Manitoba's Credit Unions
Farming Manitoba
About Credit Unions
What is a Credit Union?
Credit unions are financial co-operatives and, like all co-operatives, are owned and controlled by the people who use their services. These people are members, and they all own shares in the credit union. As shareholders, members of many credit unions share in the profits every year.

As financial co-operatives, credit unions are dedicated to the people and communities they serve. From weaving co-ops in Sri Lanka to producer co-ops like Ocean Spray(R) to credit union systems with billions of dollars in assets (that's us!), co-operatives adhere to Seven International Co-operative Principles.

Credit unions, like other financial institutions, are closely regulated. All deposits, including interest, are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

For a complete list of available services, email, phone or visit your local credit union.

The Statement on Co-operative Identity was adopted at the 1995 General Assembly of the International Co-operative Alliance, held in Manchester on the occasion of the Alliance's Centenary. The Statement was the product of a lengthy process of consultation involving thousands of co-operatives around the world.

Definition
A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.

Values
Co-operatives are based on the values of self-help, self-responsibility, democracy, equality, equity and solidarity. In the tradition of their founders, co-operatives members believe in the ethical values of honesty, openness, social responsibility and caring for others.

Seven International Co-operative Principles
1st Principle: Voluntary and Open Membership
2nd Principle: Democratic Member Control
3rd Principle: Member Economic Participation
4th Principle: Autonomy and Independence
5th Principle: Education, Training and Information
6th Principle: Co-operation among Co-operatives
7th Principle: Concern for Community

Principles
The co-operative principles are guidelines by which co-operatives put their values into practice.

1st Principle: Voluntary and Open Membership
Co-operatives are voluntary organizations, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.

2nd Principle: Democratic Member Control
Co-operatives are democratic organizations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership. In primary co-operatives, members have equal voting rights (one member, one vote) and co-operatives at other levels are organized in a democratic manner.

3rd Principle: Member Economic Participation
Members contribute equitably to, and democratically control, the capital of their co-operatives. At least part of that capital is usually the common property of the co-operatives. They usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate surpluses for any or all of the following purposes: developing the co-operative, possibly by setting up reserves, part of which at least would be indivisible; benefiting members in proportion to their transactions with the co-operatives; and supporting other activities approved by the membership.

4th Principle: Autonomy and Independence
Co-operatives are autonomous, self-help organizations controlled by their members. If they enter into agreements with other organizations, including governments, or raise capital from external sources, they do so on terms that ensure democratic control by their members and maintain their co-operatives autonomy.

5th Principle: Education, Training and Information
Co-operatives provide education and training for their members, elected representatives, managers and employees so they can contribute effectively to the development of their co-operatives. They inform the general public - particularly young people and opinion leaders - about the nature and benefits of co-operation.

6th Principle: Co-operation among Co-operatives
Co-operatives serve their members most effectively and strengthen the co-operative movement by working together through local, national, regional and international structures.

7th Principle: Concern for Community
While focusing on member needs, co-operatives work for the sustainable development of their communities through policies accepted by their members.

(As stated by the International Cooperative Alliance)

100% Guaranteed
All deposits, including interest, are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba. So, the next time you ask yourself, "Where can I find a safe place to keep my money?" Remember where your funds will be 100% guaranteed — your local credit union!

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