What is the purpose of a credit union?

The purpose of a credit union is to provide a financial institution that is co-operatively owned and operated, giving members a say in the way the organization is run, and transparency into how revenues are used to build the union and support the community. Credit unions support members by offering similar financial products and services to banks at lower costs. Credit unions are also created to support the communities they operate in, focusing on social development and charitable contributions.

What is a credit union member?

A credit union member is any person who invests in that credit union and purchases financial products or services offered by the institution. Much like anyone who uses a specific bank becomes a bank customer, any person who uses the products and services offered by a credit union becomes a credit union member. Credit unions are owned and operated by their members, who are responsible for electing the institution’s board of directors and are given insight into how the revenues are collected through loan interest, banking fees and more.

What are the top credit unions in Canada?

According to the Canadian Credit Union Association , the largest 10 Canadian credit unions are: Vancity Meridian Credit Union Coast Capital Savings Federal Credit Union Servus Credit Union First West Credit Desjardins Ontario Credit Union Steinback Credit Union Prospera Credit Union Conexus Credit Union Alterna Savings & Credit Union </ul

Samantha Kohn

Samantha Kohn is a marketing and communications professional and writer with expertise in the financial services, financial technologies and automotive spaces.

Sam is an avid dog-lover and former international traveller, and has recently embraced the opportunity to explore more of her home province of Ontario.

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