Credit unions operate in such a highly competitive industry that sometimes they’re less prominent than some of the bigger players in the financial services arena. But credit unions are responsible for significant product innovations and were the first to introduce products into the marketplace that we use each and every day.

    We were the first financial institutions to offer:

    • Debit card service Photo of people working in an office
    • Full-service ATMs     
    • Mobile text banking
    • Cheque imaging
    • Daily interest
    • Open mortgages
    • Home equity lines of credit
    • Registered education plans
    • Branchless bank
    • Remote deposit capture (Deposit Anywhere™)

    Did you know?

    • The earliest credit unions drew inspiration from cooperative successes in other sectors, such as retail and agricultural marketing.
    • Introduced to Western Canada in the 1930s, credit unions were first embraced by Prairie farmers for the new opportunities they provided. Workers in B.C. were quick to follow their example.
    • In 1941, the Ontario Credit Union league was formed to meet the needs of the province’s growing credit union system.
    • In 1944, B.C. Central Credit Union was created as the financial facility for the province's fledgling credit union system. It would also become its payments clearing house soon after.
    • In Ontario, hundreds of credit unions sprang up in the 1940s, ‘50s and ‘60s to serve parishes, employee groups, trade/professional associations, ethnic and geographic communities.
    • Credit unions were the first to lend to women in their own names (in the 1960s).

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