Credit Unions in Canada
Credit unions are different from banks and trust companies in that they are fully provincially regulated. They are owned by their members and are typically established to serve a particular group of people based on a geographic area, ethnic background or employer.
They are regulated by provincial ministries of finance, the provincial deposit insurance corporations and the Credit Union Central.
Membership is the most distinctive feature. Every member owns at least one share in the financial instutition and has an equal say in its overall direction.
Members enjoy a full range of services.
- savings and chequing accounts
- term deposits
- RRSPs, RRIFs and RESPs
- business, farm - financial products and services
- loans, lines of credit and mortgages
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investment products
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Cards can be used at MasterCardCIRRUS ATMs, VISAPLUS ATMs, Interac Association ATMs and at retailers
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access to the Top 100 Funds, as well as the credit union system's own Family of Ethical Funds®
Today, over 500 Credit Unions and affiliated caisses populaires have combined assets of close to $91 billion and serve 4.9 million members.
Deposit protection
Deposit protection funds are built up and maintained at required levels primarily by premiums or assessments levied on individual finincial institutions. The extent of deposit insurance or deposit guarantee varies by province.
Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created in 1967 to protect the money you deposit in financial institutions that are CDIC members in case of their failure.
