To: All Members 

Subject: Changes to CECU Account Names 

Effective December 31, 2021, we will be retiring the name “Regular Shares” and will be renaming our demand account “Regular Savings.” 

Your account will continue to function the way that you are used to. Your account number, online banking, ATM cards, pay roll deductions and direct deposits, and eligibility for patronage allocations (formerly, dividends) will not be impacted. Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation. 

The name change to “savings” is meant to better describe the demand account that you use regularly and to make things clearer for you and for our regulators. You will see the name change reflected on your year-end statement. 

 Why make the change? 

Rest assured, CECU members will continue to hold membership equity shares as owners of the credit union. 

However, another type of a share in a credit union is called a “non-equity share”. Non-equity shares are quite similar to deposits and, although they had historical relevance, they have now become antiquated. To our knowledge, CECU has never issued non-equity shares. We think that referring to our demand accounts as “shares” could give rise to confusing them with “non-equity shares” and we determined it would be prudent to change the name of the demand accounts to bring our terminology in line with our practice. 

Even though there is no record of any “non-equity shares” ever being issued by CECU, the CECU Board of Directors has decided to redeem any validly issued non-equity shares outstanding at a rate of $1.00 per share. If applicable, the redemption price will be recorded as a re-allocation of existing funds in your account from a share investment to a deposit in the newly named “Regular Savings” accounts (which will have no impact – positive or negative - on your account balance). We felt this step was prudent given the remote possibility that any valid non-equity shares had in fact been issued and were still outstanding.  

If you have any questions about this change, please don’t hesitate to reach out to us. 

Regards,  

CECU Management and Board 

CECU Remains Open with limited access

At this time we continue to prioritize the health and safety of our members, staff and community.

WorkSafe employees are asked to complete a safe return-to-work form and request a drop in visit. All other members can contact our office to arrange their visit.