Member Shares

The biggest difference between banks and credit unions is ownership. Everyone who joins a credit union becomes an owner of a financial co-operative who has an equal share. If you are with a bank, you are a client, not an owner, and you do not have a say in how things are run. As a member of Assiniboine Credit Union, you have a vote and a say in how we do business, how profits are invested, and who represents you on our board of directors. To find out more, see How Credit Unions Work.

The basis of this right to vote is the $5.00 member share. The member share is owned by you, and returned to you if you no longer do business with ACU.

What's changing in 2017

  • The biggest change is that on April 19, 2017, ACU members approved a resolution to eliminate grandfathered joint memberships. These joint memberships had one share owned by two or more people, so only one person could vote. Now, each person who does business with ACU will have a member share and a vote. This is more democratic.
  • There are other members whose share is not properly funded. As a democratic credit union, all members need to have a $5.00 member share and an ability to vote on matters of the credit union.

Are you a member who doesn't have a funded member share?

  • You may be part of a grandfathered joint membership where the other joint member holds the $5 member share. If so, you will receive a letter explaining how your member share will be funded. You will then be a voting member of ACU.
  • You may have a member share that's not properly funded. If so, you will receive a letter explaining how your member share will be funded. This $5 share is the basis of membership and voting on matters of the credit union.

‚ÄčIf you receive a letter and have questions, please take note of the letter code at the bottom of the letter. This will help us answer your questions.

How are we completing this?

  • When possible, we complete the transfer. We will complete the member share transfer from an available chequing or savings account. Most transfers will happen on the afternoon of June 6, when the first automated transaction will occur.
  • We will not overdraw any account. As of June 6th, checking for available funds will become part of a daily automated process. The accounts will be continually checked until funds become available.
  • Starting in December 2017, member shares will be funded from other accounts. If a member does not have an available chequing or savings account, funds will be withdrawn from other available accounts. The account will have a descriptive withdrawal note, indicating that it was for funding the member share.

Some Frequently Asked Questions

If you've got some questions, they'll likely be answered here. If not, please phone our Member Communication Centre at 204.958.8588 (toll-free 1.877.958.8588). We'll be happy to help you.

What are "grandfathered joint memberships"?

  • It is a membership where there is only one share that is owned by two or more people.
  • Before April 2010, joint memberships were offered. But this meant that only one of the persons who owned the share could vote on behalf of the membership.
  • In April 2010, members passed a resolution to discontinue offering joint memberships going forward and to "grandfather" existing joint memberships.
  • Since April 2010 all new memberships with Assiniboine Credit Union are single and each member buys their own $5 member share.
  • We want to move to "one member, one member share, one vote" to be more democratic.
  • In the 2017 general election, members voted on and passed a resolution to eliminate grandfathered joint memberships from ACU's by-laws. This now allows every member to have one vote.

Why did we want to eliminate grandfathered joint memberships?

  • Grandfathered joint memberships only allow one of the people associated with the joint membership to vote. This is different than the credit union goal of having all members share equally in the democratic processes that define a credit union.

Why do I have to give you $5.00?

  • Credit unions are democratic organizations, owned by their members. Members of a credit union are required to purchase a $5 common share in the credit union. The member share affirms your right to participate in the credit union as an owner -- voting in elections and on resolutions that determine the direction of the credit union.
  • You retain ownership of the $5 member share, which is returned to you when you are no longer a member of the credit union.

I didn't have a grandfathered joint membership, but I still got a letter about my member share not having $5.00 in it. How did that happen?

  • Currently your member share is not correctly set up and funded. When the share is funded, you will be set up correctly. You own your $5 member share, and it will be returned to you if you no longer do business with ACU.

I received a letter indicating that I do not have any appropriate accounts to take $5.00 to fund my member share but I do. How did that happen?

  • This may be the result of the roles on the account being incorrect. If you believe that you have an account from which the member share can be transferred, phone us and we'll work with you to correct the issue.

I received a letter indicating that that my account would not be overdrawn to fund my member share, and now my account is overdrawn. How did that happen?

  • ACU has made every effort to ensure that accounts would not be overdrawn. However, there is a very small risk that a timing delay between identifying that the account has money and another debit transaction taking place at or around the same time may result in the account being overdrawn. Please phone us, and we'll correct it.

My account was debited and/or credited $5.00 to fund my member share and I did not receive any type of communication. How did that happen?

  • The cut off date for identified affected members who would receive letters was April 17th. If the share was created after this date, then it was only addressed as part of the newly created daily automated process that commenced June 6th OR
  •  It may be that your address has not been updated and/or marked as Undeliverable. Those members with Undeliverable addresses were not sent letters, but the action to correct their member share accounts still occurred.

How was it decided what account to debit and/or credit the funds to?

  • Where you are the owner of an account and $5.00 is required to fund a share, we first choose an account where you are the owner. The first priority would be to look at chequing accounts and, if no appropriate account exits, then look for an appropriate savings account to complete the transaction.

I received a letter indicating my member share was overfunded. How was this determined?

  • There are a couple of reasons why your share would be considered overfunded.
    • You may have a share with a balance greater than $5.00 OR
    • You have multiple member share accounts that, combined, total more than $5.00.

I received more than one letter. How did that happen?

  • Your household may have multiple members that need to be contacted separately OR
  • In a very few cases, our banking system indicates you have duplicate records that need to be dealt with.

I received a letter for both my Assiniboine and Outlook member share accounts. How did that happen?

  • ACU has made every effort to identify members who have memberships in both Outlook Financial and ACU. If you are receiving both letters, then we need to ensure both memberships contain the exact same information (ie Address, spelling of all listed names). The $5.00 member share will reside with ACU.

What if I only want to maintain my Outlook Financial membership?

  • Contact us, and we will close out your ACU membership, which includes refunding the $5.00 member share.
  • We will make sure your $5 member share will be held with Outlook Financial.

What happened if my member share account was over funded and the excess funds were not redeposited into another account?

  • An appropriate chequing or savings account was not available to redeposit the funds. Please call us, and we will make arrangements with you to obtain these funds.

Why does my letter mention that my member share will appear on my statement by August?

  • Member share funds belong to you, the member, and should be recognized alongside your other accounts. 
  • Online statements are available to you through Online Banking and our Mobile Apps.

How will I recognize the transfer to my member share?

  • These transactions will display on your online statement as a Transfer to or Transfer from and indicate the account number.

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