Northern Credit Union to remain in Richards Landing with scaled-back, 'co-operative' banking model

Northern Credit Union will continue to offer banking services in Richards Landing thanks to a new banking model that’s being rolled out as a two-year pilot project. 

A community co-operative branch will begin operating out of an existing business on reduced hours beginning in June. The new branch will operate as a satellite location to the Sault Ste. Marie branch and will offer payments, drafts and account transfers, in addition to investment and lending advisory services. Cash withdrawals will be available to customers through an on-site ATM.

Northern Credit Union says the co-operative model could present an opportunity to address banking needs in remote communities without a financial institution after announcing the closure of seven branches earlier this year, including locations in Sault Ste. Marie, Iron Bridge and Richards Landing. 

“This has good potential to be a win-win in many remote communities,” said Northern Credit Union President and CEO Richard Adam via news release. “We hope our service will attract new members and encourage people to make Northern their primary financial institution, to ensure the ongoing success of the pilot.” 

Liisa Woolley, senior vice-president of member experience, tells SooToday that the co-operative branch model is intended to complement the credit union’s online banking capabilities. Currently, two-thirds of the transactions by Northern Credit Union’s customer base are carried out through online and digital channels. 

“Remote communities already benefit from our existing digital and telephone banking services. This model will layer on top of this access to in-person expertise which will be located within a local community business,” Woolley said. 

In the meantime, the current Richards Landing location will be open Monday to Friday 10:30 a.m. to 12:30  p.m. by appointment only, and 1-3 p.m. for walk–in visits.