Membership is open to all individuals and businesses who agree to abide by the constitution, bylaws and rules of the Credit Union as well Credit Union Act as applicable to Credit Unions in the Province of Alberta. For opening an account with the Credit Union, one must become a shareholder of the Credit Union. Individuals must buy minimum of 100 shares at $1.00 while corporations and organizations are required to purchase a minimum of 500 shares at $1.00 each. Any one person or organization can buy a maximum of 100,000 common shares. As per rules of the Credit Union, the shares can only be redeemed at the time of Account closure. The limit for redemption of shares is as follows:
For share-holding of 1 to 4999 shares:
Maximum of 100 shares per year
For share-holding of 5000 or above:
Maximum of 500 shares per year
All deposits made with the Credit Union, except Common Shares, are 100% guaranteed by Credit Union Deposit Guarantee Corporation (CUDGC). Both, the deposit money and interest earned is safe and secure up to any dollar amount.
