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 – for example, a total of $222,000 was returned to our Members in 2014. 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.
To open a personal PARAMA account, you will need to come into either branch with the following:
- Two forms of valid ID: Social Insurance Number and one form of photo ID - driver’s license, passport or proof of citizenship. Birth Certificates are accepted, however we require an additional form of government issued photo ID.
- $40 for your share.
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!