How do credit unions operate
Frequently Asked Questions
Credit Union vs Bank
How are credit unions different from the banks?
There are many differences between banks and Credit Unions. The most important is that Credit Unions are democratically run by the people they serve - their members. A Credit Unions' primary commitment is to serve their members financial needs, whereas banks and trust companies exist to earn dividends for shareholders.
What is a credit union?
Credit unions and Caisse Populaires are co-operative financial organizations that are owned by the people they serve - their members (customers). Credit Unions provide a wide range of products and services.
How do Credit
Each Credit Union operates independently. Policies and Procedures are set and monitored by a volunteer Board of Directors. The day to day operations of the Credit Union are the responsibility of the CEO. The democratic structure of the Credit Union is what makes them unique. Each Credit Union member has one vote and an equal share in the management and direction of the Credit Union.
What is the history of Credit Unions in Canada?
Credit Unions have been serving Canadians since 1900, when the first Caisse Populaire was established by Desjardins in Quebec. Ontario's first Credit Union was founded in Ottawa in 1908. Most Credit Unions were established in the 1940s and 1950s in response to the need for affordable consumer credit.Source: www.gccu.on.ca