About us
We Want to Make
Your Everyday Banking
Convenient and Easy
View the Member Savings 2010 Annual Report
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., 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.
Our History
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. Just call one of our branches for a copy.
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).
Our Mission Statement
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.
Corporate Principles
- To provide excellent value to our members by offering very competitive rates on both deposit and loan products.
- Sustain profitable growth ensuring that sufficient capital levels are maintained well above regulatory requirements.
- Provide best of breed products and services to our members.
- Portray a positive corporate image to our members, corporate sponsors and the credit union system.
- Provide a high quality work environment for all employees that adheres to all regulatory requirements and corporate performance objectives.
The year ahead…
Our goals and objectives include continued steady and profitable growth to ensure that strong capital levels are maintained. We will continue to enhance our website with tools that our members can use to improve their financial well being. A banking system upgrade is planned for 2011 which will ensure that we continue to deliver innovative products and services to our members. The issuing of Chip enabled MemberCard® Debit Cards and increased capabilities of our Internet & Telephone Banking system are just a few of the enhancements we will achieve through this conversion. Ensuring that there is no disruption of service to our members is of utmost importance as we plan for this upgrade.
We will continue our focus on increasing awareness of our products and services, to both members and non-members, through regular education sessions and on-site visits. Our invitation to spend 30 minutes with one of our professionals, whether in person or by telephone, continues to stand.
Member spot surveys will be utilized to ensure service excellence across all delivery channels. The use of our website for an on-line survey application will be pursued to facilitate this process.
Our members are reminded that we are here for you. We urge you to contact us with any suggestions you may have that will improve your Member Savings experience.
