Canadian credit unions are financial institutions, just like banks. Both organizations have brick and mortar locations where you can go and do your banking. Both offer chequing and savings accounts, mortgages, loans, lines of credit, investments, and retirement products. The major difference is credit unions are non-profit organizations with a mandate to serve their members and their community, with their primary goal to provide better products and services to members. Commercial banks, on the other hand, are large for-profit entities that work for their shareholders. At this time when we really need financial advice, it’s now important to establish a partnership with a financial institution.

Ken Shea, CEO of East Coast Credit Union said:

“Our advisors stay in their roles longer to build solid relationships with our members. We work with clients to create a future plan for home ownership even if they can’t get into the market right now and we promise to still be there in the future to help them through the entire buying process. We pride ourselves on going that extra mile to help our members and we look for ways to be more creative to help them get ahead. One example is our lower mortgage rates and cashback offers to assist with down payments or expenses. Providing an exceptional experience and superior customer service set us apart from the commercial banks.”

Only you can decide if one of the Big-6 banks or a credit union is right for you!