Credit Union Frequently Asked Questions

Credit unions are member-owned financial cooperatives that provide a full range of services similar to those offered by banks, such as savings and chequing accounts, mortgages, loans, online banking and registered savings plans. Credit unions aim to maximize their members' economic benefits by providing fair and competitive service rates.

While credit unions and banks share similarities in their products and services, they are not the same. Most notably, credit unions are a nonprofit financial institution that requires a membership to open an account. This means credit unions are owned by their members who have an equal say in the credit union's operations and can democratically vote for its board of directors. As nonprofit financial institutions, credit unions reinvest their profits into the credit union to provide better products and services to their members, or into their members and communities.  

To open a membership at Sunrise Credit Union you must:

• Be a Canadian citizen or have a proof of residency certificate
• Provide a valid photo ID
• Purchase a $5 member share
• Provide your personal information such as name, address, SIN, birthdate, contact information, employment information etc.

Sunrise Credit Union is guided by the principles of the international co-operative movement which values honesty, openness, social responsibility and caring for others. The Seven International Co-operative Principles are:

• Voluntary and Open Membership
• Democratic Member Control
• Member Economic Participation
• Autonomy and Independence
• Education, Training and Information
• Cooperation among Cooperatives
• Concern for Community

Sunrise Credit Union reinvests its profits back into its members and communities. In recent years, Sunrise Credit Union has opted to direct profits solely to community improvements and initiatives to benefit its members and communities.

A cooperative is an organization owned and controlled by and for its members that share similar economic, cultural or social values. Cooperatives bring people together in a democratic and equal way, with all members sharing equal voting rights.

Cooperatives, guided by values rather than profit alone, operate according to globally recognized principles and collaborate to create a better world through collective action. By prioritizing fairness, equality, and social justice, cooperatives worldwide empower individuals to join forces in building sustainable businesses that foster long-term employment and shared prosperity.

Sunrise Credit Union Surplus Shares are additional funds allocated to members from the institution's excess earnings. These shares often accumulate over time and may earn dividends similar to regular member shares. Surplus shares can be redeemed under the following four circumstances:

• Member moves out of the trading area – closes their account
• Member reaches age of 69
• When a member accumulates $10,000 in their Surplus Share account, any amount over and above that balance will be paid out to the Member
• Member becomes deceased

Redemption of surplus shares may be considered under the following circumstances:

• Legal claims of government and other third parties
• Individual, association or corporate bankruptcies or dissolution
• Charities and Non-Profit Organizations

Member Surplus Shares shall not accrue interest and are not subject to maintenance fees. These shares are considered true equity in the credit union and are not guaranteed by the Deposit Guarantee Corporation of Manitoba.

The same seven cooperative principles guide all credit unions. Credit Unions are also connected through their ATM networks. Credit union members can access thousands of Ding Free ATMs across Canada, whether it is their credit union or not.