Not all financial institutions are created equal
So, you think you know everything that’s great about credit unions? Let’s put that to the test.
Credit unions are not only popular alternative to conventional banks, they’re also committed to innovation and are improving all the time.
A credit union, simply put, is a financial institution that offers banking services and is owned by its members, not by shareholders (e.g., such as shareholders who own the big banks). That means a credit union’s primary goal is to serve its members, rather than spend too much time and effort on earning profits for shareholders. As a result, many credit unions offer a better and more personal banking experience – including benefits such as lower interest rates, flexible mortgages terms, higher interest on savings, reduced banking fees, and more personal attention.
Credit unions have been around globally for a very long time, but some people remain confused about what they are and how they work. For instance, some people confuse credit unions with companies offering credit repair services, but the two are nothing alike. So, here are eight of the many great things you should know so that you really know about credit unions.
8 great things about credit unions
- Security is top priority. Your money is just as safe at a credit union as it would be at a bank. Like banks, credit unions work with regulatory authorities to insure your money. At Meridian, all eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). The FSRA also covers eligible deposits that aren’t in registered accounts, insuring them for up to $250,000.
- A full range of banking services. Credit unions offer essentially all the same services and products that banks do. From chequing and savings accounts, loans and mortgages, investment options, personalized financial plans, and more. In fact, membership with a credit union may actually include extra perks! For example, Meridian’s rates are often better than those of the big Canadian banks, and we offer innovations designed to help our Members in profound ways, especially our new and elevated collection of tools and services that we call OnYourWay.
- No membership fees. When you first join a credit union, you put down a small, one-time deposit (at Meridian it’s $1.00), but it’s not a fee. This dollar actually buys you a share of the credit union, making you an owner. As mentioned, this ownership model is different from that of banks, which are owned by shareholder investors.
- Easy physical access. Credit unions are part of national networks of automated bank machines, so there’s almost always an access point nearby. In addition to 87 branches 15 Business Banking Centres across Ontario, Meridian Members can use more than 43,000 surcharge-free ABMs in North America with THE EXCHANGE® Network and the Allpoint Network in the US. Find an ABM.
- Advanced online access. You don’t need the resources of a big bank to offer the same level of digital banking and innovative services. Credit unions like Meridian offer convenient, easy-to-use online banking and mobile banking apps that help you manage your everyday finances as well as you could at any bank. In fact, Meridian was the first financial institution in Canada to offer mobile cheque deposit. More recently, our digital banking and mobile app offerings are giving Members new levels of financial confidence with the launch of our OnYourWay banking experience.
- Equality rules. Anyone can join a credit union. As long as you live or work in Ontario, you can be a Meridian Member. Opening any account and making a $1 deposit is all that’s required and, most importantly, every Member is treated equally! We continually strive to remove all barriers to access for people in all parts of society and at any stage of their financial journey.
- We’re community-centric. Credit unions are deeply committed to supporting their local communities through charitable initiatives, financial education, and sponsorship of local events. By choosing a credit union, you’re helping to strengthen your community and make a positive impact where you live. For some great examples, read about Meridian’s community commitment.
- Education is key to the mission. Credit unions frequently offer educational resources, workshops, and personalized advice to help members make informed decisions about their money, and Meridian is no different. Whether it's learning about loans, budgeting, or saving for retirement, credit unions are dedicated to helping members improve their financial well-being and build confidence for the future.
And one extra great thing: You’ll be OnYourWay with Meridian
In a world of purposeful credit unions and prosperous banks, how does Meridian stand apart? Introduced in late 2025, our OnYourWay suite of tools and services was created to help you build a much more personal, insightful, and accessible relationship with your financial institution.
OnYourWay was purpose-built to empower you with deeper and more impactful support – so that each of our Members can make the most of their money, and their lives.
Most important of all, OnYourWay revolves around you, blending the best of technology with human-centred engagement. The core features are:
- Planning – with an online platform for personalized plans, solo or with our help
- Insights – with AI-supported spending and budgeting details automatically added to your transaction history and dashboard view
- Learning – with a diverse suite of financial tools, calculators, and resources for financial wellness
Discover more and be OnYourWay.
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