What's a credit union?

Credit unions started in Canada over 100 years ago. It will only take about 90 more seconds to understand what we've become.

Credit unions are financial institutions that are owned and governed by their customers. As a ‘member’, you are a shareholder. And while we keep it simple, this membership defines us – it's why we focus on maintaining higher service levels.

Credit unions are regulated provincially whereas banks are regulated federally. Banks have deposit insurance – so do we. And apart from a few unique services, we do everything the big banks do. Only better. Especially for business owners. Credit unions range in asset size from millions to billions of dollars, so you'll find a fit that's right. And when you look at the entire network, we have millions of members including thousands of business members.

Do you have questions?

1. Are credit unions open to everyone? I thought you had to belong to a special group.

While there are still special-interest credit unions, the majority are community-based and open to everyone. You're welcome anytime.

2. I thought credit unions were just in the country and small towns.

Credit Unions are in big cities and small towns, coast to coast and everywhere in between. What we focus on is your community, so what's important to you is important to us. We live, work and make decisions where you do.

3. Since when do credit unions offer business services to entrepreneurs?

You'll find business owners in almost every credit union family tree. Many of us got our start years ago because a group of farmers or business people wanted a local option to the banks. We've been growing and adding a full suite of business financial services ever since. Visit Locator to find a credit union business expert near you.

4. Aren't credit unions just for small loans and other forms of credit?

We finance factories and home-based consulting firms. We do commercial mortgages for warehouses, farms and downtown boutiques. We offer investment services, we help you manage your deposits and we have the national resources to work with larger businesses in the same, personal way we serve local businesses.

If you have other questions for us, visit the Business Directory and ask the credit union business professional nearest you directly or click on the Contact section of this site and send us your feedback.