At the AGM on 1 November 2017, members voted in favour of reducing the subscription price for new member shares to $nil and to repay the member shares already paid by existing members.
The member share refund has been paid to each members’ savings account on 2 November.
Dispensing with the need to charge and collect $10 for member shares has the following benefits to the member and the credit union:
- Easier on-boarding of new members as there will be no need to explain the concept of member shares or to wait for the payment of $10 before opening a membership
- Reduces the burden on staff to collect the $10
- Removes the current process of collecting $9 in unpaid member shares from existing minor members who joined before 1 November 2013 when they turn 18 years old, and
- Allows the credit union to respond more effectively to changes occurring in digital banking for new member on-boarding and loan origination in the future.