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
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!
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.
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
Card services, and more
To further explore the advantages of credit unions for business banking,
www.canadascreditunions.com. Or, access
our Credit Union Locator to find a credit union in your
community and connect with a 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
RRSPs, RRIFs, RESPs, TFSAs
Loans and lines of credit
Debit and credit cards
Investment dealer services
Retirement planning services
Financial management services
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
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.
credit union members have the same or often higher deposit protection
than what is available to Canadian chartered banks through federal Canada
Deposit Insurance Corporation (CDIC) which offers maximum coverage of
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.