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What is
a credit union? |
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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.
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What are
capital shares? |
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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is closed at which time the funds can be withdrawn.
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Are my deposits
at the credit union insured? |
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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).
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What does
the Board of Directors do? |
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The Board of Directors is accountable
for directing the affairs of the credit union, following
governing legislation, by-laws and policy, in order
to achieve the aims and purposes of the credit union.
The Board of Directors has a key role in the policy
making process. It must be aware of the technological,
social and economic changes in the financial environment
and the role our Credit Union must play on both
the provincial and national scene. The General Manager
supports the Board by providing reports, statistics,
background material and recommendations so that
the Board may establish sound policies covering
those issues, which affect the growth of the Credit
Union. Eight directors are elected by the membership
at the annual general meeting. The President and
vice-president are elected at the first Board meeting
following the annual general meeting. The
Board of Directors:
- Approves the aims, objectives and strategies
of the credit union.
- Considers policy issues and approves policy.
- Analyzes and appraises progress toward the
achievement of the Credit Union's aims and objectives.
- Approves the Board and Committee organizational
structure and defines the respective responsibilities
and authority levels of these elected individuals.
- Determines the job description, salary range
and salary of the General Manager.
- Assists in the selection and appraisal of
the General Manager and works as a team with
the General Manager in achieving the objectives
of the Credit Union and the objectives of the
credit union movement as a whole.
- Reviews and approves the annual budget of
the credit union.
- Recommends by-law amendments to the membership.
- Provides for effective communications between
the Credit Union and its membership.
- Recommends policy guidelines by which the
objectives of the credit union may be achieved.
- Establishes policies and programs to ensure
an effective well-informed Board of Directors.
- Acquires knowledge of the Credit Union system
so that the Credit Union may contribute effectively
to the Credit Union movement.
- Attends all meetings of the Board and of
Committees to which he or she has been appointed.
- Commits to Director development and training
by establishing and supporting appropriate educational
policies.
- Acts with integrity, good faith and in the
best interests of the Credit Union in exercising
the degree of care, diligence and skill that
a reasonable and prudent person would exercise
in comparable circumstances.
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Who can
become a member of TEUCU credit union? |
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Membership is available to any
person--including spouses and their children--employed
by Toronto Hydro, the Electrical Division of the
TTC and employees of TEUCU.
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What are
member's responsibilities, if any? |
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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.
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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.
teucu@teucu.com. |
