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, AGCO, Honeywell Limited, MTS Allstream Inc., 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 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 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.
As we focus on the year ahead we see a very similar financial climate to what we have experienced over the last several years. Very low interest rates are expected to continue beyond 2014. This remains good news for borrowers, but continues to be a challenge for our depositors looking for an attractive guaranteed return on their investments. The credit union offers many choices for investing and members are encouraged to contact Betty Anne Flynn our Investment Specialist to learn more.
As interest rates remain very low, this provides an excellent opportunity for our members to better their financial outlook by paying down their debt. We continue to promote our low cost consolidation loan to assist our members in becoming debt free. The debt free calculator on our website illustrates the savings that can be achieved by paying off those high interest credit cards. Our professional team of lenders are standing by to assist.
Member Savings continues to invest in technology to ensure that we continue offering the types of services our membership demands. New services planned this year include many apps, including Deposit Anywhere™, to provide more on-line convenience for members on the go. Deposit Anywhere™ allows one to deposit a cheque in real time from anywhere using their mobile device. We are also introducing electronic signatures on loan applications to improve the time involved in completing the loan funding process especially for those borrowers applying remotely.
Credit Unions in Ontario continue to be one of the best kept secrets and we’re hoping this is the year to change that. A group of Ontario Credit Unions have banded together to participate in an awareness campaign that was rolled out in January, 2014. This campaign, which involves television and social media, is focused on making Ontarians aware of credit unions as a viable alternative to banks. We are very proud to be part of this campaign as it is based on the cooperative principles in which we operate. At Member Savings our goal is to better the lives of our members by providing them with the services necessary to help them navigate through the various financial states of their lives. Through this campaign we hope to reach many potential members, previously unattainable, by increasing their awareness of credit unions and all of the benefits membership will offer.
We continually remind our members that we are here for you and urge you to “Talk to us". Contact us with any comments or suggestions that would improve your Member Savings experience.