In this episode of Business Matters, presented by Valley First, a division of First West Credit Union, host Rob Cupello is joined by Chloe Barton, a Business Banking Advisor at Valley First, to discuss what makes credit unions unique.
While credit unions offer products and services that are similar to many banks, Chloe explains that a key point of differentiation is that credit unions are member-owned so all decisions are made with the member in mind. As a result, members can have an impact on the future of the organization.
“In order to have an account with a credit union, you deposit money into a member share of the account,” she said. “Having member shares means you’re able to vote on key decisions that our organization makes.”
Members can currently vote for First West Credit Union, the parent organization of Valley First, to become a federally-regulated credit union, which would remove current provincial restrictions and provide more flexibility to members, such as allowing them to borrow funds for purchases of property outside of BC.
Watch the video below to learn more about the advantages of being under a larger credit union and the differences between banks and credit unions.
You can also listen to this episode on our Business Matters podcast. Click below!
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