Yes, your money is safe! Credit unions are insured by the Canadian government. All provinces provide credit union members with a money-back guarantee equal to or higher than the big banks. That’s why over 11.3 million Canadians (1) trust credit unions with their banking needs. (Reference)

Credit unions work differently—that’s the point. Fewer branches mean less waste, and stricter membership keeps profits local. Here are some things to keep in mind when joining a credit union:

1. Fewer physical branches

Credit unions have fewer branches than traditional banks. You get free ATM access nationwide through shared networks (Learn More), and you can do most banking online or on your phone. If in-person banking is important to you, choose a credit union with branches near you.

2. Simpler Apps

Some credit unions might not offer the latest technology for online and mobile banking. You’ll still have access to all the essentials (cheque deposits, E-transfers, bill payments, etc.) Check with your credit union to learn about their digital offering.

3. Geographical Restrictions

Most credit unions require their members to live in their service area. It’s how they keep profits circulating locally, not with distant shareholders.

4. Fewer Products

Smaller credit unions may offer fewer products than big credit unions and banks. Most offer chequing & savings accounts, business loans, mortgages, and credit cards. Credit unions often offer lower fees and approve loans big banks deny. Contact your credit union to learn about the services they offer.

We’re following a harm-reduction approach. Credit unions are not immune to bad investments, but they focus on funding local communities and are, by default, a more ethical choice than big banks. You also have more power as a credit union member, and can vote to influence new policies—unlike at banks, where only investors have that power.

Some credit unions maintain exceptional ethical standards. For example: the biggest Canadian credit union, Vancity (BC), is a leader in socially responsible investing and maintains a weapons and fossil fuel-exclusion policy. They are also a member of the Global Alliance for Banking on Values (GABV), which is a network of financial institutions using finance as a force for positive economic, social, and environmental impact.

Don’t let perfect be the enemy of good. Choose a credit union that offers the services you need and has branches close to where you live.

You can use Bank.Green to find out which banks and credit unions are profiting from fossil fuels.

Credit unions worldwide are pillars of community support, and by working with them, we will get the services we need while increasing investments in our local communities!

Moving your money to a credit union is easier than you think!

Overcoming procrastination is the biggest challenge. Pick a credit union today and schedule an appointment to get the answers you need.

If you sign the pledge on our homepage, it will help us track progress, share victories, and improve our site.

You don’t HAVE to close your old bank account. The main reason to close it is letting the bank know why you left and applying pressure on them to divest from weapons and fossil fuel extraction. It also simplifies your banking.

If you have a reason to keep your old bank account, keep some money there, but put most of your money in a credit union.

Credit unions offer mortgages, loans, and lines of credit, but it can be overwhelming to switch everything at once. Your old bank might also charge you expensive fees for ending a contract early.

We suggest you start by switching your chequing and savings accounts with the ultimate goal of completely switching to a credit union.

Check out the amazing work these organizations are doing to help you take control of your money!

• Bank.Green is a global initiative that helps individuals and businesses identify how their banks are funding fossil fuels—and switch to more sustainable alternatives.

• Global Alliance for Banking on Values is a network of independent banks using finance to deliver sustainable economic, social and environmental development.

• BankTrack is an international organization that tracks financial institutions’ involvement with companies and projects that have a negative impact on people and the planet. Follow the link to find out if your bank is involved in any ‘dodgy deals’.

• Search Weapons Free Funds to find out if you’re investing in militarism.

• Change Course’s Banks off Campus campaign supports grassroots organizers on university and college campuses to get big banks off campus by focusing on student unions to divest from big banks.