About Consolidated Credit Union

Despite their commonplace nature, credit unions are not fully understood by many people in contemporary society. Part of the reason for this may be the fact that the exact purpose of credit unions and their legal definition can vary from place to place. Consolidated Credit Union is a Canadian credit union and differs in several key ways from credit unions in other countries. It is also a company with a decidedly positive influence on its community and many potential benefits to offer customers.

Identification

Consolidated Credit Union is a Canadian financial institution that describes itself on its website as "a full-service financial institution." It is relatively small, in comparison to a bank, with roughly 9,800 active members and $120,000,000.00 (Canadian) in holdings. It offers loans, mortgages, checking, MasterCard products, RRSPs, RESPs, internet banking, market-driven investments, retirement planning, and other financial services that are commonly offered by credit unions.

Function

The function of Canadian credit unions is a bit different than that of credit unions in most other countries. In the United States, for example, credit unions are by legal definition exclusively non-profit in nature. In Canada, however, credit unions are legally slated as for-profit businesses. This means that Canadian credit unions such as Consolidated Credit Union are allowed to seek profit.

Geography

Consolidated Credit Union is located exclusively in Canada, with offices in Summerside, PE at the corner of First St. and Summer St. and also 305 Water St. There is another office located in Borden-Carleton, PE. Additionally, there are ATM locations located throughout Canada in all of its provinces.

Benefits

The benefits which are provided by Consolidated Credit Union are delivered to both its customers and to the community at large. Customers of Consolidated Credit Union are offered virtually all of the services that a bank would offer while also being able to have an active say in how the company is run and how their money is used. The minimum share buy-in is only $5, which is another nice perk. The benefits to the community, however, are much more dramatic. Consolidated Credit Union actively seeks to help promote growth and economic stimulation within Canada and particularly in its immediate geographical area. Along with this it is also very socially conscious and has donated substantial amounts of money to various charities in the local area and throughout Canada.

Considerations

Of course, as many people discover when they research the concept of joining a credit union instead of doing business with a bank, there are certain drawbacks associated to the process. Consolidated Credit Union customers are offered all of the services they would expect from a bank, but not nearly the same degree of convenience. With such limited branch locations and relatively few ATM locations it can be hard for people to join unless they live close by a branch. Even then, if convenience is paramount in a person's concerns then it probably isn't a good idea to keep money in any credit union, but in a large-scale bank.

Resources

• The Consolidated Credit Union Website