It Pays To Be A Churchbridge Credit Union Member
Our Member Profit Sharing Program is one of the benefits of being a Churchbridge Credit Union member. As a member you are entitled to share in the success of your Credit Union by receiving allocations of surplus earning based on your patronage. The more business you have with us, the higher your allocations will be.
Credit Union Allocation:
Annual allocations may be made by the credit union by virtue of a resolution of the Board of Directors, based on the financial position of the Credit Union relative to any surplus earned by the Credit Union in its fiscal year of operation. It will not be necessary to allocate any or the entire Credit Union surplus to the member's Equity Account. The allocation shall be calculated using the year to date interest paid on Terms and Deposit Accounts, the year to date interest received on Loans and Lines of Credit and on Month End Service Charges on Chequing and Savings Accounts.
An allocation will not be paid on the following accounts:
- Accounts that have been closed prior to year end and no membership exists.
- Accounts that have been tendered where preferential rates and fees have already been provided by way of the tender process.
- Where a member waives their allocation in return for a preferred rate on a loan or deposit.
- Loan accounts that are in arrears in excess of 90 days at any point in that given year. This will also exempt any other accounts for that account holder with similar ownership roles from receiving an allocation as well.
- For interest received on overdrafts.
- To any member who has caused a financial loss to the Credit Union through write-off.
- Registered Funds (RRSPs, RRIFs, RESPs), Leases, NISA Accounts, CAIS Accounts, Mutual Funds, Segregated Funds, Tax Free Savings Accounts, AgriInvest Accounts, Credential Accounts, US Dollar Accounts, Lawyers Trust Accounts, Participation Loans, Organization Accounts, Index Linked Deposits, etc.
- Any account where all the tax owners are not a member of the Credit Union.
- Retail Installment Agreements (Dealer Finance Program).
Manner of Payment:
Annually the Board of Directors will decide what portion of the allocation will be paid in cash and what portion will be credited to a Member's Equity Account. Estates, clubs, societies, and other community organizations will be paid 100% of their allocation via cheque or deposit to their chequing/savings account.
There will be no allocation if:
- The total allocation to the member is less than $5.00 and the primary account holder is over the age of 18.
- The total allocation to the member is less than $1.00 and the primary account holder is 18 years of age or younger.
The cash allocation will be paid as follows: