10 Reasons to Switch

You're more important than the
size of your wallet

The saying "money talks" has never been more true than today. But at BC's credit unions, your voice is heard above the noise. Most financial institutions exist to make a profit. While there's nothing wrong with that in principle, sometimes it can be frustrating in practice. The bigger your account, the more likely you are to receive privileged service. Credit unions, however, are member-owned. That means when you switch, you become a member with voting privileges who has a say in how things are run and where your money goes. Responsible money management is the priority, and since credit unions are cooperatives, every member gets the same preferential treatment.

Superior service from helpful staff

Respectful treatment extends to the people who work in BC's credit unions. This translates into better service. Ongoing training, supportive working conditions, community involvement and other incentives lead to an informed, loyal workforce. And members reap the rewards. They get friendly appreciation, knowledgeable assistance and, best of all, a warm welcome. A survey by the National Quality Institute rated credit unions third overall in providing good to excellent customer service. Banks placed seventeenth.

Leadership in banking trends

Credit unions have been in the vanguard of banking technology since introducing the first automated teller machines (ATMs) in 1976. We were also among the first Canadian financial institutions to make it possible to pay for purchases with a debit card. Bigger is better in some ways, but being smaller means being smarter—if you're going to offer a competitive advantage. That's why BC's credit unions quickly respond to banking trends with a continuing commitment to user-friendly automated resources. One of the most recent innovations is MemberDirect® mobile banking, which allows you to view account balances and transactions over a mobile phone simply by sending keyword commands through SMS text messaging. We are continually finding ways for technology to make your credit union experience even more convenient.

Flexible financial services

If you think that the word "yes" is no longer part of the English language, think again. Imagine walking into a financial institution to find an open door policy concerning the negotiation of loans and investments — no matter how large or small, and an eagerness to set you on the right track with sound financial advice, no matter what the size of your account balance is. Switch to a credit union and it can happen. From mortgages to small business loans, wealth management, financial advice to commercial banking, BC's credit unions provide the same range of products and services banks do. But our flexible terms and conditions make them more accessible.

Credit unions are financially responsible

Answering to members, credit unions must be prudent and make sustainable financial choices. Responsible money management encourages responsible growth, providing an enviable level of security for credit union members; in good times and bad. By law, the provincial network of credit unions must retain reserves to draw upon in the event of financial downturns. These reserves are drawn from revenue spawned by annual growth. And BC's credit unions have enjoyed explosive growth in recent years. In 1994 there were 108 credit unions in the province, with combined assets of almost $15 billion. As of 2008 there are now fewer credit unions (48) due to mergers, with over 370 branches, and assets now amount to over $42 billion—almost tripled!

Building jobs and community

One reason credit unions exist is to help ensure community well-being. Founded on the tenets of democracy, it's no wonder that BC's credit unions are highly visible participants in regional economic development, sports, culture, education, health and the environment. Strong supporters of small business, BC credit unions pump about 60% of revenues directly into their local communities, creating more jobs and opportunities. Every year, BC's credit unions contribute funding to charitable and community-based organizations. Over the years, we've given tens of millions back to our communities across the province. As well, many of the over 8,000 people who work within the credit union system volunteer their time and talents to a wide range of community initiatives.

Strength in numbers

United we stand—with other credit unions across Canada. By joining forces, we are able to compete with large multinational financial institutions, and offer a comparable level of convenience in services, technology, support and resources. The BC system has the largest network within English-speaking Canada with over 370 branches. And with each new member who switches, we just keep getting stronger.

Membership pays

People who have switched are laughing all the way to the credit union. When you open an account at a credit union, you become a member. Most members typically receive an annual dividend on their shares in the credit union. Over the past five years, BC credit unions have returned an average of $40 million to their members as dividends on shares, or as patronage refunds. Shared earnings are just another perk of membership.

Professional expertise you can depend on

Knowledge and clear thinking are fundamental to successful money management. At BC's credit unions, smiles are accompanied by financial smarts. Credit union professionals are highly skilled in their areas of expertise and eager to help you out with any financial questions or concerns you may have. Confused about financial terminology, loan options, investment opportunities or other banking issues? Just talk to your local credit union representative and we'll steer you in the right direction.

A promising future connected to a successful past

The first BC credit union opened in 1936. Now one-third of British Columbians experience the advantages credit unions offer, and expansion of services, branches and membership continues. The future looks pretty good from here!

BC’s credit unions offer better service, but you don’t have to take our word for it. A recent survey of service industries rated credit unions #3 for overall service quality. Banks rated seventeenth. That’s just one good reason to switch.

BC’s credit unions offer a range of superior investment services. From mortgages and RRSPs to term deposits and loans, we can tailor terms to fit your income and needs.