Servus Credit Union Overview and Financial Details

Servus Credit Union is a member-owned financial cooperative with a long history of serving Albertans. It was founded in 1974 as a merger of three credit unions.

Servus Credit Union has a strong presence in Alberta, with over 290,000 members and 44 branches across the province.

Servus Credit Union has reported assets of $16.4 billion as of July 4, 2019. This is a significant amount of money, and it's a testament to the credit union's growth and stability.

In terms of net income, Servus reported $22.7 million after dividends, patronage and taxes. This is a respectable figure, and it shows that the credit union is profitable and able to reinvest in its members.

Here's a breakdown of the credit union's financial structure:

The credit union's profit sharing program is a unique way to reward its members. In 2018, the company paid out $54.1 million through its profit sharing program.

Members receive their profit share in both cash and common shares, based on the company's financial performance. The value of their shares affects the amount they receive.

The profit share program has three parts: Patronage, Common Share dividends, and Investment share dividends. Patronage payments are based on a percentage of the interest members paid on loans and earned on deposits, plus the average balance they hold in their chequing and savings accounts.

Here's a breakdown of the three parts of the profit share program:

The Board of Directors determines the total profit share payout at the end of the company's fiscal year, which is October 31.

Servus reported assets of $16.4 billion as of July 4, 2019. This is a significant amount of money, and it's interesting to note that it's not uncommon for financial institutions to have such large assets.

The net income of Servus as of July 4, 2019, was $22.7 million, which is after dividends, patronage, and taxes.

Canada has a variety of financial institutions, including banks and credit unions.

Here's a breakdown of the types of banks and credit unions in Canada:

These categories are important to understand when it comes to navigating the complex world of Canadian finance.

Our readers have spoken, and the winner of the "Best Financial Institution" award is Bank of America. They offer a wide range of financial products and services, including checking and savings accounts, credit cards, and loans.

Bank of America's customer service is highly rated, with many customers praising their friendly and knowledgeable representatives. They also have a robust online banking system that makes it easy to manage your accounts and pay bills.

JPMorgan Chase is another top contender for the "Best Financial Institution" award, known for its innovative mobile banking app that lets you deposit checks remotely and track your spending.

The transit number for Servus Credit Union can be found in several ways. You can check the bottom of a cheque to find the transit number and institution number.

Servus Credit Union has multiple transit numbers, each corresponding to a different branch. For example, the Alix Branch has a transit number of 71629-899.

If you're looking for a specific branch, you can check the list of Servus Credit Union routing numbers and transit numbers to find the correct one. Here is a list of some of the transit numbers for Servus Credit Union branches in Alberta:

This list is not exhaustive, but it gives you an idea of the different transit numbers for Servus Credit Union branches in Alberta.

The fees for Servus Credit Union's Mastercard are increasing, effective September 1, 2024. Account Maintenance fee will go from $10 to $15/month, a 50% increase.

Cash Advance Fee Canada will rise from $2 to $5 per transaction, a 150% increase. Cash like transactions will also increase from $0 to $7.50 per transaction.

These changes will affect cardholders, including seniors on fixed incomes, who may struggle to absorb the increased costs.