Become an Owner

How do I become an Owner at Tignish Credit Union?

 

It’s as easy as opening a new account with us. Owners of Tignish Credit Union must invest and maintain a minimum of $5 into the equity of the Credit Union. It’s this investment that legally makes our Owners actual Owners of the Credit Union, much like an investor will purchase stock in a company on the public stock markets. Since Credit Unions are not listed on any Markets, the investment goes into a special financial account called a Share Account. The Share Account is similar to a typical savings account from the Owner’s perspective with the exception of two conditions. First, the balance can never fall below the $5 minimum legal requirement. Second, the account does not earn interest on the balance like a savings account. Instead, Owners may receive share rebates as a return on their investment depending on the performance of the Credit Union and at the discretion of the Board of Directors. It is important to note that the Credit Union is not entitled in any way to provide share rebates on share accounts any given year and past disbursements do not set precedence for future disbursements in any aspect. 

 

Each Owner has a single Share account and regardless of the balance, has a single vote in the democratic control of the Credit Union. This means that you as an Owner are equal to all other Owners in the Credit Union and your voice will never be undermined by another Owner because they hold a greater balance in their Share account.

 

The process to become an Owner:

Becoming an Owner and opening a Share Account is as simple as opening a typical savings or chequing account.

 

Simply stop by a Tignish Credit Union location during regular business hours and request to become an Owner.

 

From there, you will be directed to one of our Financial Services specialists to complete the required forms and set up your account.

 

The process as a whole should take roughly a half an hour to complete.

 

Things you will need to become an Owner:

  •  Minimum of $5.00 to deposit into your Share Account
  •  Two forms of Identification, one being a valid government issued picture ID (Drivers License or Passport) 
  •  Your Social Identification Number (SIN) card

 

Who is eligible to vote at the AGM?

Any person who is 16 years or older and has been a member of record at fiscal year end (Sept 30th) is eligible to vote at the Annual General Meeting.

 

Still have questions?

For additional information, please contact us at (902) 882-2303 or visit us at one of our three locations.

 

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