| Q. How much
money can I withdraw at the counter?
A. We no longer have a limit of how much
cash a person can take out over the counter.
Q. How long does it take to get
a cheque?
A. Cheques are prepared all day long.
You could ask for one at the counter and
we would do it for you right then and there.
Q. Can family members join the
Credit Union?
A. Yes, any family member may join GHCU.
Q: When are statements sent out?
A: Our savings account statements are sent out in February and August and our chequing statements are sent out monthly.
Q. How much do I have to leave
in my account to keep it open?
A. You can withdraw whatever is in your
savings account. The $50.00 in your share
capital account keeps your membership open.
Q. How is the Credit Union different
from a bank?
A. There are many differences between banks
and Credit Unions. The most important one
is that Credit Unions are democratically
run by the people they serve - their members.
The Credit Union's primary commitment is
to serve members' financial needs, whereas
banks exist to earn dividends for shareholders.
Q. How do Credit Unions operate?
A. Each Credit Union operates independently.
Policies and procedures are set and monitored
by a volunteer Board of Directors, elected
by the membership. The day-to-day operations
are the responsibility of the General Manager.
The democratic structure of Credit Unions
is what makes them unique. Each Credit Union
member has one vote and an equal voice in
the direction of the Credit Union.
Q. How are Credit Unions regulated?
A. Credit Unions in Ontario are regulated
by the Financial Services Commission of
Ontario, in accordance with the provincial
government's Credit Unions and Caisses Populaires
Act.
Q. What are some Credit Union innovations?
A. Over the years, Credit Unions have taken
the lead in developing and introducing innovative
financial services. For instance, they were
the first financial institutions to offer:
- Consumer loans
- Daily interest savings
- Automated banking machines
- Flexible mortgage payments
- Payroll deduction
Q. What is the history of Credit Unions
in Canada?
A. Credit unions have been serving Canadians
since 1900, when the first caisse populaire
was established by Alphonse Desjardins in
Quebec. Ontario's first Credit Union was founded
in Ottawa in 1908. Most Credit Unions were
established during the 1940's and 1950's in
response to the need for affordable consumer
credit. |
