Whatever your hopes, dreams, needs and wants are
That’s what credit unions put first. Banking is just how they make it happen. Credit unions are well-regulated, full-service financial institutions with one big difference – they are owned by the people who bank with them.
They are regulated & deposits are protected
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.
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.
Credit unions offer traditional banking services
Credit unions are full-service financial co-operatives. Like other financial institutions, we 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 support our communities and strengthen our national economy
Credit unions are guided by the cooperative principles and hold strong ethical values such as honesty, openness, social responsibility and caring for others.
Any profits earned by a credit union are re-invested in the credit union or directed to support members and the community.
They champion financial literacy through the Each One, Teach One (EOTO) program
The Each One, Teach One (EOTO) program, trains employees of Canadian credit unions to deliver financial education workshops in their communities. Workshops are delivered in plain language without any ties to products or services, with the sole goal of empowering Canadians to take control of their financial decisions, goals and plans. Learn more here.
They are owned by the people who bank with them
As financial cooperatives, 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 and can democratically vote for its board of directors.
They provide access to thousands of Ding Free® ATMs across Canada
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! Learn more here.
They provide award- winning service
Credit unions put customer service at the heart of every decision we make and that’s why we always rank highest in customer satisfaction in the Ipsos Financial Service Excellence Awards. Canada’s credit unions have ranked first among all financial institutions in the category of overall Customer Service Excellence for 19 years in a row. We’re great at a lot of things, but we’re the best at putting you first.
Credit unions contribute to our economic, social and environmental well-being.
Read our 2022-2023 ESG Report to learn more about what sets Credit unions apart from other financial institutions
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“Since I’ve developed a relationship and trust with my credit union, I don’t really see myself going anywhere else for my banking.”
Members Name, Branch Credit Union Member
With inflation and the overall cost of living on the rise, more and more Canadians are experiencing the financial stress of debt.
Members Name, Branch Credit Union Member
“When she first arrived, Mimi, a newcomer to Canada, didn’t know that credit unions were an option for her banking needs.”