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Corporate Information
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1. What is a Credit Union?
Credit Unions form Canada's largest network of financial institutions. We serve over 4.84 million Canadians with combined assets in excess of $84 billion. One in three Canadians are owners of Credit Unions or of their French language equivalent, Caisse Populaires. Your Credit Union MemberCard ® can be used at 750,000 ATMs worldwide and you can access over 2,500 Credit Union and EXCHANGE® ATMs across Canada without surcharge. Credit Unions have all the products and services you need for complete money management, including the wise guidance of our financial experts.
For more information on Canada's Credit Unions please visit CanadasCreditUnions.com
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2. What is the difference between a Credit Union and a Bank?
Credit Unions are unique from other financial institutions in that they are not owned by shareholders; they're owned by you. When you open an account at a Credit Union you are required to purchase shares, by doing so you become a valued owner of the Credit Union. This difference is integral to what Credit Unions are, it's what sets us apart, and it's what makes us the better option for you. It means that our efforst are firmly focused on serving your needs above all. The result is a relationship based on a common goal: your financial success. You're a customer and an owner. You're in control of your financial future. That's the power of ownership.
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3. Do I have to belong to a certain group or organization to become a Credit Union owner?
No, to become an owner of OMISTA Credit Union you do not have to belong to a certain group or organization. There are Credit Unions who require you to be part of a certain group or organization, like the New Brunswick Teacher's Association Credit Union, NBTACU, where you would have to be a New Brunswick teacher to deal there. However, many Credit Unions, like OMISTA, you do not have to belong to any group or organization to take advantage of our products, services and wise financial guidance.
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4. What is OMISTA's Patronage Rebate Program?
Our Patronage Rebate Program is OMISTA’s optional distribution program which returns profit to owners based on their use of OMISTA’s services. Profits are returned to owners in many forms including dividends and patronage rebates. Some or all of these may be used in any given year.
Each year the decision to return a portion of Credit Union profit is dependent upon the year end situation and other operational factors, while adhering to our regulations. The final decision rests with the necessary approval by OMISTA’s owners.
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5. Why do I purchase shares?
When you open an account with a Credit Union you are required to purchase shares, by doing so you become an owner. The fundemental operating principle of Credit Unions is democratic ownership... one owner, one vote, regardless of the amount of shareholdings or deposits. By becoming an owner, you choose to do business with a financial institution that belongs to you. As an owner, you have a voice. You can express your viewpoint and vote at our annual general meetings, elect members to the Board of Directors and give your opinion in matters concerning the development of your Credit Union.
At OMISTA, your one-time $50 purchase of an Ownership Share, earns you a potential return on your share investment in the form of patronage rebate cheques.
If you are under the age of 19, and Ownership Share is just $5.00.
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6. Who is eligible to vote?
Every owner who is 19 years of age and in good standing* is entitled to one vote.
*Share balance of not less than $50, the first name on the account or have full owner status as of the date of the Annual General Meeting. The Credit Union Act (Section 74(2) and Section 76) does not allow owners to vote more than once per question or to vote by proxy. If a corporation or association is an owner of OMISTA Credit Union, the Credit Union shall recognize a natural person authorized to represent the corporation or association by a resolution of the directors of governing body of the corporation or association.
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7. What is the Credit Union Board of Directors?
The Credit Union Board of Directors is a group of volunteers who are above the age of 19, are owners of the Credit Union and are in accordance with the Credit Union bylaws. Directors are local policy makers and instrumental in effecting positive changes for ensuring growth and prosperity for your Credit Union and your community.
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8. Who is eligible to become a Director?
A person who is a citizen of Canada, 19 years of age or older, and an owner of OMISTA Credit Union who satisfies the requirements set out in the By-Laws of the credit union may be a director, unless he or she is:
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a person who has the status of a bankruptcy
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an employee, or spouse of a current employee, of the Credit Union, the Brunswick Credit Union federation or Credit Union Deposit Protection Fund
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an auditor of the Credit Union or a member of the firm of accountants of which the auditor is a member
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a solicitor of the Credit Union
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a person employed in the Civil Service whose official duties are concerned with the affairs of credit Unions
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without the written approval of the other directors, a person who has a loan with the Credit Union that is more than three months in arrears
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a person that has a loan with the Credit Union that is more than six months in arrears
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9. Who do I contact to apply for a position on the OMISTA Board of Directors?
Applications are accepted annually each Fall. Please contact us for more details at
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10. Where can I find a list of OMISTA branch phone numbers?
For all of your financial needs you can contact any of our financial experts. To view a list of phone numbers please click here.
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11. Where can I find a list of OMISTA branch locations?
For all of your financial needs you can visit any of our three branch locations in Metro Moncton. To view a list of branch locations please click here.
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12. Where can I get a copy of the OMISTA annual report?
You can download a copy of the OMISTA annual report which is posted in the corporate reports section of our website. For a hard copy of our annual report you can visit any of the three branch locations.
To download, you may need to install Adobe Acrobat Reader. This program enables users to view certain forms and pages that are saved in PDF file format for easy distribution over the Internet.
Download Now - PC Version
Download Now - Mac Version
Please note OMISTA Credit Union is not responsible for any difficulties in downloading and installing the software.
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13. What are OMISTAs hours of operation?
Monday - Friday
10:00 am - 5:00 pm
Saturday & Sunday
Closed
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14. What are the branch numbers & institution number for OMISTA Credit Union?
Transit Number - 07013
Financial Institution Number - 839
Branch Numbers
Cornhill Street - 001
Heritage Court - 002
Mountain Road - 003
For a digital version of a Pre-Authorized Payment Form please click here.
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