What is a Credit Union?
Credit union members are owners and decision-makers that have a say in their financial institution’s actions. They elect a board of directors to provide leadership and ensure that members’ views are represented.
Being an owner also means sharing in the credit union’s success. Many credit unions distribute patronage dividends to members in accordance with prudent business practices.
Democratic member control is one of seven international co-operative principles which guide credit unions as we put our values into practice. The other principles are member economic participation; autonomy and independence; education, training and information; co-operation among co-operatives; and concern for community.
Credit unions belong to a large co-operative network, provincially, nationally and internationally. Although decisions are made locally, this network enables credit unions to provide members with a full range of financial products and services.
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Fully Guaranteed
Funds held on deposit in Saskatchewan credit unions are fully guaranteed through the Credit Union Deposit Guarantee Corporation. The full guarantee is made possible through a comprehensive deposit protection regime that is focused on prevention.
Credit Union Deposit Guarantee Corporation, an independent, in-system regulator and deposit guarantor, works closely with credit unions to ensure credit unions are operating in a sound and prudent manner. Regulatory requirements are put into place by Credit Union Deposit Guarantee Corporation to ensure that credit unions are operating in accordance with Standards of Sound Business Practice and to ensure that there is always an adequate level of capital held at the credit union level to effectively manage business risks.
Through ongoing monitoring of credit union performance the in-system regulator is able to identify potential risks early and clearly communicate any preventive action necessary in a credit union to protect deposits.
And, last but not least, Credit Union Deposit Guarantee Corporation manages a deposit protection fund of monies set aside to support the Corporation in fulfilling its obligations to depositors. The fund is provided for through provincial legislation, the Credit Union Act, 1998, under which credit unions are incorporated. Saskatchewan credit unions established the guarantee fund in 1953. As one of the first deposit guarantors in Canada, the Credit Union Deposit Guarantee Corporation is proud to report that no depositor has ever lost funds held in a Saskatchewan credit union. Saskatchewan credit unions intend to keep it that way.
What type of coverage does the full guarantee on deposits provide?
The full guarantee applies to all forms of personal, business and trust deposits including, but not limited to chequing, savings, term deposits and registered plans are comprised of deposits in a credit union.
The guarantee of deposits does not include any form of equity or capital such as membership or investment shares. The guarantee does not apply to mutual funds or other investment programs that are not credit union deposits.
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Join a Credit Union
Becoming a credit union member is easy. Use this Web site to find a credit union near your home, workplace, or another convenient location. After that, all you have to do is walk in the door, fill out a membership form and open an account. You will be doing business with a financial institution that offers great service, cares about you as a member and invests in your community.
Become a Leader
Meeting the needs of members while living up to our co-operative principles is a challenge that Saskatchewan credit unions meet everyday, in large part, thanks to our boards of directors. These boards combine sound financial decision-making with co-operative principles, such as concern for community, to set a course for their credit unions. The elected volunteers who serve on credit union boards make a meaningful difference in their credit unions and their communities.
Credit unions operate in a complex and fast-paced industry. Providing leadership and representing credit union members within this environment is a challenging undertaking, but the rewards are many. Across the province, credit union directors play an important role in ensuring our members have access to excellent financial services and in building our communities.
Taking a leadership role in your credit union is not only a great way to make a difference in your community, it is also an exceptional opportunity for personal and professional development. Directors gain valuable experience in areas such as strategic planning and change management.
Credit union directors come from all walks of life, bringing with them a wide variety of experience, skills, knowledge and viewpoints. That’s what makes our system so rich and unique. Talk to the staff at your credit union to get more information about how you can become a leader.
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Our History
It was the middle of the Great Depression and Saskatchewan farmers were only yielding ten bushels per acre as the drought wore on. The depressed economy pushed prices down to as little 58 cents a bushel. Against this harsh backdrop, Saskatchewan credit unions were created.
Credit unions offered people and communities an opportunity to control their financial futures. By pooling resources, they helped farming communities survive during the difficult times and thrive when economic conditions got better.
The first credit union in Saskatchewan – and Western Canada – started in 1910 (The Jewish Colonization Association) and the second opened in 1916 (LaCaisse Populaire dâAlbertville). It wasn’t until the 1930s, however, that the credit union idea really took hold.
In 1937, the first officially chartered credit union was formed in Regina (Regina Hebrew Savings & Credit Union); the first rural credit union (LaFleche Credit Union) emerged a year later. By the end of 1938, there were 14 credit unions in Saskatchewan.
Today, 88 credit unions serve 526,540 members through 330 outlets across the province – from northern hamlets like Buffalo Narrows and Wollaston Lake to farming communities scattered across the south. Credit unions provide a vital service to Saskatchewan people and act as a stabilizing force for the economy. Employing more than 3,000 people in towns and cities across the province, credit unions have grown into a strong and important part of Saskatchewan’s economy.
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