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Community Savings Credit Union launches cooperative banking

Community Savings Credit Union launches cooperative banking

December 12, 2022 (Vancouver/ Unceded Territories of the Musqueam, Squamish and Tsleil-Waututh Nations)

Community Savings Credit Union today announced the launch of its cooperative banking unit, with full financing and account services for cooperatives in BC

Community Savings’ new services provide BC cooperatives with an alternative option for banking and financing. The cooperative account matches the current market cooperative interest rates and further support cooperative needs by enabling the changeover of signers on accounts without branch visits. Community Savings can also facilitate the opening of cooperative accounts without a business number, which can be an unnecessary administrative burden that delays banking and financing.

The new business line will be led by Jo Ha, who joined Community Savings Credit Union from CCEC Credit Union following the merger of the two credit unions earlier this year. Her experience with cooperatives spans both Canada and internationally, where she worked with many cooperatives across BC, Ontario, Ghana, Kenya, Tanzania, and Malawi.

Jo Ha, VP of Cooperative Partnerships at Community Savings, said: “Cooperatives allow working people to share in the profits and create a more democratic economic structure. We are excited to provide cooperatives with more banking options in BC.”

Community Savings Credit Union is proud to carry CCEC Credit Union’s impressive cooperative and community development legacy forward as a merged credit union. Community Savings can facilitate any cooperative banking, and in particular, will look to promote and support cooperative housing as a part of its wider advocacy work in affordable housing. Cooperative housing has been the largest contributor to affordable housing in BC, and as a lender, Community Savings will pursue policies and products that make it as easy as possible for cooperative housing to grow and prosper.

Community Savings is a member of the BC Cooperative Association and was proud to sponsor the CWCF CoopZone Conference this past month.

For more on cooperative banking, see our dedicated cooperative page here.

About Community Savings

Community Savings Credit Union is driven by its purpose to unite working people to build a just world. As BC’s largest fully unionized credit union, Community Savings provides best-in-class personal and business banking and advocates for workers’ rights and mental health.

Community Savings operates seven branches across the Lower Mainland and Victoria. It lives by its labour values, from being the first financial institution to become a Living Wage employer in 2010 to winning the 2022 BCBusiness Business of Good Workplace Wellness Award for its innovative staff wellness programs. For more about Community Savings, visit