For 60 years, the Newfoundland and Labrador Credit Union (NLCU) has been like a comfortable piece of furniture.
Once it is broken in, it has developed attributes that make the users feel right at home.
It is that principle that has the more than 20,000 members calling the NLCU their bank of choice at one of 12 locations provincewide on a daily basis.
During the NLCU’s 60-year history in this province, it has become a leader in the financial services industry and in innovation.
And it has become that comfortable piece of furniture.
“Our goal is to keep your money working for you in the province and community, to invest back into where you live,” NLCU chief operating officer Glenn Bolger said while making his rounds of a variety of NLCU locations on International Credit Union Day.
“Our goal is to look after the person that is in front of us. This is different than other institutions because that person, the customer, owns us,” he added.
This day has been celebrated on the third Thursday of October since 1948, and acknowledges the authentic difference credit unions make to Canadians, their commitment to local communities and their contributions on a national and international level.
The theme of this year’s ICU Day is Better for You.
“We want to make decisions that are always in the best interest of our members,” Bolger said. “We live in a complex financial world and we want our members to trust the advice and support our employees are giving them.”
Bolger said he has been with the NLCU for 16 years, and in that time it has tripled in size. A core group formula is driving that growth, he said.
“We are really aligned with what our current partners are looking for, in trust, honesty and ethical values. We want to look after your needs.”
Credit unions, including the 12 branches located in Newfoundland and Labrador, are eager to show Canadians that the NLCU provides a better alternative for financial services, he said.
· Membership exceeds 20,500
· Currently assets are over $570 million
· 12 branches province-wide
· 140 employees
· The NLCU is the largest credit union in Newfoundland and Labrador, and the 58th largest among the 303 nationally.
Why Credit Union?
The 2017 Credit Union Community and Economic Report highlights other key differentiators between Canada’s credit unions and top financial institutions, showing just how credit unions are better, including:
Helping to keep money in Canadians’ pockets: Credit union members accessed 4,100 ding-free ATMs in 2016, saving $14 million in ATM fees.
Profits are returned to members: In addition to community donations, sponsorships and scholarships, credit unions returned $162 million of profits in patronage to credit union members across the country.
Creation of Canadian jobs: Dollar for dollar, credit unions create roughly twice as many jobs as Canada’s largest banks.
Local employment: Credit unions and their head offices are based locally, so good, family-supporting jobs are distributed in all regions in Canada.
Secure and prudent lending: Through good times and bad, Canada’s credit unions have outperformed their competitors in making high-quality loans with lower average loan losses as a share of total loans (0.48 per cent, average credit union loss versus 1.09 per cent average bank loss).
Supporting rural communities and farmers: Credit unions support farmers by issuing 3.2 times more agricultural loans, relative to assets, than chartered banks in Canada.
Credit unions are the only bricks-and-mortar financial institution providing banking services in 369 small towns and communities across the country.
What Credit Union Offers
CUs lead the way in innovation being the first to offer many products/services to the financial services industry:
· Daily interest savings accounts.
· Full-service ATMs.
· Bi-weekly mortgage payments.
· 1st in country to launch SMS text-based mobile banking.
· Online banking.
· Payroll deduction service for deposits and loan payments.
· Loans to women on their own signature.
· Debit card service.
· Registered education plans.
· Cheque imaging services.
· Innovative mortgage products such as 5 per cent cash back mortgage.