Credit unions are full service financial co-operatives. Like other financial institutions, they provide chequing accounts, mortgages, business loans and investment advice. But every credit union’s Board of Directors consists of democratically elected members from their community. Locally-elected boards of directors help credit unions better understand what’s important to our members and how we keep our decisions based on local realities. Rooted in this co-operative structure, the credit union difference is all about service – to members and our communities.
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. Members can voice their concerns and vote on the issues that matter to them.
Credit unions’ profits have a higher purpose – to benefit the people they were built to serve. They take the time to understand their members’ needs and work hard to tailor their products and services to meet them. Money left over at the end of the year is returned to members in the form of dividends, and donated to communities in the form of donations, scholarships and other initiatives.
No matter how much or little you have in deposits at your credit union, you’re entitled to the best rates, perks and offers available. Every credit union member has an equal share, an equal vote, and an equal voice.
Credit unions’ purpose is to provide service to members and to contribute to your economic, social, and environmental well-being. Learn more about some of the ways that credit unions are helping local communities prosper.
Unlike banks, each credit union is an independent, locally controlled financial institution. Yet we are connected by a set of common international co-operative principles. Together we have a strong voice that advocates for a better, fairer way to bank for all Canadians.