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Understanding Credit Unions banner
     

    Credit unions operate differently than many other financial institutions. As member-owned financial co-operatives, they are guided by principles that emphasize people, participation, and community.

    In this section, you'll learn about the co-operative principles that shape credit unions and explore some of the common misconceptions surrounding them. Understanding what makes credit unions unique can help you better appreciate the role they play in supporting members and strengthening communities.

    Explore the topics below to learn more about the credit union difference.


     
    7 Cooperative Principles

    7 Co-operative Principles

    While bank and banking are universally understood and accepted terms, the term credit union is still largely misunderstood and unknown to many.

    Credit union is an unusual term, isn’t it? Is it just another name for a bank? Is it a credit card company? Do I have to be in a union to join?

    Credit Union Myths

    Credit Union Myths

    Even though there are over 250 credit unions in Canada, many misconceptions about their structure and their services still exist.

    What does it mean to be a credit union member?


     

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