Supplemental Member Capital Shares
As a member-based organization, we are always looking for new ways to support your financial growth while strengthening the credit union as a whole. Our BAY Member-Owner Advantage Program does just that.
Supplemental Member Capital Shares help strengthen the capital base, or financial foundation, of BAY Credit Union. These funds will help BAY Credit Union exceed financial capital regulations and provide BAY Credit Union with the capital necessary to invest in new services and technology.
What are Member Capital Shares?
To become a member of a credit union you need to have a minimum amount of Member Capital Shares, set by the Board. Member Capital shares allow you to vote at meetings. Member Capital Shares are not insured. Currently every member over the age of 18 must hold 7 (seven) $5 shares for a total of $35.
What are Supplemental Member Capital Shares?
Any member of the Credit Union may also hold, at his, her or its discretion, Supplemental Member Capital Shares, provided that the total number of these Shares held does not exceed two hundred (200) such Shares ($1000). Supplemental Member Capital Shares are not insured and remain in the account until the account is closed. Supplemental Member Capital Shares qualify for dividends at year-end.
What is the planned dividend rate on my shares?
The dividend rate is determined each year by the Board of Directors and can vary from year to year based on the earnings of the credit union. We expect the divided to be larger than the interest rates for deposits.
When are dividends declared? How are dividends paid?
Dividends are declared at the Annual General Meeting and are typically paid after the Annual General Meeting.
By default, dividends are paid in the form of interest into your profit sharing cash account.
How can my Supplemental Member Capital Shares earn me more?
Shareholders with a balance of $1,000 in shares are eligible to take advantage of our BAY Member-Owner Advantage Program. This unique program gives you access to preferred investment rates, member-only perks, and special discounts on loans including:
· Investment bonuses;
· Special discounted rates on new loans;
· Discounted services; and
· A dividend on your Supplemental Member Capital Shares each year.
In addition, BAY will cover the cost of mortgage appraisals (up to $325) for those in the BAY Member-Owner Advantage Program applying for financing
