With Member Savings, the more business you do with us, the more you benefit. Unlike a bank we do not profit from service fees, they are in place only to cover the costs of our operations - so we pass those savings directly along to our members.
Serving employees and their families of the LCBO, OCRC, AGCO, Honeywell Limited, MTS Allstream Inc., Ontario Brewers and Wineries and the Shell Group of companies, we offer a full range of financial products and services.
We are dedicated to your financial goals. Knowledgeable staff, exceptional service, and a credit union that is there just for you - Member Savings will change the way you look at banking. Enjoy the attention of a financial institution that cares about you.
The operating principles, defined by the World Council of Credit Unions, outline the fundamental tenets of being a credit union
The LCBO Employees' (Toronto) Credit Union was established in 1949 by a volunteer group of people to serve the needs of the employees of the Liquor Control Board, the Liquor License Board of Ontario (now called the Alcohol and Gaming Commission of Ontario), and their families. Having changed our name to Member Savings Credit Union, our credit union now also welcomes into membership the employees and family members of OCRC, AGCO, Honeywell, MTS Allstream and the Shell Group of Companies.
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 shareholder-members, and to elect a Board of Directors, an Audit Committee, and appoint an external auditor.
The Board of Directors sets the policies, which determine the operation of the credit union and also oversees its performance. Credit unions are chartered by, and regulated by, the provincial government. The Deposit Insurance Corporation of Ontario provides deposit insurance coverage for members' deposits: a free brochure published by that Corporation is available at no cost, explaining the details.
Credit unions have been serving Canadians since 1900. They began as an alternative to the commercially centered, largely inaccessible banking system. Credit unions enabled people to save their money together to provide loans to fellow members. Today over one third of our country's population are members of credit unions and caisses populaires (our francophone counterparts).
Member Savings Credit Union Limited, a caring financial institution committed to service excellence through understanding and anticipating member needs, will achieve high member satisfaction and profitable growth thereby becoming the primary financial institution for its members.
Focusing on the year ahead we have come to see a shift in the financial climate compared to the past several years. The slow rise of interest rates is expected to continue throughout 2018. This is becoming better news for our depositors looking for an attractive and growing guaranteed return on their investments, but more of a challenge for those looking to borrow money. Member Savings offers many choices for your investing and we encourage you to speak to Betty Anne Flynn our Investment Specialist to learn more. This is a FREE service to our members.
For borrowers, now is a great time to pay down your high interest credit cards and consider our low-cost consolidation loan to assist you in becoming debt free. Don’t let rising interest rates on your credit card allow your debt to get out of control. Our professional team of lenders are standing by to assist you and all your borrowing needs.
We are very pleased to finally announce the launch of our Interac Flash® Member Card® debit card. This long-awaited service is available to all our members. Simply call or email one of our representatives and we can have a new Interac Flash® Member Card® debit card sent out to you right away. Interac Flash® is a contactless payment feature that allows for a fast, secure and convenient way to pay for your small transactions simply by holding your Interac Flash® Member Card® debit card in front of an Interac Flash® enabled terminal at check out. Take advantage of Interac Flash® for single transactions under $100 or a cumulative total of $200 per day. With improved technology and daily limits, Interac Flash® is even more secure than ever before.
In 2017 we began our efforts at strengthening our relationship with our existing members, especially those we have not spoken to in a while. We will continue reaching out to members to understand their specific financial needs. If you haven’t heard from us, please give us a call and update your personal information so we know your preference for being reached with future promotions, event information and news.
We are always looking for member feedback, no matter good or bad, we want to hear it. Let us know if there is a specific product or service you are looking for, an experience you had, something you would like to see improved or changed or just to say hello! We love hearing from our members and continue to strive towards helping you achieve your financial goals.
To the average person, banks and credit unions seem very similar and in many ways we are. We both offer chequing and savings accounts for daily banking, investments and lending products, as well as online, mobile and in-branch banking services. But that is where the similarities end. The biggest difference is credit unions believe in cooperative, locally run and member based financial services providing the best customer service to each and every member.
These are just a few of the major differences that you will notice when banking with a Credit Union.
Not only are you a member but you are also an owner.
Credit Unions are owned by the people who bank with us – our members. All of our members have a vote and an equal say in the choices that are made to better the products and services we offer to our members. We aren’t owned by big shareholders – we are owned by you, the members.
We support local communities.
Each credit union focuses a lot of its attention on supporting the local community in which they belong. Whether it be a geographic space, an ethnic or cultural group, or employer community, there is always a credit union that is looking to provide you with the services that your community needs. On top of that, credit unions focus their charitable and volunteer time supporting the things that are important to our specific communities.
Customer Service is something we not only do, but we do really, really well!
We are proud of the services that we provide to our members. We spend the time getting to know our members and providing them with the specific services that they require. When you talk to one of the many credit union staff, they actually listen and provide you with the best option that fits your individual needs.
Providing you with many of banking’s firsts!
Did you know credit unions were the first to bring our members online and mobile banking? As well as the first to offer our members full service ATMs and mobile cheque deposits. Not only that, but we were the first to lend money to women in their own name – a huge step forward in the financial world! We know it’s important to stay up to date and ahead of the game. We want to make sure that our members know we are here to make their financial experience a positive and enjoyable one.
So next time you are wondering what’s the difference between a bank and a credit union – just remember we do many of the same things, but we can do them better!
Don’t forget to visit our blog to catch up on all the things that matter to credit union members.