Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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What is a Credit Union?
– ratesupermarket.ca
For most Canadians, financial institutions come in two forms: a bricks-and-mortar bank, or the online version of the same thing. But for many, particularly in Quebec and western Canada, there’s an alternative option: credit unions.
Origin of the Credit Union
At the beginning of the 20th century, Canada’s banks were mostly focused on corporate clients and wealthy investors. Recognizing a need for lending services for people of more limited means, Alphonse Desjardins picked up on a growing trend in Europe and launched his first “caisses populaires” in Levis, Que., in 1900. That first North American credit union lives on as the Desjardins Group and, today, there are more than 700 different credit unions in Canada, including Vancity, Meridian Credit Union, and Affinity Credit Union.
Traditionally, credit unions served a specific employment sector, such as autoworkers or police officers, or were based around the needs of a particular an ethnic group, offering their clients services in their native tongue…
What is a Credit Union?
– ratesupermarket.ca
For most Canadians, financial institutions come in two forms: a bricks-and-mortar bank, or the online version of the same thing. But for many, particularly in Quebec and western Canada, there’s an alternative option: credit unions.
Origin of the Credit Union
At the beginning of the 20th century, Canada’s banks were mostly focused on corporate clients and wealthy investors. Recognizing a need for lending services for people of more limited means, Alphonse Desjardins picked up on a growing trend in Europe and launched his first “caisses populaires” in Levis, Que., in 1900. That first North American credit union lives on as the Desjardins Group and, today, there are more than 700 different credit unions in Canada, including Vancity, Meridian Credit Union, and Affinity Credit Union.
Traditionally, credit unions served a specific employment sector, such as autoworkers or police officers, or were based around the needs of a particular an ethnic group, offering their clients services in their native tongue…
