How do I become a member?

When you join our credit union, you are required to contribute to the common shares to help maintain a reserve fund. Common shares ensure our credit union has a strong and stable base from which to operate. Membership gives you the right to use the credit union's services and the right to vote. The directors on the Board, members themselves, are elected by the membership.

What are the benefits of being a member?

Being a member is a unique thing in today's banking world. We are proud that you have a voice in how our credit union is operated. And in doing so, you also reap the benefits. For the past seven years, due to the success of Macleod Savings & Credit Union, the Board of Directors has issued a dividend on all common shares. In line with the board policy of paying at least 1% over the average 5-year term deposit rate for the year, a dividend of 8.0% was announced for 2007.

Common Share Program

Common shares make you an owner of our credit union. They give you an opportunity to share in the accumulated reserves and prosperity of Macleod Savings & Credit Union Ltd.

Credit unions are required by law to maintain a reserve fund. Common shares help to make up this fund and ensure our credit union has a strong and stable base from which to operate. All members must participate in this equity program by purchasing common shares which entitle you to use our services and also give you voting privileges.

Common share funds are owned by individual members and a statement showing all contributions is issued annually. The board of Directors retains control of the common share fund and determines the dividend to be paid after each financial year-end. For more details, download the Common Shares brochure (This is PDF document that requires Adobe Acrobat Reader. Acrobat is freely available from the Adobe web site.)

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