A mutual is based on the principle of self-management to increase development and enrich the different regions of the country. It allows these customers to be part of the managers of the company, by giving them the opportunity to become members after having been mere customers.

What is a member? How to become a member? What are the benefits of becoming a member ? This article gives you explanations and information necessary to sort out your thoughts regarding this topic.

What is a member?

To be a member is to be affiliated with a bank or mutual insurance company while having a share in this company. In other words, a member has a dual role: co-owner and user.

His role as co-owner makes him a holder of a share in the local bank. It is therefore permissible for him to participate in votes organized by the company for any decision, as well as all the events organized by the company. He can be a member of the company (health mutuals, mutual banks, etc.) after having made a payment for a membership contract.

Just like a natural person, it is possible for a legal person to be a member. The latter receives annual remuneration and benefits from several price advantages on the services offered by the company.

A member participates in the development of the local bank and can become an administrator, which is not possible for a simple customer. We can therefore say that the member is the foundation of the cooperative and mutualist systems of Crédit Agricole. It exists several banks and mutual insurance companies that offer this opportunity, we can cite a few examples:

  • member of Banque Caisse d'Epargne;
  • member of Banque Crédit Agricole;
  • member of the People's Bank;
  • member of the MAI mutual insurance company;
  • member of the GMF mutual.

How to become a member?

To go from client to member, you are obliged to buy shares in the company, using either the local or regional fund. The mutual company is responsible for defining the value of the subscription amount of the shares; it is therefore variable and differs from one company to another.

The shares have a well-defined period of detention and are not listed. Once a member and regardless of the number of shares held, everyone has all the rights to participate in the general meetings of the local bank and to vote for the decisions to be taken.

It is not enough just to be a corporate member, but it is important to get involved by attending general meetings and on boards of directors. Giving your opinion during the votes is also essential.

In addition, you have to participate in the democratic life of the cooperative by expressing yourself and interacting with people during local councils and regional committees.

The benefits of becoming a member

It is obvious that more commitments make you acquire much more benefits. Going from a client of a mutual bank to a client of the company has many advantages. Discover the benefits of being a member:

  • The company bank card: holding a company bank card allows you to participate in the development of your region, because the funds intended to support local initiatives are credited with each payment made. Additionally, you can share the Tooket paid to you;
  • the member's booklet: member customers benefit from a specific member's booklet;
  • the advantage of loyalty: the company offers discounts and special offers for member customers and their relatives;
  • apart from the banking advantages, a member is privileged for reductions on access to museums and exhibitions;
  • participate in events and meetings organized by the bank and/or its partners and thus meet new people and forge links with local professionals.

We can therefore conclude that going from a customer of a mutual to a member can only be beneficial for you. This commitment will not only allow you to make new acquaintances, participate in the development of your region, in addition to earning money.

However,  reselling your shares will not be easy. Advisors must be notified at least one month in advance.