services, and a specially priced and featured Line of Credit product for Students. A premium rate of interest is paid up to a specified dollar amount. In the child and youth segments the parent or guardian determine the extent of features and benefits applied to the specific account.
Daily interest accountThis account is convenient for members who make multiple deposits and withdrawals during the month. Interest is calculated on the minimum daily balance and paid monthly (members over 60 years of age receive an additional bonus interest). A minimum monthly balance of $ 1,000 kept on the account will eliminate withdrawal charges. This account is also available in US currency.
"Silver" savings accountThis account is designed for members who wish to save regularly, eg. a certain amount of money each month. A three-day grace period is in place so that deposits that are made within the first three days of each will earn interest for the whole month. Interest is paid on a monthly basis and members over 60 receive an additional bonus interest. No minimum deposit is required.
These are special accounts that pay higher interest on higher amounts. The interest depends upon the amount of money deposited within $5,000, $10,000, $25,000, $50,000 and higher brackets.
1. The Credit Union engages an external auditing firm to conduct an audit of its financial statements and give an opinion in the Annual Report. Periodic checks and examinations are also conducted by the Ministry of Finance, DICO and the Internal Auditor who reports monthly to the Audit Committee.
2. The audited reports are submitted to the Government of Ontario.
3. In order to ensure safe operations, Government regulations impose on the Credit Union the duty to keep prescribed capital and liquidity ratios as well as proper provisions for doubtful loans.