12

What are the major differences to having your mortgage, credit, savings/chequing accounts with a credit union (or caisse populaire, in Québec) versus just a regular bank?

2 Answers 2

6

Both provide deposit insurance. Credit unions provide it through the National Credit Union Association (NCUA) versus FDIC for banks. NCUA is an "independent" federal charter whereas FDIC is straight government.

Hope that helps.

2
  • 1
    A little more on the effective differences between the NCUA and the FDIC would help....
    – jprete
    Jun 19, 2011 at 13:40
  • 1
    What country are you talking about?
    – gerrit
    Jan 17, 2014 at 14:43
1

In Canada your deposits at a credit union are 100% insured, as opposed to banks insured through CDIC where it is limited to $100,000 per person.

Credit Unions are cooperatives, and you are therefore a part owner of the institution. They generally treat their members better and are more lenient with them than with commercial banks. They are also more focused on community benefit and customer welfare than corporate profits and shareholders.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.