Credit Unions are an important feature of Canadian Life
Co-operative financial institutions are owned & democratically controlled by their members & Canada has a long history of having a strong co-operative financial services sector with Credit Unions playing a significant role. Indeed, Canada has the world’s highest per capita membership in the credit union movement, with over 10 million members, or about one-third of the Canadian population belonging to one. That makes them 100% Canadian owned. In over 380 Canadian communities, they are the only financial institution, offering essential financial services for those local economies. However, all Canadian Credit Unions pride themselves on having a local focus:
- More than 736 credit unions (and caisses populaires) in more than 3,100 locations
- Over 10.2 million members
- $303 billion in combined assets
- More than 27,000 employees
The Canadian credit union system contributed more than $49.3 Million through direct donations, financial services, sponsorships, scholarships and bursaries in 2013 (up from $35.6 Million the year prior)
The 2014 Ipsos® Best Banking Awards for the 10th consecutive year has reported that Canadians have ranked credit unions first among all Canadian financial institutions for:
- Overall Customer Service Excellence
- Branch Service Excellence
- “Value my Business”
Credit unions tied for first among all financial institutions for :
- Financial Planning & Advice
- Automated Telephone Banking Excellence and
- Live Agent Telephone Banking Excellence
Read more about the Ipsos® Best Banking Awards here
According to the Canadian Federation of Independent Business, Credit Unions also outperform all banks in serving small and medium-sized enterprises. Credit Unions have been ranked #1 by CFIB members in 4 of the last 5 of their triennial surveys (2000,2003,2009 & 2012) . Read more here
Credit unions also boast a very rich history of innovation.
Thank a Credit Union for many of these “Firsts” that for the most part, we all now take for granted:
- First financial institutions to lend to women in their own names (in the 1960s)
- First to offer daily interest savings
- First full-service ATMs
- First fully functional online banking
- First loans based on borrower character
- First payroll deduction service for deposits and loan payments
- First open mortgages
- First home equity lines of credit
- First debit card service.
- First registered education plans.
- First branchless bank (Citizens Bank)
- First cheque imaging service
So Happy International Credit Union Day ! A day that internationally, is a day to recognize the positive impact that Credit Unions make in their communities around the world. ICU Day. Have a good one.
Credit Unions across Canada matter. You can read more of the facts behind recent changes announced in the 2013 Federal Budget here