The Credit Union Difference

Credit Unions are unique. Where else can you find a financial institution that distributes its profits back to its members, is responsive to the individual needs of members and local communities, puts service to members FIRST, offers a "no limit" security of 100% Guarantee on deposits, plus accrued interest, backs up member service with state-of-the-art technology, is run according to democratic principals that offers you the opportunity to vote on issues and even run for the board of directors. This whole Credit Union Idea is nothing new. In fact, the first Credit Union in North America was founded over 100 years ago!

Alberta's Credit Union History

Credit Unions first surfaced in Alberta half-way between the hectic settlement days that preceded the province’s incorporation, and today. The transformation from raw frontier to modern, highly technological society was well under way. The timing could hardly have been more appropriate. In the small east central Alberta community of Killam, a Credit Union was organized under the auspices of a consumer co-operative and began operation in 1927. Because a provincial Credit Union Act was yet to be developed, the Credit Union was incorporated under the provinces’ Co-operative Association Act. Interestingly enough, Killam is where one of the 20 Bank of Montreal branches was purchased by Credit Unions this past year. The Killam branch is now part of Battle River Credit Union. Shortly after the spring of 1938, when the provincial government passed the Credit Union Act, Inglewood Savings and Credit Union opened in Calgary. It was the first Alberta incorporated Credit Union, and still exists today as a strong financial organization in its community. The rest is history, as they say. Provincially, Credit Unions continue to grow and strengthen.

Credit Unions Today

Credit Unions provide a full range of financial services both in person (at 209 branches in Alberta), and over the world wide web. In more than 25 communities in Alberta, Credit Unions are the only full service financial institution. Over 660,000 Albertans are Credit Union members. Credit Unions provide fulltime employment to over 2,500 Albertans. Combined Credit Union assets in Alberta topped the $12.8 billion mark in 2006.

The Big Picture

Alberta’s Credit Unions are also part of a larger national international network. Nationally, Credit Unions provide services to over 4.5 million members and have combined assets of over $87 billion. Canadian Credit Unions also belong to organizations called "Credit Union Centrals," located in every province. These "centrals" provide Credit Unions with corporate financial services and development support. Functions include research, development and implementation of a variety of services ranging from marketing programs to communications to information services to financial and banking services to government relations and strategic planning. The Central organizations also provide important links to the provincial and federal governments and to national co-operatives including Credit Union Central of Canada, which is the national trade association. It also includes other national organizations: The Co-operators Group Limited, The CUMIS Group , Co-operative Trust Company of Canada, and Credential Securities and Ethical Funds Inc.

Credit Unions are also part of an International System. The Credit Union National Association and The World Council of Credit Unions are all part of the co-operative family, which all operate under a common set of co-operative guiding principles.