Bayview Credit Union (Company Overview) - Canadian Mortgage Lenders
The Bayview Credit Union is said to be the first community credit union to be opened in New Brunswick. It opened its first branch in March 1938 and have since gone on to open a further seven branches across Saint John and southern New Brunswick. From starting out in the financial world with 12 members the company now has around 24,000 members and growing, and their assets now exceed some $274 million. They are recognised as a local leader in their industry, and are co-operatively owned by its members. Regardless of the size of a members deposit or share capital they will be able to have one vote in matters related to the running of the business. This unique way that things are run means that customers can get a more personal banking and financial relationship with the company.
As a credit union, Bayview is open to all for things such as saving and loans. They offer their many financial services to businesses, individuals and families. The union also offer many of the services that a major bank would, such as mortgages, internet banking, telephone banking and direct payment services, they have also introduced their own network of cash machines throughout the New Brunswick area. They also have many investment options two of which are Term Deposits and Credit Asset Management mutual funds. What does distinguish the Bayview Credit Union from banks is their profit sharing scheme. The union shares the profits with its members based on two simple elements which are surplus shares and membership shares.
The Bayview Credit Union does not only seek to look after its members, they actively seek to support the local community in providing better education and healthcare. They contribute to the development of people creative talents. This local union creates a strong community feel for all who is involved.
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