New Member FAQ

New Member Frequently Asked Questions



1. Is there a good reason to join EKC?

2. How is EKC different than a bank?
3. Do I have to pay membership dues each year?
4. Why do you need to do a credit check when I apply to join?
5. Do you share my membership information with any third parties?
6. Do you offer financial planning advice as part of membership?
7. How do I apply to join EKC?
8. What does it take to become a member and open an account?
9. How old do I have to be to be a member?
10. How do I switch from my current financial institution to EKC?
11. What if I leave BC? Can I still access my EKC accounts?

1. Is there a good reason to join EKC?
There are lots of good reasons. We have all the financial services, advice, products, branches, apps and ATMs you need. We’re in your community and support your community. You’re in charge: you vote for our Board of Directors, share in patronage rewards and make decisions so we can help you live your life, your way. But it’s even more than that, so please: learn more.

2. How is EKC different than a bank?
All credit unions are cooperative financial institutions: our members are owners and have a voice in who leads and the decisions our leadership makes. Our mission is to invest in our communities. Since we’re locally based in BC’s East Kootenay, we share our profits with our members and the communities near them. Your business with us is different, and makes a difference. Learn more.

What makes the credit union so different?

  • Credit Unions are different because our profits go back to our members. Whether it’s through donations, sponsorships, scholarships, patronage rewards, or participating in and hosting community events, credit unions share their profits with those who help make us successful: our members and our community!
  • Our history is the foundation of our philosophy: that everyone deserves the opportunity to achieve financial well-being, that working together, cooperatively, works for the good of all, and that giving back to communities is a key rationale for profitable operations.
  • The rest is history. The credit union system now employs over 24,000 people, serves 4.9 million members, and manages assets of over $91 billion.
  • EKC, as a Cooperative follows the Cooperative Principles:
  1. Anyone can join.
  2. Each member has a vote and can run for the Board of Directors.
  3. Our members receive a share of profits that we call Patronage Rewards.
  4. We provide advice and education for our members, staff and Directors.
  5. Members own the credit union. We are not owned by outside shareholders.
  6. We work together with other cooperatives locally, regionally, nationally, and internationally.
  7. We invest in our communities.
  • Around the World: The international credit union system is comprised of 91 countries, 43,000 credit unions, and 136 million members. As a member in Canada, you are a welcome and respected member of a strong movement in the global community.

3. Do I have to pay membership dues each year?
No! Every member gets to take part in our Patronage Rewards Program – and the more business you do with us, the more rewards you’re eligible to receive.

4. Why do you need to do a credit check when I apply to join?
All our members are also owners, we work together to protect everyone’s investments. The first step is ensuring our new members have satisfactory credit. Once a new member meets the minimum criteria, they can benefit from all the privileges and rewards that membership offers.

5. Do you share my membership information with any third parties?
Only when we’re required by law, or when we have your consent.

6. Do you offer financial planning advice as part of membership?
Absolutely! EKC MoneyWorks is a subsidiary of EKC. We share values and it’s good for you to know our planners are on your side to help you make the right decisions for you. Our experienced, accredited investment experts will help you manage the money you have now so you can enjoy life your way.

7. How do I apply to join EKC and open an account?
We welcome you to join. We’ll need to meet with you in person. It is best to make an appointment at your closest branch and please allow about an hour.

Like other financial institutions EKC needs two pieces of ID, (i.e. drivers licence and Care Card) your SIN (Social Insurance Number), address, phone number and occupation. As a Financial Institution we are accountable. Canada Revenue Agency requires you SIN for identification, and to report any interest we pay out. Call us today.

8. What does it take to become a member?
To join EKC you need to be a resident of British Columbia and put a $5 deposit into a “Membership Shares Account”. This $5 buys and holds the required 5 shares ($1 each) that make you a member in full standing – which gives you voting privileges and makes you eligible for our Patronage Rewards.

9. How old do I have to be to be a member?
Anyone can be a member of EKC, regardless of age. If you’re under the age of 13, your account will need to be opened and held jointly with a parent or guardian.

10. How do I switch from my current financial institution to EKC?
We’ve tried to make it as easy as we can for you to bring your banking here. Once you’re set up, our staff will make sure any electronic preauthorized payments and payroll deposits you have are redirected to your new EKC account. We do this for both personal and business accounts at no charge – because we’d love to have you as a member! Learn more here.

11. What if I leave BC? Can I still access my EKC accounts?
Yes! With ATMs around the world, banking by phone, and all of the great online options available we can provide you with the services you need to make banking easy anytime as well as anywhere. We suggest you take advantage of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       

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