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Banking No More

On June 30th 2017, the Office of the Superintendent of Financial Institutions (OSFI) announced a decision by the federal bank regulator to ban credit unions from using the term “banking” to describe the services they offer Canadians.

This is exactly what we do as a credit union and for us to be prohibited from using the words “bank”, “banker” and “banking” may be very costly—an estimated $80 million dollars for credit unions across Canada. That money could be used for supporting our members and communities instead.

According to this new directive, when you use Deposit Anywhere™, open a chequing account or pay your bills online, you are not banking as long as you are doing it with a credit union. As a credit union member, you have the right to use the word banking when you deposit your money with us. This word is not reserved for the few big “banks”. It belongs to all of us.

If you’re proud to bank with a credit union, please share this news with your social networks using #iBANKwithacreditunion and reach out to your local MP about levelling the banking field for all financial institutions.

For more information on Press Releases or for media comment on any stories that Access Credit Union distributes or is participating in, please contact our Marketing and Community Relations team.

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