Advantages

Our employees often get asked “Why should I join a Credit Union? What benefits will it provide me?” Belonging to a Credit Union is not much different than belonging to a bank, except for one fact – it’s better! Most Credit Unions offer the same services that the big banks do, however services offered are often fee-free or have a minimal service charge. Credit Unions such as PARAMA have modern features and services such as online/mobile banking, credit and debit cards, INTERAC® e-transfers and the mobile “deposit anywhere” cheque service.

Credit Union members in Ontario also benefit from deposit insurance.   Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA). Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). For more information visit the Financial Services Regulatory Authority of Ontario (FSRA).

Also, being a member of a Credit Union gives you more control over your money. As a Member, you are a shareholder of the Credit Union, which gives you the right to vote on proposed changes to PARAMA’s by-laws. You can also vote to elect the Board of Directors who help govern the Credit Union’s operations. Just another feature of belonging to a co-operative financial institution!