Does the Credit Union hold cheques that are deposited to my account?
Yes, hold funds decisions will be different for each member. We will take into account factors such as the length of time you have dealt with Victory Community Credit Union Limited and the amount of funds already in your account. The decision will also vary depending on the institution on which the cheque has been drawn, as well as the amount and the issuer of the cheque. For more information please ask a staff member for a copy of our Hold Funds Policy.
How do I open an account at the credit union?
When opening your account please bring two pieces of identification. One of these must be valid photo identification (e.g.: Drivers License or Current Passport). One of the advantages of being a Credit Union member is our ownership. As an owner you are required to have a share account. This account must be maintained while you have an account at the credit union. The capital share requirement is $100. This is not a fee. The money will remain in your capital share account while you have an account at the credit union.
What is the difference between a credit union and other financial institutions?
Membership is the most distinctive feature of the credit union system. Shareholder Members have an important voice. It involves sharing being part of a community (whether geographic, ethnic or work-related), and enjoying such shareholder privileges as:
- being able to seek election to the credit union's board of directors;
- sharing in the distribution of earning; and
- Having a say in the credit union direction at the local level.
Every member owns at least one share in the credit union and has an equal say in its overall direction. Through their local credit union delegate, each member also has a say in provincial and national direction. Having "shareholder members" enables credit unions to relate products and services to member requirements.
Receive warm recognition. The credit union realizes that member service is paramount. This means a friendly and courteous attitude that treats all members with respect. In many credit unions, staff recognize members by name. At credit unions, members are not just customer: they are shareholders. Because members are shareholders, credit unions enjoy the unique advantage of being highly receptive to the special needs of members. During periods of economic difficulty in many parts of the country, for instance, some credit unions have developed innovative loan repayment options and adopted a sensitive approach to accomodate individual member needs. Credit unions are proud of the reputation this commitment to member service has earned. Credit union members report high staisfaction. The credit union system is proud that recent independent business owner surveys indicate that those who use credit unions are the most satisfied with their financial institution.