credit union shares

korolla · Postby **korolla** » September 7th, 2011, 5:58 pm

What about fix deposits, a credit union in south (ste madeleine) is not paying any intrest on any deposits to investors stating how clico not paying them and they can't pay, also they don't want to repay the capital, how do you get back your investment. The investment made was not with Clico so why should I suffer knowing the Credit union has millions invested in other companies colleting intrest from them.

ronsin1 · Postby **ronsin1** » September 7th, 2011, 6:14 pm

korolla wrote:What about fix deposits, a credit union in south (ste madeleine) is not paying any intrest on any deposits to investors stating how clico not paying them and they can't pay, also they don't want to repay the capital, how do you get back your investment. The investment made was not with Clico so why should I suffer knowing the Credit union has millions invested in other companies colleting intrest from them.

Clico outsmarted most credit unions even the major ones all have lost money and can't make commitments of paying interest on any account.

I have an account in one of the major credit union and this year they only paid 3% due which came from their reserves and they were advised by their auditors not to pay more than the 3% as they may have implications with the reserve funds.
The only thing that kept them afloat when Clico crashed was the fact they had other investments and assets outside of of the Clico Investments.

on previous years the motion was passed to pay 8%

having said that most credit union are able to pay interest through two things:-
1. Investments which are successful
2. From interest generated by loans and for the past few years Loans have decreased so the interest generated from that will be small.

Small credit unions will have small reserves and will not be able to sustain any big interest returns to it's members

What I suggest you do like was stated above is read you by-laws.

Rory Phoulorie · Postby **Rory Phoulorie** » September 7th, 2011, 6:25 pm

ronsin1 wrote:I have an account in one of the major credit union and this year they only paid 3% due which came from their reserves and they were advised by their auditors not to pay more than the 3% as they may have implications with the reserve funds.

Are you sure of this? Reserve funds in a credit union are SPECIFICALLY for covering its liabilities in the event that the credit union folds up. Reserve funds are not to be used for paying dividends.

ronsin1 · Postby **ronsin1** » September 8th, 2011, 11:40 am

Rory Phoulorie wrote:
ronsin1 wrote:I have an account in one of the major credit union and this year they only paid 3% due which came from their reserves and they were advised by their auditors not to pay more than the 3% as they may have implications with the reserve funds.

Are you sure of this? Reserve funds in a credit union are SPECIFICALLY for covering its liabilities in the event that the credit union folds up. Reserve funds are not to be used for paying dividends.

I may not me 100% correct I can't remember the entire conversation with someone in the credit union.

Terran · Postby **Terran** » September 8th, 2011, 8:59 pm

The impact of the Clico fiasco on credit unions especially serves to reinforce the need for credit unions to focus on their core activity - to provide loans. There should be minimal need to seek investments in Clico or anywhere else for that matter, if members' ability to borrow is not infringed by the credit union's loan policy and its bye-laws. Many credit unions shoot their own selves in the foot by making it difficult for members to borrow. Less borrowings means excess cash available for investment - within which there is a different type of risk.

mitsubro · Postby **mitsubro** » September 29th, 2011, 7:33 am

i having problems in getting my shares.. the manager saying that they dont hav sufficient funds n stuff to pay me and is a whole setta run around... i wrote to the commissioner of coperative and they said the process will take a while... ANYONE KNOW IF THERE IS A PROCESS WHERE I CAN WRITE A LETTER OF SOME SORT AND GET A FAST RESPONSE?? I NEED MY MONEY LIKE ASAP.... PLZZZ HELP

nos_specialist · Postby **nos_specialist** » September 29th, 2011, 7:37 am

ouch..which credit union is that dude?

mitsubro · Postby **mitsubro** » September 29th, 2011, 7:45 am

a credit uion in point fortin... cant put d name here

Grudge · Postby **Grudge** » September 29th, 2011, 7:59 am

I don't like to hear these things.
I assume they don't have money to lend you on your shares then?

mitsubro · Postby **mitsubro** » September 29th, 2011, 8:18 am

yea no loans at all.... plzz help.. i need my cash.. what shud i doo??

crash dummy · Postby **crash dummy** » September 29th, 2011, 8:21 am

That sounding real hard..
I cant remember if the financial ombudsman deal with credit unions. You should probably speak to them. They may be able to act on your behalf. And its free.

mitsubro · Postby **mitsubro** » September 29th, 2011, 8:27 am

i did... and they told me to write a complaint to the commissioner of coperative which i did... they telling me their process takes a while.... and is like i need cash asap

sharkman121 · Postby **sharkman121** » September 29th, 2011, 8:38 am

yes this is how credit unions operate. Few years aback i needed money desperately for medical reasons from "a particular cardinal point" credit union. They said i had to wait 3 months to get back all my money. I didnt want to borrow anything to have to pay back i just wanted my money.

First opportunity i got i withdrew all my money and havent been with a credit union since.

mitsubro · Postby **mitsubro** » September 29th, 2011, 8:41 am

well they told me to wait 6 months which i did... after the 6 months is still run around... it goin on 8 months now and still run around.... pressureeeeeeeee

sharkman121 · Postby **sharkman121** » September 29th, 2011, 8:44 am

mitsubro wrote:well they told me to wait 6 months which i did... after the 6 months is still run around... it goin on 8 months now and still run around.... pressureeeeeeeee

oh well thats a different story.. i think legally they have 3 months to get it to you, so now this action is illegal i think. U may need to talk to a lawyer. Not sure what other recourse u can take besides harrassing them persistantly.

Pretty fcuked up.

Postby **2NR Smurf** » September 29th, 2011, 8:55 am

sharkman121 wrote:yes this is how credit unions operate. Few years aback i needed money desperately for medical reasons from "a particular cardinal point" credit union. They said i had to wait 3 months to get back all my money. I didnt want to borrow anything to have to pay back i just wanted my money.

First opportunity i got i withdrew all my money and havent been with a credit union since.

do NOT use that term loosely, not ALL credit unions operate like that so please re-phrase!

Postby **r3iXmann** » September 29th, 2011, 11:17 am

feller in the interim, just keep making minimum withdrawals everyday til you get all your money out :wink:

JoeBama · Postby **JoeBama** » September 29th, 2011, 3:18 pm

Do you have the By-laws of the Credit Union that ur in? All Credit Unions are to have By-Laws which stipulates the process of withdrawing funds and closing accounts. If you have this check to see the time frame in the by-laws of how long you as the member will have to wait to take out ur funds. * months i know is way to long especially if you have made a formal request to remove ur funds from the union.

Also Contact legal represention as the with holding of your funds for an extended period of time may be against the law.

Remember its your money, you have made an investment in the credit union to provide you a service and if i remember it is contractual by you investing ur monies. Cause you never know somebody maybe driving a 7 series bmw with your cash...just sayin... but what do i know?

mitsubro · Postby **mitsubro** » September 29th, 2011, 8:15 pm

helpppppppppppp

Rainman · Postby **Rainman** » September 30th, 2011, 8:17 am

smell · Postby **smell** » September 30th, 2011, 8:31 am

Isnt the by-laws something that is std for all credit unions?

The commission of cooperative is the governing body over all credit unions, the same way Central bank is for all the banks, so any issue have to be taken up with them as a first course of action.

The comissioner will organise a meeeting with the CU and would agree on a sum to be paid...or if any at all, at a specific date,and when he passes his judgment you can then register that in the court.
If the CU does not hold up their end of the bargain as agreed upon by the commissioner, then you can take court action
Its a loooong process and you better have a good sad story to hit the commissioner....