QUICK FACTS ABOUT CANADA’S CREDIT UNIONS
There are currently 348 credit unions in Canada affiliated with Canadian Central. Collectively, they have:
- 1,762 locations
- Over 5.3 million members
- $152.5 billion in assets
- $134.6 billion in deposits
- $127 billion in loans
- 27,600 employees
CREDIT UNION FIRSTS
As financial institutions established to respond to member needs, credit unions boast a rich history of innovation. Here are some of the products and services that are now, interestingly, taken for granted by most Canadians:
- First financial institutions to lend to women in their own names (in the 1960s)
- First to offer daily interest savings
- First full-service ATMs
- First fully functional online banking
- First loans based on borrower character
- First payroll deduction service for deposits and loan payments
- First open mortgages
- First home equity lines of credit
- First debit card service.
- First registered education plans.
- First branchless bank (Citizens Bank)
- First cheque imaging service
SERVING MEMBERS FIRST
Credit unions are proud of the services they provide and appreciate that for the eight consecutive year, Canadians ranked credit unions first in overall “Customer Service Excellence,” among all financial institutions, surpassing all Canadian banks in Ipsos' annual Best Banking Awards. Credit unions also took sole honours in “Values My Business” and “Branch Service Excellence.” Credit unions tied for first among all financial institutions for “Financial Planning and Advice” and “Telephone Banking Excellence.”