Questions about Credit Unions? Read on . . .

Democratic Ownership - The fundamental operating principle of credit unions is democratic ownership - one member, one vote, regardless of the amount of deposits, or accounts, or shares. Each credit union is run by a group of elected board of directors. Members have the right to seek election to the board of directors.

At the Forefront of Financial Services - Credit unions were the first financial institutions to offer consumer loans, automated teller machines, electronic payment cards and daily interest savings accounts.

A National Network - There are approximately 880 credit unions across Canada and 1,430 caisses populaires, the francophone counterpart to credit unions.

Secure and Well-capitalized - Canadian credit unions and caisses populaires have over $49 billion in assets, 4.5 million members and approximately 1900 locations across Canada.

Social Responsibility and Canadian Credit Unions

The Credit Union is guided by the five principles of cooperatives:

• Democracy - one member, one voice, one vote.
• Non-discriminatory - open to all.
• Profit Sharing - sharing in the profits through common share dividend and/or partronage rebates.
• Cooperation among cooperatives.
• Cooperative education of members and staff.

What is a Credit Union

A Credit Union is a group of people who join together to pool their savings and make loans to each other at reasonable rates of interest with a sensible approach to fees and other accounts service charges.

Credit Unions started in Alberta in 1938 when the provincial Government proclaimed the Credit Union Act. Since then Credit Unions have prospered as community based providers of financial services.

What is the Security for your savings?

100% guarantee.

All deposits and earned interest regardless of amount are 100% guaranteed by the Credit Union Deposit Guarantee Corporation.

What makes Credit Unions different?

Although we offer a full range of banking services, we are not a bank!

The Difference:

The Credit Union system is organized in three tiers - local, provincial and national, each designed to provide service to members. The three tiers of the Credit Union system build upon member strengths. By being close to member needs in communities across Canada, the Credit Union system has been uniquely positioned to take a leadership role in developing flexible, convenient and innovative financial products and services.

At Credit Unions, members are not just customers, they are shareholders and owners.

What is the Community Focus?

By being locally based and locally owned, credit unions play a major role in fostering community well-being by:

• Investing in community projects.
• Sponsoring community activities and events.
• Promoting community economic development.
• Providing community non-profit organizations with a no-fee chequing account.

How can you take advantage of our services and products?

To become a member all you have to do is call at any of Chinook Credit Union's Branches with appropriate identification. To open an account or apply for a loan the law says we will need to have proof of your identity. This applies to all financial institutions and is a part of crime prevention.

To meet the requirements you will have to provide documents of identification.

• A drivers license or student card with photo signature
• Social Insurance Card
• ATM Card, Visa, MasterCard, etc.
• Alberta Health Card

If you have a current passport or citizenship papers, birth certificate and at least one other document it may be enough.