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Understanding common shares

Having just $1 in common shares makes you a member-owner.

It doesn’t take much to become a Servus member. In fact, it’s really quite easy. Simply invest $1 in common shares when you open your first account. This gives you a say in our business, a share of the profits and everything else membership has to offer.

  • Minimums and maximums

    You must have at least $1 in common shares.

    There are two ways you can grow your common shares.

    Servus contributed funds, which are dividends you earn on your common shares as part of our Profit Share program.

    Member contributed funds, which are deposits you make by buying more common shares.

    You can buy up to $40,000 in common shares (some limits apply). When you buy common shares, you have to buy at least $1,000 at a time. After your first $1,000, you can also deposit monthly in amounts of $100 or more. The common shares you buy can be either registered or non-registered. You can transfer non-registered funds into registered funds as long as you keep at least $1 as non-registered.

    You can’t hold more than $200,000 in common shares. If you have more than $200,000 we will pay out the extra to you each year.

  • Control and security

    Our Board of Directors controls the common share funds on deposit with Servus.

    When you buy common shares you invest in your credit union. But, unlike term deposits, the Credit Union Deposit Guarantee Corporation doesn’t cover common shares. The security of your common share investment depends on the strength and stability of our credit union.

  • Dividends and taxes

    Our Board of Directors sets the common share dividend each year. To receive a dividend you must have at least $1 in common shares at the time it is paid.

    Your common shares are subject to income tax laws and the dividends you earn count as interest income.

  • Redeeming common shares

    Common shares are a long term investment. You can cash in your common shares but we may limit or cancel redemptions in certain situations. You can ask your branch for a copy of our Common Share Disclosure Statement for details.

    We can usually approve an immediate payout when:

    You close all of your accounts and you have less than $1,000 in common shares

    You move out of our trade area

    Your business ends all activities

    Your accounts are closed due to death

    You are signing a trust account over to a child (limits may apply)

    If you want to cash in your common shares for any other reason you have to submit an application. We fulfill requests once each year. You must submit your application by November 15 of any year in order to receive your payout by December 20 of that year.

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