New Union Project

Canadian credit unions offer a wide array of financial products and services to their members, including wire transfers, savings and checking accounts, loans and mortgages, investment solutions, and more. The largest credit unions include Affinity, Steinbach, Cambrian, First West, and Vancity, among others.

Features

Credit unions in Canada serve business customers and individual clients and offer attractive earn and interest rates to their members. Some are large and serve customers across Canada while others are regional or local. There are a total of 696 unions with thousands of provincial and territorial branch locations. They serve about 42 percent of all Canadians and are accountable to their members. There are some major differences between credit unions and banks, one being that the former are non-for-profit organizations. This means that they operate to offer products and services at a small percentage of their cost. Unions are also more willing to offer loans and other products to customers with fair credit and provide more personalized services. In addition, they were the first to offer products and services such as check imaging, registered education plans, home equity lines of credit, open mortgages, and debit card services. They were also the first to offer loans to women in their own name. Today, there are large Canadian unions such as Affinity, Conexus, and Coast Capital that offer standard and specialized solutions at affordable rates, and it is not surprising that in North America the highest per-capita membership is actually in Canada.

Services Offered

Unions in Canada offer a comprehensive range of financial solutions, including payroll deduction, lines of credit and personal loans, progressive, open term, and fixed rate mortgages, and many others. They also serve business customers and offer financial services such as start-up, operating, and term loans, commercial and business mortgages, commercial equipment leasing, and growth capital. Unions also offer various accounts, including custom, independent, high-interest, and others. The range of products offered also includes specialized and custom sector solutions, standard and specialty credit cards, wealth management, and small business banking. Unions also offer insurance coverage to help members protect their vehicles, homes, and other property. Customers can choose from different types of coverage, including credit, mortgage, travel, home and car, and personal insurance. There are different types of credit cards to choose from, including rewards, cashback, no fee and low fee, standard, and student cards.