June 10th 2016
Are you one of the many people out there wondering – what exactly is a credit union? What makes them different to banks? Are they better? If so, you’re not alone. We are here to tell you - yes, we are different than big banks and we are much better too! Below are just 5 of the 10 we have identified as things you may not know about your local credit union! Prepare to be amazed.
1) We offer all of the same financial services as the big banks but with the added customer service.
We don’t need silly commercials letting you know that when you call into a credit union branch, you will actually speak to a person, not just a recording. This is something we have been doing for years. One of the biggest reasons our members love us is because they can get to know the person at the branch they are speaking to. Better yet, there is not a voice recording guiding you through a series of options. We will put you directly in touch with whoever you are looking for and handle your needs on the spot.
2) Our Members are our owners. We don’t have big shareholders like the big banks do.
Members of a credit union are not simply just customers. They are our owners. Members have the right to come out to our annual general meetings as well as vote at those meetings. We make sure our members feel that their voice is heard and they have a major role in developing the credit union into a financial institution that fits the needs of its current and future members. Not only that but our profits go back into providing direct services to our members, not into the pockets of major shareholders. Unlike big banks, credit unions are not for profit.
3) Yes, we have debits cards and yes, you can use them just like a “regular one”.
Not everyone is aware of the fact that we do have debit cards that you can use just like you would any other debit card from a major financial institution. They work not only in Ontario, and across the country but also can be used while travelling. Just look for the sign on the back of your debit card at ATM’s while travelling and you will have no issues. Not only that but if you use your debit card at any Exchange Network ATM (any credit union, HSBC, National Bank or Manulife bank) you can withdraw and deposit funds free of charge!
4) We offer Mortgages, Line of Credits, Loans and RSP Line of Credits.
Next time your mortgage is up for renewal or you start searching for a new home – think of us. We offer very competitive interest rates, added bonuses and a no haggle rule. Meaning, the rate we post is the rate you get. We wont be sending you a mortgage renewal letter with a rate expecting you to negotiate. It’s the same rate offered to everyone, no matter what. On top of that, we offer great consolidation loans and line of credits to help you prepare for RRSP season or help pay off multiple credit cards or debt to lower your rate and your payments. Why pay 19% towards 2 or 3 credit cards when you can combine that debt into one easy to manage payment at an interest rate below 10%. It’s a no brainer.
Written by Amanda Perkins