Credit unions are grounded in the prosperity of the communities they serve. Locally, this spirit drives community and economic impact and inspires innovative approaches to everyday banking.
Credit unions’ commitment to members’ financial well-being and cooperative model helps Canadians to hold on to more of their money by returning profits to members through profit sharing and low/no fees, through community investments and through a national network of surcharge-free ATMs.
Credit unions do not pursue profits for the sake of rewarding shareholders’ quarterly return expectations. They pursue profits to fund the business and to ensure future generations can benefit from the cooperative model and excellent banking services.
Each year, credit unions give back on average 5.4 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 innovation in financial literacy education, alternatives to payday lending, 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.