Toronto, ON, Oct. 18, 2018 (GLOBE NEWSWIRE) -- Credit unions exist to provide service to members and their local communities, not solely to generate profits. That is the essence of the Credit Union Community & Economic Impact Report published by the Canadian Credit Union Association on International Credit Union Day 2018.
“I would like to extend my best wishes on International Credit Union Day to everyone in Canada’s credit union community; over 58,000 people who work directly or indirectly for credit unions and more than 5.7 million Canadians who use credit unions as their financial institution of choice,” said Martha Durdin, CEO, Canadian Credit Union Association. “I would also like to congratulate Canada’s credit unions for another incredible year making a valuable difference in their communities. Their story is celebrated in our Community & Economic Impact Report.”
Highlights of credit unions’ contributions featured in the Report include:
- An average of 5.4 percent pre-tax credit union income went to community donations and sponsorships, compared to less than one percent for the big banks.
- Credit unions returned $174 million of profits to members through dividends and other forms of patronage.
- Access to 4,500 ding-free ATMs saved members $19 million in fees.
- Dollar for dollar, credit unions create roughly twice as many jobs as Canada’s largest banks.
- Credit unions and their head offices are based locally, so these professional jobs are well-distributed in all regions across Canada.
- Credit unions are the only bricks and mortar financial institution providing vital banking services in 395 Canadian towns and communities.
Read the 2018 Credit Union Community & Economic Report.
About Canadian Credit Union Association
Canadian Credit Union Association is the national trade association for Canada’s credit unions and caisses populaires outside Quebec. These financial institutions offer a full-range of retail banking services to over 5.7 million Canadians. Collectively Canada’s 252 credit unions generate over $6.5 billion in economic impact, are leaders in small business lending, and have assets of over $225 billion. To learn more about the credit union difference and find a credit union near you, visit www.ccua.com.
About International Credit Union Day
International Credit Union Day, coordinated by the World Council of Credit Unions (WOCCU), has been celebrated on the third Thursday of October since 1948. It was established to acknowledge the credit union model, history and commitment to communities locally, nationally and internationally. Learn more.
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