More than 5.7 million Canadians trust their local credit union as their partner for day-to-day banking. Credit unions are focused on keeping money in the pockets of their members, helping communities prosper and partnering for public policy solutions.
While each credit union is independent and locally controlled by its member owners, all credit unions share a common bond: a dedication to the people and communities they serve.
Credit unions in Canada are deposit-taking financial institutions that are 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.
All provinces have deposit guarantee frameworks that provide credit union members with deposit protection equal to, or higher than, the big banks (i.e. $100K). In some provinces that coverage is unlimited.
Credit unions are grounded in the prosperity of and quality of life in the communities they serve. Locally, this spirit drives community and economic impact and inspires innovative approaches to everyday banking.