The Canadian Credit Union Association (CCUA) has released its annual Community & Economic Impact Report. This year’s review highlights many reasons how and why credit unions are making an invaluable contribution to their communities. For instance:
- An average of 5.4 percent pre-tax credit union income went to community donations and sponsorships, compared to less than one percent for the big banks.
- Credit unions returned $174 million of profits to members through dividends and other forms of patronage.
- Access to 4,500 ding-free ATMs saved members $19 million in fees.
Dollar for dollar, credit unions create roughly twice as many jobs as Canada’s largest banks.
- Credit unions and their head offices are based locally, so these professional jobs are well-distributed in all regions across Canada.
- Credit unions are the only bricks and mortar financial institution providing vital banking services in 395 Canadian towns and communities.
Read CCUA’s 2018 Community & Economic Impact Report.