Why Credit Unions?
Shareholders Have An Important Voice
The fundamental operating principle of every credit union is democratic ownership: every member has at least one share and one, but no more than one, vote in the decision-making process. All members, therefore, are equal owners, regardless of the number of shares they hold individually or the size of their respective credit union deposits. Every member has the right to seek election to the board of directors. Currently, there are 219 Credit unions and caisses populaires in Ontario with combined assets of $24.7 billion, serving some 1.7 million members and employing over 6,200 people.
Why Join a Credit Union?
There are plenty of reasons! Just be prepared for a truly unique banking experience.
Democracy.
At your credit union, you are not merely a customer, you are a member and an owner of your financial institution. As a member- owner, you have the right to have a say in the overall direction of the credit union, and you will share in any profits the credit union makes.
Service.
Credit unions pride themselves on providing their members with friendly and responsive service. In fact, unlike most financial institutions, credit unions consistently rate high marks in independent surveys on customer service.
Choice.
Credit unions offer a full package of products and services including savings and chequing accounts, mortgages, cash machines, telephone and home banking, term deposits, RRSPs, traveller's cheques, deposit insurance coverage, MasterCard and more.
Commitment to Community.
Credit unions reinvest their deposits and profits in the communities in which they operate. This is in keeping with their co-operative principles.
Competitive prices.
Service charges at credit unions are comparable to, or sometimes even lower than, those at banks. Membership is the most distinctive feature of the credit union system.
It involves sharing, being part of a community (whether geographic, ethnic or work-related), and enjoying such shareholder privileges as:
- Being able to seek election to the credit union’s board of directors
- Sharing in the distribution of earnings
- Having a say in the credit union direction at the local level
- Every member owns at least one share in the credit union and has an equal say in its overall direction. Through their local credit union delegate, each member also has a say in provincial and national direction.
- Having "shareholder members" enables credit unions to relate products and services to member requirements.
MEMBERS RECEIVE WARM RECOGNITION
Credit union personnel undergo special training to ensure that they have the expertise for the job and recognize that member service is paramount. This means a friendly and courteous attitude that treats all members with respect. In many credit unions, staff recognize members by name. At credit unions, members are not just customers: they are shareholders.
Because members are shareholders, credit unions enjoy the unique advantage of being highly receptive to the special needs of members. During periods of economic difficulty in many parts of the country, for instance, some credit unions have developed innovative loan repayment options and adopted a sensitive approach to accommodate individual member needs.
Credit unions are proud of the reputation this commitment to member service has earned.
MEMBERS REPORT HIGH SATISFACTION
The credit union system is proud that recent independent business owner surveys indicate that those who use credit unions are the most satisfied with their financial institution. Being community-based, credit unions are ideally positioned to serve the needs of the small business owner through commercial loans, operating lines of credit and personal services to corporate officers, as well as business chequing/deposit accounts and payroll services.
