THE CREDIT UNION
DIFFERENCE
WHAT IS A CREDIT
UNION?
Credit
unions are co-operative financial institutions, owned and controlled by
their members. One of the fundamental principles of a credit union is
democratic control. As shareholders, all credit union members have a voice
in setting their credit union’s direction at the local level. Each credit
union member has one vote, regardless of the amount of deposits or shares
they have in their credit union. Members also elect their
credit union’s board of directors, which is responsible for governing their
credit union.
While each
credit union is an independent, democratic and locally-controlled financial
institution, all credit unions share a common bond: their dedication to the
people and communities they serve. In addition, all credit
unions are guided by the seven
Co-operative Principles, which shape credit union
business decisions and governance, setting them apart from other financial
institutions. To learn more about the Co-operative
Principles, click
here.
Currently,
about one out of every three Canadians belongs to a credit union or caisse
populaire. Joining a credit union and becoming a member is easy! Click
here to find a credit union near you, or visit a branch to join
your local credit union.
TRADITION OF SERVING MEMBERS FIRST
Credit
unions have been serving Canadians since 1900, when Alphonse Desjardins
founded the first caisse populaire, or credit union, in Levis,
Quebec. Back then, ordinary working people had little access to the
commercially centered banks. Organized locally, according to a
co-operative model, credit unions provided Canadians urgently needed savings
and lending services, at fair rates.
BUSINESS BANKING
Convenient
business banking services are available at credit unions in communities
across Canada. Whether an independent entrepreneur or a large business
owner, your local credit union can provide a wealth of expertise, service
flexibility, and local decision making through a team of financial experts
that will best meet your specific needs. Core business services include:
Operating lines Merchant
banking Business
loans Commercial
mortgages Online
banking
To further explore the advantages of credit unions for business banking,
visit
www.canadascreditunions.com. Or, access
our Credit Union Locator to find a credit union in your
community and connect with team of financial experts that can help you grow
your business.
PERSONAL FINANCIAL SERVICES
As a member, joint owner and shareholder in
their local credit union, members have access to a full range of financial
services to help them achieve their financial goals. Just like other
financial service providers, credit unions offer a wide variety of products
and services to suit your needs:
Chequing and saving accounts
Mortgages
RRSPs, RRIFs, RESPs, TFSAs
Loans and lines of credit
Debit and credit cards
Investment products
Mutual funds
Investment dealer services
Term deposits
Retirement planning services
Financial management services
Financial counselling
Trust and insurance services
Services by telephone, online and on your mobile device
For a complete list of products
and services available at a credit union near you, or to meet with a
financial expert, please call, email or visit your local credit union, or
click here to find a credit union near you.
PROTECTING MEMBERS’ DEPOSITS
Your money is safe
with your credit union. Credit unions are provincially regulated, and in
each province one or more organizations exist to protect the deposits of
credit union members. These organizations work with provincial government
regulators to ensure that Credit unions are among the country’s soundest
financial institutions.
In fact, credit union
members have the same or often higher deposit protection than what is
available to Canadian chartered bank through federal Canada Deposit
Insurance Corporation (CDIC) which offers maximum coverage of $100,000.00.
Deposit guarantee
varies by province and by the type of account that is covered. For more
information, contact your credit union or visit the website of the deposit
insurance organization in your area.
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