We do more to protect your money.
Banks insure eligible deposits up to a maximum of $100,000. Ontario’s credit unions cover non-registered deposits up to $100,000 as well, but with fewer restrictions and unlimited coverage on registered deposits including RRSPs, RRIFs, RESPs and TFSAs. What’s more, we’re increasing our non-registered deposit coverage to $250,000 in 2018.
We’re bigger than you think.
Canada’s credit unions have combined assets of over $202 billion, more than 5.5 million members, and a network of over 280 credit unions with over 1,800 branches across the country – far greater than even the largest bank. The first credit union in Ontario was established in 1908, and over 11 percent of the province banks with us today.
We’re accountable to our members.
Ontario’s credit unions may be big enough to go toe-to-toe with the banks, but we’re also small enough to remember who we answer to. Our owners are our members, so they’re the ones who profit. Compare us to the banks, where record profits go to shareholders at the expense of their own customers. Whose financial security are you funding?