Becoming
a Member
Join The Thousands Who've Discovered A Rewarding Financial
Relationship
Becoming A Member
Who qualifies for membership?
The Police Credit Union exists only to serve its members.
Membership in the credit union is open to:
- Employees and persons on pension from
all police services in the Province of Ontario, employees
of related Police Associations and Police Organizations.
- Related persons or entities of such
members qualifying in section 2.01 of the Act and regulations.
- Employees of the credit union.
- Persons or entities not otherwise qualifying
for membership under the Police Credit Union's Bond
of Association as long as the aggregate number of such
members does not exceed 3% of the number of members
of the credit union.
- A person who originally qualified for
and became a member and who no longer qualifies under
clauses a, b, or c above.
Share Purchase - Twenty $5.00 Shares
Share requirements
shall consist of:
Every member over 18 years of age shall acquire, within 2
months of acceptance into membership, at least 20 paid-in
shares of the credit union, and shall maintain such share
holdings for as long as they continue to be a member of the
credit union. Spouses of members are allowed to be members
of the credit union without purchasing a separate share holding
as long as they are joint signing authorities on accounts
only. Any spouse desiring their own name account or are named
on spousal RRSPs must become a member in their own right.
Any individual who meets the above membership and common
bond requirements may become a member of the credit union.
Any admissions not qualified under the common bond will be
approved by the Board of Directors and be identified in the
membership register as "outside the common bond".
This does not apply to members who retain membership when
no longer within the common bond.
All joint members who invest the required amount in the share
account will be equally entitled to all privileges of membership,
including the right to borrow as an individual.
Rights and Privileges of Membership
A member in good standing is one who:
- falls within the credit union's common
bond definition
- maintains the required share deposit
amount
All members in good standing are entitled
to:
- use the services of the credit union
- (except for junior members) vote on
resolutions and elect directors
- (except for a corporation, partnership
or junior member) be a director or serve on a credit
union committee, subject to compliance with the Credit
Unions and Caisses Populaires Act and the credit union's
bylaws
- receive a record of transactions for
demand accounts and investment in shares
- receive a statement of transactions
for demand accounts at least quarterl
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