Benefits Of a Co-operative Financial Institution
| What is a Co-operative? Co-operatives are business organizations owned by the members who use the Co-operative services. Surplus earnings of a co-operative are shared by the members in proportion to the degree they use the services. Co-operatives are structured in a democratic way wherein each member has a vote. This allows members to have a say in the decisions of the co-operative. The members elect the board of directors and decide what should be done with any surplus that is generated in the co-op. |
| What is a Credit Union? Credit unions are financial co-operatives owned and controlled by the members. They provide the same kinds of financial services as do banks and trust companies. These services range from savings and chequing accounts, term deposits, RRSP's, consumer loans, credit cards, mortgages etc. Every credit union has a Board of Directors, elected by its members at an Annual General Meeting. |
| Co-operative Principles |
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Structure of the Credit Union |
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Current Board of Directors for the Biggar &
District Credit Union: |
| Dale Martin Laura Zimmerman Cheryl Grasdal Earl Notsbakken Louise Roenspies |
Ron Scott Ken Deyenberg Lonny Darroch Shirley Bennett Karen Gamble |
| Patronage Refund Program Unlike other financial institutions, any savings generated by the Credit Union are returned to the member through the patronage program. At the discretion of the Board of Directors in an annual review, a percentage of the members interest may be returned in the form of a cash refund. In any case, the money stays in the community to be used and reinvested. |