Is a Credit Union like a Bank?
Hmmmm…yes and no. Does that make it any clearer?
Yes, credit unions do offer the same financial products and services as a bank. Credit unions are very proud to offer exceptional personalized services and competitive financial products, including a wide range of savings and chequing accounts designed to complement a variety of member needs: ATM cards, personal and commercial loans, lines of credit, mortgages, RRSPs, RESPs, online banking services, insurance products and wealth management services.
No, credit unions are not like banks because they are community-specific financial co-operatives owned and operated by their members. A bank is owned by a few privileged stockholders who make all the decisions for the institution and its customers.
A key principle in the operation of a community credit union is that each member, regardless of the amount of money they have in their accounts, is entitled to the same vote in electing individuals to represent them as directors on the credit union’s board of directors. This co-operative principle ensures credit unions remain accountable to their members.
Want more info on credit unions? Then check out the links.
links
| Nelson & District Credit Union | www.nelsoncu.com |
| Credit Unions of BC | www.i-switch.com |
| Credit Union Central of Canada | www.cucentral.ca |
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