Who is PACE?
   • General Inquiries
   • Annual Report
   • Credit Union History
   • Mission & Vision
   • Branch Locations
   • ATM Locations
   • Deposit Insurance
   • Membership Benefits
   • Our Partners
   • Privacy Act
   • Security
   • Legal


Membership Benefits
Service, Selection & A Share of the Wealth.

The Power of a PACE Membership include:

• Personalized, quality service and expert advice
• A complete range of financial and banking services through innovative service delivery systems
• Convenience and 24/7 accessibility through our full range of electronic solutions
• Surcharge free ATM access at over 2,300 locations throughout Canada
• Access to simplifying your vehicle purchasing or leasing through PACE Auto Sales & Leasing Centre
• Access to discount rates on group home and auto coverage through Mass Insurance Brokers

It's easy to become a member and start enjoying the power of PACE rates, superior service and full range of financial products. When you join, you share in the ownership. Any revenue PACE earns after expenses and reserves, is returned to our members in the form of better rates, more services and dividends.

OPEN MEMBERSHIP

Membership is open to all residents and businesses in the province of Ontario, Canada.

SHARE PURCHASE

As a member, you are required to own a specific number of shares in PACE. Capital Shares are NOT a fee or charge, they are your INVESTMENT in our credit union, they can earn dividends and they are redeemable upon closing of membership, or death. By purchasing these shares, you are making an investment in the capital of the credit union, and adding your voice in all of our decisions. When you cease to be a member, your shares are available for withdrawal.

Our Member Capital Share is 35 shares at $5 each ($175).

Apply online NOW or contact PACE today to become a member!

MORE ABOUT CAPITAL SHARES.
The lifeblood of your Credit Union

The following article explains Capital Shares and the reason for them.

Originally, ALL the savings of members in our credit union were in "shares". Credit unions operated with basic services such as loans and shares, paid all expenses, then paid "dividends" to the members of those shares. Over time however, more and more members wanted fixed interest rates (declared in advance) on their money, also chequing, mortgage loans and various other banking services.

Requirement of the law

PACE offers full banking services. Because credit unions are custodians of other people's money (the members), the provincial government requires a "buffer" of cash reserves kept on the books of the credit union as a "hedge" against all of the ups and downs in our economy. Because we also want to ensure the safety of your money, we have built up our reserves, but legislation also requires that shareholders - as in banks and trust companies - must have capital in the organization, in the form of shares. Our shareholders, of course, are our members.

Credit unions are unique

Banks and trust companies have shareholders who may or may not be customers. A bank may have 100,000 shareholders who divide the profits from four million customers of the bank. Shares in a bank can be purchased by anyone - perhaps even by another bank, or within limits, even by a foreign bank or company. A Canadian bank or trust company can be bought, or amalgamated with other banks or concerns without ANY input from its millions of customers.

Credit unions however have members (customers), who ARE our shareholders, each one with a vote. PACE Savings cannot move to British Columbia, or Quebec, or anywhere else or sell-out to another financial institution unless our members approve it. It's a case of "the customer owning the bank (credit union). We are democratically controlled by our members.

Now about those shares

Our members own PACE. As our members are our ONLY shareholders, we can ONLY obtain the capital the legislation requires from our members. Although we have built up our cash reserves, the law requires our members to provide the capital necessary.

Capital Shares are NOT a fee or charge, they are your INVESTMENT in our credit union, they can earn dividends and they are redeemable upon closing of membership, or death.

Capital Shares are the lifeblood of our credit union. Without sufficient shares our service, services, and development would be severely restricted.