Ontario Credit Union Fact Sheet

  • Credit Unions are financial service co-operatives owned and controlled in the community by the people they serve. There are over 300 credit unions and caisses populaires throughout Ontario.
  • Credit unions are community-based and community-focused. They play an integral role in their communities by investing in community projects, sponsoring local activities and promoting community development.
  • Ontario's first credit union was established in 1908 in Ottawa. Most credit unions were established during the 1940s and 1950s in response to the need for affordable consumer credit. The 3M Canada Credit Union was established in 1952 to serve the employees of 3M Canada.
    As of 2006-2007 we have been diligently working towards the inclusion of other 3M facilities within the province of Ontario.
  • Our Charter does not allow us to go beyond the border(s) of Ontario.
  • Over the years, credit unions have taken the lead in developing and introducing innovative financial service products. for instance, they were the first to offer:
    *consumer loans *daily interest savings accounts * online automated teller machines *personal lines of credit *payroll deduction *transaction by satellite *ethical mutual funds *flexible mortgage payment options *no fee RRSP's payment cards *loan insurance *
  • The fundamental operating principle of credit unions is democratic ownership; every member has at least one share but no more than one vote in the decision-making structure.
  • Credit unions are among Canada's soundest financial institutions. The Deposit Insurance Corporation of Ontario (DICO) insures Canadian currency deposits repayable no later than five years from the date of deposit, including interest, to a maximum of $ 100,000 per individual;