What is a Credit Union?
Credit unions are full service financial co-operatives. Like other financial institutions, we provide chequing accounts, mortgages, business loans, and investment advice. But, every credit union’s Board of Directors consists of democratically elected members from their community. Locally elected directors are how we understand what’s important to our members and how we keep our decisions based on local realities. Rooted in this co-operative structure, the credit union difference is all about service – to members and to communities.
More than 5 million Canadians trust their local credit union as their partner for day-to-day banking. As a credit unions we are focused on strengthening Canada’s economy; keeping money in the pockets of our members; helping communities prosper; putting people before profits; and partnering for public policy solutions. While each credit union is independent and locally controlled by its member-owners, all credit unions share a common bond – a dedication to the people and communities they serve.
About Motor City Community Credit Union
Motor City Community Credit Union has a heritage that dates back to the early 1900s when one of the first local credit unions was started inside the Windsor Star in 1938. This credit union came to be known as Printers’ Industrial Credit Union. In May 1940, another local credit union was formed within the City of Windsor’s transportation department called the S.W. and A. Credit Union.
As the credit union system started to develop in those early years, the auto sector began some of their own operations when three Ford Motor employees groups formed credit unions in 1943, followed in 1944 by the Motorco plants #1 and #3 Chrysler employees. As these credit unions mainly consisted of employees of specific companies, they were known as "closed bond" financial institutions.
Over the next decade several credit unions were formed to assist the workers in various sectors throughout the region. Over time, they began to share ideas, help each other, and eventually combine efforts to form larger financial institutions. As the financial industry changed, so did the makeup of our local credit unions, with many of the "closed bond" credit unions combining operations and opening their doors to all residents of Windsor and Essex County.
About Member Shares
No matter how much or little you have in deposits at your credit union, you’re entitled to the best rates, perks and offers available. Every credit union member has an equal vote and an equal voice, this is guaranteed by having the required amount of shares in place. The required amount of membership shares at Motor City is twenty shares which are $5 each, totalling $100. To make it easier when you initially join, you can choose to use our 10 in 10 plan, $10 in shares every year for 10 years until you reach the required $100. In other words, you purchase two $5 membership shares when you join (totalling $10) and the following year you must purchase at least two additional $5 membership shares until your reach the full $100 in shares. But don’t worry, should you ever decide to leave Motor City we will give you the full amount you have in membership shares back.
For more information about Membership Shares, speak to a Motor City rep at your closest branch, email or phone a branch during business hours.
How are Credit Unions Regulated
Credit unions in Canada are deposit-taking financial institutions that are provincially regulated. Provincial regulators have oversight over individual credit unions within their respective provinces; and credit unions are required to meet standards and work with public agencies to ensure they are among the country’s soundest financial institutions.
Motor City members are protected by The Financial Services Regulatory Authority of Ontario (FSRA). An Ontario Provincial Agency established to replace the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). FSRA’s role is to protect depositors of Ontario credit unions and caisses populaires from loss of their deposits. Deposit insurance is part of a comprehensive depositor protection program for all Ontario credit unions which is backed by provincial legislation.
FSRA helps keep Ontario’s credit unions safe and sound by providing deposit insurance and regulating their activities.
- Your deposits are automatically insured up to the $250,000 limit (unlimited for deposits in registered plans);
- You don’t have to pay for deposit insurance. Premiums are paid to FSRA by credit unions and caisses populaires;
- FSRA insures most—but not all—types of deposits. See What’s Covered, What’s Not Covered;
- FSRA insures deposits placed in all credit unions in Ontario.