Membership/Ownership
Bayview Credit Union is an independent, community-based financial institution co-operatively owned and democratically controlled by its members.
Credit union ownership and corporate governance are based on co-operative principles, and the primary commitment of a credit union is to serve its members’ financial needs. This distinguishes credit unions in general and Bayview Credit Union specifically from chartered banks, which exist primarily to earn a profit for their shareholders.
Each Bayview member is a shareholder and has one vote regardless of deposit size or share capital held. As shareholders, members are entitled to yearly dividends and profit sharing. This unique structure allows Bayview to more closely align its policies with the interests of those using its services and to eliminate the gap that sometimes exists between the interests of shareholders in a chartered bank and the customers of those banks. The delivery of services and the democratic nature of Bayview Credit Union express a heightened sensitivity to the needs of its members and community. We take pride in how we care for our members!
In banking surveys where financial institutions are ranked according to measures of customer satisfaction, credit unions regularly rank in the top tiers. Credit unions enjoy very high member satisfaction in the following vital areas:
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Service charges
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Understanding members’ business
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Treatment by account manager
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Branch hours of operation
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Information requirements for financing
Bayview Credit Union works to enhance the social and economic health of the local community in a number of ways. Besides providing a full-service suite of right-priced financial products to its members, Bayview pays patronage refunds and dividends to its members, thereby returning profits directly back to the community. Credit unions in general also focus their business lending on local small and medium-sized enterprises, thus ensuring that members’ savings are put to work in members’ communities.
