$5 Par Value Change to Go into Effect in December
As you may remember, the bylaw amendment to switch the par value of a share (the initial deposit required to open an account) from $50 to $5 was approved by membership vote in September. Before the credit union could enact this change, the bylaw amendment needed to be approved by the state governing board. As of November 2018, the bylaw amendment has now been approved by the state governing board.
The $5 par value change will officially go into effect on December 1, 2018. If you’re a current member, you’ll only notice a few small adjustments to your account due to this change:
1. When viewing your account through online account access or the mobile app, it will now say that your available balance in your share savings account is all but $5 of the total balance rather than all but $50.
2. There will no longer be a $5 fee assessed if your balance dips below the required minimum at any point during that month.
We believe these changes will benefit our members in a few ways:
1. It gives our current members more flexibility with their money and removes an unnecessary fee, and
2. It breaks down a potential barrier to new member growth
While the par value of a share has changed from $50 to $5 with this amendment, your stake in the credit union and voting power remains the same as it was with the $50 requirement. All members continue to get an equal vote in the leadership and bylaws of the credit union regardless of the amount of money held at Town & Country Credit Union. The credit union remains financially sound and we’re committed to continuing to give back to our members as much as possible.
If you have any questions about how this change will impact you or the credit union, feel free to give us a call at 800-872-6358 or send us a message here.