Member Savings Credit Union Phone Number: 416 864 2461
With Member Savings, the more business you do with us, the more you benefit. Unlike a bank we do not profit from service fees, they are in place only to cover the costs of our operations – so we pass those savings directly along to our members.
Serving employees and their families of the LCBO, AGCO, Honeywell Limited, MTS Allstream Inc., and the Shell Group of companies, we offer a full range of financial products and services.
We are dedicated to your financial goals. Knowledgeable staff, exceptional service, and a credit union that is there just for you – Member Savings will change the way you look at banking. Enjoy the attention of a financial institution that cares about you.
The LCBO Employees’ (Toronto) Credit Union was established in 1949 by a volunteer group of people to serve the needs of the employees of the Liquor Control Board, the Liquor License Board of Ontario (now called the Alcohol and Gaming Commission of Ontario), and their families. Having changed our name to Member Savings Credit Union, our credit union now also welcomes into membership the employees and family members of AGCO, Honeywell, MTS Allstream and the Shell Group of Companies.
A credit union is a financial co-operative, which is owned and democratically controlled by its members, the shareholders. As a public corporation, a credit union is required by law to hold an annual meeting to report to the shareholder-members, and to elect a Board of Directors, an Audit Committee, and appoint an external auditor.
The Board of Directors sets the policies, which determine the operation of the credit union and also oversees its performance. Credit unions are chartered by, and regulated by, the provincial government. The Deposit Insurance Corporation of Ontario provides deposit insurance coverage for members’ deposits: a free brochure published by that Corporation is available at no cost, explaining the details.
Credit unions have been serving Canadians since 1900. They began as an alternative to the commercially centered, largely inaccessible banking system. Credit unions enabled people to save their money together to provide loans to fellow members. Today over one third of our country’s population are members of credit unions and caisses populaires (our francophone counterparts).
55 Lake Shore Blvd. East,
Toronto, ON M5E 1A4