Dear Member,
At Moya Financial, we strive to offer great products and services at competitive rates, and the profit we make from providing these services is either re-invested in the credit union or returned to you, our members. Remember, you are an owner of the credit union, and you share in its profits! Sharing profits is one of our core values and it’s what makes us different from the big banks.
Currently, members have three shares’ accounts:
- Membership Shares
- Patronage Shares
- Capital Patronage Shares
Please be advised that Moya will be closing its patronage shares accounts on behalf of members and transferring holdings to savings accounts. If a member does not have a savings account, the funds will be deposited to their chequing account. Members will see a transaction into their savings or chequing account labeled “Patronage Shares Transfer”.
A patronage shares account is an account the credit union opens on the member’s behalf. Moya opened patronage shares accounts in 2019 and it initially classified as capital, but was later re-classified as a member deposit liability due to oversight in amalgamation articles of incorporation. Amendment to the Articles of Amalgamation were amended and confirmed at our 2020 AGM. Soon after, we created capital patronage shares (Class B Shares) on members behalf.
For more information on different classes of shares, please click here.
We apologize for any confusion this may have caused and thank you for your understanding. If you have any further questions or comments, please reach out to [email protected].
Thank you,
Moya Financial