Services for individuals in credit unions

Can I apply for financial services from credit unions in Canada?

Yes, there are a large number of credit unions in Canada. Moreover, they actively offer banking services for individuals and legal entities similar to traditional banks.

A credit union is a financial cooperative owned by its members. The main features of credit unions in Canada are:

• Personalized service. Usually, credit unions offer the most individual credit and deposit offers to their clients
• Community involvement. Credit unions function and develop, focusing maximum attention on the development of the local community
• Member Orientation: Profits are returned to members through better rates and lower commissions. Moreover, credit unions' goal is not to maximize profits but to be of maximum benefit to their members and the community.

How do credit unions work in Canada?

The principle of operation of credit unions is quite simple. To become a member of the union, you need to buy a share. Having bought a share, you automatically become both a client and an owner. Credit unions offer a wide range of banking services: car loans, mortgages, consumer loans, debit and credit cards, business accounts, deposits for individuals and legal entities, current accounts, and online banking.

A credit union can be called a self-help cooperative, because its members pool their savings (buy shares) to provide each other with banking services on favorable terms. For example, loans at a lower interest rate, deposits with a higher yield, etc.