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Our Story
The Energy Credit Union serves active and retired employees of Toronto Hydro Corporation, Signals, Electrical, Communications (SEC) of the Toronto Transit Commission, Southlake Regional Health Centre, Gerdau, as well as 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 or affiliated entities of the aforementioned. Each member must hold twenty shares of $5.00 for a total of $100.00. This entitles each member to one vote at membership meetings held at least annually, and a vote in the selection of the Board of Directors. Any member of the Credit Union may also hold, additional membership Shares, provided that the total number of membership Shares does not exceed two hundred and five (220) such shares for an additional share total of $1,000.00. By unanimous membership approval, members at The Energy Credit Union`s recent Annual General Meeting (AGM) held on Friday, April 4th 2014 approved a special resolution passing an amendment to section 2.03 of By-Law No. 1 of The Energy Credit Union Limited. Previously, the Board of Directors determined that it is desirable in the interests of the Credit Union to raise additional capital by increasing the minimum required shareholding. This was approved and will be done in two steps. Effective April 4, 2015, no person shall become a member of the Credit Union until that person has fully paid for a total of at least ten (10) five-dollar ($5) Capital Shares, and effective April 4, 2016, no person shall become a member of the Credit Union until that person has fully paid for a total of at twenty (20) five-dollar ($5) Capital Shares. Basically what this means to you as a member is that the Credit Union’s Capital Shares have increased. Members will have two deadlines to keep in mind. By April 4, 2015 current members will need to increase their Capital Shares to a total of $50, and by April 4, 2016 current members will need to increase their Capital Shares to a total of $100. All new members who join our credit union after April 4, 2014 will be required to have a total of twenty (20) five-dollar ($5) Capital Shares totaling $100. Each year the profits we make are either put towards additional free products or services, into the Credit Union’s financial reserve to increase our financial stability or given back to the member in the form of loan interest rebates and bonus interest. See what our members say about us! At TECU loyalty is rewarded. The more you use the services of our credit union, the more you will receive. Our membership packages give our members the flexibility to avoid service charges and fees that are usually the norm at most large financial institutions. If you have questions about our products or services please call us at 416-238-5606 or drop in any of our branch locations. If you have more questions about what a Credit Union is, read our Questions about Credit Unions section.
The Credit Union Corporate Purpose
Mission Statement
To enable growth, wellness and financial prosperity for our community through the values of
Commitment
We are committed to ensuring our members receive personalized service and exceptional value
Vision Statement
To be there when you need us
In 1939, a group from Toronto Hydro determined that the dignity of the worker was undermined by the banks, which at that time would not lend money to a worker without a letter of recommendation from the employer. As such The Toronto Electrical Utilities Credit Union Limited was formed and became incorporated on March 18, 1941. On December 3rd, 2010 the Credit Union received official news that its application for a new corporate name change to The Energy Credit Union Limited was approved. The Credit Union was founded on democratic principles, to provide savings and loan facilities for the members and their immediate families, and includes employees from all areas of our bond, management as well as union as well as the loyal members who retain their connection in retirement.
The Credit Union continues to prosper and grow, and now boasts a membership of over 4500 with assets in excess of $65 million. Questions about Credit Unions What is a credit union? What are capital shares? Are my deposits at the credit union insured? What does the Board of Directors do? 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? If your questions have still not been answered, please call us, drop into one of our branches or send us an email at [email protected]
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