Credit Unions have been serving Canadians since 1900, when Alphonse Desjardins founded the first “caisse populaire” in Levis, Quebec. Credit Unions began as an alternative to the commercially centred, largely inaccessible banking system. They hold combined assets of $226 billion and serve 10.9 million members (as at December 31, 2008).
The fundamental operating principle of credit unions is democratic ownership… one member – one vote, regardless of the amount of shareholdings or deposits. You have a voice in your credit union and equal access to all the services it offers.
Throughout its history, the Canadian credit union system has maintained a record of sound, prudent financial management, solid growth and uncompromising service to credit union members.
The Deposit Insurance Corporation of Ontario (DICO) protects members of Ontario credit unions against the loss of deposits held in credit unions. Deposit insurance covers eligible deposits up to the prescribed statutory limit of $100,000 in each of the following categories - deposits held in one name, jointly in more than one name, or in a trust account.
DICO provides unlimited insurance for Canadian deposits in each eligible registered savings plan or contract such as RRSP, RRIF and RESP.
In Canada, credit unions have an enviable historical record. No credit union member has ever lost a dollar of money deposited in a credit union.
Credit Union System
