The Credit Union Difference
Credit unions are full service financial co-operatives. Like other financial institutions, they provide chequing accounts, mortgages, business loans and investment advice.
Every credit union is owned by its members – the people who bank with them – and the Board of Directors consists of democratically elected members from their local community.
Rooted in this co-operative structure, the credit union difference is all about service - to members and to communities.
Every credit union is owned by its members – the people who bank with them – and the Board of Directors consists of democratically elected members from their local community.
Rooted in this co-operative structure, the credit union difference is all about service - to members and to communities.
Canada's Credit Unions
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.
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.
How Credit Unions are Regulated
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.
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.
Helping Local Communities Prosper
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.