Member Benefits

How Credit Unions Differ From Banks

Like banks, Credit Unions are full-service financial institutions providing a wide variety of financial services, such as banking, loans, investments and insurance to members from all walks of life: individuals, organizations and businesses.

There are, however, key differences.

The first difference is that the underlying mandate for banks and trust companies is to provide a healthy return on shareholder investments. These shareholders may or may not be customers of the bank—or even live in the same country.

Credit Unions, on the other hand, have co-operative values, where profits are directed back to the members and the community. Decisions about how and where these profits are shared are made right here, by local management and by directors that local members elect through a democratic process—another key difference between credit unions and the big banks.

And while responsible money management is the priority, Credit Unions are justly proud of a reputation for providing superior customer service and a personal touch by local staff who are your neighbours, friends and family members.

B.C. Credit Unions, where deposits are 100% protected

All credit unions in the province have member deposit insurance coverage with the Credit Union Deposit. Insurance Corporation (CUDIC) of British Columbia. All money deposited with a B.C. credit union is guaranteed by CUDIC.

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For their brochure click HERE

Democratic Ownership

The fundamental principle of your community Credit Union is democratic ownership—one member, one vote—regardless of the amount of shareholding or deposits. You have a voice in your community Credit Union and equal access to all the services it offers.

Community Investment

Our success is your success is our community’s success. Your Credit Union differentiates itself from the banks by investing its profits back into the community.