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What is the difference between a bank and a credit union?

  1. Advice Centre
  2. Banking With Us
  3. What is the difference between a bank and a credit union?
One of the most notable differences is credit unions are member-owned. As shareholders, our members are in the driver’s seat determining the direction of their credit union. And we do listen and act accordingly, with decisions that are made locally, not from a distant head office. An added member benefit is the ability to share in the credit union’s surplus earnings. 

The nuts and bolts of financial products and services are much the same whether you choose a credit union or a bank. Where the difference really shines is that credit unions are people focused in every facet from determining how best to design products that provide flexibility for individual needs, to delivering convenient banking services via the many channels that today’s technology offers. Life takes our members around the globe, and Synergy Credit Union is proud to provide service from home or from a distance, through delivery channels to suit our members' banking requirements.

Security of your funds is another major consideration. Each financial institution has varying levels of coverage for deposits. For example, many banks are insured under the Canada Deposit Insurance Corporation (CDIC), where all together, an individual may be covered up to $100,000 for their total investments. This is per individual collectively, not per account or investment. At Synergy Credit Union, deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation.

So where should you deposit your money? Do your homework. Interview your potential candidates and choose the financial institution that best fits you. If their people make you feel that they are looking out for your best interests, that’s probably a great place to start.

Up Next: How does Synergy contribute to our local communities?

We grew up here, and we have a responsibility to pay our success forward.
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