The realities of cooperative banking
Last year I left my part-time job working as a teller for a major Canadian bank. Having left that, a few months ago I decided to move my money to a… credit union. Meridian to be exact.
While job hunting, (I am available for hire, by the way,) I have come across a few job posts from a few credit unions. And the reality is their sales force has the same sales goals as the major Canadian banks. I’m told this is not a bad thing as credit unions profits get paid out to their members. Which is true. Even credit unions that have investment shares – those shares can usually only be purchased by members.
And they do the whole one member, one vote thing.
There are some downsides, however – if you tend to travel a lot, you won’t find your branch outside your home province. Because in Canada there is an entire one federal credit union – and it’s a french credit union. (So no, Vancity and Meridian are not federal credit unions.)
This means if you want to do banking outside your home province, you’ll have to rely on your phone, computer, or an ATM linked to your credit union. (Ask them for details.)
On the positive side, from personal experience, I find employees at credit unions seem happier. Perhaps it’s the same reason people prefer to work for non-profits. (Though I should note, Canada’s credit unions are for-profit and pay corporate taxes.)
Also, credit unions are supposedly easier to borrow from if you need a loan. Why? Because it’s my money you’re borrowing. Members supporting members and all that.
Think a credit union is the right choice for you? Good news, bank transfer day is coming up November 5th! Call your local credit union for an appointment. Operators are standing by.
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