More About Credit Unions

Canada's Credit Unions – Canadian Credit Union Association – November 2022

Canada’s credit unions put people above all. Whatever your hopes, dreams, needs and wants are—that’s what we put first. Banking is just how we help you make it happen.

Credit unions provide 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.

Credit unions are owned by the people who bank with them

Credit unions are owned by their members – the people who bank with them – which means your bottom line is our bottom line. All members have an equal say in how their credit union operates and can democratically vote for its board of directors.

Credit unions’ commitment to their members’ financial well-being and to the cooperative model helps Canadians 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.

Credit unions are regulated

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.

Credit union deposits are protected

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. Learn more

Credit unions provide award-winning service

Canada’s credit unions have ranked first among all financial institutions in overall Customer Service Excellence for 18 years in a row. We’re great at a lot of things, but we’re the best at putting you first.

Credit unions 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.

Read our 2022-2023 ESG Report to learn more about what sets credit unions apart from other financial institutions.

More about Credit Unions

Credit unions support our communities and strengthen our national economy

Credit unions contribute to our economic, social, and environmental well-being. Click the link below to learn more about some of the ways that credit unions are helping local communities prosper.

What are you waiting for?

Join over 10 million* Canadians who trust their local credit union as their partner for day-to-day banking. Find your local credit union. By choosing to bank with a credit union, you are choosing to bank with a conscience. Credit unions give back to their members, the people that bank with them, and contribute to their community’s economic, social, and environmental well-being.

Interested in working for a credit union?

If you’re looking for to work for a fulfilling employer, rooted in cooperative principles – look no further than working for a credit union. Credit unions directly and indirectly employ more than 28,800 Canadians. Whether you live in a smaller remote town, or bigger city, you can count on a credit union being there and helping making difference in someone’s financial well being. Learn more about working for a credit union and browse regional job postings here.