Five Facts about Credit Unions in Manitoba
Credit unions are like financial co-operatives and play an important role in the lives of all Manitobans.
When deciding what financial institution is right for you, be sure to check out your local credit union as an option. Your financial service provider is an important part of where you get support and advice. And no matter what your choice, it’s easier to stay on financial track if you are comfortable with the people you deal with and their approach to business.
Here are five facts you may not know about the positive impact of credit unions on Manitoba.
Did you Know? Credit Unions in Manitoba
- There are 61 communities in Manitoba that are only served by a credit union
- They employ 3,149 Manitobans with 75 percent being full-time
- 217 scholarships were provided to Manitobans in 2017 by credit unions worth over $154,000 to support the education of our youth
- More than 50 percent of Manitobans belong to a credit union
- In 2017, credit unions provided more than $4.47 million in sponsorship & donations, and their employees donated more than 46,000 hours of volunteer time – for the benefit of all Manitoba communities.
Credit Unions as Financial Institutions
Just like other financial institutions, credit unions provide banking, lending, investment, and insurance services, and are closely regulated and monitored by several government programs. Here are some facts:
- All deposits, including interest, are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba
- They are subject to the same anti-money laundering laws and regulations, privacy, and data protection regulations as other institutions
- Investing services are overseen by IIROC and MFDA
- OBSI can be used as an independent dispute resolution service
Credit Unions Principles and Values
Credit unions are guided by their principles and values which include:
- Voluntary and open membership
- Democratic member control
- Member economic participation
- Autonomy and independence
- Education, training and information
- Co-operation among co-operatives
- Concern for community
Credit unions are almost always registered as non-profits, which means that if you are a member, profits are either returned to you as a dividend or are used to help keep fees and loan rates lower and more competitive.
To learn more about credit unions in Manitoba, visit Credit Union Central of Manitoba’s website, and to find one near you, try their locator tool.