Credit unions have built-in profit margins and the profits are not distributed solely to an elite group of shareholders. Instead, all revenues generated by the credit union are used to cover basic administrative expenses; the remainder is distributed back to the members in the form of reduced fees, higher savings rates, and lower loan rates.
To become a Canaan Credit Union member, you must fill out a membership application, pay the required membership fee of $10.00, and own at least one or more shares, ($10.00 or more) The par value of each share is $10.00. This means you can open up an account for just $20.00 or more. You must maintain a share (savings) account balance of $10.00. If a member closes his/her account and reopens it, a minimum deposit of $10.00 is required.
Note: You must apply in person at Canaan Credit Union, 404 West Main Street, Urbana, Illinois 61801
Below is the membership application to apply.
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