Which are the Credit Unions in Canada?
The work of credit unions in Canada
may be discussed in view of their structure, organization and business activities. Here, for the sake of consistency and cohesion, some of the largest credit unions
in eleven provinces on the territory of Canada are highlighted.
For those who ponder on the very meaning of the term, here what a credit union does. By definition, a credit union is a cooperative depository financial institution whose members can obtain loans from their combined savings. Credit unions are very popular in Canada. Some of them are relatively small while others entities are quite large.
In British Columbia
, for example, credit unions are much more popular than the banking institution. This fact is in part due to their democratic organization – the members of credit unions enjoy equal rights and each credit union is owned by its member. On the other hand, this is partly due to the wide variety of convenient banking and financial services that the credit unions offer, including ATM networks and online banking services, debit cards, chequing and savings accounts, etc.
Credit Union Central of Canada
is one of the largest and most popular credit unions of the country. The team of CUC has developed a set of flexible and very convenient banking and financial services, specially tailored to meet the individual needs for financing of each costumer. The officials of Credit Union Central are devoted to helping their business clients build or expand their network of partners and thus promote their business activities in Canada and around the world. The range of business banking and financing products of Credit Union Central encompasses commercial loans and mortgages, operating lines of credit and current accounts. These are complemented by a reliable online banking system
, merchant banking, and business consultancy.
Advantage Credit Union
is the second most popular credit union in Canada. It offers virtually all banking and financial services for individual and business clients such as consumer loans, commercial and agricultural lending, savings accounts, debit and credit cards, online and telephone banking, online trading, and life and general insurance, among others. Advantage Credit Union serves more than 18,000 members through seventeen branches in the province of Saskatchewan
Aldergrove Credit Union
is probably the third most popular credit union in Canada
and it is certainly one of the oldest. The union offers online and telephone banking, insurance plans, loans, financial planning services, etc. As of 2009, Adergrove also offers tax free savings accounts
Assiniboine Credit Union
has adopted the core values of corporate social responsibility and offer to its clients first-class banking, financing, and borrowing solutions. In addition to credit cards, personal loans
, and lines of credit, the union has developed a special Home Advantage plan which is tied to one’s mortgage. The credit union operates a total of 25 branches in the province of Manitoba
According to latest statistical data, there are over four hundred credit unions scattered around the territory of Canada.