About Credit Unions
Canada’s credit unions put people above all. Whatever your hopes, dreams, needs and wants are—that’s what they put first. Banking is just how they help you make it happen.
They provide traditional banking services
Credit unions are full service financial co-operatives. Like other financial institutions, they provide chequing and savings accounts, mortgages, business loans and investment advice. Looking to start a registered savings plan? Invest in mutual funds? Bank online? Credit unions offer that too.
They work for you, their shareholders
Credit unions are owned by their members – the people who bank with them – which means your bottom line is our bottom line. All members have an equal say in how their credit union operates and can democratically vote for its board of directors.
They provide access to thousands of ding-free ATMs
Credit union members also have access to thousands of DING-FREE® ATMs across Canada through THE EXCHANGE® and ACCULINK® networks. It’s an ATM network bigger than most banks!
They are regulated
Credit unions in Canada are either provincially or federally regulated. Regulators have oversight over individual credit unions; and credit unions are required to meet standards and work with public agencies to ensure they are among the country’s soundest financial institutions.
Their deposits are protected
All provinces have deposit guarantee frameworks that provide credit union members with deposit protection equal to, or higher than, the big banks. In some provinces that coverage is unlimited.
They provide award-winning service
Canada’s credit unions have ranked first among all financial institutions in overall Customer Service Excellence for 14 years in a row. They’re great at a lot of things, but they’re the best at putting you first.
Why Join a Credit Union?
By choosing to bank with a credit union, you are choosing to bank with a conscience. Credit unions give back to their members, the people that bank with them, and contribute to their community’s economic, social, and environmental well-being.
Credit unions keep money in Canadians’ pockets
Credit unions’ commitment to members’ financial well-being and cooperative model helps Canadians to hold on to more of their money by returning profits to members through profit sharing and low/no fees, through community investments in the form of donations, scholarships and other initiatives and through a national network of surcharge-free ATMs.
You’re an owner, not just a customer
Credit unions are owned by their members – the people who bank with them. All members have an equal say in how their credit union operates, no matter how much or little you have in your account. Members can voice their concerns and vote on the issues that matter to them.
They support their communities and strengthen our national economy
Credit unions contribute to our economic, social, and environmental well-being.
Credit unions support communities through volunteerism
Credit union employees take co-operative principles to heart – with almost 80 per cent choosing to volunteer during their unpaid time off, and 70 per cent participating in community activities as part of their paid work.
Credit unions help Main Street and rural communities prosper
At their core, credit unions are local, community-based financial institutions. Credit unions help keep their members’ money local. They support small and medium sized enterprises and provide loans to farmers, benefiting members in communities large and small.
Credit unions keep money in Canadians’ pockets
Credit unions’ commitment to members’ financial well-being and cooperative model helps Canadians to hold on to more of their money by returning profits to members through profit sharing and low/no fees, through community investments and through a national network of surcharge-free ATMs.
Credit unions do not pursue profits for the sake of rewarding shareholders’ quarterly return expectations. They pursue profits to fund the business and to ensure future generations can benefit from the cooperative model and excellent banking services.