Being credit union owner means you can share the profit they make too. Each credit union is different, but the option of profit sharing is a huge bonus for many credit union owners.
It is not true that you have to belong to a certain group to join a credit union. At most credit unions anyone can join and open an account. While there are some closed-bond credit unions (only open to employees of a factory or members of a certain ethnic background), these are less common.
Because credit unions are run locally, they contribute to their communities in many ways, often through donations and sponsorships of community groups that may not hit the radar of national organizations.
Staff who live in your community are also less likely to be moved around just as you’re getting to know them. Your representative is your advocate within the credit union and has a say in financing decisions, they’re not relying on a computer or an office in Toronto to tell them if your mortgage will be approved. Credit unions pride themselves on the personal touch. While technology like online banking and ATMs are often a given, you’ll also find friendly staff at the branch when you need them. As an owner, you also have access to the best talent, no matter the size of your portfolio. Credit unions treat all owners equally and fairly and you can expect a high level of service.
Deposits held at credit unions are insured by the Deposit Insurance Corporation of Ontario, so your savings are just as secure as at a national bank.
If you’re ready to do more than switch banks, consider joining a credit union!