CHIP is specialized banking for co-operative and non-profit housing. It is basically a better way for non-profit and co-op housing groups to manage their operating funds and to use the additional revenues as they see fir.
Do individual groups keep control of their funds?
Yes.. basically nothing changes - you manage your own account(s).
What advantages will CHIP bring?
You will be paid daily interest on your current operating account at the following rates.
In addition you will not pay any service charges for the following services:
Plus....Term deposits
A premium of 0.25% will be added to posted rates.
Why did BRUNCH and the NBNPHA get together on CHIP?
Both BRUNCH and the NBNPHA operate non-profit housing projects. Both organizations believed they could negotiate a better deal if they joined forces. This is a first and both associations are proud to be working together!
What's in it for BRUNCH and the NBNPHA?
A fee of 0.20% calculated on the individual total amount of all the deposits will be paid jointly by the Caisses Populaires or the Credit Unions to BRUNCH and the NBNPHA. They will apportion this fee based on the amount each has on deposit. This fee compensates the association for their marketing and monitoring efforts.
How can non-profit and co-op housing group join the CHIP program?
You must be a member in good standing of BRUNCH in the case of co-operative housing groups and of the NBNPHA in the case of non-profit housing projects. If you currently do business with another banking organization, simply move your account to the local Caisse Populaire or Credit Union.
Why was CHIP set up with the CAISSES Populaires and Credit Unions and not with a bank?
The main reason is that there are Credit Unions and Caisses Populaires in most communities of the province. Those two co-operative financial institutions support local communities and promote co-operative principles while providing the highest level of banking services,
What should you do next?
Contact BRUNCH or the NBNPHA for details. If you wish, someone from BRUNCH or the NBNPHA will visit with your Board of Directors to further explain this innovative program.