Banking with a credit union can save on fees—but there are limitations + MORE Aug 28th

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On the surface, banking with a credit union may seem a lot like a traditional bank. But it’s not. 

Credit unions are similar to commercial banks in that they offer chequing and savings accounts, mortgages, business loans, online banking and registered savings plans—all for lower or no fees than traditional lenders. But credit unions are co-operatives and therefore tend to be much smaller than the major banks.

Customers have to buy a one-time membership share to get started, said Wendy Brookhouse, certified financial planner and CEO of Black Star Wealth. “Walk in, say: ‘I’d like to become a member’ and pay for your membership share,” she said. “You’re now banking there.”

Photo Handout Wendy Brookhouse / The Canadian Press

Lower fees, higher community investment

As not-for-profits, credit unions are usually community-oriented, Brookhouse said. That makes them a good fit for socially conscious people who want their money to stay within their community…

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