- What’s the difference between Credit Unions and Banks?
- How do I benefit by being an entitled Sharons Credit Union member?
- What is the relationship between Hanin Credit Union in Korea and Sharons Credit Union?
- Does Korean politics, government or Korea’s economy impact Sharons Credit Union?
- When will Sharons Credit Union expand its branch network to other provinces or states?
- How does Sharons Credit Union recruit their employees?
- Is it true that transaction conducted with Sharons Credit Union doesn’t impact my credit score?
- Do Personal and Business cheques have an expiry date?
- Does Sharons Credit Union issue Bearer Cheques?
- What do the imprinted numbers on my Sharons Credit Union cheque mean?
- Why can’t I access my funds?
- Can I deposit a third party cheque into my account?
- I made a mistake while writing a cheque, can I fix it?
Q. What’s the difference between Credit Unions and Banks?
As a Financial Institution, both Credit Unions and Banks provide the same basic financial services. However, the fundamental difference is in “ownership”. The owners of any Bank are the main Share and Stock Holders, while the owners of Sharons Credit Union are the individuals directly using our products and services. Thus, those using the products and services at a Bank are treated as customers, while those using the products and services at Sharons Credit Union are valued as entitled members.
Q. How do I benefit by being an entitled Sharons Credit Union member?
Profit is a financial benefit that is realized when the business is operated successfully. The owner of the business is one to benefit directly from such profits. Sharons Credit Union carefully strategizes operations to increase revenue gained from business activities and shares our profits with the owners: our members. How is it shared? Direct finances are shared with our members in the form of dividends, higher deposit interest rates or lower borrowing rates. Indirectly it’s shared through education programs, scholarships, internship opportunities and summer camps. Not to mention, Sharons Credit Union also actively participates in the community by supporting a variety of events and organizations that impact our members and their communities in a positive way.
Q. What’s the relationship between National Credit Union Federation of Korea and Sharons Credit Union?
Sharons Credit Union is a Canadian Financial Institute operating under the Credit Union Act of British Columbia, Corporation Act of British Columbia and the Canada’s Financial Institution Act. Operating under any and all regulations and laws set forth for the Province of British Columbia, Sharons Credit Union has no direct relationship with the government of Korea or Hanin Credit Union.
Nevertheless, as a credit union operating for our members, the basic business customs are a common shared theme between Sharons Credit Union and National Credit Union Federation of Korea. Various events or experiences account for sharing and supporting between the two Credit Unions. All Credit Unions worldwide are members of the World Council of Credit Union (WOCCU).
Q. Does Korean politics, government or Korea’s economy impact Sharons Credit Union?
No. Sharons Credit Union’s membership is simply concentrated with individuals of Korean ethinicity. Sharons Credit Union is a Canadian Financial Institute operating under the Credit Union Act of British Columbia, Corporation Act of British Columbia and the Canada’s Financial Institution Act. Sharons Credit Union operations are not influenced, neither directly or indirectly by any other county other than Canada.
Q. When will Sharons Credit Union expand its branch network to other provinces or states?
Sharons Credit Union is a Canadian Financial Institute operating under the Credit Union Act of British Columbia. As such, under Provincial regulations, the Credit Union is prohibited from expanding its branch network to other provinces or states.
Q. How does Sharons Credit Union recruit their employees?
Sharons Credit Union does not limit recruitment to a specific hiring season. Rather, the Credit Union is always open to collecting prospective employee profiles. Our human resources along with our hiring team conducts the recruitment and selection process out of the compiled applicants or out of our summer interns.
Although experience and knowledge in the finance industry is favorable, it’s not a requirement. Priority is given to our members and our member’s children, however, there are rare exceptions. Hiring is based on the discretion of human resources and the hiring team.
Q. Is it true that transaction conducted with Sharons Credit Union doesn’t impact my credit score?
No. There are two Canadian agencies providing credit bureau and information reports for businesses and individuals: Equifax and TransUnion Canada. Sharons Credit Union has contracted both agencies and all relevant information is shared with these two agencies’ data bases. All relevant information in regards to mortgages and loans are included in the Credit Reports and may increase or decrease (depending on payment practices) one’s credit score.
Do Personal and Business cheques have an expiry date?
Personal and Business cheques both are valid for a period of 6 months including the date of issue. Any cheques past this period are “expired”, considered to be a Staled Cheque, the cheque is no longer valid. However, Bank Drafts, Official Cheque or Certified Cheques do not have an expiry date.
Does Sharons Credit Union issue Bearer Cheques?
Sharons Credit Union does not issue or accept Bearer cheques or Blank cheques. The personal and business cheques ordered and printed for our members have a clear “payable to” field to indicate the payee name. Also, to prevent any cheque fraud and for anti-money laundering compliance purposes, deposited cheques must clearly indicate the name of the account holder or authorized user as the payee. Sharons Credit Union does not accept cheques that are negotiated or passed on from person to person (like a bearer cheque or securities). Cheques cannot be traded or treated as securities, they cannot be made payable to the bearer on demand.
What do the imprinted numbers on my Sharons Credit Union cheque mean?
00235 01310 809 10 012 345 6
This is the encoding number. The first set of numbers (5 digits) if your cheque number. The second set of numbers (5 digits – 01310) is the Sharons Credit Union branch number with the third set of numbers (3 digits – 809) being the British Columbia Credit Union identifying number. Together 01310 809 is Sharons Credit Union’s transit number (referred to as the ABA number in the US). The remaining set of numerical values are your account number (123456 in this particular case).
Why can’t I access my funds?
When a cheque is deposited into your account, the cheque is sent to the cheque writer’s financial institution to release the money. A hold on funds (6 days for CAD and 10 days – 3 weeks for USD) may be placed on the deposit to allow time for the cheque to pass through the payment system and transfer funds into your account.
To find out if there is a hold in place and when the funds will be available for withdrawal, please contact your local branch.
Can I deposit a third party cheque into my account?
Cheques must clearly indicate “Pay to the order of” the account holder name for the cheque to be deposited. In the case of a third party cheque, the original payee must endorse it with their signature. However, please keep in mind that verification of the endorsed signature is difficult and as such this deposit method may not always be an option.
I made a mistake while writing a cheque, can I fix it?
Yes, if it’s a mistake in spelling and/or date you may cross out the mistake with a single line and mark your initial next to the correction. Keep in mind that significant corrections in “Payee” name and/or cheque value may not be accepted. Erasing errors or applying correction liquids/covers will not be accepted.