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.
Credit unions’ low profit model and commitment to members’ financial well-being helps Canadians to hold on to more of their money through a national network of surcharge-free ATMs, by returning profits to members, and through community investments.
Each year, credit unions give back on average four per cent of pre-tax profits to local community organizations; well above the recognized industry standard of giving one per cent. On top of this, credit unions’ missions include providing members with excellent service, innovation in financial literacy education and social finance.
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.
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.