The Credit Union Difference

How are credit unions different?

Credit unions are able to give their members a more individualized experience.

When it comes to serving the needs of small businesses in Manitoba, credit unions lead the way. In face, no other financial institution even comes close – 46 per cent of Manitoba small businesses use a credit union as their primary financial institution, more than twice the numbers served by their nearest competitor.

Credit unions also offer arguably the best lending and deposit rates – and charge some of the lowest fees – in the province. They manage to do this all while remaining committed to providing friendly, personalized service in the communities their members live in, as evidenced by the fact that a credit union is the only financial institution in town in 62 Manitoba communities.

Credit unions today are also blending the traditional strengths of a financial co-operative – open and transparent member ownership, industry-leading member service and a commitment to community  – with a strong focus on providing members with leading-edge technology and services that consumers are coming to expect from a modern financial institution. Together with credit unions from across Canada – a true reflection of the co-operative spirit – they’re working to develop new technological services that will propel credit unions in the years to come.

As a result, Manitobans continue to express high degrees of satisfaction with their credit unions. Research has found that 44.4 per cent of members say they’re “very satisfied” with their credit union (34.9 per cent of bank customers are “very satisfied” with their bank). Credit unions also score highly when it comes to key factors such as trust, rates and fees and how focused they are on member needs.


Credit unions are able to be creative: they aren’t always big national brands, but this works to their advantage. Being smaller allows them to get creative; credit unions are able to create custom programs for their members. They’re small enough to be flexible and make changes to get the best outcomes for their members, while still offering all necessary services and going above and beyond to meet your needs.

At credit unions, people really matter.

Credit unions take pride in their community involvement, which includes employment within the community, and supporting community initiatives big and small.

Bank profits are invested for shareholders’ benefit, while Credit Union profits are going back to members or to the community.

Credit Unions have extremely competitive rates, and every member gets the same rate, regardless if they have $100 or $1 million in the bank.

Credit Unions are a democratic system – one member, one vote. Always. Through this system, members are also able to give feedback at the Credit Union AGMs. This means that members have meaningful input into their banking system.

Profits at Credit Unions are returned to members at the credit unions, or are held for capital purposes. The main difference between credit unions and banks is that banks have shareholders, and they need to make a profit for their shareholders (who aren’t necessarily members of their bank). Credit Unions don’t have to make a profit.