CHIP stands for ‘Co-op Housing Investment Program’. It is a banking program that enables housing co-ops to earn interest and receive additional benefits on their current operating accounts. Interest is paid into each co-op’s account according to the amount of the co-op’s own deposit – currently prime less 2.25%.
Each co-op has its own separate account, and only the co-op receives and sees its own account statements. The CHIP program for co-ops in Waterloo, Kitchener, Cambridge, and Brantford is offered with Your Neighbourhood Credit Union. The CHIP program for co-ops in Guelph is offered with Meridian Credit Union. The co-op’s own operating account is held at any branch of the credit union that the co-op chooses. Each co-op’s deposit is insured, just as it would be in any other bank or credit union account.
CHIP services include:
- highest available interest rate on term deposits
- electronic deposit of monthly housing charges
- automated telephone banking
- free annual bank verification
- inter-branch transfers
- certified cheques
- utility payments
- stop payment orders
- mail deposits, and
- courier between all credit union branches