At PARAMA you are treated like a respected member, not a number. As a shareholder of your credit union, you can enjoy full access to all of PARAMA’s very competitive products and services with minimal or no service charges. Combined with profit sharing potential, this adds up to an unbeatable Membership value!
What is “profit sharing”? Each year, your Board of Directors decides what percentage of PARAMA’s annual profits will be returned to its members. The percentage varies each year depending on how profitable PARAMA was – in 2019, $198,156 was returned to our Members. Profits are “shared” in the form of additional bonus interest paid on top of qualifying deposit interest received during the year (excluding registered deposits) AND an interest rebate on the total interest paid by you on loans, mortgages and lines of credit.
How To Join
To become a Member you must purchase at $40 share, the cost of which is returned to you when you close your account. This makes you a part-owner of a co-operative financial institution and allows you to participate in PARAMA’s Annual Meetings to elect members to the Board of Directors and vote for proposed changes to By-Laws. These directors represent you and strive to ensure excellence in all aspects of the Credit Union.
Accounts are also available for youth (trust), organizations, associations and businesses. We require additional documentation to open these types of accounts, so please inquire with one of our Member Service Representatives. They are always happy to help!