Your Credit Union (Canada)

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This article is about the financial co-operative in Canada. For other uses, see Your Credit Union.
Your Credit Union
Credit Union
Industry Financial services
Founded 1950
Headquarters Ottawa, Ontario[1]
Key people
 Joel Lalonde, President & CEO
Michael Bradley, Chair of the Board of Directors
Melissa Mackenzie, Chief Financial Officer
Products Checking Accounts
Savings Accounts
Insurance
Mortgages
Investment Bank
Asset-Based Lending
Consumer finance
Revenue Increase C$7.087 million (2015)
Increase C$842,000 (2015)
Total assets Decrease C$230.557 million (2015)
Website https://www.yourcu.com/Personal/

Your Credit Union (YourCU) is a credit union in Ontario, Canada mainly serving members across the Ottawa-Carleton,[2] Cornwall,[3] and rural Eastern Ontario regions. It is incorporated under the Credit Unions and Caisses Populaires Act, 1994, and is a member of the Deposit Insurance Corporation of Ontario[4] and of Central 1 Credit Union.

YourCU has six branches: four in Ottawa and two in Cornwall. The Credit Union's headquarters are located at 14 Chamberlain Ave, Ottawa, Ontario.

Your Credit Union became an open bond financial institution in 2009, allowing anyone to become a member. As at September 30, 2015, there were 10,978 members[5] of the Credit Union with over C$230 million[6] in assets.

Every adult member has at least 5 membership shares and 1 vote in the decision-making process, and thus all members are equal owners regardless of the size of their deposits. All members are eligible for exercising their right to vote for a democratically elected Board of Directors at the annual general meeting.

History

Your Credit Union comprises five groups: the Education Group, the Municipal Group, the Ottawa Citizen Group, the United Counties Education Group, and the Howard Smith Group.[7]

  • The Ottawa Municipal Employee's Credit Union was established in 1950.
  • Collegiate Institute Board of Ottawa Teachers' Credit Union established in 1961 and became the Ottawa Education Credit Union in 1969.
  • Merged with the Ottawa Separate School Teachers’ Credit Union and changed its name to the Ottawa Carleton Education Credit Union in 1971
  • Moved to 14 Chamberlain Ave and set up as a head office in 1980
  • The Ottawa Municipal Employee's Credit Union merged with the Ottawa Carleton Education Credit Union in 1998
  • Merged with Ottawa Citizen Employee's Credit Union, United Counties Educational Credit Union, Howard Smith Credit Union in 1999
  • Merged with Trillium Credit Union in 2004
  • Ottawa Carleton Education Credit Union changed its name April 2, 2004 to, Your Credit Union
  • Became open bond, accepting everyone as a member in 2009
  • Launched ATM Partnership with Cornwall Community Hospital in 2012[8]
  • Opening of a second location in Cornwall and the launch of an e-Signature solution in 2015[9]

5 Ways to bank

  • Over-the-Counter in all Your Credit Union offices.
  • ATM (YourCU offers a network of over 2500 ATMs surcharge-free)
  • Online banking
  • Mobile banking on any smart phone or tablet
  • Phone banking

Products and services offered

The main entrance of Your Credit Union (Chamberlain Branch & Head Office) in Ottawa, Sep 2015
  • Banking
    • Chequing
    • Savings
    • HISA and TFSA
    • Youth
    • U.S Chequing and Savings
  • Borrowing
    • Mortgages
      • Fixed Rate Mortgage
      • Variable Rate Mortgage
      • High Ratio Mortgage
      • Go Green Mortgage
      • Meritline Home Equity Line-of-Credit
  • Loans
    • Fully Secured Loan
    • Car Loan
    • Personal Fixed Rate Loans
    • Bridge Loans
    • Speedy RRSP Loans
  • Lines of Credit
    • Personal Line of Credit
    • Student Line of Credit
  • CUETS MasterCards
  • Financial Planning
  • Investing
    • Term Deposits
      • Redeemable & Non-Redeemable
      • Index Linked
      • Flexi Term Deposit
    • Mutual Funds
      • Ethical Funds
      • Northwest Select Portfolios
    • RRSPs
    • RESPs
    • RRIFs
  • YCU Preferred Shares
  • Insurance
    • Critical Illness
    • Disability
    • Home and Auto
    • Life
    • Loss of Employment
    • Travel

References

  1. ↑ Your Credit Union – Head Office & Chamberlain Branch Ontario Co-operative Association
  2. ↑ ATM locations in the city of Ottawa
  3. ↑ ATM locations in the city of Cornwall
  4. ↑ List of DICO's Insured Credit Unions and Caisses Populaires Deposit Insurance Corporation of Ontario
  5. ↑ Financial statements of Your Credit Union Limited September 30, 2015 Audited Financial Statements, P.28 January 11, 2016
  6. ↑ Financial statements of Your Credit Union Limited September 30, 2015 Audited Financial Statements, P.4 January 11, 2016
  7. ↑ Your Credit Union – Cornwall Branch (Howard Smith Credit Union) Ontario Co-operative Association
  8. ↑ Press Release Cornwall Community Hospital Launches ATM Partnership with Your Credit Union, February 13, 2012
  9. ↑ Press Release Your Credit Union Announces the Opening of a Second Location in Cornwall and the Launch of an E-Signature Solution, January 14, 2015

External links

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