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This is a great question! There are many ways that banks and credit unions are actually similar:

• Full service – Credit unions offer the same wide range of financial services. This includes wealth management, investments, credit cards, mortgages and more.

• Tech suite – Credit unions have a full suite of digital banking tools, from online banking and mobile apps to remote cheque deposit (in fact we were the first in Canada to introduce this tool).

• Open to all – Credit unions don’t have to be tied to a specific group or trade union. Many (like Gulf & Fraser) are open to all, which means anyone can become a member.

However, there are also some key differences between a credit union and a bank:

• Democratic – Credit unions are financial cooperatives. That means, when you become a member, you also become an owner and shareholder. You can vote on policies, elect members of our board, and voice your opinions at our AGM.

• Member-centric – Because our members are our owners, credit unions have a greater focus on personalized service. Our members’ success matters more to us than generating profits.

• Local impact – Credit unions are rooted in their communities. So, the money you deposit with us is invested in local businesses, strengthening your community.

• Oversight & insurance – Credit unions are provincially regulated and receive 100% deposit protection via the Credit Union Deposit Insurance Corporation.

Sound like the financial institution for you? Become a member! At Gulf & Fraser, all you need to do is book an appointment or drop by your local branch.

There are a lot of benefits to becoming a credit union member:

• Personalized service – Credit unions have a greater focus on personalized service. Our advisors genuinely care, tailoring their advice to your life and goals.

• Member-centric support – As a member, you’re more than a customer. You’re an owner and shareholder. As a result, your success matters more to us than generating profits. So you’ll only ever get unbiased support from us.

• Fast turnaround – Because credit unions are locally operated, your applications don’t have to be sent away for approval. We respond quickly to applications, account openings and product inquiries.

• Local impact – Credit unions are rooted in their communities. So, the money you deposit with us is invested in local businesses, strengthening your community.

Sound like the financial institution for you? Become a member! At Gulf & Fraser, all you need to do is book an appointment or drop by your local branch.

Becoming a member is easy! At Gulf & Fraser, you simply need to:

• Book an appointment

• Drop by your local branch

Whichever works best for you.

As owners of Gulf & Fraser credit union, individuals—including junior members—must buy and retain a minimum of five Class "A" Membership Equity Shares. The cost to you is $5.00. It is also important that you know the Membership Equity Shares account is not an interest-bearing account. 

Dividends may be declared at the discretion of our Board of Directors. Dividends are dependent on the financial status of the credit union for that year and are paid annually during the first quarter following year end. 

Note: Dividends paid by a credit union to a member who has shares in the credit union are not eligible for Canada's dividend tax credit (unless the shares are listed on a prescribed stock exchange) and are treated as regular interest income.

The maximum number of Class "A" shares each member may purchase is 1,000. The balance may only exceed 1,000 by way of dividends, special dividends, and/or inheritance. Class "A" shares may be redeemed in full at any time upon:**

• Member withdrawing from membership

• Termination of membership by the credit union, as approved by the Board of Directors

• Death of the member

• Member is a partnership which dissolves

• Member is an incorporated company and is dissolved or wound up

• Member, in any other case, ceases to be a legal entity according to the statute by or pursuant to which it was created

**Subject to the Credit Union Incorporation Act, the Credit Union may redeem the Class "A" Membership Equity Shares held by a member on such terms and conditions and at such time as the directors, in their discretion, resolve; Notwithstanding the foregoing but subject to the Credit Union Incorporation Act, the amount of Class "A" Membership Equity Shares that the Credit Union may be required to redeem in any financial year is limited to 10% of the amount of such shares issued and outstanding on the last day of the immediately preceding financial year; Any redemption or purchase of Class "A" Membership Equity Shares shall be at par value plus any dividends declared but unpaid thereon.