Questions about Credit Unions

What is a credit union?
  A Credit Union is a financial co-operative, which is owned and democratically controlled by its members, the shareholders. As a public corporation, a credit union is required by law to hold an Annual Meeting to report to the shareholders and to elect a Board of Directors and an Audit Committee. The Board of Directors sets policies, which determine the operation of the Credit Union and oversees its results. Provincial governments regulate Credit Unions. In Ontario, the Deposit Insurance Corporation of Ontario protects members' deposits.
 
What are capital shares?
  Capital Shares represent the members' required investment, per by-laws, for membership and remain in the account for the duration of the membership. Each member who has reached age 16 and has the required Capital Share investment on deposit is entitled to vote at membership meetings. These funds must remain in your account until your account is closed at which time the funds can be withdrawn.
 
Are my deposits at the credit union insured?
  Credit Union deposits are insured by the Deposit insurance Corporation of Ontario (DICO). The Canadian Deposit Insurance Corporation (CDIC) insures banks. The coverage is very similar with the exception of Registered deposits with which DICO can provide greater coverage. DICO insures all deposits in Canadian currency, payable in Canada. This comprises savings and chequing accounts, term deposits and guaranteed investment certificates, as well as investments made under Registered Retirement Savings Plans (RRSP) and Registered Retirement Income Funds (RRIF).
 
What does the Board of Directors do?
  Click here to find out more.
 
Who can become a member of TECU credit union?
  We serve both active and retired employees of Toronto Hydro Corporation, Toronto Transit Commission Signals, Electrical, Communications (SEC), Gerdau and Southlake Regional Health Centre. Also included are individuals employed by any municipality as defined in the Municipal Act, 2001, individuals employed in any health care facility operating in the Province of Ontario and related persons, and any persons employed in the transportation sector or affiliated entities.
 
What are member's responsibilities, if any?
  With membership comes responsibilities. Members are expected to deal with the credit union, use our services and purchase the products offered.

Members have the responsibility to advise the credit union directly, or through their elected representatives, of the products and services they wish the credit union to provide. They have the responsibility to participate in the annual meeting and exercise their democratic rights in determining the future success of the credit union. Members have the responsibility to promote the activities of the credit union in a positive manner and if conflicts or disagreements arise to advise the credit union of their position and to seek acceptable resolution or explanation.

The advantage of belonging to a credit union is based in the members' responsibilities. The rewards of belonging are based on the members use of the credit union for their financial products and service needs.
 

    If your question has still not been answered, please feel free to send us an email and we will be happy to answer it for you within 1 business day. [email protected].