Both:
-have physical branches and ATMs
-have chequing, savings, mortgages, RRSPs, credit cards, loans, investments, etc
-highly regulated and secure
Banks:
-owned by private shareholders
-goal is to make money for the shareholders
-wide range of services
-higher fees
-lower interest on savings
-sophisticated online presence and tech
Credit Unions:
-owned by members
-not for profit
-goal to serve members, not turn profit
-earnings to client dividends, invested back or given to community
-buy a share ($5-$50) for a membership
-higher interest on savings
-lower fees
-some CUs may have limited credit products
-some CUs may have less sophisticated online presence and technology compared to banks
-clients of one CU can use ATMs of other CUs without a fee
Credit unions in Kingston:
Kingston Community Credit Union (3 branches)
Kawartha Credit Union (3 branches)
Comtech Fire Credit Union (1 branch)
Limestone Credit Union (1 branch Kingston+ 1 Amherstview)
Unity Savings and Credit Union (information limited- maybe no longer running)
Prepared by: Lesley R.