With Member Savings, the more business you do with us, the more you benefit. Unlike a bank we do not profit from service fees, they are in place only to cover the costs of our operations - so we pass those savings directly along to our members.
Serving employees and their families of the LCBO, AGCO, Honeywell Limited, MTS Allstream Inc., Ontario Brewers and Wineries and the Shell Group of companies, we offer a full range of financial products and services.
We are dedicated to your financial goals. Knowledgeable staff, exceptional service, and a credit union that is there just for you - Member Savings will change the way you look at banking. Enjoy the attention of a financial institution that cares about you.
The LCBO Employees' (Toronto) Credit Union was established in 1949 by a volunteer group of people to serve the needs of the employees of the Liquor Control Board, the Liquor License Board of Ontario (now called the Alcohol and Gaming Commission of Ontario), and their families. Having changed our name to Member Savings Credit Union, our credit union now also welcomes into membership the employees and family members of AGCO, Honeywell, MTS Allstream and the Shell Group of Companies.
A credit union is a financial co-operative, which is owned and democratically controlled by its members, the shareholders. As a public corporation, a credit union is required by law to hold an annual meeting to report to the shareholder-members, and to elect a Board of Directors, an Audit Committee, and appoint an external auditor.
The Board of Directors sets the policies, which determine the operation of the credit union and also oversees its performance. Credit unions are chartered by, and regulated by, the provincial government. The Deposit Insurance Corporation of Ontario provides deposit insurance coverage for members' deposits: a free brochure published by that Corporation is available at no cost, explaining the details.
Credit unions have been serving Canadians since 1900. They began as an alternative to the commercially centered, largely inaccessible banking system. Credit unions enabled people to save their money together to provide loans to fellow members. Today over one third of our country's population are members of credit unions and caisses populaires (our francophone counterparts).
Member Savings Credit Union Limited, a caring financial institution committed to service excellence through understanding and anticipating member needs, will achieve high member satisfaction and profitable growth thereby becoming the primary financial institution for its members.
As we focus on the year ahead we see a very similar financial climate to what we have experienced over the last several years. Very low interest rates are expected to continue throughout 2017. This remains good news for borrowers, but continues to be a challenge for our depositors looking for an attractive guaranteed return on their investments. The credit union offers many choices for investing and members are encouraged to contact Betty Anne Flynn our Investment Specialist to learn more. This is a FREE service to our members.
As interest rates remain very low, this provides an excellent opportunity for our members to better their financial outlook by paying down their debt. We continue to promote our low-cost consolidation loan to assist our members in becoming debt free. Our professional team of lenders are standing by to assist.
Member Savings continues to invest in technology to ensure that we keep pace with the types of services our membership demands. Our most recent enhancements include our mobile banking app, featuring Deposit Anywhere™, “Alerts and Messages” to better assist you with tracking your account status online, as well as a “Forgot Password” feature allowing you to reset your online banking password yourself providing you have registered your email address with us. Looking ahead, we plan to roll out Interac Flash ® technology on our MEMBER CARD®debit cards by the fall of 2017.
Our financial blog, MSCU Talks, continues to build and assist readers through any financial path they may face. Here we will be focusing on topics that are trending and of interest to you. From banking basics like saving and budgeting tips or how to save on banking fees, to home ownership and investments, we aim to provide you with all the information you need to continue on your financial journey.
In 2016, we began conducting Member Experience Surveys in which we ask our members for feedback on their personal experience with us. We will be continuing to survey our members throughout 2017. Good or bad, your comments are very important in ensuring that we continuously provide quality products and service. If we slip up, we want to know so we can work towards making the necessary changes.
Our commitment to our members remains unchanged. We are about your financial success and we’re here to help. “Talk to us”.