Credit Unions
Credit unions are financial institutions formed by an organized group of people who share a common bond. Credit union members normally pool their resources in order to provide loans and other financial services to individual members.
Credit unions are basically not-for-profit cooperatives which are owned by constituting members and normally operated by volunteer boards. This aspect of credit unions is in contrast to other financial institutions, such as banks, which are owned by outside stockholders and normally controlled by board members who receive remuneration from the particular financial institution. For this reason, credit unions are able to pay dividends to their members and offer them lower loan rates, higher savings rates and fewer service fees. All in all, credit unions are regarded as people’s banks because they are tailored to meet the needs of those who demand a say in their financial institution.
Spotlight on Credit Unions
How to Start a Credit Union in Canada
The regulations for starting a credit union in Canada are very strict. The requirements for the Credit Union Incorporation Act (CUIA), the Financial Institutions Act (FIA) and the Company Act (CA) have to be met to form a credit union. There is a two-phase approval process where applicants must f... Continue Reading »
How to Start a Credit Union in Canada
The regulations for starting a credit union in Canada are very strict. The requirements for the Credit Union Incorporation Act (CUIA), the Financial Institutions Act (FIA) and the Company Act (CA) have ...
What Are the Benefits of Joining a Credit Union?
Many consumers are not aware of the benefits of joining a credit union. One of the main benefits is that most Canadian credit unions are member-owned and therefore offer perks to all members, whereas tr...
About Credit Unions
Over five million individual Canadians and business owners are the grassroots owners of the cooperative financial services in Canada. Community Credit Union is one of the largest credit unions in Canada. Community Credit Union is comprised of employees from all types of professions, including teachers. The fact that Community Credit Union is locally owned means that the members have the flexibility to choose which financial services suit them well. Moreover, they also have a say on which policies Community Credit Union will operate by. For this reason, control of this institution is put safely in the hands of the local owners, as opposed to a head office which may be located thousands of kilometers away. The union always reinvests the profits made in the local community. Community Credit Union members have equal voting rights and are allowed to participate in all decisions which affect the union, regardless of their volume of business or deposit balance.
Community Credit Union offers a diverse range of modern quality financial services to its members. These financial services include those offered by financial institutions such as checks, savings, telephone banking and financial planning. It also has an online banking system, offers tips on fraud awareness, identity protection and scam protection. This credit union also offers a range of MasterCard cards, as well as loans for which even non-members may apply online. Community Credit Union offers commercial lending, investment loans, lines of credit, personal loans, residential mortgages and student loans. Its website also has over 30 financial calculators to help consumers plan their future life success.