Shares & Other Accounts

Shares Accounts (A, C, D)

Shares Accounts represent part-ownership. East Kootenay Community Credit Union has "A" Shares and "D" Shares accounts. Introduced in January 2008, and again in July 2014, the "C Shares" account were introduced and offered for a limited time. Dividends are usually paid on all Shares accounts.

Also, members who keep money in their Shares accounts can earn a great rate of return in dividends, which have historically provided a better percentage of return than our Savings Accounts.

"A," "C" (when available) and "D" Shares entitle members to vote and run for Director, which gives YOU a voice in how the credit union conducts business!

In 2019, members voted on a rule change brought forward. The change was passed and filed with the BC Registrar of Companies. As of January 1, 2021, the changes were implemented. Highlights to the rules are below. The updated rules can be found here.

The rules below, where the money is rounded down, will be transferred to another account.


Change in Shares – Member Shares accounts

EKC's A and D Shares accounts must now be rounded down to the nearest whole dollar value.

You may notice transfers from your Shares to your Saving or Chequing accounts. Fractional Shares will no longer be allowed. It results from the rule change that was adopted, April 30, 2019, and put into effect, January 1, 2021.

Dividends

  • dividends, if declared, are usually determined at least one month after the quarter's end
  • there is no guarantee that dividends will be declared, as they are based on the financial status of that particular quarter and the Board of Directors discretion
  • a dividend based on the earnings of EKC is calculated on the minimum quarterly balance, paid quarterly, so the member directly benefits from the performance of EKC by way of cash dividends
  • quarters begin on January 1, April 1, July 1, and October 1
  • Dividends are paid into a savings account, if no savings account then chequing account or "D" shares.

Statement Information

  • information is included with your statement, or e-Statement
  • no service charges are incurred on Share Accounts
  • when the account is closed, all shares are returned to the member
  • Shares Accounts are not available for online transactions

Historic Rate of Return

Over the past few years, EKC has paid quarterly dividends (%) to our members as follows:

Example

  • A member with $500 in "A" Shares (1st quarter 2021 @ 1.5%) would have received $1.00
  • If the member had $10,000 in "D" Shares (1st quarter 2021 @ 0.05%), he would have received $1.00

Dividends are paid in whole dollars and are rounded down to the next dollar value.

(NOTE: Historic Rate of Return is not a predictor of future dividends. The chart is for informational purposes only.)