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Why Credit Unions? #MyOwnBank

January 9, 2012

Working as a Mortgage agent, I got to see a different side of financial institutions.  While some worked hard to ensure that the client was being taken care of,  some only looked at the bottom line and made few exceptions.  I soon began to see a pattern to the lenders I chose for my clients – they tended to be mainly credit unions.

Why? Generally, credit unions will look at the deals on a case by case basis, really trying find the best options for the client and helping me give my client the financing they needed, they really care about the customer. They also seemed to have lower rates overall and had less restrictions on property types than banks do.

Many of my clients had properties that didn’t always fit with the bank guidelines and while I couldn’t get a bank to look at them, the Credit Union would.

One of my favorite Credit Unions to work with was FirstOntario Credit Union, no matter who I spoke to at the Credit Union; they all went above and beyond to try to help you.

Growing up, my mother was a member of a credit union, so it was natural that I would become a member as well.  I obtained my first car loan through them; they made the process so easy. It was a small branch, but no matter what, they were always very helpful and always remembered me, even after coming back from being away for several years!  When we lived in BC, credit unions seemed to be incredibly popular; almost everyone banked there. They seem to be growing in popularity here as well.

Did you know that 1 in 3 Canadians tend to be members of a Credit Union?

Why?

   ‘The Credit Union Difference

Because credit unions are operated democratically and owned by their customers as members. Because we believe in the mix of personal service and technology like ATMs and on-line services, blended to give our members a choice of how they are served. Because everyone deserves the highest level of service regardless of where you come from or where you are in life.’

Some other cool info about Credit Unions:

They were responsible for  :

  • First loans based on borrower character.
  • First payroll deduction service for deposits and loan payments.
  • First open mortgages.
  • First financial institutions to lend to women in their own names (in the 1960s if you can believe that).
  • First to offer daily interest savings.
  • First full-service ATM network.
  • First home equity lines of credit.
  • First debit card service.
  • First registered education plans.
  • First fully functional internet banking.
  • First branchless bank (Citizens Bank).
  • First cheque imaging service.

I think it’s important to help FirstOntario Credit Union spread the news that you have options!!

They  want to know what you would do if you owned your own bank? Click here or the image below to answer.