Click to learn more about the Credit Union Payroll Benefit Program.
, a central financial facility, payments settlement centre and trade association for credit unions in British Columbia and Ontario, offers a clear and articultate definition of a credit union:
"Credit Unions are co-operative financial organizations - much like banks in their physical appearance, services and operations. There are, however, major differences. Credit unions are owned by their members (customers). Any member has the opportunity to participate in the development of operating policies by serving as a credit union director or as a member of a credit union committee.
Each credit union is autonomous, operated by management appointed by its Board of Directors. The directors are elected by credit union members.
A key principle in the operation of a credit union is that each member, regardless of financial involvement, is entitled to an equal say in electing directors. This co-operative principle ensures that credit unions remain accountable to their members."
Some interest facts about credit unions in BC can also be found on the Central 1 Credit Union Website: