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Bank with a higher purpose

Monday, January 20, 2014   by: Staff
Credit Unions of Ontario encourage Ontarians to bank with a higher purpose
Newly formed group launches creative campaign to promote co-operative banking movement
TORONTO - (January 20, 2014) - Want to achieve financial freedom and help your community while banking?
That's the idea behind the co-operative banking movement the Credit Unions of Ontario would like Ontarians to join.
Their creative campaign encourages Ontarians to think about how they bank and consider credit unions as an economically viable and socially meaningful alternative to traditional banking options.
Credit unions from across Ontario have come together as the Credit Unions of Ontario to encourage Ontarians to join the co-operative banking movement, introduced through an inaugural creative campaign.
The campaign, which includes ads on television and the web, as well as a refreshed social media presence, is designed to change the perceptions and attitudes Ontarians have towards credit unions, while educating them about the many benefits of this alternative form of banking.
"Credit unions have always helped our Members achieve financial freedom by putting Members' best interests front and centre," said Stephen Bolton, President and CEO of Libro Credit Union, speaking on behalf of the Credit Unions of Ontario. "The Credit Unions of Ontario are excited to show Ontarians just what a great banking alternative we are. After all, we do great things to help our Members and the communities where we all live."
Co-operative banking offers Members - who are also credit union owners - the most competitive tools needed to help them successfully manage their finances, including:
  • Financial products (such as bank accounts, mortgages and loans);
  • Services (including financial advice, wealth management and investments);
  • Innovative solutions (such as mobile banking and mobile cheque deposit); and
  • Security (the comprehensive deposit insurance you would expect, through the Deposit Insurance Corporation of Ontario - DICO).
These, however, are provided with a powerful difference - profits are returned to Members in the form of competitive rates and better service. They are also put back into the communities where credit unions operate and where Members live.
In addition, co-operative banking allows Members to benefit from:
  • Personalized service;
  • Financial solutions that are right for them (rather than those someone is trying to sell them);
  • Expert and objective financial advice; and
  • Localized decision-making.
"We answer to Main Street, not Wall Street. While we do make profits, we pride ourselves in putting them back into the communities we serve to do good things for everyone," said Bolton. "It's at the core of what we do - banking with a higher purpose."
Awareness of credit unions in Ontario is low. In fact, a recent survey commissioned by the Credit Unions of Ontario revealed that only one in five Ontarians (19 per cent) named a credit union when asked about financial institutions they are aware of.
When probed, only one third (36 per cent) of respondents understand the types of services credit unions offer, how they function and how they differ from other financial institutions.
"Credit unions have taken home the Ipsos Best Banking Award for overall Customer Service Excellence for nine consecutive years, yet our survey shows that we are still the best-kept financial services secret in Ontario," said Bolton. "We intend to change that by showing Ontarians that we represent a great banking choice - one that empowers them to make a difference in their lives and within their community."
For more information about the Credit Unions of Ontario and co-operative banking, please visit
About Credit Unions of Ontario
The Credit Unions of Ontario provide a full range of competitive financial products and services to 1.4 million Members, both individuals and organizations, across Ontario.
Their mission is to raise awareness of credit unions among Ontarians and inspire them to join the co-operative banking movement, allowing them to make a real difference to their financial lives and the communities in which they live.
For more information, and for a list of participating/founding credit unions, please visit
  • From December 5 to December 18, 2013, an online survey was conducted via Research Now online panel among 1,103 Ontarians between the ages of 32 and 47. The sample size provides results that are accurate within +/- 3%, 19 times out of 20.

  • Launched in 1987, the Ipsos (formerly Synovate) Customer Service Index (CSI) quarterly survey generates the winners of the annual Best Banking Awards. The Ipsos 2013 Best Banking Awards are based on quarterly Customer Service Index (CSI) survey results. Sample size for the total 2013 CSI program year ended August 2013 was 45,875 completed surveys yielding 69,268 financial institution ratings.


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iluvslots 1/20/2014 2:08:55 PM Report

This comment is strictly personal but I would suggest that anyone thinking of converting over to ANY credit union, check and see what this establishments assets are. This will give you an idea as to where they stand in the banking community. I was a member of ASCU for many years until became obvious to me that they will hand out umberellas on a sunny day. As long as every thing was going good they were friendly. You will end up paying for every service charge they can talk you into no matter where you deal. In my opinion, stick with the big guns with the most assests. They will be around longer in the long run
HowAbooutSomeLogic 1/20/2014 3:35:28 PM Report

Slots, it would be nice if determining the health of a bank/cu was as simple as looking at its total's not. I'm guessing from your statement you don't know much about leverage, re hypothecation, or $1B cash vs $1B in derivatives. You owe it to yourself to do a little better due diligence.

Not only is your money far safer in the credit union, you are enriching local communities rather than tightening control of the international banking cartel through increased debt/printing. Public bank over private bank every time!

On top of that, Flaherty actually encouraged the big banks to use 'bail ins' as a necessary measure for maintaining liquidity during a crisis (on pg 114 I think of this years budget). Cyprus is a recent example of bail ins in action.

Lone24 1/20/2014 7:31:47 PM Report

They are all the same them banks. Just looking to make big profits like the rest of the greedy idiots.
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