What is a Credit Union?
A credit union is a full service financial institution that is owned by its members. Credit Unions generally offer all of the services that a bank or trust company would, but usually charge lower fees and rates for those services. Credit Unions are legislated in Ontario under the Credit Union and Caisse Populaires Act and are fully deposit insured up to $60,000 by the Deposit Insurance corporation of Ontario. In addition, all of the profits earned by a credit union are either reinvested in the credit union or returned to the members in the form of a dividend.

All credit unions operate under a bond of association. the bond defines who can be a member of a credit union and where geographically, those members can come from. some bonds are industrial or tied to a specific company or occupation, other bonds are associational very often tied to a specific church and still others are community which means that the credit union is there to serve the specific needs of the members of a certain city, town or area.

All credit union members are required to purchase a number of shares in the credit union when they become a member. as a full share holder, these members are then entitled to attend the annual meeting of the credit union, receive financial statements, vote on policy issues which may come up for discussion and even run for the Board of Directors.

Credit Unions are socially responsible financial institutions with a keen interest in the welfare of their members and of their communities as a whole. At a credit union 'People mean more than profits'!