MEMBER ASSISTANCE SERVICES
Member Assistance Services (MAS) is a mutual aid program that gives members the opportunity to help one another and offers financial assistance to members in times of need. MAS consists of two plans: Special Needs Plan and Partnership Plan.
Special Needs Plan
From time to time, members may encounter difficult circumstances that result in a special, and oftentimes temporary, set of needs, e.g. unemployment, accident, health issues, damage resulting from a fire or storm, etc.
The MAS Special Needs Plan offers temporary relief, in the form of loans at reduced interest rates, to eligible MSCU members when difficult situations arise.
Special Needs Loans
• MSCU lending staff may request loan assistance for members when needs arise.
• The interest rate on Special Needs loans may be reduced or eliminated depending on the situation.
• All Special Needs loans require approval from designated MSCU management, and are reviewed at least annually.
Special Needs Deposits
• Special Needs deposits offset the funding requirement for Special Needs loans.
• Special Needs deposits may be registered (RRSP) or non-registered term deposits at below-market rates.
• The interest rate is determined at the time the term deposit is opened.
• Members may specify the term length and investments may be cashed or adjusted to market rates at any time, regardless of the maturity date.
• Special Needs deposits are typically not designated to specific Special Needs loans.
• All members are welcome to participate!
Partnership Plan
Members may designate term deposits to assist specific individuals or charitable organizations.
Partnership Loans
• Partnership loans are matched with term deposits designated to assist specific individuals or charitable organizations.
• Partnership Plan loans are reviewed, at minimum, on an annual basis.
• Partnership loans are subject to a 1%-2%administration fee.
Partnership Deposits
• Partnership deposits may be registered (RRSP) or non-registered term deposits at below-market rates.
• Deposits are designated to assist specific individuals or charitable organizations.
• RRSP deposits may only be designated to assist a registered charitable organization and may not be used as security.
• Non-registered term deposits may be offered as security for a loan or may simply be used to offset the lower interest rate.
• Deposits must have a minimum term of one year.
MAS and Ownership Benefit Shares
Financing for MAS low or no-interest loans comes from a number of sources, including: Special Needs and Partnership deposits; MSCU capital, including members’ Ownership Benefit Shares; and the Mennonite Foundation of Canada (MFC) Mutual Aid Endowment Fund.
Through the MFC Mutual Aid Endowment Fund, anyone may support the MAS program with tax-deductible donations. Funds are then made available for Special Needs loans.
Through the additional use of MSCU capital, including members’ Ownership Benefit Shares, all MSCU members actively support and participate in the mutual aid efforts of the MSCU community.
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