Credit Union Advantage
There are approximately 880 credit unions across Canada and 1,430 caisses populaires, the francophone counterpart to credit unions. Each credit union is run by a group of elected board of directors. Members have the right to seek election to the board of directors. Canadian credit unions and caisses populaires have over $49 billion in assets, 4.5 million members and approximately 1900 locations across Canada.
How are you different from a bank?
As a credit union, Community Savings offers all the products and services British Columbians expect from a banking institution. For both personal and business needs, we provide acccess to chequing and savings accounts, term deposits, credit cards, loans, mortgages, mutual funds*, registered retirement plans, and much more. However, the two biggest differences are accountability and security:
Accountability: Bank executives are ultimately accountable to the investors. As a result, their primary goal is to maximize profits. However, Community Savings is accountable primarily to the people who actually do their banking with the credit union. As a result, Community Savings conducts business solely to benefit its members. This difference helps shape the decisions that our Board of Directors and Executives make. This difference can be seen in our low fees, competitive rates, and services such as the Helpful Hands Program.
Security: B.C. Credit Union Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia. More.
*Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual fund values change frequently and past performance may not be repeated.
®Credential is a registered mark owned by Credential Financial Inc. and is used under licence.”